Document:

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                                                                   Exhibit 10.48

                          DOMAIN NAME LICENSE AGREEMENT

     This Domain Name License Agreement (the "Agreement") is entered into as of
May 5, 2004 between the following two parties in Beijing.

The Licensor:    Hurray! Times Communications (Beijing) Ltd.
Legal Address:   Room B 07, Tong Heng Plaza, No.4 Huanyuan Road, Haidian
                 District, Beijing

The Licensee:    Beijing Cool Young Information Technology Co., Ltd.
Legal Address:   Hua Ao Center, Apt. 9E, No.31 Zizhuyuan Road, Haidian District,
                 Beijing

     WHEREAS, the Licensor, a wholly-owned foreign enterprise registered in
Beijing under the laws of the People's Republic of China (the "PRC"), which owns
the domain names as defined in Appendix 1 (the "Domain Names").

     WHEREAS, the Licensee, a limited liability company registered in Beijing
under the laws of the PRC, is approved by the relevant governmental authority to
carry on the business of value added telecommunication services;

     WHEREAS, the Licensor agrees to license the Domain Names to the Licensee in
accordance with the terms and conditions set forth herein and the Licensee
agrees to accept the license on the terms and conditions set forth herein;

     NOW, THEREFORE, through mutual negotiations, the parties hereto agree as
follows:

1.   Grant of License

     1.1  The Domain Names

     Upon the terms and conditions hereinafter set forth, the Licensor hereby
     grants a general license to the Licensee to use the Domain Names, and the
     Licensee hereby accepts the general license to use the Domain Names.

     1.2  Scope

     The use of the Domain Names granted by Licensor to Licensee extends only to
     the business operated by Licensee. The Licensee agrees that it will not
     make, or authorize any use, direct or indirect, of the Domain Names by any
     other means, unless there are opposite stipulations in this Agreement.

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2.   Terms of Payment

     The Licensee agrees to pay the Licensor license fees and the specified
     amount of the license fees and the form of payment are set forth in
     Appendix 2.

3.   Goodwill

     The Licensee recognizes the value of the goodwill associated with the
     Domain Names and the relevant rights, and acknowledges that the Domain
     Names therein and goodwill pertaining thereto shall be the sole and
     exclusive property of the Licensor, and that the Domain Names have a
     secondary meaning in the mind of the public.

4.   Confidentiality

     4.1  The Licensee shall protect and maintain the confidentiality of any and
          all confidential data and information acknowledged or received by the
          Licensee by accepting the license of the Domain Names from the
          Licensor (collectively the "Confidential Information"). Upon
          termination or expiration of this Agreement, the Licensee shall, at
          the Licensor's option, return Confidential Information to the Licensor
          or destroy it itself and delete Confidential Information from any
          electronic devices and cease to use them. The Licensee shall not
          disclose, grant or transfer any Confidential Information to any third
          party and will not use the Confidential Information without the
          Licensor's written consent.

     4.2  The parties agree that Section 4.1 shall survive any amendment,
          expiration or termination of this Agreement.

5.   Representations and Warranties

     5.1  The Licensor represents and warrants as follows:

          5.1.1 the Licensor is a company duly registered and validly existing
               under the laws of the PRC;

          5.1.2 the Licensor has the exclusive ownership of Domain Names;

          5.1.3 the Licensee, subject to its business scope and corporate power,
               has taken necessary steps and obtained full authority and all
               necessary consents and approvals of any other third party and
               government to execute and perform this Agreement;

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          5.1.4 the Agreement will constitute a legal, valid and binding
               agreement of the Licensor and will be enforceable against the
               Licensor in accordance with its terms upon its execution.

     5.2  The Licensee represents and warrants as follows:

          5.2.1 the Licensee is a company duly registered and validly existing
               under the laws of the PRC and is a limited liability company
               approved by the relevant governmental authority to carry on the
               business of information services on the value added
               telecommunication of the second category;

          5.2.2 the Licensee, subject to its business scope and corporate power,
               has taken necessary steps to obtain authority and all necessary
               consents and approvals of any other third party and government to
               execute and perform this Agreement;

          5.2.3 the Agreement will constitute a legal, valid and binding
               agreement of the Licensee will be enforceable against the
               Licensee in accordance with its terms upon its execution.

