Document:

<PAGE>

                                                                    EXHIBIT 10.9

                             EQUITY PLEDGE AGREEMENT

                                     between

           QIAN CHENG WU YOU NETWORK INFORMATION TECHNOLOGY (BEIJING)
                                COMPANY LIMITED

                                       and

                              FENG LEI AND WANG TAO

                                   May 3, 2004

<PAGE>

<TABLE>
<S>                                                                                                  <C>
ARTICLE 1    CREATION OF PLEDGE ON THE PLEDGED EQUITIES..........................................     3

ARTICLE 2    COVERAGE OF SECURITY................................................................     4

ARTICLE 3    PLEDGED EQUITIES....................................................................     4

ARTICLE 4    REPRESENTATIONS AND WARRANTIES BY PARTY B...........................................     4

ARTICLE 5    SPECIAL AGREEMENTS..................................................................     6

ARTICLE 6    DISPOSAL OF THE PLEDGED EQUITIES....................................................     8

ARTICLE 7    REGISTRATIONS.......................................................................     9

ARTICLE 8    TERM AND TERMINATION OF PLEDGE......................................................     9

ARTICLE 9    TAXES AND FEES......................................................................     9

ARTICLE 10   LIABILITIES FOR BREACH OF CONTRACT..................................................     9

ARTICLE 11   FORCE MAJEURE.......................................................................    10

ARTICLE 12   NOTICE..............................................................................    10

ARTICLE 13   DISPUTES RESOLUTIONS................................................................    11

ARTICLE 14   MODIFICATIONS AND AMENDMENTS........................................................    11

ARTICLE 15   SEVERABILITY........................................................................    11

ARTICLE 16   JOINT AND SEVERABLE LIABILITY.......................................................    11

ARTICLE 17   APPENDIX............................................................................    11

ARTICLE 18   MISCELLANEOUS.......................................................................    12

APPENDIX I   PARTICULARS.........................................................................    13

APPENDIX II  SHAREHOLDERS MEETING RESOLUTION.....................................................    14

APPENDIX III SHAREHOLDERS LIST FOR SHANGHAI RUN AN LIAN INFORMATION CONSULTING COMPANY LIMITED...    15
</TABLE>

                                       2
<PAGE>

                             EQUITY PLEDGE AGREEMENT

This EQUITY PLEDGE AGREEMENT (hereinafter referred to as "AGREEMENT") is made
and entered into on the 3rd day of May, 2004 by and between the following
parties:

PLEDGEE: Qian Cheng Wu You Network Information Technology (Beijing) Company
Limited, a wholly foreign owned enterprise duly established and validly existing
under the laws of the People's Republic of China, with its registered address at
Unit D, 32/F, China Merchant Tower, 118 Jian Guo Road, Chao Yang District,
Beijing ("PARTY A"); and

PLEDGOR: Mr. FENG LEI ("MICHAEL FENG")and Mr. WANG TAO ( FENG Lei and WANG Tao
hereinafter referred to as "PARTY B" collectively)

WHEREAS:

1.    Party B are shareholders of Shanghai Run An Lian Information Consultancy
      Company Limited ("RUN AN LIAN"), in where FENG Lei holds 80% equity
      interest and WANG Tao holds 20% equity interest;

2.    According to the Technical and Consulting Service Agreement entered into
      by and between Party A and Run An Lian on May 3, 2004 (hereinafter
      referred to as the "MASTER AGREEMENT"), Run An Lian shall engage Party A
      as its exclusive technology provider, and shall pay the relevant service
      fee to Party A. The term for the Master Agreement is ten (10) years;

3.    In order to secure the performance of the obligations of Run An Lian under
      the Master Agreement, Party B will pledge to Party A all the equity
      interest it holds in Run An Lian, and Party A agrees to accept such
      pledge.

NOW THEREFORE, with respect to the aforesaid pledge of equity, the Parties to
this Agreement hereby mutually agree through consultations as follows:

              ARTICLE 1 CREATION OF PLEDGE ON THE PLEDGED EQUITIES

As a security for Run An Lian to perform all of its obligations under the Master
Agreement, Party B agrees to pledge to Party A 100% of the equity of Run An Lian
held by Party B ("PLEDGED EQUITIES"), and Party A agrees to accept from Party B
such pledge.

                                       3
<PAGE>

                         ARTICLE 2 COVERAGE OF SECURITY

The pledge provided by Party B as a security shall cover the obligations under
the Master Agreement, penalties, compensations, the expenses for exercise of the
right of pledge, and all other payments payable.

                           ARTICLE 3 PLEDGED EQUITIES

Particulars for Party B, Run An Lian and the Pledged Equities are set out in
Appendix I hereto.

