Document:

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                                                                   EXHIBIT 10.32

CONFIDENTIAL

================================================================================

                      ADVERTISEMENT DISSEMINATION AGREEMENT

                                     BETWEEN

                SHANGHAI FOCUS MEDIA ADVERTISING AGENCY CO., LTD.

                                       AND

                SHAHGHAI NEW FOCUS MEDIA ADVERTISEMENT CO., LTD.

                                   DATED AS OF
                                  MAY 22, 2006

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                      ADVERTISEMENT DISSEMINATION AGREEMENT

This Advertisement Dissemination Agreement is entered into as of May 22, 2006 in
Shanghai, by and between the following Parties:

(1)   SHANGHAI FOCUS MEDIA ADVERTISING AGENCY CO., LTD., a company of limited
      liabilities incorporated under the laws of China, with its legal address
      at Room A65, 28 Floor, No. 369 Jiangsu Road, Changning District, Shanghai
      ("FOCUS MEDIA ADVERTISING AGENCY"); and

(2)   SHANGHAI NEW FOCUS MEDIA ADVERTISEMENT CO., LTD., a company of limited
      liabilities incorporated under the laws of China, with its legal address
      at Room 15F-30, No.728 Yan'an Road, Changning District, Shanghai ("NEW
      FOCUS MEDIA ADVERTISEMENT").

WHEREAS:

1.    New Focus Media Advertisement owns equipments, technologies for LCD
      advertising business; and it is authorized to utilize the resource of
      advertisement placements in accordance with the relevant cooperation
      agreement.

2.    New Focus Media Advertisement is a advertisement agency company without
      any resource to disseminate LCD advertisement;

3.    It is agreed that New Focus Media Advertisement shall disseminate LCD
      advertisements on behalf of Focus Media Advertising Agency, and Focus
      Media Advertising Agency shall pay relevant fees to New Focus Media
      Advertisement.

THEREFORE, after friendly consultations among them, the Parties hereby agree as
follows:

                              ARTICLE 1 DEFINITION

1.1   Unless to be otherwise interpreted by the terms or in the context herein,
      the following terms in this Agreement shall be interpreted to have the
      following meanings:

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<TABLE>
<S>                       <C>
CROSS-TIME                Means the advertisement dissemination agreements signed by and
 ADVERTISEMENT            among Focus Media Advertising Agency and its advertisement clients
 DISSEMINATION            before January 1, 2006, which provides the dissemination of LCD
 AGREEMENT                advertisements after January 1, 2006.

EQUIPMENTS AND            Means wireless LCD advertisement machines and multi-media CF-card
 TECHNOLOGY               technology used in LCD advertisement business owned by New Focus
                          Media Advertisement.

ADVERTISEMENT             Means the advertisement placements resources under the cooperation
 PLACEMENT RESOURCE       agreements, which can be utilized by New Focus Media Advertisement
                          in disseminating the advertisements.
</TABLE>

1.2   The references to any law and regulation ("Laws") herein shall be deemed:
      (1) to include the references to the amendments, changes, supplements and
      reenactments of such law, irrespective of whether they take effect before
      or after the formation of this Agreement; and (2) to include the
      references to other decisions, notices or regulations enacted in
      accordance therewith or effective as a result thereof.

1.3   Except as otherwise stated in the context herein, all references to an
      Article, clause, item or paragraph shall refer to the relevant part of
      this Agreement.

              ARTICLE 2 ASSIGNMENT OF ADVERTISEMENT DISSEMINATION

2.1   The Parties agree that New Focus Media Advertisement shall, by using its
      own equipments and technology and utilizing the Advertisement Placement
      Resource, disseminate all the LCD advertisements for Focus Media
      Advertising Agency under the Cross-time Advertisement Dissemination
      Agreement.

2.2   Focus Media Advertising Agency shall try all its reasonable efforts to
      maintain the cooperation with the advertisement clients and perform all
      its duties under the Cross-time Advertisement Dissemination Agreement.

