Document:

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                                                                    EXHIBIT 4.21

                       [Translated from Chinese Original]

                           CAPITAL INCREASE AGREEMENT

                                       OF

                       BEIJING FUHUA INNOVATION TECHNOLOGY
                              DEVELOPMENT CO., LTD.

                                   MARCH 2008

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This Agreement is entered into in Beijing as of March 3, 2008 by and among the
following parties:

PARTY A: BEIJING FUHUA INNOVATION TECHNOLOGY DEVELOPMENT CO., LTD.
Registered Address: Room 938-941, Power C, Corporate Square, No. 35 Financial
Street, Xicheng District, Beijing, the People's Republic of China (the "PRC")
Postal Code: 100032

PARTY B: WANG JUN
Address: Floor 9, Tower C, Corporate Square, No. 35 Financial Street, Xicheng
District, Beijing, the PRC
ID No. :370102197012163311

PARTY C: ZHAO ZHIWEI
Address: Floor 9, Tower C, Corporate Square, No. 35 Financial Street, Xicheng
District, Beijing, the PRC
ID No. :110102196307100139

Whereas

A. Party A is a limited liability company duly organized and validly existing
under the laws of the PRC, with a registered capital of RMB 3,000,000.

B. Party B and Party C are current shareholders of Party A; Party B holds RMB
1.65 million contribution (55%) in the registered capital of Party A, and Party
C holds RMB 1.35 million contribution (45%) in the registered capital of Party
A.

C Party A intends to increase its registered capital, and Party B and Party C
agree to subscribe and contribute to the newly increased registered capital in
accordance with this Agreement.

THEREFORE, in accordance with the principle of fairness and mutual benefit,
through friendly negotiation, the Parties hereby enter into the following
agreements:

1.   Definitions and Interpretations

     1.1  Definitions

Unless otherwise specified herein, the terms used in this Agreement shall have
the meanings set forth below:

"Articles of Association" means the amended Articles of Association, which shall
reflect the terms of this Agreement executed by the Parties.

"Company" means Beijing Fuhua Innovation Technology Development Co., Ltd.

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"Effective Date" means the date when this Agreement takes effect pursuant to
Article 5.1 herein.

"Newly Increased Registered Capital" means the registered capital Party A
intends to increase, i.e. RMB 7 million.

"Increased Registered Capital" means the registered capital of the Company after
the capital increase pursuant to this Agreement, i.e. RMB 10 million.

     1.2  Interpretation

The headings of articles herein are provided for the purpose of reference. Such
headings shall in no event be used or affected interpretations of the terms
herein.

2.   Capital Increase

     2.1 Party A has the registered capital of RMB 3 million and has decided to
     increase the registered capital to RMB 10 million ("Increased Registered
     Capital"), in which the amount of the newly increased registered capital is
     RMB 7 million ("Newly Increased Registered Capital").

     2.2 Party B agrees to contribute RMB 3.85 million to Party B for the
     subscription of the Newly Increased Registered Capital; Party C agrees to
     contribute RMB 3.15 million to Party B for the subscription of the Newly
     Increased Registered Capital. After completing the above capital increase,
     Party B will account for RMB 5.50 million (55%) in the registered capital
     of Party A, and Party C will account for RMB 4.50 million (45%) in the
     registered capital of Party A.

     2.3 Party A agrees Party B and Party C to subscribe for the Newly Increased
     Registered Capital of Party A pursuant to this Agreement.

     2.4 The Parties shall amend the Articles of Association of Party A and
     other relevant legal documents pursuant to this Agreement, and assist Party
     A in completing the registration procedures at the industry and commerce
     authorities.

3.   Closing

     3.1 Party B and Party C shall contribute all the subscriptions of the Newly
     Increased Registered Capital to Party A in one payment prior to March 10,
     2008.

     3.2 After receiving the payment for the Newly Increased Registered Capital
     from Party B and Party C, Party A shall immediately arrange a PRC certified
     accountant to make the capital verification of the capital contributed by
     Party B and Party C within the time period specified by the Articles of
     Association, and issue a capital verification report and capital
     contribution certification to Party B and Party C.

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4.   Representation and Warranties

     Each party hereby represents to the other parties that:

     4.1 It has all the necessary rights, powers and authorizations to enter
     into this Agreement and perform its duties and obligations hereunder.

     4.2 The execution or performance of this Agreement shall not violate any
     significant contract or agreement to which it is a party or by which it is
     or its assets are bounded.

     4.3 This Agreement will constitute legal, valid and binding obligations to
     such Party, and such obligations can be enforced upon the execution of this
     Agreement.