                    ARTICLE 4 REPRESENTATIONS AND WARRANTIES

4.1   Party A represents and warrants that:

      4.1.1    Party A is a company incorporated and registered and duly
               existing under the PRC laws;

      4.1.2    Party A has the power and authorization to execute and perform
               this Agreement. The execution and performance by Party A of this
               Agreement are in compliance with the business scope, and the
               articles of association or other incorporation documents of Party
               A. Party A has obtained all necessary and appropriate approvals
               and authorizations to execute and perform this Agreement;

      4.1.3    The execution and performance by Party A of this Agreement are
               not against any law or regulation, or any government approval,
               authorization, notice or other government document, which is
               binding upon or affects Party A, nor are such execution and
               performance against any agreement concluded by Party A and any
               third party, or any covenant made by Party A to any third party;
               and

      4.1.4    Upon the execution of this Agreement, this Agreement shall
               constitute valid obligations of Party A which are enforceable
               against Party A.

4.2   Party B represents and warrants that:

      4.2.1    Run An Lian is a limited liability company organized and
               registered and duly existing under the PRC laws, and has the
               authorization to provide human resources service and Internet
               content service;

                                       4
<PAGE>

      4.2.2    Party B has the power and authorization to execute and perform
               this Agreement, and Party B has obtained all necessary and
               appropriate approvals and authorizations to execute and perform
               this Agreement;

      4.2.3    Party B has obtained a resolution required for the execution of
               this Agreement from the shareholders meeting of Run An Lian ,
               which resolution is attached hereto as Appendix II;

      4.2.4    The execution and performance by Party B of this Agreement are
               not against any law or regulation, or any government approval,
               authorization, notice or other government document, which is
               binding upon or affects Party B, nor are such execution and
               performance against any agreement concluded by Party B and any
               third party, or any covenant made by Party B to any third party;

      4.2.5    Upon the execution of this Agreement, this Agreement shall
               constitute valid obligations of Party B enforceable against Party
               B;

      4.2.6    Party B has fully paid up all required capital contributions
               according to the law in connection with the Pledged Equities and
               has obtained the capital verification report issued by a
               qualified accounting firm regarding the capital contributions;

      4.2.7    As of the execution date of this Agreement, no currently valid
               mortgage, pledge or any other security arrangements has been
               created on the Pledged Equities;

      4.2.8    As of the execution date of this Agreement, there is no offer
               made by Party B to any third party to transfer the Pledged
               Equities hereunder, nor is there any covenant made by Party B
               with respect to any offer made by any third party to purchase the
               Pledged Equities hereunder;

      4.2.9    As of the execution date of this Agreement, there is no agreement
               entered into by and between Party B and any third party to
               transfer the Pledged Equities hereunder.

      4.2.10   As of the execution date of this Agreement, there is no dispute,
               litigation, arbitration, administrative procedures or any other
               legal procedures in connection with Party B, Run An Lian and/or
               the Pledged Equities, nor is there any potential dispute,
               litigation, arbitration, administrative procedures or any other
               legal procedures in connection with Party B, Run An Lian and/or
               the Pledged Equities.

                                       5
<PAGE>

                          ARTICLE 5 SPECIAL AGREEMENTS

5.1   From the date of this Agreement to the date when Run An Lian fully
      performs its obligations under the Master Agreement (hereinafter referred
      to as "PLEDGE TERMINATION DATE"), Party B shall not conduct any of the
      following without the prior written consent of Party A:

      5.1.1    create any mortgage, pledge or other security arrangement on the
               Pledged Equities;

      5.1.2    take any actions which may hamper Party A's rights against the
               Pledged Equities or any of Party A's rights under this Agreement;

      5.1.3    Party B shall not transfer the Pledged Equities or otherwise
               dispose of any rights in the Pledged Equities without the written
               consent of Party A; or

      5.1.4    Party B undertakes that, without the prior written consent of
               Party A, Party B shall not take any actions or omissions that may
               materially affect the assets, business or liabilities of Run An
               Lian.

5.2   To avoid any depreciation of the Pledged Equities due to the operation of
      Run An Lian, before Party B decides on any of the following matters, a
      prior written consent shall be obtained from Party A:

      5.2.1    profit distributions;

      5.2.2    increase or decrease of the registered capital;

      5.2.3    issuance of bonds;

      5.2.4    merge, split up or any change in the form of the entity;

      5.2.5    dissolution and liquidation;

      5.2.6    any change of the business scope;

      5.2.7    amendment of the articles of association;

      5.2.8    borrowing from any third party or assumption of any indebtedness
               to any third party in the name of Run An Lian; and

      5.2.9    appointment of the member of the board of Run An Lian.

                                       6
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      Party B further agrees that Party A shall recommend the candidates of the
      general manager and other senior executives of Run An Lian and Party B
      shall cause the board of directors to appoint the general manager and
      other senior executives only from those candidates recommended by Party A.

