Document:

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                                                                   EXHIBIT 10.32

                      DATED THE 22ND DAY OF SEPTEMBER 2006

                                     [NAME]
                               (the "SUBSCRIBER")

                                       AND

                          XINHUA FINANCE MEDIA LIMITED
                                 (the "COMPANY")

                                   ----------

                          SHARE SUBSCRIPTION AGREEMENT
                     IN RESPECT OF SHARES IN THE CAPITAL OF
                          XINHUA FINANCE MEDIA LIMITED

                                   ----------

                           (PRESTON|GATES|ELLIS LOGO)

                                   SOLICITORS
                  35th Floor, Two International Finance Centre
                                8 Finance Street
                               Central, Hong Kong

                        Tel: (852) 2511 5100 / 2230 3500
                        Fax: (852) 2511 9515 / 2899 2996
                          Website: www.prestongates.com

                         Our ref: 55762-00001/CSMN/EWCM

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>                                                                         <C>
1. Definitions...........................................................     3
   1.1  Definitions......................................................     3

2. Subscription and Sale of Subscription Shares..........................     5
   2.1  Subscription and Sale............................................     5
   2.2  Closing..........................................................     5
   2.3  Closing Deliveries by the Company................................     5
   2.4  Closing Deliveries by the Subscriber.............................     5

3. Representations, Warranties and Covenants of the Company..............     5
   3.1  Organisation.....................................................     5
   3.2  Authorisation....................................................     5
   3.3  No Conflict......................................................     5
   3.4  Governmental Consents and Approvals..............................     6
   3.5  Issuance of Subscription Shares..................................     6
   3.6  Offering.........................................................     6
   3.7  Share Rights ....................................................     6
   3.8  Litigation.......................................................     6
   3.9  Winding Up, etc..................................................     6
   3.10 Registration Rights..............................................     6
   3.11 Brokerage or Commissions.........................................     6

4. Representations, Warranties and Covenants of the Subscriber...........     6
   4.1  Capacity and Qualification.......................................     6
   4.2  Authorisation....................................................     6
   4.3  Power and Authority..............................................     7
   4.4  Purchase Entirely for Own Account................................     7
   4.5  Accredited or Non-U.S. Investor..................................     7
   4.6  Investment Experience............................................     7
   4.7  Disclosure of Information........................................     7
   4.8  Compliance with Laws.............................................     7
   4.9  The Non-compete Agreement........................................     7

5. Conditions of Subscriber's Obligations at the Closing.................     8
   5.1  Representations and Warranties...................................     8
   5.2  Performance......................................................     8

6. Conditions of the Company's Obligations at the Closing................     8
   6.1  Representations and Warranties...................................     8
   6.2  Closing Deliveries...............................................     8

7. Termination...........................................................     8
   7.1  Termination......................................................     8
   7.2  Effect of Termination............................................     9

8. Miscellaneous.........................................................     9
   8.1  Survival of Warranties...........................................     9
   8.2  Successors and Assigns...........................................     9
   8.3  Governing Law and Jurisdiction...................................     9
   8.4  Counterparts.....................................................     9
   8.5  Titles and Subtitles.............................................     9
   8.6  Notices..........................................................     9
   8.7  Finder's Fee.....................................................     9
   8.8  Expenses.........................................................    10
   8.9  Severability.....................................................    10
</TABLE>

                                        1

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<TABLE>
<S>                                                                         <C>
   8.10 Entire Agreement.................................................    10

Execution................................................................    11
</TABLE>

                                        2
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                          SHARE SUBSCRIPTION AGREEMENT

THIS SHARE SUBSCRIPTION AGREEMENT (this "AGREEMENT") is made on 22nd day of
September 2006 by and between

1.   [NAME], holder of People's Republic of China identity card number [ID card
     number] (the "SUBSCRIBER"); and

2.   XINHUA FINANCE MEDIA LIMITED, a company incorporated under the laws of the
     Cayman Islands with registration number 157511 and a registered address at
     Century Yard, Cricket Square, Hutchins Drive, P.O. Box 2681GT, George Town,
     Grand Cayman, Cayman Islands, British West Indies (the "COMPANY").

                                    RECITALS

WHEREAS

A. All of the outstanding interest in [the PRC entity] has been or will be
beneficially acquired by the Company (the "TRANSACTION").

B. It is a condition of the closing of the Transaction that the parties enter
into this Subscription Agreement and the Non-compete Agreement.

C. In consideration of the Subscriber entering into the Non-compete Agreement,
the Company agrees to issue to the Subscriber, the Subscription Shares for the
Subscription Consideration.