                   ARTICLE 3 ADVERTISEMENT DISSEMINATION FEES

3.1   In consideration for the Advertisement Dissemination by New Focus Media
      Advertisement for Focus Media Advertising Agency, Focus Media Advertising
      Agency shall pay to New Focus Media Advertisement the relevant
      advertisement dissemination fees. The formula for the calculation of such
      fees

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      shall be: 97.5% of all the advertisement dissemination fees collected by
      Focus Media Advertising Agency from its Advertisement Clients in
      accordance with the Cross-time Advertisement Dissemination Agreement since
      January 1, 2006.

3.2   With the written consent from both New Focus Media Advertisement and Focus
      Media Advertising Agency, the fees or the calculation of the proportion
      provided in Article 3.1 can be adjusted subject to the concrete
      circumstances. The two Parties shall execute a supplementary agreement in
      relation to such adjustment as the schedule to this Agreement.

3.3   Focus Media Advertising Agency shall, in accordance with this Article,
      promptly pay the amounts due and payable to the bank account designated by
      New Focus Media Advertisement. In case that the aforesaid bank account has
      been changed, New Focus Media Advertisement shall notify Focus Media
      Advertising Agency thereof in writing.

                             ARTICLE 4 EXCLUSIVITY

4.1   Without the prior consent in writing by New Focus Media Advertisement,
      Focus Media Advertising Agency may not provide any LCD advertisement
      dissemination services to any other third party.

                           ARTICLE 5 CONFIDENTIALITY

5.1   No matter if this Agreement is terminated or not, the Parties shall be
      obliged to keep in strict confidence the commercial secret, proprietary
      information and customer information in relation to other Parties and any
      other non-open information of other Parties which they may become aware of
      as the result of their performance hereof (collectively, "CONFIDENTIAL
      INFORMATION"). Unless with prior consent of such other Parties in writing
      or required to disclose to parties other than Parties hereof according to
      relevant laws, regulations or listing rules, no Party shall disclose the
      Confidential Information or any part thereof to any parties other than
      Parties hereof; unless for the purpose of performance hereof, no Party
      shall use directly or indirectly the Confidential Information or any part
      thereof for any other purposes, or it shall bear the default liability and
      indemnify the losses.

5.2   Upon the termination of this Agreement, the Parties shall, upon demand by
      other Parties providing the Confidential Information, return, destroy or
      otherwise dispose of all the documents, materials or software containing
      the Confidential Information and suspend using such Confidential
      Information.

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5.3   Notwithstanding any other provisions herein, the validity of this Article
      shall not be affected by the suspension or termination of this Agreement.

                     ARTICLE 6 UNDERTAKINGS AND GUARANTEES

New Focus Media Advertisement and Focus Media Advertising Agency hereby
undertake and guarantee for each of its own that:

6.1   it is a company of limited liabilities duly registered and legally
      existing under the PRC laws with independent legal person status, and with
      full and independent status and legal capacity to execute, deliver and
      perform this Agreement, and may act independently as a subject of actions;

6.2   its has full internal power and authority within its company to execute
      and deliver this Agreement and all the other documents to be entered into
      by it in relation to the transaction referred to herein, and it has the
      full power and authority to complete the transaction referred to herein.
      This Agreement shall be executed and delivered by it legally and properly,
      and constitutes the legal and binding obligations on it and is enforceable
      on it in accordance with its terms and conditions;

6.3   it has all business licenses necessary for its business operations as of
      the effective date of this Agreement, has full rights and qualifications
      to engage in its currently engaged businesses, may perform its obligations
      hereunder, and will maintain, during the valid term of this Agreement, the
      validity of all its such business licenses; and

6.4   it shall inform promptly the other Parties of any litigations it is
      involved in and other disadvantageous circumstances that may affect the
      performance hereof, and shall endeavor at its best efforts to prevent the
      deterioration of losses caused by such litigations or other
      disadvantageous circumstances.