5.3   Party B hereby irrevocably grants Party A and/or the company or individual
      designated by Party A the option to purchase Party B's equity interest in
      Run An Lian ("OPTION") as follows:

      5.3.1    To the extend permitted under PRC laws, Party A and/or the
               company or individual designated by Party A shall exercise the
               Option, in whole or in part, at any time during the term of this
               Agreement to acquire from Party B and hold the equity interest of
               Run An Lian. Upon the full exercise of the Option, Party A and/or
               the company or individual designated by Party A will acquire from
               Party B and hold 100% of the equity . In the event that the then
               applicable PRC laws prohibit Party A and/or the company or
               individual designated by Party A from fully exercising the
               Option, Party A and/or the company or individual designated by
               Party A shall exercise the Option to the fullest extent permitted
               by the applicable law. The Option price shall be the lowest price
               permitted under the applicable laws.

      5.3.2    Upon the exercise of the Option by Party A and/or the company or
               individual designated by Party A, Party B is obligated to
               transfer the relevant equity to Party A and/or the company or
               individual designated by Party A.

      5.3.3    Party B hereof agrees that, without the written consent of Party
               A, it will not grant a third party the same or similar option.

      5.3.4    Party A and/or the company or individual designated by Party A
               shall exercise the Option in a manner permitted by law at any
               time after the date of this Agreement. To the extent permitted
               under PRC laws, Party A and/or the company or individual
               designated by Party A may exercise the Option, in whole or in
               part, and at one time or otherwise purchase the equity that it
               has the right to purchase under this Agreement.

      5.3.5    When Party A and/or the company or individual designated by Party
               A exercises the Option, it shall issue Party B an Option Notice
               with respect to the exercise of such Option. Once the Option
               Notice is issued, Party B shall promptly perform its obligation
               to transfer such equity to Party A and/or the company or
               individual designated by Party A.

                                       7
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      5.3.6    Party B shall, within 60 days following the issuance of the
               Option Notice by Party A and/or the company or individual
               designated by Party A to Party B, complete all procedures and
               formalities necessary for Party A and/or the company or
               individual designated by Party A to acquire the relevant equity
               and become the legal holder of such equity .

                   ARTICLE 6 DISPOSAL OF THE PLEDGED EQUITIES

6.1   In case of occurrence of any one or several of the following events during
      the term of the pledge hereunder, Party A shall have the right to dispose
      of the Pledged Equities under this Agreement in accordance with the law
      and this Agreement:

      6.1.1    Run An Lian is in default under the Master Agreement;

      6.1.2    Run An Lian breaches any provisions contained herein,

      6.1.3    Pledgor breaches any representation, warranty or covenant it
               makes under Article 4 and Article 5 hereof;

      6.1.4    Run An Lian suspends its operations or is dissolved, or is
               ordered to suspend its operations or to dissolve, or is declared
               insolvent;

      6.1.5    Run An Lian is involved in any dispute, litigation, arbitration,
               administrative procedures or any other legal procedures which, in
               the opinion of Party A, are capable of affecting the performance
               of the Master Agreement and/or this Agreement; or

      6.1.6    other occurrences stipulated by relevant laws and regulations.

6.2   Upon the occurrence of any one or several of the above events, and subject
      to the relevant laws and regulations, Party A shall have the right to
      dispose of the Pledged Equities in any one or several of the following
      manners:

      6.2.1    convert the Pledged Equities into value;

      6.2.2    auction or sale of the Pledged Equities;

      6.2.3    in other manners permitted by the relevant laws and regulations.

6.3   The proceeds received by Party A by disposing of the Pledged Equities
      hereunder according to the foregoing provisions shall be used in the
      following priority:

      6.3.1    to pay for all necessary taxes and fees incurred due to the
               disposal of the Pledged Equities;

                                       8
<PAGE>

      6.3.2    to pay for amounts payable by Run An Lian to Party A under the
               Master Agreement within the coverage set forth in Article 2
               hereof, and amounts payable to Party A due to breach of this
               Agreement by Party B; and

      6.3.3    the remaining proceeds after all the above payments have been
               made shall be refunded to Party B.

6.4   At the time of the disposal of the Pledged Equities by Party A and upon
      request of Party A, Party B shall provide all relevant documents requested
      by Party A and Party A's agents, complete and assist Party A in completing
      the procedures for all approvals of and registration with the government
      authority in connection with the disposal of the Pledged Equities.

                             ARTICLE 7 REGISTRATIONS

At the same time of the execution of this Agreement, the Pledged Equities under
this Agreement shall be recorded on the shareholders list of the Run An Lian as
set out in Appendix III hereto.