6.   The Licensor's Title and Protection of the Licensor's Rights

     6.1  The Licensee agrees that it will not, during the term of this
          Agreement, or thereafter, attack the title, right of licencing or any
          rights of the Licensor in and to the Domain Names or attack the
          validity of this license.

     6.2  The Licensee agrees to assist the Licensor to the extent necessary in
          the procurement of any protection or to protect any of the Licensor's
          rights to the Domain Names, and the Licensor, if it so desires may
          commence or prosecute any claims or suits in its own name or in the
          name of the Licensee or join the Licensee as a party thereto. The
          Licensee shall notify the Licensor in writing of any infringements of
          the Domain Names that may come to the Licensee's attention, and the
          Licensor shall have the sole right to determine whether or not any
          action shall be taken on account of any such infringements.

     6.3  The Licensee further agrees to use the Domain Names only in accordance
          with this Agreement and shall not use the Domain Names in any way
          that, in the opinion of the Licensor, is deceptive, misleading or in
          any way damages such Domain Names or the reputation of the Licensor.

7.   Quality Control

     The Licensee shall use its best efforts to improve the quality of the net
     of Domain Names, in order to protect and enhance the reputation of the
     Domain Names.

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8.   Promotion Materials

     8.1  In all cases where the Licensee makes promotional materials involving
          the net of Domain Names, the production cost of such materials shall
          be borne by the Licensee. All copyrights or other intellectual
          property rights of such materials concerning the Domain Names thereto
          shall be the sole and exclusive property of the Licensor whether
          developed by the Licensor or the Licensee.

     8.2  The Licensee agrees not to advertise or publicize any of the Domain
          Names on radio, television, papers, magazines, the Internet or
          otherwise without the prior written consent of the Licensor.

9.   Competition

     In the event that any of the Domain Names conflict with any of the
     trademarks or domain names used by any of the Licensor's parent company or
     affiliate of the Licensor's parent company at the present time or any time
     in the future, then the Licensor shall have the right to terminate the
     Agreement by a written notice to the Licensee 30 days before such
     termination.

10.  Effective Date and Term

     10.1 This Agreement has been duly executed by both parties' authorized
          representatives as of the date first set forth above and shall be
          effective simultaneously. The term of this Agreement is ten (10) years
          or the date of the expiration of period of validity of the Domain
          Names (which ever is the shorter) unless earlier terminated as set
          forth below. However, the Licensor and the Licensee shall review this
          Agreement every three (3) months to determine whether any amendment to
          the Agreement is necessary after considering the circumstances.

     10.2 This Agreement may be extended one year only if the Licensor gives the
          Licensee its written consent of the extension of this Agreement before
          the expiration of this Agreement. However, the Licensee has no right
          to confirm such extension.

11.  Termination

     11.1 Termination on Expiration.

     This Agreement shall expire on the earlier of the termination date or the
     date when the Licensor's right to grant a license is terminated unless this
     Agreement is extended as set forth above.

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     11.2 Early Termination

     Without prejudice to any legal or other rights or remedies of the party who
     asks for termination of this Agreement, any party has the right to
     terminate this Agreement immediately with written notice to the other party
     in the event the other party materially breaches this Agreement including,
     but not limited to, Sections 6.1, 6.2 and 6.3 of this Agreement and fails
     to cure its breach within 30 days from the date it receives written notice
     of its breach from the non-breaching party. During the term of this
     Agreement, the Licensor may terminate this Agreement at any time with a
     written notice to the Licensee 30 days before such termination.

     11.3 Survival.

     Articles 3, 4, 6 and 16 shall survive after the termination or expiration
     of this Agreement.

12.  Effect of Termination or Expiration

     Upon and after the expiration or termination of this license, all rights
     granted to the Licensee hereunder shall forthwith revert to the Licensor,
     who shall be free to license others to use the Domain Names and the
     Licensee will refrain from further use of the Domain Names or any, direct
     or indirect use.