NOW, THEREFORE, in consideration of the premises and the mutual covenants set
forth herein, the Subscriber and the Company do hereby agree as follows:

1.   DEFINITIONS

1.1  Definitions. The following terms, as used herein, have the following
     meanings:

<TABLE>
<S>                              <C>
     "AGREED FORM"               means, in relation to any document, the form of
                                 that document which has been agreed upon by
                                 each of the parties hereto or their legal
                                 advisors before Closing;

     "AFFILIATES"                of a specified Person means any other Person
                                 that, directly or indirectly, through one or
                                 more intermediaries, Controls, is Controlled
                                 by, or is under common Control with, such
                                 specified Person or, in the case of a natural
                                 Person, such Person's spouse, parents and
                                 descendants (whether by blood or adoption and
                                 including stepchildren);

     "BOARD"                     means the Board of Directors of the Company;

     "BUSINESS DAY"              means any Monday, Tuesday, Wednesday, Thursday
                                 and Friday on which banks in Hong Kong are not
                                 required or permitted by laws to be closed;

     "CLOSING"                   shall have the meaning provided in Clause 2.2;
</TABLE>

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<TABLE>
<S>                              <C>
     "CLOSING DATE"              shall have the meaning provided in Clause 2.2;

     "CLOSING DELIVERABLE        shall have the meaning provided in Clause 2.3;
     AGREEMENTS"

     "CONTROL", "CONTROLLED"     means the possession, directly or indirectly,
     (or any correlative term)   of the power to direct or cause the direction
                                 of the management policies of a Person, whether
                                 through the ownership of voting securities, by
                                 contract, credit arrangement or proxy, as
                                 trustee, executor, agent or otherwise. For the
                                 purpose of this definition, a Person shall be
                                 deemed to Control another Person if such first
                                 Person, directly or indirectly, owns or holds
                                 more than 50% of the voting equity interests in
                                 such another Person;

     "DIRECTORS"                 means the members from time to time of the
                                 Board;

     "HK$"                       means the lawful currency of Hong Kong;

     "HONG KONG"                 means the Hong Kong Special Administrative
                                 Region of the People's Republic of China;

     "MATERIAL ADVERSE CHANGE"   means any event or circumstance occurs which
                                 might reasonably be expected to have a material
                                 adverse effect on the prospects, business,
                                 operations or financial condition of the
                                 Company or that would materially affect the
                                 ability of the Company

     "NON-COMPETE AGREEMENT"     means the deed of non-competition undertaking
                                 and release to be entered into between the
                                 Subscriber and the Company and in the form as
                                 set out in Appendix 1 hereto;

     "PERSON" or "PERSONS"       means any natural person, corporation, company,
                                 association, partnership, organization,
                                 business, firm, joint venture, trust,
                                 unincorporated organization or any other entity
                                 or organization, and shall include any
                                 governmental authority;

     "PRC"                       means the People's Republic of China;

     "SHARES"                    means the common shares of US$0.001 each in the
                                 capital of the Company;

     "SUBSCRIPTION               means the execution, delivery and performance
     CONSIDERATION"              of the obligations under the Non-compete
                                 Agreement by [Name of the Subscriber];

     "SUBSCRIPTION SHARES"       means the [Number of shares] Class A Common
                                 Shares subscribed for by the Subscriber under
                                 this Agreement;

     "$" and "US DOLLARS"        means the lawful currency of the United States
                                 of America; and

     "US SECURITIES ACT"         means the United States Securities Act of 1933,
                                 as amended.
</TABLE>

2.   SUBSCRIPTION AND SALE OF SUBSCRIPTION SHARES

                                        4

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2.1  Subscription and Sale. Subject to the terms and conditions set out in this
     Agreement, the Subscriber agrees with the Company to subscribe for and
     purchase at the Closing, and the Company agrees to issue and sell to the
     Subscriber at the Closing, the Subscription Shares for the Subscription
     Consideration.

2.2  Closing. As promptly as practicable following the satisfaction or, if
     permissible, waiver of the conditions set forth in Clauses 5 and 6 hereof
     (or such other date as may be agreed by the Company and the Subscriber),
     the subscription and sale of the Subscription Shares (the "CLOSING") shall
     take place at the office of the Company at 2003-4 Vicwood Plaza, 199 Des
     Voeux Road Central, Hong Kong Special Administrative Region, the People's
     Republic of China, or at such other time and place as the Company and the
     Subscriber mutually agree in writing. The date and time of the Closing are
     herein referred to as the "CLOSING DATE".

2.3  Closing Deliveries by the Company. At the Closing, the Company shall issue
     the Subscription Shares to the Subscriber as fully-paid shares and shall
     enter the name of the Subscriber in the register of members of the Company
     as the holders of the Subscription Shares and shall deliver to the
     Subscriber (unless delivered prior to the Closing) a duly issued share
     certificate of the Company issued in the name of the Subscriber in respect
     of the Subscription Shares (the "CLOSING DELIVERABLE AGREEMENTS").

2.4  Closing Deliveries by the Subscriber. At the Closing, the Subscriber shall
     deliver to the Company two (2) counterparts of the Non-compete Agreement
     duly executed by it.

3.   REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY. The Company
     hereby represents, warrants and covenants to the Subscriber that:

3.1  Organisation. The Company is a limited liability company duly incorporated
     and validly existing under the laws of its jurisdiction of incorporation
     and has all requisite corporate power and authority to own its assets and
     to carry on its business as now conducted.