                            ARTICLE 7 AGREEMENT TERM

7.1   The Parties hereby confirm that, once this Agreement is formally executed
      by the Parties, this Agreement shall be retrospectively effective as far
      as the date January 1, 2006; unless terminated earlier by the Parties in
      writing, this Agreement shall be valid for a term of two (2) years from
      the date January 1, 2006.

7.2   Upon termination of this Agreement, each Party shall continue to abide by
      its obligations under Articles 3 and 6 hereunder.

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                                ARTICLE 8 NOTICE

8.1   Any notice, request, demand and other correspondences made as required by
      or in accordance with this Agreement shall be made in writing and
      delivered to the relevant Party.

8.2   The abovementioned notice or other correspondences shall be deemed to have
      been delivered when it is transmitted if transmitted by facsimile or
      telex; it shall be deemed to have been delivered when it is delivered if
      delivered in person; it shall be deemed to have been delivered five (5)
      days after posting the same if posted by mail.

                          ARTICLE 9 DEFAULT LIABILITY

9.1   The Parties agree and confirm that, if any Party (the "DEFAULTING PARTY")
      breaches any of the agreements made under this Agreement materially, or
      fails to perform any of the obligations under this Agreement materially,
      such a breach shall constitute a default under this Agreement (a
      "DEFAULT"), then the non-defaulting Party whose interest is damaged
      thereby shall have the right to require the Defaulting Party to rectify
      such Default or take remedial measures within a reasonable period. If the
      Defaulting Party fails to rectify such Default or take remedial measures
      within such reasonable period or within ten (10) days of the
      non-defaulting Party notifying the Defaulting Party in writing and
      requiring it to rectify the Default, then the non-defaulting Party shall
      have the right, at its own discretion, to (1) terminate this Agreement and
      require the Defaulting Party to indemnify it fully for the damage; or (2)
      demand the enforcement of the Defaulting Party's obligations hereunder and
      require the Defaulting Party to indemnify it fully for the damage.

9.2   Without the agreement or common confirmation of both Parties, Focus Media
      Advertising Agency, under no circumstance, could terminate this Agreement
      for any reason, except that is required by Laws or provisions herein.

9.3   Notwithstanding any other provisions herein, the validity of this article
      shall stand disregarding the suspension or termination of this Agreement.

                            ARTICLE 10 FORCE MAJEURE

In the event of earthquake, typhoon, flood, fire, war, computer virus, loophole
in the

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design of tooling software, internet system encountering hacker's invasion,
change of policies or laws, and other unforeseeable or unpreventable or
unavoidable event of force majeure, which directly prevents a Party from
performing this Agreement or performing the same on the agreed condition, the
Party encountering such a force majeure event shall forthwith issue a notice by
a facsimile and, within thirty (30) days, present the documents proving the
details of such force majeure event and the reasons for which this Agreement is
unable to be performed or is required to be postponed in its performance, and
such proving documents shall be issued by the notary office of the area where
such force majeure event takes place. The Parties shall consult each other and
decide whether this Agreement shall be waived in part or postponed in its
performance with regard to the extent of impact of such force majeure event on
the performance of this Agreement. No Party shall be liable to compensate for
the economic losses brought to the other Parties by the force majeure event.

                            ARTICLE 11 MISCELLANEOUS

11.1  This Agreement shall be prepared in the Chinese language in two (2)
      original copies, with each involved Party holding one (1) copy hereof.

11.2  The formation, validity, execution, amendment, interpretation and
      termination of this Agreement shall be subject to the PRC Laws.

11.3  Any disputes arising hereunder and in connection herewith shall be settled
      through consultations among the Parties, and if the Parties cannot reach
      an agreement regarding such disputes within thirty (30) days of their
      occurrence, such disputes shall be submitted to China International
      Economic and Trade Arbitration Commission for arbitration in Shanghai in
      accordance with the arbitration rules of such Commission, and the
      arbitration award shall be final and binding on the Parties involved in
      such dispute.