13.  Force Majeure

     13.1 Force Majeure, which includes acts of governments, acts of nature,
          fire, explosion, typhoon, flood, earthquake, tide, lightning, war,
          means any event that is beyond the party's reasonable control and
          cannot be prevented with reasonable care. However, any shortage of
          credit, capital or finance shall not be regarded as an event of Force
          Majeure. The party affected by Force Majeure shall notify the other
          party without delay.

     13.2 In the event that the affected party is delayed in or prevented from
          performing its obligations under this Agreement by Force Majeure, only
          within the scope of such delay or prevention, the affected party will
          not be responsible for any damage by reason of such a failure or delay
          of performance. The affected party shall take appropriate means to
          minimize or remove the effects of Force Majeure and attempt to resume
          performance of the obligations delayed or prevented by the event of
          Force Majeure. After the event of Force Majeure is removed, both
          parties agree to resume the performance of this Agreement with their
          best efforts.

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14.  Notices

     Notices or other communications required to be given by any party pursuant
     to this Agreement shall be written in English and Chinese and shall be
     deemed to be duly given when it is delivered personally or sent by
     registered mail or postage prepaid mail or by a recognized courier service
     or by facsimile transmission to the address of the relevant party or
     parties set forth below.

     Licensor:   Hurray! Times Communications (Beijing) Ltd..
                 Room B 07, Tong Heng Plaza, No.4 Huanyuan Road, Haidian
                 District, Beijing

     Licensee:   Beijing Cool Young Information Technology Co., Ltd.
                 Hua Ao Center, Apt. 9E, No.31 Zizhuyuan Road, Haidian District,
                 Beijing

15.  No Assignment or Sublicense by the Licensee

     15.1 This Agreement and all the rights and duties hereunder are personal to
          the Licensee. The Licensee agrees that it will not assign, lease,
          pledge, sublicense, or in any other way transfer the economic benefits
          of the license granted hereby or any portion of the rights included
          therein to any third party without the prior written consent of the
          Licensor.

     15.2 The Licensee hereby agrees that the Licensor shall be able to transfer
          all or any of its rights and obligation under this Agreement to any
          third party at its discretion, and such transfer shall only be subject
          to a written notice serviced to the Licensee by the Licensor, and no
          any further consent from the Licensee will be required.

16.  Settlement of Disputes

     The parties shall strive to settle any dispute arising from the
     interpretation or performance through friendly consultation. In case no
     settlement can be reached through consultation within 30 days after one
     party ask for consultation, each party can submit such matter to China
     International Economic and Trade Arbitration Commission (the "CIETAC"). The
     arbitration shall follow the current rules of CIETAC, and the arbitration
     proceedings shall be conducted in Chinese and shall take place in Beijing.
     The arbitration award shall be final and binding upon the parties and shall
     be enforceable in accordance with its terms.

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17.  Applicable Law

     The validity, interpretation and implementation of this Agreement shall be
     governed by the laws of PRC.

18.  Amendment and Supplement

     Any amendment and supplement of this Agreement shall come into force only
     after both parties sign a written agreement. The amendment and supplement
     duly executed by both parties shall be part of this Agreement and shall
     have the same legal effect as this Agreement.

19.  Severability

     Any provision of this Agreement which is invalid or unenforceable because
     of violating the relevant laws in any jurisdiction shall, as to that
     jurisdiction, be ineffective to the extent of such invalidity or
     unenforceability, without affecting in any way the remaining provisions
     hereof.

20.  Appendices

     The Appendices referred to in this Agreement are an integral part of this
     Agreement and have the same legal effect as this Agreement.

21.  Others

     This Agreement is executed in Chinese in three copies.

     IN WITNESS THEREOF the parties hereto have caused this Agreement to be duly
executed on their behalf by a duly authorized representative as of the date
first set forth above.

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(No text on this page)

By: /s/ Xiang Songzuo
    ---------------------------------
the Licensor: Hurray! Times Communications (Beijing) Ltd.

Representative: Xiang Songzuo

By: /s/ Wei Hongbin
    ---------------------------------
the Licensee: Beijing Cool Young Information Technology Co., Ltd.