                    ARTICLE 8 TERM AND TERMINATION OF PLEDGE

8.1   The Pledge Term shall commence on the effective date of this Agreement,
      ending on the day when Run An Lian complete sthe performance of all of its
      obligations under the Master Agreement.

8.2   The pledge of the Pledged Equities shall be automatically terminated upon
      the expiration of the aforesaid Pledge Term. The termination of the pledge
      shall be recorded on the shareholders list of Run An Lian.

                            ARTICLE 9 TAXES AND FEES

All taxes and fees incurred by the Parties hereto due to the execution and
performance of this Agreement shall be borne by the Parties in accordance with
the relevant provisions of PRC laws.

                  ARTICLE 10 LIABILITIES FOR BREACH OF CONTRACT

10.1  In the event of any loss suffered by one Party hereto due to any breach of
      this Agreement by the other Party, such defaulting Party shall be liable
      pursuant to

                                       9
<PAGE>

      the law for all losses thus caused to the non-defaulting Party.

10.2  Any allowance, grace period and deferred exercise of the rights entitled
      under this Agreement granted by one Party in connection with the other
      Party's default or delay shall not be deemed as a waiver by such Party of
      any of its rights.

                            ARTICLE 11 FORCE MAJEURE

11.1  For the purpose of this Agreement, a force majeure event shall refer to
      government act, fire, explosion, typhoon, flood, earthquake, tide,
      lightning, war, or any event which is unforeseeable by and beyond the
      control of any Party (hereinafter referred to as a "FORCE MAJEURE EVENT").
      If any Force Majeure Event occurs to any Party hereto, such Party shall
      notify the other Party in a timely manner.

11.2  In the event of any Force Majeure Event, no Party shall be held liable for
      any damage, loss or increased cost caused by its failure of or delay in
      the performance of this Agreement due to such Force Majeure Event, and
      such failure of or delay in the performance of this Agreement due to any
      Force Majeure Event shall not be deemed as a breach of this Agreement. The
      Party affected by a Force Majeure Event shall take appropriate measures to
      set off or minimize the effects of such Force Majeure Event, and shall
      exert its best efforts to perform any of its obligation the performance of
      which has been prevented or delayed due to such Force Majeure Event. The
      Parties hereto agree that, upon termination of such Force Majeure Event,
      they shall exert their best efforts to perform this Agreement.

                                ARTICLE 12 NOTICE

All notices hereunder shall be either delivered by personal delivery or via
facsimile or registered mail. A notice, if sent by registered mail, shall be
deemed to have been served on the date of the receipt as specified on the return
receipt of the registered mail, or if sent by personal delivery or via
facsimile, shall be deemed to have been served on the date immediately following
the date on which such notice is sent. If a notice is sent via facsimile, the
original of such notice shall be sent by registered mail or by personal delivery
immediately after the transmission.

                                       10
<PAGE>
                         ARTICLE 13 DISPUTES RESOLUTIONS

13.1  If any dispute arises from the interpretation and performance of this
      Agreement, the Parties hereto shall first settle such dispute through
      friendly consultations. Should such dispute fail to be settled through the
      consultations, either Party may submit such dispute to China International
      Economic and Trade Arbitration Commission ("CIETAC") for arbitration. The
      arbitration shall be conducted in Beijing according to the then applicable
      arbitration rules of CIETAC. The arbitration award shall be final and
      binding upon both Parties.

13.2  In the event of any dispute arising out of the interpretation and
      performance hereof or if any such dispute is under arbitration, each Party
      hereto shall continue to exercise its other rights and perform its other
      obligations under this Agreement not subject to the disputes.

                     ARTICLE 14 MODIFICATIONS AND AMENDMENTS

This Agreement may be modified or supplemented by written agreement between the
Parties hereof. Any amendment agreement and/or supplementary agreement concluded
between the Parties hereto regarding this Agreement shall be an integral part of
this Agreement and shall have the same force.

                             ARTICLE 15 SEVERABILITY

The invalidity of any provisions under this Agreement shall not affect the
validity of other provisions hereunder.

                    ARTICLE 16 JOINT AND SEVERABLE LIABILITY

FENG Lei and WANG Tao shall, jointly and severally, be liable for the
obligations under this Agreement.

                               ARTICLE 17 APPENDIX

Appendixes attached to this Agreement shall constitute an integral part of this
Agreement and shall have the same force.

                                       11
<PAGE>

                            ARTICLE 18 MISCELLANEOUS

The Parties have caused their respective duly authorized representatives to
execute this Agreement and affixed their respective company seal hereto on the
day and year first written above. This Agreement shall become effective on the
date when the pledge has been recorded on the shareholders list of Run An Lian.
This Agreement shall be written in three (3) counterparts, each of Party A and
Party B shall hold one counterpart. All counterparts shall have the same force.