3.2  Authorisation. All corporate action on the part of the Company required for
     the authorisation, execution and delivery of this Agreement will be taken
     prior to Closing and the performance of all obligations of the Company
     under each of these and the authorisation, issuance (or reservation for
     issuance), sale and delivery of the Subscription Shares has been taken or
     will be taken prior to the Closing, and this Agreement constitutes the
     valid and legally binding obligations of the Company, enforceable in
     accordance with its terms, except (i) as limited by applicable bankruptcy,
     insolvency, reorganisation, moratorium, and other laws of general
     application affecting enforcement of creditors' rights generally and (ii)
     as limited by laws relating to the availability of specific performance,
     injunctive relief, or other equitable principles.

3.3  No Conflict. The execution, delivery and performance of this Agreement by
     the Company do not and will not (a) violate, conflict with or result in the
     breach of any provision of the Amended and Restated Memorandum and Articles
     of Association (or similar organizational documents) of the Company, or (b)
     conflict with or violate any law or governmental order applicable to the
     Company or any of the assets, properties or businesses of the Company, or
     (c) conflict with, result in any breach of, constitute a default (or event
     which with the giving of notice or lapse of time, or both, would become a
     default) under, require any consent under, or give to others any rights of
     termination, amendment, acceleration, suspension, revocation or
     cancellation of, or result in the creation of any encumbrance on any of the
     assets pursuant to any note, bond, mortgage, contract, agreement, lease,
     sublease, license, permit, franchise or

                                        5

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     other instrument or arrangement to which the Company is a party or by which
     any of such assets or properties is bound or affected.

3.4  Governmental Consents and Approvals. The execution, delivery and
     performance of this Agreement by the Company do not and will not require
     any consent, approval, authorization or other order of, action by, filing
     with or notification to, any governmental authority in Hong Kong.

3.5  Issuance of Subscription Shares. The Subscription Shares, when issued,
     delivered and paid for in accordance with this Agreement, will be duly and
     validly issued, fully paid and non-assessable and free of any lien or
     encumbrance. The Articles of Association and the laws and regulations of
     any jurisdiction that may apply to any holder of shares in the Company, the
     Subscription Shares are not subject to any restrictions on transfer.

3.6  Offering. Subject to the truth and accuracy of the Subscriber's
     representations set forth in Clause 4 of this Agreement, the offer, sale
     and issuance of the Subscription Shares as contemplated by this Agreement
     are exempt from the registration requirements of the US Securities Act, and
     neither the Company nor any authorised agent acting on its behalf will take
     any action hereafter that would cause the loss of such exemption.

3.7  Share Rights. The Subscription Shares shall have the rights as set out in
     the Articles of Association.

3.8  Litigation. There is no litigation, arbitration, prosecution or other legal
     proceedings in progress or pending or threatened against the Company nor is
     there any claim or, to the best of the knowledge and belief of the Company
     after having made due enquiries, any fact which may give rise to a claim
     against the Company which, individually or in aggregate, may have or have
     had a material effect on the financial or business conditions or prospects
     (whether or not arising in the ordinary course of business) of the Company
     or which is material in the context of the subscription for Subscription
     Shares.

3.9  Winding up, etc. There are no bankruptcy, winding-up, receivership,
     administration or other similar proceedings in progress or pending in
     respect of the Company.

3.10 Registration Rights. The Company is not under any obligation, and has not
     granted any rights to register any of its shares or other securities under
     or pursuant to the US Securities Act.

3.11 Brokerage or Commissions. No Person is entitled to receive from the Company
     any finder's fee brokerage or commission in connection with this Agreement
     or anything contained in it.

4.   REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SUBSCRIBER. The Subscriber
     hereby represents, warrants and covenants to the Company that each of the
     following statements is true:

4.1  Capacity and Qualification. It is a person or a legal entity duly organised
     and validly existing under the laws of its legal registration jurisdiction
     and, if an individual, he has the relevant capacity to enter into this
     Agreement.

4.2  Authorisation. It has taken all corporate or other action required to
     authorise, and has duly authorised, the execution, delivery and performance
     of this Agreement and upon due execution and delivery the same will
     constitute legal, valid and binding obligations of the Subscriber,
     enforceable in accordance with their respective terms.

                                        6

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4.3  Power and Authority. It has full power and authority to make the covenants
     and representations referred to herein and to subscribe for and purchase
     the Subscription Shares and to execute, deliver and perform this Agreement.

4.4  Purchase Entirely for Own Account. This Agreement is made with the
     Subscriber in reliance upon the Subscriber's representation to the Company,
     which by the Subscriber's execution of this Agreement the Subscriber hereby
     confirms, that the Subscription Shares to be received by the Subscriber
     will be acquired for investment and not with a view to the resale or
     distribution of any part thereof, and that the Subscriber has no present
     intention of selling, granting any participation in, or otherwise
     distributing the same. By executing this Agreement, the Subscriber further
     represents that the Subscriber does not have any contract, undertaking,
     agreement or arrangement with any person to sell, transfer or grant
     participations to such person or to any third person, with respect to any
     of the Subscription Shares.