11.4  Any rights, powers and remedies empowered to any Party by any provisions
      herein shall not preclude any other rights, powers and remedies enjoyed by
      such Party in accordance with laws and other provisions under this
      Agreement, and the exercise of its rights, powers and remedies by a Party
      shall not preclude its exercise of its other rights, powers and remedies
      by such Party.

11.5  Any failure or delay by a Party in exercising any of its rights, powers
      and remedies hereunder or in accordance with laws ("THE PARTY'S RIGHTS")
      shall not lead to a waiver of such rights, and the waiver of any single or
      partial exercise of The Party's Rights shall not preclude such Party from
      exercising such rights in any other way and exercising the remaining part
      of The Party's Rights.

11.6  The captions of the Articles contained herein shall be for reference only,
      and in

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      no circumstances shall such captions be used in or affect the
      interpretation of the provisions hereof.

11.7  Each provision contained herein shall be severable and independent from
      each of other provisions, and if at any time any one or more articles
      herein become invalid, illegal or unenforceable, the validity, legality or
      enforceability of the remaining provisions herein shall not be affected as
      a result thereof.

11.8  Once executed, this Agreement shall replace any other legal documents
      entered into by the relevant Parties hereof in respect of the same subject
      matter hereof.

11.9  Any amendments or supplements to this Agreement shall be made in writing
      and shall take effect only when properly signed by the Parties to this
      Agreement.

11.10 No Party shall assign any of its rights and/or obligations hereunder to
      any parties other than the Parties hereof without the prior written
      consent from the other Parties.

11.11 This Agreement shall be binding on the legal successors of the Parties.

11.12 The Parties undertake that all the taxes involved in the transaction
      occurred herein shall be declared and paid by them respectively.

                   [THE REMAINDER OF THIS PAGE IS LEFT BLANK]

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 [THIS PAGE IS THE EXECUTION PAGE OF THE ADVERTISEMENT DISSEMINATION AGREEMENT]

IN WITNESS HEREOF, the Parties have caused this Advertisement Dissemination
Agreement to be executed in the place and on the date which expressed in the
first page herein.

SHANGHAI FOCUS MEDIA ADVERTISING AGENCY CO., LTD.
(CHOP)

Sign: /s/ Jason Nanchun Jiang
      -----------------------
Name: Jason Nanchun Jiang
Title: Authorized Representative

SHANGHAI NEW FOCUS MEDIA ADVERTISEMENT CO., LTD.
(CHOP)

Sign: /s/ Jason Nanchun Jiang
      -----------------------
Name: Jason Nanchun Jiang
Title: Authorized Representative

                                       8EX-10.33 ASSET TRANSFER AGREEMENT, DATED JANUARY 3

 

Exhibit 10.33

 

ASSET TRANSFER AGREEMENT

 

among

Shanghai Allyes Advertisement Co., Ltd.

New Allyes Information Technology (Shanghai) Co., Ltd.

Xiangdong Xiong

And

Jiangang Wang

 

 

ASSET TRANSFER AGREEMENT

This ASSET TRANSFER AGREEMENT (this “Agreement”), dated as of January 30, 2003, is entered into by
and between the following parties:

	(1)	 	Shanghai Allyes Advertisement Co., Ltd. (“Seller”)
	 
	 	 	Address: Room E1, Floor 28, 369 Jiangsu Road, Changning District, Shanghai;
	 
	(2)	 	New Allyes Information Technology (Shanghai) Co., Ltd. (“Buyer”)
	 
	 	 	Address: Floor 28 Zhaofeng Shimao Tower, 369 Jiangsu Road, Shanghai;
	 
	(3)	 	Xiangdong Xiong
	 
	 	 	ID card No.: 310105710423201
	 
	(4)	 	Jiangang Wang
	 
	 	 	ID card No.: 310109760621561
	 
	 	 	(Xiangdong Xiong and Jiangang Wang Shall be referred to as “Shareholders of Seller”)

WHEREAS:

The Seller is engaged in the business of the design, produce, agency and dissemination of
advertisement via website. The Seller desires to sell to the Buyer, and the Buyer desires to
purchase from the Seller, the assets in connection with the business of the Seller, upon the terms
and subject to the conditions set forth in this Agreement.