PARTY A (PLEDGEE): QIAN CHENG WU YOU NETWORK INFORMATION TECHNOLOGY (BEIJING)
COMPANY LIMITED

Authorized representative: ____________________

PARTY B (PLEDGOR):        FENG LEI

_______________________________

FENG LEI

_______________________________

WANG TAO

                                       12
<PAGE>

                             APPENDIX I PARTICULARS

Pledgor: FENG Lei

Nationality: China

Address: Apt.#2003, Building 10 Fangchengyuan I Area, Fengtai District, Beijing

Telephone: 8610-13901189904

Pledgor: WANG Tao

Nationality: China

Address: Apt# 18F, Building 9 Century Town, Yuanda Road, Haidian District,
Beijing

Telephone: 8610-13910688175

Run An Lian:

Enterprise Name: Shanghai Run An Lian Information Consultancy Company Limited

Establishment Date: April 8, 2004

Registered Address: Room 735, 710 Changping Road, Shanghai, China

Shareholders: Mr. FENG Lei and Mr. WANG Tao, where Mr. FENG Lei holds 80% equity
interest of Run An Lian, and Mr. WANG Tao holds 20% equity interest.

                                       13
<PAGE>

APPENDIX II RESOLUTION OF SHAREHOLDERS MEETING OF SHANGHAI RUN AN LIAN
INFORMATION CONSULTANCY COMPANY LIMITED

The shareholders meeting of Shanghai Run An Lian Information Consultancy Company
Limited (the "Company") made this resolution as follows with unanimous vote with
respect to the Equity Pledge Agreement entered into by and between the
shareholders of the Company and Qian Cheng Wu You Network Information Technology
(Beijing) Company Limited on May 3, 2004.

Resolved and approved that the shareholders of the Company pledge 100% equity of
the Company to Qian Cheng Wu You Network Information Technology (Beijing)
Company Limited.

This Shareholders Meeting Resolution is executed by and submitted to the
following shareholders on May 3, 2004:

SHAREHOLDER:

_______________________________

SHAREHOLDER:

_______________________________

                                       14
<PAGE>

      APPENDIX III SHAREHOLDERS LIST FOR SHANGHAI RUN AN LIAN INFORMATION
                           CONSULTING COMPANY LIMITED

<TABLE>
<CAPTION>
             Proportionate
Shareholder  Contribution             Particulars of Shareholder                           Shareholder Pledge Registration
-----------  -------------  -----------------------------------------------------  ------------------------------------------------
<S>          <C>            <C>                                                    <C>
FENG Lei          80%       Nationality: China                                     In accordance with the Equity Pledge Agreement
                                                                                   entered into by and between FENG Lei and WANG
                            Address: Apt.#2003, Building 10 Fangchengyuan I Area,  Tao and Qian Cheng Wu You Network Information
                            Fengtai District, Beijing                              Technology (Beijing) Company Limited. dated
                                                                                   May 3, 2004, FENG Lei has pledged all of his
                            Telephone: 8610-13901189904                            equity in Run An Lian to Qian Cheng Wu You
                                                                                   Network Information Technology (Beijing)
                                                                                   Company Limited. The registration date for the
                                                                                   Equity Pledge shall be the execution date of
                                                                                   such Equity Pledge Agreement.

WANG Tao          20%       Nationality: China                                     In accordance with the Equity Pledge Agreement
                                                                                   entered into by and between FENG Lei and WANG
                            Address: Apt# 18F, Building 9 Century Town,            Tao and Qian Cheng Wu You Network Information
                            Yuanda Road, Haidian District, Beijing                 Technology (Beijing) Company Limited. dated as
                                                                                   of May 3, 2004, WANG Tao has pledged all of
                                                                                   his equity in Run An Lian to Qian Cheng Wu You
                            Telephone: 8610-13910688175                            Network Information Technology (Beijing)
                                                                                   Company Limited. The registration date for the
                                                                                   Equity Pledge Agreement shall be the execution
                                                                                   date of such Equity Pledge Agreement.
</TABLE>

SHANGHAI RUN AN LIAN INFORMATION CONSULTANCY COMPANY LIMITED (SEAL)

LEGAL REPRESENTATIVE: ___________________________

SHAREHOLDER: ____________________________________

SHAREHOLDER: ___________________________________

DATE: MAY 3, 2004<PAGE>

                                                                   EXHIBIT 10.10

                             EQUITY PLEDGE AGREEMENT

                                     between

   QIAN CHENG WU YOU NETWORK INFORMATION TECHNOLOGY (BEIJING) COMPANY LIMITED

                                       and

             BEIJING RUN AN INFORMATION CONSULTANCY COMPANY LIMITED

                                       and

                                    FENG LEI

                                   May 3, 2004

<PAGE>

<TABLE>
<S>                                                                                             <C>
ARTICLE 1    CREATION OF PLEDGE ON THE PLEDGED EQUITIES......................................    3