5.   Effectiveness

     5.1 The agreement shall be effective upon execution ("Effective Date").

6.   Breach of this Agreement

     6.1 Any non performance of any provision hereof, incomplete performance of
     any obligation provided hereunder by any Party shall constitute an event of
     default. The defaulting Party shall assume all the losses of other Parties
     suffered. If any violation of the obligations hereunder or the
     misrepresentation made in the representation, undertakings and warranties
     hereunder fail to be remedied effectively within 15 days after the
     non-breaching party sent a written notice ( or such other longer time as
     agreed by the non-breach party in writing), the non-breaching party is
     entitled to terminate this Agreement immediately unilaterally. The
     defaulting Party shall assume all the losses of other Parties suffered.

7.   Dispute Resolution

     7.1 Any dispute arises from the interpretation or performance of terms
     hereof by the parties, shall be settled through friendly consultation. If
     the parties fail to make an written agreement after consultation, the
     dispute shall be submitted for arbitration in accordance with the
     agreement. The arbitration shall be final and exclusive. Unless otherwise
     expressly stipulated herein, any party waives expressly its right to submit
     a dispute to court for a legal action, and the waiver is irrevocable.

     7.2 The arbitration shall be submitted to China International Economic and
     Trade Arbitration Committee ("Arbitration Committee") to be arbitrated in
     accordance with then-in-force arbitration rules. The place of arbitration
     shall be Beijing. Unless otherwise stipulated in the arbitration award, the
     arbitration fee (including reasonable attorney fees and expenses) shall be
     borne by the losing party.

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8.   Miscellaneous

     8.1 The failure or delay of any party hereof to exercise any right
     hereunder shall not be deemed as a waiver thereof, nor any single or
     partial exercise of any right preclude further exercise thereof in future
     by the party.

     8.2 Each party hereunder concludes the agreement with legal purpose. Each
     term hereof is severable and independent from the others. If at any time
     one or more of such terms is or becomes invalid, illegal or unenforceable,
     the validity, legality and enforceability of the remaining terms hereof
     shall not in any way be affected thereby; and the parties shall make every
     endeavor to negotiate and arrive at new terms to substitute the invalid,
     illegal and unenforceable terms, and preserve as near as possible business
     purposes of the original terms.

     8.3 Matters not covered in the agreement shall be dealt with by the Parties
     otherwise, pursuant to Chinese laws.

     8.4 The agreement is executed in five original copies, and are equally
     authentic. Each party hereto shall hold one copy, and the remaining two
     shall be used for relevant industry and commerce registration procedures.

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This Agreement is executed by the following parties on March 3, 2008:

Party A: Beijing Fuhua Innovation Technology Development Co., Ltd.
SEAL:

Party B: Wang Jun
Signature:

Party C: Zhao Zhiwei
Signature:<PAGE>

                                                                    EXHIBIT 4.22

                       [Translated from Chinese Original]

                                 LOAN AGREEMENT

The Loan Agreement (the "Agreement") is entered into as of March 3, 2008 between
the following parties:

Lender: CHINA FINANCE ONLINE CO., (BEIJING) LTD.
Registered Address: Room 946-949, Tower C, Corporation Mansion, No.35 Financial
Street Xicheng District, Beijing 100032 China.
Legal Representative: Zhao Zhiwei

Borrower A: JUN WANG
Address: 9/F., Tower C, Corporation Mansion, No.35 Financial Avenue Xicheng
District, Beijing 100032 China
ID No.: 370102197012163311

Borrower: ZHAO ZHIWEI
Address: 9/F, Tower C, Corporation Mansion, No. 35 Financial Avenue Xicheng
District, Beijing 100032 China
ID No. :110102196307100139

(Borrower B and Borrower C are collectively referred to as "Borrowers").

WHEREAS,

(1) Borrowers enter into the Capital Increase Agreement with Fuhua Innovation
Technology Development Co., Ltd. (the "Company"), whereby the Borrowers will
contribute RMB 7 million fort he subscription of the newly increased registered
capital of the Company;

(2) Borrowers wishes to borrow a loan from Lender to finance his subscription
for the newly increased registered capital of the Company;

(3) Lender wishes to offer such Loan to Borrowers.

THEREFORE, in accordance with the principle of sincere cooperation, mutual
benefit and joint development, through friendly negotiation, the Parties hereby
enter into the following agreements pursuant to relevant Chinese laws and
regulations:

                                 ARTICLE 1. LOAN

1.1 Lender agrees to provide the Loan to Borrowers as follows: providing RMB
3.85 million to Borrower A, and RMB 3.15 million to Borrow B.

1.2 Term for such Loan shall be ten (10) years which may be extended upon the
agreement of the Parties (the "Term").

1.3 Notwithstanding the foregoing, in the following circumstances, Borrowers
shall repay the Loan regardless if the Term has expired:

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

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

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

1.4 Subject to the satisfaction of the conditions precedent as specified in
Article 2, Lender shall remit the amount of the Loan direct to the bank account
designated by Borrowers payment within 7 days after receiving the written
request of payment of Borrowers. Borrowers shall send a written receipt of the
Loan to Lender within 1 days after receiving the Loan.