4.5  Accredited or Non-U.S. Investor. It is either (i) an "accredited investor"
     within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under
     the United States Securities Act of 1933, as amended (the "US Securities
     Act") or (ii) (A) not a U.S. person within the meaning of Regulation S
     under the US Securities Act, (B) its principal business address is located
     outside the United States, and (C) as far as the Subscriber is aware, the
     transaction is not part of a plan or scheme to evade the registration
     requirements of the US Securities Act; and the Subscriber was not organised
     for the specific purpose of acquiring the Subscription Shares.

4.6  Investment Experience. It is an investor in securities of companies in the
     development stage and acknowledges that it is able to bear the economic
     risk of its investment and has such knowledge and experience in financial
     or business matters that it is capable of evaluating the merits and risks
     of the investment in the Subscription Shares.

4.7  Disclosure of Information. It and its advisors, if any, have been furnished
     with all materials relating to the business, finances and operations of the
     Company and materials relating to the Subscription Shares which have been
     requested by it or its advisors. It and its advisors, if any, have been
     afforded the opportunity to ask questions of representatives of the Company
     and have received answers to such questions, as it deems necessary in
     connection with its decision to subscribe for the Subscription Shares.

4.8  Compliance with Laws. It has complied with all applicable laws of its
     jurisdiction in connection with the subscription of the Subscription Shares
     and this Agreement, including (i) the legal requirements within its
     jurisdiction for the purchase of Subscription Shares, (ii) any foreign
     exchange restrictions applicable to such purchase, (iii) any governmental
     or other consents that may need to be obtained and (iv) the income tax and
     other consequences, if any, that may be relevant to the purchase, holding,
     redemption, sale or transfer of the Subscription Shares. The Subscriber's
     subscription and payment for and its beneficial ownership of the
     Subscription Shares, will not violate any applicable securities or other
     laws of the Subscriber's jurisdiction.

4.9  The Non-compete Agreement. On or before Closing, the Non-compete Agreement
     will have been duly executed and, as at Closing, will be in full force and
     effect and will constitute the valid and legally binding obligations of the
     parties thereto, enforceable in accordance with its terms at Closing.

5.   CONDITIONS OF SUBSCRIBER'S OBLIGATIONS AT THE CLOSING. The obligations of
     the Subscriber under Clause 2 of this Agreement are subject to the
     satisfaction or waiver, on or before the Closing Date of each of the
     following:

                                        7

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5.1  Representations and Warranties. The representations and warranties of the
     Company contained in Clause 3 shall be true on and as of the Closing Date
     with the same effect as though such representations and warranties had been
     made on and as of the Closing Date.

5.2  Performance. The Company shall have performed and complied with all
     agreements, obligations and conditions contained in this Agreement that are
     required to be performed or complied with by it on or before the Closing.

6.   Conditions of the Company's Obligations at the Closing. The obligations of
     the Company to the Subscriber under this Agreement are subject to the
     satisfaction or waiver on or before the Closing of each of the following
     conditions:

6.1  Representations and Warranties. The representations and warranties of the
     Subscriber contained in Clause 4 shall be true on and as of the Closing
     Date with the same effect as though such representations and warranties had
     been made on and as of the Closing Date.

6.2  Closing Deliveries. The obligations under Clause 2.3 have been fulfilled.

7.   TERMINATION

7.1  Termination. This Agreement may be terminated at any time prior to the
     Closing:

     (a)  by the Subscriber if, between the date hereof and the Closing: (i)
          there is a Material Adverse Change, (ii) any representations and
          warranties of the Company contained in this Agreement shall not have
          been true and correct when made, or (iii) the Company shall not have
          complied in all material respects with the covenants or agreements
          contained in this Agreement to be complied with by it;

     (b)  by the Company but such termination shall be effective if, between the
          date hereof and the Closing: (i) any representations and warranties of
          the Subscriber contained in this Agreement shall not have been true
          and correct when made, (ii) the Subscriber shall not have complied in
          all material respects with the covenants or agreements contained in
          this Agreement to be complied with by it or (iii) the Subscriber makes
          a general assignment for the benefit of creditors, or any proceeding
          shall be instituted by or against the Subscriber in question seeking
          to adjudicate the Subscriber in question bankrupt or insolvent, or
          seeking liquidation, winding up or reorganization, arrangement,
          adjustment, protection, relief or composition of its debts under any
          law related to bankruptcy, insolvency or reorganization;

     (c)  by the Subscriber or the Company if the Closing shall not have
          occurred by [__, October 2006]; provided, however, that the right to
          terminate this Agreement under this Clause 8.1(c) shall not be
          available to any Party whose failure to fulfill any obligation under
          this Agreement shall have been the cause of, or shall have resulted
          in, the failure of the Closing to occur on or prior to such date;

     (d)  by the Subscriber or the Company in the event that any competent
          governmental authority in the PRC shall have issued an order, decree
          or ruling or taken any other action restraining, enjoining or
          otherwise prohibiting the transactions contemplated by this Agreement
          or the proposed business and operation of the Group or the Group
          Structure Agreements; or

                                        8

<PAGE>

     (e)  by the mutual written consent of the Subscriber and the Company.