ARTICLE 2    COVERAGE OF THE SECURITY........................................................    4

ARTICLE 3    PLEDGED EQUITIES................................................................    4

ARTICLE 4    REPRESENTATIONS AND WARRANTIES BY PARTY B.......................................    4

ARTICLE 5    SPECIAL AGREEMENTS..............................................................    6

ARTICLE 6    DISPOSAL OF THE PLEDGED EQUITIES................................................    8

ARTICLE 8    TERM AND TERMINATION OF PLEDGE..................................................    9

ARTICLE 9    TAXES AND FEES..................................................................    9

ARTICLE 10   LIABILITIES FOR BREACH OF CONTRACT..............................................    9

ARTICLE 11   FORCE MAJEURE...................................................................   10

ARTICLE 12   NOTICE..........................................................................   10

ARTICLE 13   DISPUTES RESOLUTIONS............................................................   11

ARTICLE 14   MODIFICATIONS AND AMENDMENTS....................................................   11

ARTICLE 15   SEVERABILITY....................................................................   11

ARTICLE 16   JOINT AND SEVERABLE LIABILITY...................................................   11

ARTICLE 17   APPENDIX........................................................................   11

ARTICLE 18   MISCELLANEOUS...................................................................   12

APPENDIX I   PARTICULARS.....................................................................   14

APPENDIX II  SHAREHOLDERS MEETING RESOLUTION.................................................   15

APPENDIX III SHAREHOLDERS LIST FOR QIAN CHENG SI JIN ADVERTISING (BEIJING) COMPANY LIMITED...   16
</TABLE>

                                       2
<PAGE>

                             EQUITY PLEDGE AGREEMENT

This EQUITY PLEDGE AGREEMENT (hereinafter referred to as "AGREEMENT") is made
and entered into on the 3rd day of May, 2004 by and between the following
parties:

PLEDGEE: Qian Cheng Wu You Network Information Technology (Beijing) Company
Limited ("PARTY A"); and

PLEDGOR: Beijing Run An Information Consultancy Company Limited ("RUN AN") and
FENG Lei ("MICHAEL FENG") (Run An and FENG Lei hereinafter referred to as "PARTY
B" collectively.)

WHEREAS:

1.    Run An and FENG Lei have established Beijing Qian Cheng Si Jin Advertising
      Company Limited ("QIANCHENG ADVERTISING") in Beijing under the laws of the
      People's Republic of China on February 12, 1999, in which Run An holds 20%
      equity interest and FENG Lei holds 80% equity interest;

2.    Party A and Qiancheng Advertising entered into a Technical and Consulting
      Service Agreement on May 3, 2004 (the "MASTER AGREEMENT"), according to
      which, Qiancheng Advertising shall engage Party A as its exclusive
      technology provider, and shall pay the relevant service fee to Party A.
      The term for the Master Agreement is ten (10) years;

3.    In order to secure the performance of the obligations of Qiancheng
      Advertising under the Master Agreement, Run An and Mr. FENG Lei agree to
      pledge to Party A all the equity interest they held in Qiancheng
      Advertising, and Party A agrees to accept such pledge.

NOW THEREFORE, with respect to the aforesaid pledge of equity, the Parties to
this Agreement hereby mutually agree through consultations, as follows:

              ARTICLE 1 CREATION OF PLEDGE ON THE PLEDGED EQUITIES

As a security for Qiancheng Advertising to perform all of its obligations under
the Master Agreement, Party B agrees to pledge to Party A 100% of the equity of
Qiancheng Advertising held by Party B ("PLEDGED EQUITIES"), and Party A agrees
to accept from Party B such pledge.

                                       3
<PAGE>

                       ARTICLE 2 COVERAGE OF THE SECURITY

The pledge provided by Party B as a security shall cover the obligations under
the Master Agreement, penalties, compensations, the expenses for exercise of the
right of pledge, and all other payments payable.

                           ARTICLE 3 PLEDGED EQUITIES

3.1   Particulars for Party B, Qiancheng Advertising and the Pledged Equities
      are set out in Appendix I hereto.

                    ARTICLE 4 REPRESENTATIONS AND WARRANTIES

4.1   Party A represents and warrants that:

      4.1.1    Party A is a company incorporated and registered and duly
               existing under the PRC laws;

      4.1.2    Party A has the power and authorization to execute and perform
               this Agreement. The execution and performance by Party A of this
               Agreement are in compliance with the business scope, and the
               articles of association or other incorporation documents of Party
               A. Party A has obtained all necessary and appropriate approvals
               and authorizations to execute and perform this Agreement;

      4.1.3    The execution and performance by Party A of this Agreement are
               not against any law or regulation, or any government approval,
               authorization, notice or other government document, which is
               binding upon or affects Party A, nor are such execution and
               performance against any agreement concluded by Party A and any
               third party, or any covenant made by Party A to any third party;
               and

      4.1.4    Upon the execution of this Agreement, this Agreement shall
               constitute valid obligations of Party A which are enforceable
               against Party A.