Representative: Wei Hongbin

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                                   Appendix 1

                                  Domain Names

1. hawa.cn

2. coolyoung.com.cn

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                                   Appendix 2

            Calculation and Payment Method of Domain Name License Fee

     Licensee should pay for each domain name an amount equal to RMB 1,000 per
year to Licensor as a license fee. The Licensor has the sole right to determine
whether or not to exempt the Licensee's obligation to pay License fee.

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                                                                   Exhibit 10.49

                           SOFTWARE LICENSE AGREEMENT

     This Software License Agreement (the "Agreement") is entered into as of May
5, 2004 between the following two parties in Beijing.

The Licensor:    Hurray! Times Communications (Beijing) Ltd.
Legal Address:   No.B07, Floor B, Tong Heng Plaza, No.4 Huayuan Road,
                 Haidian District, Beijing

The Licensee:    Beijing Cool Young Information Technology Co., Ltd.
Legal Address:   Room 318, Floor 3, No.12, Fuxing Road, Haidian District,
                 Beijing

     WHEREAS, the Licensor, a wholly-owned foreign enterprise registered in
Beijing under the laws of the People's Republic of China (the "PRC"), owns the
copyright of the software described in Appendix 1;

     WHEREAS, the Licensee, a limited liability company registered in Beijing
under the laws of the PRC, is licensed by competent governmental authorities to
operate the business of value-added telecommunications services;

     WHEREAS, the Licensor desires to license the rights to use the software
provided under this Agreement to the Licensee in accordance with the terms and
conditions set forth herein, and the Licensee wishes to accept the license in
accordance with the terms and conditions set forth herein;

     NOW THEREFORE, the parties agree as follows:

1.   Grant of License

1.1  Softwares License

     According to the terms and conditions hereinafter set forth, the Licensor
agrees to grant a license to the Licensee to use the software provided under
this Agreement (as listed in Appendix 1, hereinafter the "Software"), and the
Licensee accepts the license to use the Software. The license hereunder is
non-exclusive.

1.2  Territory

     1.2.1 The use of the Software granted by the Licensor to the Licensee
          extends only to the scope of the business operated by Licensee
          relating to the value-added telecommunications services operated by
          the Licensee. The Licensee agrees

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          that it will not otherwise directly or indirectly use, or authorize
          others to use the Software, unless this Agreement provides to the
          contrary.

     1.2.2 The license hereby granted extends only to the PRC. The Licensee
          agrees that it will not directly or indirectly use, or authorize
          others to use the Software in any other area.

2.   Terms of Payment

     The Licensee agrees to pay to the Licensor a license fee and the details of
the license fee, the calculation method, and the form of payment are set forth
in Appendix 2.

3.   Goodwill

     The Licensee recognizes the value of the goodwill associated with the
Software, and acknowledges that the Software and all intellectual property
rights therein and goodwill pertaining thereto shall be solely owned by the
Licensor, and that the Software has a secondary meaning in the mind of the
public.

4.   Confidentiality

     4.1  The Licensee shall protect and maintain the confidentiality of any and
          all confidential data and information acknowledged or received by the
          Licensee by accepting licensing of the Software from the Licensor
          (collectively the "Confidential Information"). Upon termination of
          this Agreement, the Licensee shall, at the Licensor's request, return
          all and any documents, information or software containing any of such
          Confidential Information to the Licensor or destroy it and delete the
          Confidential Information from any electronic devices and cease to use
          them. The Licensee shall not disclose, grant or transfer any
          Confidential Information to any third party without the Licensor's
          prior written consent.

     4.2  Section 4.1 shall survive any amendment, expiration or termination of
          this Agreement.

5.   Representations and Warranties

     5.1  The Licensor represents and warrants as follows:

          5.1.1 the Licensor is a company duly registered and validly existing
               under the laws of the PRC;

          5.1.2 the Licensor, subject to its business scope, has full right,
               power, authority and capacity and all necessary consents and
               approvals of any other third party and

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               government to execute and perform this Agreement, which shall not
               be against any enforceable and effective laws or contracts;

          5.1.3 the Agreement will constitute a legal, valid and binding
               agreement of the Licensor and will be enforceable against the
               Licensor in accordance with its terms upon its execution;

          5.1.4 the Licensor has the copyright and ownership of the Software.