7.2  Effect of Termination. In the event of termination of this Agreement as
     provided in Clause 7.1 other than as provided in Clause 7.1(b), this
     Agreement shall forthwith become void provided that nothing herein shall
     relieve any party hereto from liability for any breach of this Agreement.
     In the event of termination of this Agreement as provided in Clause 7.1(b),
     this Agreement shall forthwith become void and there shall be no liability
     on the part of the Company provided that neither the Company nor the
     Subscriber shall be relieved from liability for any breach of this
     Agreement.

8.   MISCELLANEOUS

8.1  Survival of Warranties. The representations, warranties and covenants of
     the Company and the Subscriber contained in or made pursuant to this
     Agreement shall survive the execution and delivery of this Agreement and
     the Closing and shall in no way be affected by any investigation of the
     subject matter thereof made by or on behalf of the Subscriber or the
     Company.

8.2  Successors and Assigns. Except as otherwise provided herein, the terms and
     conditions of this Agreement shall inure to the benefit of and be binding
     upon the respective successors and assigns of the parties. Nothing in this
     Agreement, express or implied, is intended to confer upon any party other
     than the parties hereto or their respective successors and assigns any
     rights, remedies, obligations, or liabilities under or by reason of this
     Agreement, except as expressly provided in this Agreement.

8.3  Governing Law and Jurisdiction. This Agreement shall be governed by and
     construed in accordance with the laws of Hong Kong. The parties hereto
     irrevocably agree to submit to the non-exclusive jurisdiction of the courts
     of Hong Kong in all matters arising in connection with this Agreement.

8.4  Counterparts. This Agreement may be executed in two or more counterparts,
     each of which shall be deemed an original, but all of which together shall
     constitute one and the same instrument.

8.5  Titles and Subtitles. The titles and subtitles used in this Agreement are
     used for convenience only and are not to be considered in construing or
     interpreting this Agreement.

8.6  Notices. Unless otherwise provided, any notice required or permitted under
     this Agreement shall be given in writing and shall be deemed effectively
     given upon personal delivery to the party to be notified or upon postal
     service delivery, by registered or certified mail, postage prepaid and
     addressed to the party to be notified at the address indicated for such
     party on the signature page hereof or by facsimile at the facsimile number
     set out on the signature page hereof, or at such other address or facsimile
     number as such party may designate by ten (10) days' advance written notice
     to the other parties.

8.7  Finder's Fee. The Subscriber agrees to indemnify and to hold harmless the
     Company from any liability for any commission or compensation in the nature
     of a finders' fee (and the costs and expenses of defending against such
     liability or asserted liability) for which that Subscriber or any of its
     officers, partners, employees, or representatives is responsible.

8.8  Expenses. Each of the parties hereto shall be responsible for its own costs
     and expenses incurred in the preparation, negotiation and execution of this
     Agreement.

                                        9

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8.9  Severability. If one or more provisions of this Agreement are held to be
     unenforceable under applicable law, such provision shall be excluded from
     this Agreement and the balance of the Agreement shall be interpreted as if
     such provision was so excluded and shall be enforceable in accordance with
     its terms.

8.10 Entire Agreement. This Agreement and the documents referred to herein
     constitute the entire agreement among the parties and no party shall be
     liable or bound to any other party in any manner by any warranties,
     representations, or covenants except as specifically set forth herein or
     therein.

             THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK
                           THE EXECUTION PAGE FOLLOWS

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

THE SUBSCRIBER

----------------------------------------
[NAME]

----------------------------------------
Address:
         -------------------------------

         -------------------------------

                                       11

<PAGE>

For and on behalf of
XINHUA FINANCE MEDIA LIMITED

By:
    ------------------------------------
Name:
      ----------------------------------
Title: Authorized Signatory

Address:
Suite 2003-5, Vicwood Plaza
199 Des Voeux Road Central
Hong Kong

                                       12<PAGE>

                                                                   EXHIBIT 10.33

                                                                     Translation

           EQUITY TRANSFER AND CAPITAL INCREASE AGREEMENT FOR BEIJING
          PERSPECTIVE ORIENT MOVIE AND TELEVISION INTERMEDIARY CO. LTD

This agreement was signed by the following parties in Beijing, China, on June
26th, 2006:

Party A:   Beijing Century Media Culture Co., Ltd (hereafter as the "Purchaser")
           Address: 18-338 Construction Rd, Kaixuan Avenue, Liangxiang, Fangshan
           District, Beijing

Party B:   Hunan Television and Broadcast Intermediary Co., Ltd. (hereafter as
           "Hunan TV")
           Address: Gold Eagle Movie and TV Cultural Town, East of Liuyang
           Bridge, Changsha City, Hunan Province

Party C:   Shenzhen Ronghan Investment Co. Ltd (hereafter as "Ronghan
           Investment")
           Address: Section F, Fl. 31, Shenzhen Special District Newspaper
           Tower, Futian District, Shenzhen City

Party D:   Beijing Perspective Orient Movie and Television Co. Ltd (hereafter as
           "Perspective Orient")
           Address: Building 5, 46 Taiping Road, Haidian District, Beijing

The above signing parties are collectively referred to as the "parties".