THEREFORE, the parties hereto hereby agree as follows:

	1.	 	Definition

	1.1	 	Unless otherwise stipulated in the provisions or in the context of this Agreement, the
following terms shall bear the meaning as follows:
	 
	 	 	“Transfer Assets” shall mean the Seller’s fixed assets and intellectual property
listed in Appendix II, but excluding Exclusive Assets.
	 
	 	 	“Closing” shall mean the completion of the sell and purchase of the Transfer Assets
pursuant to the Article 4;
	 
	 	 	“Closing Date” shall mean the date of Closing;

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	 	 	“Shareholder” shall mean all the registered shareholders of the Seller, i.e.
Xiangdong Xiong and Jiangang Wang;
	 
	 	 	“Restriction of Rights” shall mean all the pledge, mortgage, lien, security rights,
preemption, option or any other restriction of rights or third party rights or
any claim of rights (except for (i) lien raised or result from the repair or
other similar situation during the ordinary course of business, and (ii) general
ownership appointment and ownership reservation clause reached during the
ordinary course of business for the purchase of goods);
	 
	 	 	“Exclusive Assets” shall mean the fixed assets and intellectual property that shall
not be subject to purchase, the definition of such assets is set forth in
Appendix III;
	 
	 	 	“Parties” shall mean the parties to this Agreement and their respective successors or
assignees;
	 
	 	 	“PRC” shall mean the People’s Republic of China, for the purpose of
this Agreement, not including Hong Kong, Macao Special Administrative Region and
Taiwan;
	 
	 	 	“Warrant” shall mean all the representations, warrants and undertakings included or
in relation to the Article 6 and Appendix I; and,
	 
	 	 	“RMB” shall mean the legal currency of PRC.
	 
	1.2	 	The articles and appendix cited in this Agreement shall be the articles and appendix of this
Agreement (unless otherwise stipulated in the context). The context and appendix constitute
the whole Agreement.
	 
	1.3	 	The titles of the articles contained herein shall be for convenience only, and shall not
affect the interpretation of the provisions hereof.
	 
	1.4	 	If allowed by the context, the wording as of “Seller” and “Buyer” shall include the Seller
and Buyer’s respective successors, authorized representatives and the assignees with their
consent.
	 
	2.	 	Sell of the Transfer Assets
	 
	2.1	 	Restricted by the provisions of this Agreement, the Seller shall be the legal owner to sell
and cause the Buyer to obtain all the Transfer Assets without any restriction of rights
hereupon.
	 
	2.2	 	Except for the assets and obligations clearly specified in the Agreement,

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	 	 	under this Agreement, the Buyer shall not be deemed to be transferred of other assets
or obligations from the Seller, nor be deemed to undertake any duty or obligations in
relation to such assets and obligations.
	 
	3.	 	Consideration
	 
	 	 	The Parties understand that the sell and purchase of the Transfer Assets under this
Agreement shall for the interest of the Parties; and the Parties acknowledge that the
consideration, which is full, non-gratuitous and made with good faith, for the
execution and the performance of this Agreement, has been accepted by the Parties.
Based on such understanding, the Parties agree that the consideration payable by the
Buyer under this Agreement shall be RMB 1.00 Yuan; and the Seller undertakes that,
except for the consideration stipulated above, it shall not, by virtue of any other
reason, request the Buyer to pay other consideration in respect of the execution and
the performance of this Agreement.

	4.	 	Closing
	 
	4.1	 	Upon Closing, the Seller shall:

	 	4.1.1	 	Deliver to the Buyer any instruments or similar instruments and/or permission
(if any) in connection with the Transfer Assets to the satisfaction of the Buyer, in
order to the title to the Transfer Assets is duly transferred in the name of the Buyer.
	 