     5.2  The Licensee represents and warrants as follows:

          5.2.1 the Licensee is a company duly registered and validly existing
               under the laws of the PRC and is licensed by the relevant PRC
               government authority to engage in the business of providing
               information services in respect of value-added telecommunications
               services;

          5.2.2 the Licensee executes and performs this Agreement within its
               corporate authority and business scope, and it has obtained all
               necessary consents and approvals of any other third party and
               government to execute and perform this Agreement, which shall not
               be against any enforceable and effective laws or contracts.

          5.2.3 the Agreement will constitute a legal, valid and binding
               agreement of the Licensee and will be enforceable against the
               Licensee in accordance with its terms upon its execution.

6.   The Licensor's Rights of Licensing and Protection of the Licensor's Rights

     6.1  The Licensee agrees that it will not during the term of this
          Agreement, or thereafter, question the license right or any other
          rights of the Licensor in and to the Software or question the validity
          of this license or otherwise take or fail to take any action that
          impairs such rights or license.

     6.2  The Licensee agrees to assist the Licensor to the extent necessary in
          the procurement of any protection or to protect any of the Licensor's
          rights to the Software. In the event any third party lodges a claim
          concerning the Software, the Licensor, if it so desires may commence
          or prosecute any claims or suits in its own name or in the name of the
          Licensee or join the Licensee as a party thereto. In the event any
          third party infringes the Software, the Licensee shall notify the
          Licensor in writing of any infringements or imitations by others of
          the Software which may come to the Licensee's attention, and the
          Licensor shall have the sole right to determine whether or not any
          action shall be taken on account of any such infringements.

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     6.3  The Licensee further agrees to use the Software only in accordance
          with this Agreement and shall not use the Software in any way which,
          in the opinion of the Licensor, is deceptive, misleading or in any way
          damages the Software or the reputation of the Licensor.

7.   Quality

     The Licensee shall use its reasonable best efforts to improve the quality
of its business, in order to protect and enhance the reputation of the Software.

8.   Promotion Materials

     In all cases where the Licensee uses promotional materials relevant to the
Software, the production cost of such materials shall be borne by the Licensee.
All copyrights or other intellectual property rights of such materials
concerning the Software shall be the sole and exclusive property of the Licensor
whether developed by the Licensor or the Licensee. The Licensee agrees not to
promote or advertise any of the Software on radio, television, newspapers,
magazines, the Internet or other media without the prior written consent of the
Licensor.

9.   Effective Date and Term

     9.1  This Agreement has been duly executed as effective on the date first
          set forth above. The term of this Agreement is ten (10) years unless
          earlier terminated as set forth below. However, the Licensor and the
          Licensee shall review this Agreement every 3 months to determine
          whether any amendment to the Agreement is necessary after considering
          the circumstances.

     9.2  This Agreement may be extended for one year if the Licensor gives the
          Licensee its written consent of the extension of this Agreement before
          the expiration of this Agreement. However, the Licensee has no right
          to confirm such extension.

10.  Record Filing

     Within three (3) months after the execution of the Agreement, the Licensor
shall make a record filing of a copy of this Agreement to the relevant software
administration authority of China.

11.  Termination

     11.1 Termination or Expiration.

     This Agreement shall expire on the earlier of the termination date or the
     date when the Licensor's right of licensing the Software under this
     Agreement is terminated,

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     unless this Agreement is extended as set forth above.

     11.2 Early Termination

     Without prejudice to any legal or other rights or remedies of the party who
     asks for termination of this Agreement, any party has the right to
     terminate this Agreement immediately with written notice to the other party
     in the event the other party materially breaches this Agreement including,
     without limitation to Sections 6.1, 6.2 and 6.3 of this Agreement and fails
     to rectify its breach within 30 days from the date it receives written
     notice of its breach from the non-breaching party.

     During the term of this Agreement, the Licensor may terminate this
     Agreement at any time by a written notice to the Licensee, and the
     termination shall be effective 30 days after the termination notice is
     delivered.

     11.3 Survival.

     Articles 3, 4, 6, 15 and 16 shall survive after the termination of this
     Agreement.