Whereas:

1.   Perspective Orient is a corporation with limited liabilities, incorporated
     according to the laws of China, with a registered capital of
     RMB 1,000,000,000.

2.   Hunan TV is a limited-liability company, incorporated according to the laws
     of China, and holds 90% of the equity of Perspective Orient on the date of
     execution of this agreement; Ronghan Investment is a limited-liability
     corporation, incorporated according to the laws of China, and holds 10% of
     the equity of Perspective Orient on the date of execution of this
     agreement.

3.   Hunan TV, Ronghan Investment, and the Purchaser agree that Hunan TV sells
     to the Purchaser part of its equity of Perspective Orient pursuant to the
     articles set up under

                                        1

<PAGE>

     this agreement, and that the Purchaser purchases the concerned equity
     ("this equity transfer") pursuant to the terms in this agreement; at the
     same time, the Purchaser is to increase capital in Perspective Orient
     ("this capital increase") pursuant to the terms in this agreement, and
     after the completion of this equity transfer and this capital increase, the
     Purchaser will hold 51% of the equity of Perspective Orient.

In order to complete this equity transfer and this capital increase, the parties
have agreed on the following:

ARTICLE 1 EQUITY TRANSFER AND CAPITAL INCREASE

1.1  The parties agree that Hunan TV transfers part of its equity of Perspective
     Orient to the Purchaser pursuant to the terms in this agreement, and that
     the Purchaser increases capital in Perspective Orient. After the completion
     of this equity transfer and this capital increase, the Purchaser will hold
     51% of the equity of Perspective Orient.

1.2  This equity transfer and this capital increase will be implemented as
     follows:

     (1)  Hunan TV transfers 42.67% of the equity of Perspective Orient to the
          Purchaser and the Purchaser makes payments to Hunan TV for the equity
          transfer pursuant to this agreement;

     (2)  After the parties have completed this equity transfer, the
          registration of changes with the Industry and Commerce Administration
          Bureau, and the changes in the corporate register of shareholders, the
          Purchaser increases capital in Perspective Orient by RMB 17,000,000
          pursuant to this agreement. After the completion of the capital
          increase, the registered capital for Perspective Orient reaches RMB
          117,000,000, and the portion of equity of Perspective Orient that the
          Purchaser holds reaches 51%.

1.3  The parties should all unconditionally sign and provide all the required
     documents for performing this equity transfer and this capital increase,
     and make sure that they complete relevant legal procedures for this equity
     transfer and this capital increase according to the Purchaser's reasonable
     request pursuant to relevant laws and regulations before the date approved
     by Hunan TV and the Purchaser, including but not limited to adopting
     resolutions at the shareholders' meeting and

                                        2

<PAGE>

     at the Board of Directors, issuing certificates of capital, and
     administering changes in the registration with the Industry and Commerce
     Administration Bureau.

1.4  Ronghan Investment hereby agrees that it irrevocably and unconditionally
     abandons its pre-emptive purchase right to this equity transfer and the
     purchase right to this capital increase, and is committed to its due duties
     to facilitate the completion of this equity transfer and this capital
     increase, including but not limited to signing documents of shareholders'
     resolutions, revising Articles of Association, and assisting in making the
     changes in registration with the Industry and Commerce Administration
     Bureau.

1.5  Hunan TV hereby agrees that it irrevocably and unconditionally abandons its
     purchase right to this capital increase, and is committed to its due duties
     to facilitate the completion of this equity transfer and this capital
     increase, including but not limited to signing documents of shareholders'
     resolutions, revising Articles of Association, and assisting in making the
     changes in registration with the Industry and Commerce Administration
     Bureau.

ARTICLE 2 PAYMENTS OF EQUITY TRANSFER AND PAYMENTS OF CAPITAL INCREASE

2.1  After Hunan TV's consultation with the Purchaser, it is agreed that the
     transfer price for this equity transfer is set to be RMB 32,000,000. The
     first payment of equity transfer funds (RMB 7,500,000) ("the first phase
     amount for the equity transfer") and the capital increase payment (RMB
     17,000,000) should be made on the 15th business day after the Purchaser
     provides to the vendor a transaction confirmation letter in writing,
     payable into Beijing Perspective Orient Joint Account, and agreed that the
     required legal documents to administer the equity transfer and capital
     increase be signed;

2.2  Within 3 business days upon the issuance of the new business license ("new
     business license") to Beijing Perspective Orient, the Purchaser should
     provide to the vendor the certificate from the Industry and Commerce
     Administration Bureau that verifies that the registered capital of Beijing
     Perspective Orient has increased to RMB 117,000,000 and the certificate
     that verifies that the Purchaser has been registered as holding 51% of the
     equity of Beijing Perspective Orient. The Purchaser, upon receiving these
     documents, should finish reviewing them within

                                        3

<PAGE>

     5 business days and provide the closing notification letter after verifying
     that the equity transfer and the capital increase have been completed to
     the satisfaction of the Purchaser. The vendor should administer the closing
     procedures on the date specified in the closing notification letter
     ("closing date") and jointly administer the closing procedures with the
     Purchaser, and submit all the documents required for corporate operations
     to the vendor for examination and verification ("closing").