	 	4.1.2	 	Deliver to the Buyer any part of the Transfer Assets which can be actually
delivered.
	 
	 	4.1.3	 	Allow the Buyer to enter into the site where the Transfer Assets are kept to
occupy or move such Transfer Assets.

	5.	 	Obligation of the Seller

	5.1	 	In case that no breach to the Warrant, the Seller shall undertake:

	 	5.1.1	 	any indebtedness, duty and obligation on the Transfer Assets
existing before and on the Closing Date raised by virtue of any restriction of
rights, regardless of such obligation raised before or after the Closing Date;
and
	 
	 	5.1.2	 	any third party’s claim or obligation in respect of the Transfer
Assets result from any do or no-to-do by the Seller before or on the Closing Date.

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	6.	 	Warrant
	 
	6.1	 	The Seller hereby represents warrants and undertakes to the Buyer in respect of the
factuality and accuracy of the Warrant.
	 
	6.2	 	The Seller hereby acknowledges that the Buyer executes this Agreement due to its believing of
the Warrant under this Agreement and the Buyer executes this Agreement based on such Warrant.
	 
	6.3	 	The Seller hereby warrants that at any time it shall indemnify the Buyer for and against any
loss, damage, interest, cost and expense, under the circumstances that such indemnification
will not restrict any rights of the Buyer or infringe any rights of claim of the Buyer based
on such rights; the above loss, damage, interest, cost and expense include any cost (including
legal cost), expenses or liability in connection with (i) any legal proceedings brought by the
claim filed by the Buyer for the branch of Guarantee or misleading Guarantee by the Seller, or
(ii) any claim, settlement and enforcement of judgment, regardless of the time for the Buyer’s
suffering of such losses.
	 
	6.4	 	Each Warrant shall be separately made and independent to each other, unless clear contrarily
stipulated, each Warrant shall not be restricted by other Warrant or any provision of this
Agreement or be deduced from any Warrant or any provision of this Agreement.
	 
	6.6	 	The interest under this Article can be transferred without restriction in a whole or
partially transferred by the one who enjoys the interest at the time of such transfer.
	 
	6.6	 	Regardless of the Closing, any Warrant and any provision of this Agreement, which are not
completely performed, shall be remain effective.
	 
	7.	 	Consent of the Shareholders of Seller

The Shareholders of the Seller agrees the transaction under this Agreement and further guarantee
that they will take any action as the holder of shares or the director or other manager (if any) to
cause the Closing of the transaction under this Agreement.

	8.	 	Use of Transferred Assets

Buyer hereby agrees that upon Closing, Seller can keep making use the Transferred Assets in
accordance with the Exclusive Service Agreement, and shall make payment

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	 	 	to the Seller of the depreciation fees of the fixed assets.
	 
	9.	 	Breach
	 
	9.1	 	The Parties agree and confirm that, if any party (hereinafter the “Defaulting Party”)
breaches substantially any of the provisions herein or omits substantially to perform any of
the obligations hereunder, or fails substantially to perform any of the obligations under this
Agreement, such a breach or omission shall constitute a default under this Agreement
(hereinafter a “Default”), then any party of the Non-Defaulting Party (“Non-Defaulting Party”)
shall have the right to require the Defaulting Party to rectify such Default or take remedial
measures within a reasonable period. If the Defaulting Party fails to rectify such Default or
take remedial measures within such reasonable period or within ten (10) days of the other
Party’s notifying the Defaulting Party in writing and requiring it to rectify the Default,
then Non-Defaulting Party shall have the right at its own discretion to (1) terminate this
Agreement and require the Defaulting Party to indemnify it for all the damage; or (2) request
mandatory performance of the obligations of the Defaulting Party hereunder and require the
Defaulting Party to indemnify it for all the damage.
	 
	9.2	 	Notwithstanding any other provisions herein, the validity of this Article shall stand
disregarding the suspension or termination of this Agreement.
	 