4.2   Party B represents and warrants that:

      4.2.1    Qiancheng Advertising is a limited liability company organized
               and registered and duly existing under the PRC laws, and has the
               authorization to design and produce advertisement and act as an
               agency to represent companies for advertising within China;

                                       4
<PAGE>

      4.2.2    Party B has the power and authorization to execute and perform
               this Agreement, and Party B has obtained all necessary and
               appropriate approvals and authorizations with respect to the
               execution and performance of this Agreement;

      4.2.3    Party B has obtained a resolution required for the execution of
               this Agreement from the shareholders meeting of Qiancheng
               Advertising, which resolution is attached hereto as Appendix II;

      4.2.4    The execution and performance by Party B of this Agreement are
               not against any law or regulation, government approval,
               authorization notice or other government document, which is
               binding upon or affects Party B, nor are such execution and
               performance against any agreement concluded by Party B and any
               third party, or any covenant made by Party B to any third party;

      4.2.5    Upon the execution of this Agreement, this Agreement shall
               constitute valid obligations of Party B, which are enforceable
               against Party B;

      4.2.6    Party B has fully paid up all required capital contributions
               according to the law in connection with the Pledged Equities and
               has obtained the capital verification report issued by a
               qualified accounting firm regarding the capital contributions;

      4.2.7    As of the execution date of this Agreement, there is no currently
               valid mortgage, pledge or any other security arrangements has
               been created on the Pledged Equities.

      4.2.8    As of the execution date of this Agreement, there is no offer
               made by Party B to any third party to transfer the Pledged
               Equities hereunder, nor is there any covenant made by Party B
               with respect to any offer made by any third party to purchase the
               Pledged Equities hereunder;

      4.2.9    As of the execution date of this Agreement, there is no agreement
               entered into by and between Party B and any third party to
               transfer the Pledged Equities hereunder.

      4.2.10   As of the execution date of this Agreement, there is no dispute,
               litigation, arbitration, administrative procedures or any other
               legal procedures in connection with Party B, Qiancheng
               Advertising and/or the Pledged Equities, nor is there any
               potential dispute, litigation, arbitration, administrative
               procedures or any other legal procedures in connection with Party
               B, Qiancheng Advertising and/or the Pledged Equities.

                                       5
<PAGE>

                          ARTICLE 5 SPECIAL AGREEMENTS

5.1   From the date of this Agreement to the date when Qiancheng Advertising
      fully performs its obligations under the Master Agreement (hereinafter
      referred to as "PLEDGE TERMINATING DATE"), Party B shall not conduct any
      of the following without the prior written consent of Party A:

      5.1.1    create any mortgage, pledge or other security arrangements on the
               Pledged Equities;

      5.1.2    take any actions which may hamper Party A's rights against the
               Pledged Equities or any of Party A's rights under this Agreement;

      5.1.3    Party B shall not transfer the Pledged Equities or otherwise
               dispose of any rights in the Pledged Equities without the written
               consent of Party A;

      5.1.4    Party B undertakes that, without the prior written consent of
               Party A, Party B shall not take any actions or omissions that may
               materially affect the assets, business or liabilities of
               Qiancheng Advertising.

5.2   To avoid any depreciation of the Pledged Equities due to the operation of
      Qiancheng Advertising, before Party B decides on any of the following
      matters, the prior written consent shall be obtained from Party A:

      5.2.1    profit distributions;

      5.2.2    increase or decrease of the registered capital;

      5.2.3    issuance of bonds;

      5.2.4    merger, split up or any change in the form of the entity;

      5.2.5    dissolution and liquidation

      5.2.6    any change of the business scope;

      5.2.7    amendment of the articles of association;

      5.2.8    borrowing from any third party or assumption of any indebtedness
               to any third party in the name of Qiancheng Advertising; and

      5.2.9    appointment of the member of the board of Qiancheng Advertising..

                                       6
<PAGE>

      Party B further agrees that Party A shall recommend the candidates of the
      general manager and other senior executives of Qiancheng Advertising and
      Party B shall cause the board of directors to appoint the general manager
      and other senior executives only from those candidates recommended by
      Party A.