2.3  Under the premise that the closing is completed in the form that the
     parties have verified, the Purchaser and Beijing Perspective Orient should
     release an amount equal to the "first phase amount for the equity transfer"
     from Beijing Perspective Orient Joint Account to Hunan TV as part of the
     equity transfer funds and further, the Purchaser should make a payment for
     the balance of the equity transfer funds (with the amount of RMB24,500,000)
     to Hunan TV.

ARTICLE 3 DOCUMENTS AND REGISTRATION

3.1  When this agreement is signed, the relevant parties should sign the
     Articles of Association of Perspective Orient (hereafter as "New Articles
     of Association"), which is an appendix to this agreement and all the legal
     documents necessary for completing this equity transfer and this capital
     increase, including but not limited to resolutions at shareholders'
     meetings.

3.2  The relevant parties agree that after the completion of this equity
     transfer, the Board of Directors of Perspective Orient consists of 5
     members, with 3 of them appointed by the Purchaser. The number of board
     members and those that make up the board are verified in the new Articles
     of Association. The Purchaser should notify Perspective Orient of the list
     of members it has appointed as soon as possible.

ARTICLE 4 TRANSFEROR'S WARRANTIES

4.1  On the date of signing of this agreement, Hunan TV and Ronghan Investment
     respectively warrants to the Purchaser that:

     (1)  Each of them is a lawfully subsisting business entity that is lawfully
          incorporated according to the laws of the People's Republic of China;

     (2)  Their execution and performance of this agreement:

                                        4

<PAGE>

          i.   Is within their scope of power and business;

          ii.  Shows that each party has taken or will take necessary corporate
               action to give appropriate authorization;

          iii. Is not in violation with laws that are binding or having impact
               on it or in violation with restrictions of contracts.

     (3)  When signing this agreement, it has effectively obtained ownership,
          usage, benefit and disposition rights to the equity it owns of
          Perspective Orient, and the equity held has not been seized by the
          government, frozen, or encumbered with any guarantee rights.

4.2  Hunan TV and Ronghan Investment undertakes to bear all economic and legal
     liabilities that arise from violating the warranties in the above articles
     and to pay for any possible losses to the Purchaser. However, if Hunan TV
     and Ronghan Investment's violation of the above warranties is caused by
     reasons of the Purchaser, it should not be included.

4.3  Hunan TV and Ronghan Investment are committed to their joint and several
     responsibilities with respect to the duties and responsibilities under this
     agreement.

ARTICLE 5 TRANSFEREE'S WARRANTIES

5.1  On the signing date of this agreement, the Purchaser warrants that:

     (1)  The Purchaser is a lawfully subsisting business entity that is
          lawfully incorporated according to the laws of the People's Republic
          of China;

     (2)  The Purchaser's execution and performance of this agreement:

          i.   Is within its scope of power and business;

          ii.  Shows that it has taken or will take necessary corporate action
               to give appropriate authorization;

          iii. Is not in violation with laws that are binding or having impact
               on it or in violation with restrictions of contracts.

5.2  The Purchaser undertakes to bear all economic and legal liabilities that
     arise from violating the warranties in the above article(s) and to pay for
     any possible losses to Hunan TV. However, if the violation of the above
     warranties is caused by reasons of Hunan TV, it should not be included.

                                        5

<PAGE>

ARTICLE 6 PROFIT AND LOSS SHARING AFTER THE EQUITY TRANSFER

6.1  From April 1, 2006, the profits and losses of Perspective Orient should be
     shared according to the proportion of equity held by the parties after this
     equity transfer and this capital increase.

ARTICLE 7 TAX

7.1  Except where there are other agreements between the two parties, the tax
     involved in the equity transfer under this agreement is to be lawfully
     borne respectively by the parties and Perspective Orient pursuant to the
     laws of the People's Republic of China and to the current relevant
     regulations specified by relevant government departments.

ARTICLE 8 TRANSFER OF THE AGREEMENT

8.1  Unless approved in writing by the other party, none of the parties shall
     transfer this agreement or any part of this agreement or any rights,
     benefits and duties under this agreement to any third party. However, if
     the Purchaser transfers its equity of Perspective Orient to a third party,
     then the Purchaser has the right to transfer its rights, benefits and/or
     duties under this agreement to the third party transferee of the equity.

ARTICLE 9 CONFIDENTIALITY

9.1  After the signing of this agreement, unless with advance written approval
     from the other party, all the parties should be committed to the following
     duties of confidentiality, whether or not the equity is completed or
     whether or not this agreement has been terminated, discontinued, dismissed,
     believed to be invalid or is completed:

     (1)  None of the parties is to disclose to any third party this agreement
          and the transactions under this agreement and any documents related to
          the equity transfer (hereafter as "confidential documents");

                                        6

<PAGE>

     (2)  The parties can only use the confidential documents and their content
          for the purpose of transactions under this agreement and not for any
          other purpose.