	10.	 	Notice
	 
	10.1	 	Any notice, request, demand and other correspondences made as required by or in accordance
with this Agreement shall be made in writing and delivered to the relevant Party.
	 
	10.2	 	The abovementioned notice or other correspondences shall be deemed to have been delivered
when it is transmitted if transmitted by facsimile or telex; it shall be deemed to have been
delivered when it is delivered if delivered in person; it shall be deemed to have been
delivered five (5) days after posting the same if posted by mail.
	 
	11.	 	Force Majeure
	 
	 	 	If the performance or duly performance of one party is directly affected by earthquake,
typhoon, flood, war, computer virus, flaw in tool software, the attack of hacker on the
internet, change of policy and law and other event which is unforeseeable, unavoidable
and insurmountable, the party affected by the Force Majeure shall at once announce the
other party of the Force

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	 	 	Majeure by facsimile and, within thirty (30) days, provide the other party with the
detailed information of the Force Majeure and a valid evidencing document issued by the
relevant notarization organization, stating the reasons that the Agreement cannot be
performed or would be performed with delay. The Parties, by reference to the influence
of the Force Majeure for the performance of this Agreement, shall thereby make
consultation on whether or not to partially release the obligations of one party from
performing the Agreement, or to perform the Agreement in delay. The Parties shall be
released of any liabilities in respect of the economic losses result from the Force
Majeure.
	 
	12.	 	General Provisions
	 
	12.1	 	This Agreement shall be prepared in the Chinese language in four (4) original copies, with
each involved Party holding one (1) copy hereof.
	 
	12.2	 	The formation, validity, execution, amendment, interpretation and termination of this
Agreement shall be subject to PRC Law.
	 
	12.3	 	Any disputes arising hereunder and in connection herewith shall be settled through
consultations among the Parties, and if the Parties cannot reach an agreement regarding such
disputes within thirty (30) days of their occurrence, such disputes shall be submitted to
China International Economic and Trade Arbitration Commission Shanghai Branch for arbitration
in Shanghai in accordance with the arbitration rules of such Commission, and the arbitration
award shall be final and binding on all Parties.
	 
	12.4	 	Each Party to this Agreement shall respectively bear the expense result from this Agreement
or incurred during the transaction under this Agreement.
	 
	12.5	 	Regardless of the Closing, all the provisions of this Agreement shall remain completely
effective, unless the obligation under such provisions has been fully performed upon the
Closing.
	 
	12.6	 	Any failure or delay by a Party in exercising any of its rights, powers and remedies
hereunder shall not lead to a waiver of such rights.
	 
	12.7	 	Each provision contained herein shall be severable and independent from each of other
provisions, and if at any time any one or more articles herein become invalid, illegal or
unenforceable, the validity, legality or enforceability of the remaining provisions herein
shall not be affected as a result thereof.
	 
	12.8	 	Upon Closing, when Buyer is obliged to answer the enquiry from tax authority or

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other authority, or report tax or negotiate tax duty, Seller shall provide Buyer with all
the help when Buyer request so, and Seller shall provide Buyer with all the information,
documents, accounting book and other business records.

	12.9	 	Once executed, this Agreement shall replace any other legal documents entered into by the
relevant Parties hereof in respect of the same subject matter hereof. Any amendments or
supplements to this Agreement shall be made in writing and shall take effect only when
properly signed by the Parties to this Agreement.
	 
	12.10	 	Without prior written consent by the other Party, any Party shall not transfer to any third
party any of its right and/or obligation under this Agreement. This Agreement will bind the
assets of the Parties, the personal representative, successor and assignee via consent, and
will guarantee the interest of the Parties, the personal representative, successor and
assignee via consent.

[The remainder of this page is left blank]

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[Signing Page]

IN WITNESS HEREOF, the following Parties have caused this Assets Transfer Agreement to be executed
as of the date and in the place first here above mentioned.