1.5 The Loan shall only be used by Borrowers to the contribution of the newly
increased registered capital of the Company. Without Lender's prior written
consent, Borrowers shall not use the Loan for any other purpose or transfer or
pledge his interest in the Company to any third party.

1.6 Borrowers can only repay the Loan by transferring all of his interest in the
Company obtained by using the Loan to Lender or a third party designated by
Lender when such transfer is permitted under the PRC law.

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

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

                ARTICLE 2. CONDITIONS PRECEDENT TO DISBURSEMENT

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

2.1 Lender has received the request of payment sent by Borrowers pursuant to
Article 1.2;

2.2 Borrowers and Lender have executed the Share Pledge Agreement to the
satisfaction of Lender;

2.3 Borrowers and Lender have executed the Option Purchase and Cooperative
Agreement to the satisfaction of Lender;

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2.4 The above Share Pledge Agreement and the Option Purchase and Cooperative
Agreement have been and remain effective. The parties to the contracts or
agreements have not materially breached any term or condition thereof, and all
the necessary governmental approval, consent, authorization and registration
have been obtained or completed.

2.5 The representations and warranties specified in Article 3 herein is true and
accurate on the date of Lender's receiving the request of payment and the date
of making the payment.

2.6 Borrowers have not materially breached any terms or conditions hereof.

                    ARTICLE 3. REPRESENTATION AND WARRANTIES

3.1 Lender hereby represents and warrants to Borrowers that:

(a)  Lender is a company registered and validly existing under the laws of
     China;

(b)  Lender has full right, power and all necessary approvals and authorizations
     to execute and perform this Agreement;

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

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

3.2 Borrowers hereby represent and warrant to Lender that:

(a)  Borrowers have full right, power and all necessary and appropriate approval
     and authorization to execute and perform this Agreement;

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

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

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

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                           ARTICLE 4. CONFIDENTIALITY

Without prior approval of the parties, any party shall keep confidential the
content of the agreement, and shall not disclose to any other person the content
of the agreement or make any public disclosure of the content hereof. However,
the article does not make any restrictions on (i) any disclosure made in
accordance with relevant laws or regulations of any stock exchange market; (ii)
any disclosed information which may be obtained through public channels, and is
not caused so by the defaulting of the disclosing party; (iii) any disclosure to
shareholders, legal consultants, accountants, financial consultants and other
professional consultants of any parties; or (iv) disclosure made to one party's
potential buyer of shares/assets, other investors, debt or share financing
providers, and the receiving party shall make proper confidentiality
undertakings (in the event that the transfer party is not Lender, the approval
from Lender shall be obtained as well).

               ARTICLE 5. GOVERNING LAW AND LIABILITY FOR BREACH

5.1 The execution, validity, interpretation, performance, implementation,
termination and settlement of disputes of this Agreement shall be governed by
the laws of People's Republic of China.

5.2 Any violation of any provision hereof, incomplete performance of any
obligation provided hereunder, any misrepresentation made hereunder, material
concealment or omission of any material fact or failure to perform any covenants
provided hereunder by any Party shall constitute an event of default. The
defaulting Party shall assume all the legal liabilities pursuant to the
applicable laws.

                       ARTICLE 6. SETTLEMENT OF DISPUTES

6.1 Any dispute arising from the performance of this Agreement shall be first
subject to the Parties' friendly consultations. If such consultation fails, such
dispute can be submitted to arbitration.

6.2 The arbitration shall be administered by the Beijing branch of China
International Economic and Trade Arbitration Commission in accordance with the
then effective arbitration rules of the Commission in Beijing.

6.3 The arbitration award shall be final and binding on the Parties. The costs
of the arbitration (including but not limited to arbitration fee and attorney
fee) shall be borne by the losing party, unless the arbitration award stipulates
otherwise.

                            ARTICLE 7.MISCELLANEOUS

7.1 This Agreement shall take effect after the execution of the Parties.

7.2 Upon the effectiveness of the agreement, the parties shall fully perform the
agreement. Any modifications of the agreement shall only be effective in written
form, through consultations of the parties.

7.3 This Agreement is executed in three (3) counterparts. Each Party shall each
hold one counterpart.

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[Signature page, no body text]

                                                 LENDER:

                                        CHINA FINANCE ONLINE (BEIJING) CO., LTD.

                                                 Seal:
                                                 Authorized Representative:

                                                 BORROWER A: Wang Jun

                                                 (Signature)

                                                 BORROWER B: Zhao Zhiwei
                                                 (Signature)

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