9.2  If the two parties in this agreement disclose confidential documents for
     the following reasons, they are not restricted by article 9.1:

     (1)  Disclose to the parties in this agreement, directors, supervisors, and
          senior management of Perspective Orient, and financial consultants,
          accountants and lawyers hired by the parties;

     (2)  In observance of obligatory rules of laws and regulations;

     (3)  As required by government administrations.

ARTICLE 10 LIABILITIES FOR BREACHING THE AGREEMENT

10.1 If a party in this agreement breaches the agreement and causes the
     agreement not to be performed or not to be fully performed, the
     responsibilities arising from breaching should be borne by the breaching
     party. If both parties breach the agreement, then each party should bear
     the responsibilities arising from its own breaching.

10.2 From the date of signing this agreement, if it requires the parties to
     cooperate in preparing application materials, official stamps and etc. in
     the process of implementing the agreement, both parties should reasonably
     and actively cooperate and should never cause delay. The party that causes
     losses to other parties should be liable for claims for the losses.

10.3 For responsibilities due to force majeure and not due to either of the
     parties and leading to inability to complete the equity transfer, both
     parties are mutually exempt from legal liabilities.

10.4 In case of errors of any party that lead to inability to perform the
     application for approval of the equity transfer and the procedure for
     changes in registration with the Industry and Commerce Administration
     Bureau pursuant to the terms in this agreement, the party committing errors
     should compensate the non-defaulting party to the agreement for the actual
     losses in full amounts.

                                        7

<PAGE>

10.5 This article shall still survive even if this agreement is terminated,
     discontinued, dismissed or believed to be invalid.

ARTICLE 11 NOTIFICATION

11.1 Any notification under this agreement or notifications related to this
     agreement sent by any party in this agreement should be in writing. In the
     case of delivery by a designated person, sending a registered mail to an
     address verified by all parties, or sending to another address the
     addressee provided in writing 10 days in advance, the notification is
     considered to have been delivered.

11.2 Any notification delivered by a designated person is deemed to have been
     delivered upon the signing by the addressee. If a registered mail is used,
     it is deemed to have been delivered 7 days after it was sent to the address
     of the addressee.

ARTICLE 12 CHANGES AND AMENDMENTS

12.1 The changes and amendments to this agreement should be made in writing
     after the parties consult with each other and reach consensus.

12.2 The changes and amendments to this agreement constitute an inseparable part
     of this agreement.

ARTICLE 13 APPLICABLE LAWS AND DISPUTE RESOLUTIONS

13.1 This agreement is governed under the jurisdiction of the laws of the
     People's Republic of China.

13.2 All disputes arising from the implementation of this agreement should be
     resolved by way of friendly consultation between Party A and Party B. If a
     consultation fails, either party can submit the dispute to Shanghai
     Branch-Committee of China International Economic and Trade Arbitration
     Committee for it to mediate according to the then applicable rules of
     arbitration.

13.3 The arbitration award is final and is binding on the parties. The
     arbitration fee is borne by the losing party.

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<PAGE>

13.4 Except for issues of disputes submitted for arbitration, the parties should
     continue to perform the other articles of this agreement.

ARTICLE 14 INTERPRETATION OF THE AGREEMENT

14.1 When controversy happens among the parties in the understanding of the
     articles in this agreement, it is up to the parties to jointly interpret
     according to the principles of honesty, credibility, fairness, and
     rationality as well as according to transaction conventions. If no unified
     interpretation can be reached, it should be dealt with according to Article
     13 in this agreement.

ARTICLE 15 EFFECTIVENESS AND LANGUAGES

15.1 This agreement comes into effect on the date when the authorized
     representatives from the parties have signed, officially stamped, and
     approved by the Board of Directors respectively of the Purchaser and Hunan
     TV.

15.2 This agreement is written in Chinese and does not have duplicates in other
     languages.

15.3 This agreement comes in 8 original copies, one for each party and the rest
     for use in submitting to government administrations for review and approval
     and for conducting changes in the registration with the Industry and
     Commerce Administration Bureau.

                                        9

<PAGE>

                           THE SIGNATURE PAGE FOR THE
 "EQUITY TRANSFER AND CAPITAL INCREASE AGREEMENT FOR BEIJING PERSPECTIVE ORIENT
                  MOVIE AND TELEVISION (INTERMEDIARY) CO. LTD"

Party A: Beijing Century Media Culture Co., Ltd.
[Company chop of Beijing Century Media Culture Co., Ltd.]

Authorized Representative: /s/
                           ---------------------------

Party B: Hunan Television and Broadcast Intermediary Co., Ltd.
[Company chop of Hunan Television and Broadcast Intermediary Co., Ltd.]

Authorized Representative: /s/
                           ---------------------------

Party C: Shenzhen Ronghan Investment Co., Ltd.
[Company chop of Shenzhen Ronghan Investment Co., Ltd.]

Authorized Representative: /s/
                           ---------------------------

Party D: Beijing Perspective Orient Movie and Television Co., Ltd.
[Company chop of Beijing Perspective Orient Movie and Television Co., Ltd.]

Authorized Representative: /s/
                           ---------------------------

                                       10

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