Shanghai Allyes Advertisement Co., Ltd. (Corporate Seal)

Signed by: /s/ Jiangang Wang                    

Name:       Jiangang Wang

Position: Authorized Representative

New Allyes Information Technology (Shanghai) Co., Ltd. (Corporate Seal)

Signed by: /s/ Jiangang Wang                    

Name:       Jianggang Wang

Position: Authorized Representative

Xiangdong Xiong

Signature: /s/ Xiangdong Xiong                    

Jiangang Wang

Signature: /s/ Jiangang Wang                    

8

 

Appendix I

Warrant

	1.	 	Company Business
	 
	1.1	 	The Seller is a limited company duly incorporated under PRC laws and is validly existing, is
not subject to any order or claim or resolution passed from the liquidator, and its assets has
not been detained, enforced or in the process of enforcement. No indebtedness shall be repaid
by the Seller; no one has appointed receiver or administrator in respect of all or part of the
business and the assets of the Seller; nor does any order have been made in relation to such
appointment.
	 
	1.2	 	The Sell has the power to execute, deliver and perform this Agreement and has carried out
necessary activities to authorize such execute, deliver and perform. This Agreement creates
the legal, effective and binding obligation to the Seller, and such obligation is enforceable
pursuant to this Agreement.
	 
	2.	 	Assets
	 
	2.1	 	The Seller has good and tradable ownership to the Transfer Assets, all the Transfer Assets
are free from any restriction of rights, third party rights, and free from any payment
obligation under lease agreement and financial lease agreement, sell on credit agreement,
delay or documentary sale agreement, or free from other same rights or rights similar to the
rights above. All the Transferred Assets are in the possession of under control o the Seller.
	 
	2.2	 	The use or transfer of the Transfer Assets will not in conflict with any laws, regulations or
other legally enforceable requirements.
	 
	3.	 	General Trading Issues
	 
	3.1	 	Seller does not know the following changes companied by the alteration of titles of
Transferred Assets prior to the Closing: the supplier, client and agent or any third party of
a contract to which Seller is a party will cease to be the supplier, client and agent or any
third party (whichever is applicable), or to the extent same to the above situation or
occurrence of the matter with similar nature, they are entitled to terminate the contract to
which Seller is a party.

9

 

	3.2	 	In terms of the Transfer Assets, the transferor parties or any other third party (the
transferor party might be liable on the third party’s behalf for its activity or breach) do
not carry out any activity which violates the criminal law or infringe the rights of others,
nor do those activity violate any other laws, regulations or other legally enforceable
requirements.
	 
	3.3	 	The Seller is not subject to any investigation or inquiry by the governmental institution and
does not aware of any fact which will lead to such investigation or inquiry.
	 
	3.4	 	No agreement or arrangement will restrict or negatively affect the transaction under this
Agreement or affect the ownership or the use or the disposal of the Transfer Assets by the
Seller, and no practice in connection with the Transferred Assets or affect the transfer and
engaged by the Seller, which will lead to invalid, illegal, non-enforceable, to-be registered,
to-be reported or violation of any anti-trust regulation worldwide (all the regulation in this
paragraph is called “anti-trust regulation”). Seller has never received any claim from any one
in respect of its violation of anti-trust regulation and never received any information,
investigation or dissent, or become the receipt or party to any decision, judgment, guarantee
or settlement in connection with anti-trust claims.
	 
	4.	 	Accuracy of the Information
	 
	4.1	 	All the information contains in the context and appendix of this Agreement is true and is not
misleading in any respect.
	 
	4.2	 	The written information provided by the Seller or its professional consultant in respect of
the assets and business is true and accurate currently and at the time of such providing.
	 
	5.	 	General Provision

The execution, delivery and performance of this Agreement will not violate, revoke and/or of any
contract to which Seller is a party and any its other asset to be restricted or cause any other
party to have the right to revoke the contract to which Seller is a party, or violate any law or
regulation affecting the assets and business or other order, decree, injection or direction issued
by any court, administrative institution or governing body.

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Appendix II

List of Transferred Assets

11

 

Appendix III

Exclusive Assets

12

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