12.  Force Majeure

     12.1 Force Majeure shall refer to any event that is beyond the party's
          reasonable control and cannot be prevented with reasonable care,
          including acts of governments, acts of nature, fire, explosion,
          typhoon, flood, earthquake, tide, lightning or war. However, any
          shortage of credit, capital or finance shall not be regarded as an
          event beyond the control of a party. The party affected by Force
          Majeure shall notify the other party about the release without delay.

     12.2 In the event that the affected party is delayed in or prevented from
          performing its obligations under this Agreement by Force Majeure, only
          within the scope of such delay or prevention, the affected party will
          not be responsible for any damage by reason of such a failure or delay
          of performance. The affected party shall take appropriate means to
          minimize or remove the effects of Force Majeure and attempt to resume
          performance of the obligations delayed or prevented by the event of
          Force Majeure. After the event of Force Majeure is removed, both
          parties agree to resume performance of this Agreement with their best
          efforts.

13.  Notices

     Notices or other communications required to be given by any party pursuant
to this Agreement shall be written in English and Chinese and shall be deemed to
be duly given when it is delivered personally or sent by registered mail or
postage prepaid mail or by a recognized courier service or by facsimile
transmission to the address of the relevant

                                       5

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party or parties set forth below.

Licensor:   Hurray! Times Communications (Beijing) Ltd.
Address:    No.B07, Floor B, Tong Heng Plaza, No.4 Huayuan Road,
            Haidian District, Beijing

Licensee:   Beijing Cool Young Information Technology Co., Ltd.

Address:    Hua Ao Center, Block 3, Apt. 9E, Zizhuyuan Road, Haidian District,
            Beijing

14.  Assignment or Sublicense

     This Agreement and all the rights and obligations licensed by the Licensor
to the Licensee shall not be assigned, leased, pledged, sublicensed, or
otherwise transferred the economic benefits of the license granted hereby or any
portion of the rights included therein to any third party without the prior
written consent of the Licensor.

15.  Settlement of Disputes

     The parties shall strive to settle any dispute arising from the
interpretation or performance in connection with this Agreement through friendly
consultation. In case no settlement can be reached through consultation within
30 days after one party ask for consultation, each party can submit such dispute
to the China International Economic and Trade Arbitration Commission (the
"CIETAC"). The arbitration shall follow the current rules of CIETAC, and the
arbitration proceedings shall be conducted in Chinese and shall take place in
Beijing. The arbitration award shall be final and binding upon the parties and
shall be enforceable in accordance with its terms.

16.  Applicable Law

     The validity, interpretation and implementation of this Agreement shall be
governed by the laws of PRC.

17.  Amendment and Supplement to the Agreement

     Any amendment and supplement of this Agreement shall come into force if in
writing and signed by both parties. The amendment and supplement duly executed
by both parties shall form a part of this Agreement and shall have the same
legal effect as this Agreement.

18.  Severability

     Any provision of this Agreement which is invalid or unenforceable due to
conflict of

                                       6

<PAGE>

relevant laws in a jurisdiction shall be ineffective to the extent of such
invalidity or unenforceability in that jurisdiction, without affecting in any
way the legal effect of remaining provisions hereof.

19.  Appendices

     The Appendices referred to in this Agreement are an integral part of this
Agreement and have the same legal effect as this Agreement.

20.  Others

     This Agreement shall be executed in Chinese in duplicate.

     IN WITNESS THEREOF the parties hereto have caused this Agreement to be duly
executed on their behalf by a duly authorized representative as of the date
first set forth above.

                                       7

<PAGE>

     Software License Agreement

     (No Text on This Page)

By: /s/ Xiang Songzuo
    ------------------------------------
Licensor : Hurray! Times Communications (Beijing) Ltd.

Representative: Xiang Songzuo

By: /s/ Wei Hongbin
    ------------------------------------
Licensee: Beijing Cool Young Information Technology Co., Ltd.

Representative: Wei Hongbin

                                       8

<PAGE>

                                   Appendix 1

                              List of the Software

1.   HS-VASPro

2.   Unlimited Sky Game Software V 1.0

                                       9

<PAGE>

                License Fee Calculation Method and Payment Method

The Licensee shall pay a License fee of RMB1000 per year to the Licensor.
Based on Party A's sole decision, the Licensor may decide to exempt the
Licensee's license fee.

                                       10

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