5.3   Party B hereby irrevocably grants Party A and/or the company or individual
      designated by Party A the option to purchase Party B's equity in Qiancheng
      Advertising ("OPTION") as follows:

      5.3.1    To the extend permitted under PRC laws, Party A and/or the
               company or individual designated by Party A shall exercise the
               Option, in whole or in part, at any time during the term of this
               Agreement to acquire from Party B and hold the equity of
               Qiancheng Advertising. Upon the full exercise of the Option,
               Party A and/or the company or individual designated by Party A
               will acquire from Party B and hold 100% of the equity. In the
               event that the then applicable PRC laws prohibit Party A and/or
               the company or individual designated by Party A from fully
               exercising the Option, Party A and/or the company or individual
               designated by Party A shall exercise the Option to the fullest
               extent permitted by applicable law. The Option price shall be the
               lowest price permitted under the applicable laws.

      5.3.2    Upon the exercise of the Option by Party A and/or the company or
               individual designated by Party A, Party B is obligated to
               transfer the relevant equity to Party A and/or the company or
               individual designated by Party A.

      5.3.3    Party B hereof agrees that, without the written consent of Party
               A, it will not grant a third party the same or similar option.

      5.3.4    Party A and/or the company or individual designated by Party A
               shall exercise the Option in a manner permitted by law at any
               time after the date of this Agreement. To the extent permitted
               under PRC laws, Party A and/or the company or individual
               designated by Party A may exercise the Option, in whole or in
               part, and at one time or otherwise purchase the equity that it
               has the right to purchase under this Agreement.

      5.3.5    When Party A and/or the company or individual designated by Party
               A decides to exercise the Option, it shall issue Party B an
               Option Notice with respect to the exercise of such Option. Once
               the Option Notice is issued, Party B shall promptly perform its
               obligation to transfer such equity to Party A and/or the company
               or individual designated by Party A.

      5.3.6    Party B shall, within 60 days following the issuance of the
               Option Notice

                                       7
<PAGE>

               by Party A and/or the company or individual designated by Party A
               to Party B, complete all procedures and formalities necessary for
               Party A and/or the company or individual designated by Party A to
               acquire the relevant equity and become the legal holder of such
               equity .

                   ARTICLE 6 DISPOSAL OF THE PLEDGED EQUITIES

6.1   In case of occurrence of any one or several of the following events during
      the term of the pledge hereunder, Party A shall have the right to dispose
      of the Pledged Equities under this Agreement in accordance with the law
      and this Agreement:

      6.1.1    Qiancheng Advertising is in default under the Master Agreement;

      6.1.2    Qiancheng Advertising breaches any provisions contained herein

      6.1.3    Pledgor breaches any representation, warranty or covenant it made
               under Article 4 and Article 5 hereof;

      6.1.4    Qiancheng Advertising suspends its operations or is dissolved, or
               is ordered to suspend its operations or to dissolve, or is
               declared insolvent;

      6.1.5    Qiancheng Advertising is involved in any dispute, litigation,
               arbitration, administrative procedures or any other legal
               procedures which, in the opinion of Party A, are capable of
               effecting the performance of the Master Agreement and/or this
               Agreement; or

      6.1.6    other occurrences stipulated by relevant laws and regulations.

6.2   Upon the occurrence of any one or several of the above events, and subject
      to the relevant laws and regulations, Party A shall have the right to
      dispose of the Pledged Equities in any one or several of the following
      manners:

      6.2.1    convert the Pledged Equities into value;

      6.2.2    auction or sale of the Pledged Equities;

      6.2.3    in other manners permitted by the relevant laws and regulations.

6.3   The proceeds received by Party A by disposing of the Pledged Equities
      hereunder according to the foregoing provisions shall be used in the
      following priority:

      6.3.1    to pay for all necessary taxes and fees incurred due to the
               disposal of the Pledged Equities;

      6.3.2    to pay for amounts payable by Qiancheng Advertising to Party A
               under

                                       8
<PAGE>

               the Master Agreement within the coverage set forth in Article 2
               hereof, and amounts payable to Party A due to breach of this
               Agreement by Party B; and

      6.3.3    the remaining proceeds after all the above payments have been
               made shall be refunded to Party B.

6.4   At the time of the disposal of the Pledged Equities by Party A and upon
      request of Party A, Party B shall provide all relevant documents requested
      by Party A and Party A's agents, complete and assist Party A in completing
      the procedures for all approvals of and registration with the government
      authority in connection with the disposal of the Pledged Equities.

                             ARTICLE 7 REGISTRATIONS

At the same time of the execution of this Agreement, the Pledged Equities under
this Agreement shall be recorded on the shareholders list of the Qiancheng
Advertising as set out in Appendix III hereto.

                    ARTICLE 8 TERM AND TERMINATION OF PLEDGE

8.1   The Pledge Term shall commence on the effective date of this Agreement,
      ending on the day when Qiancheng Advertising completes the performance of
      all of its obligations under the Master Agreement.

8.2   The pledge of the Pledged Equities shall be automatically terminated upon
      the expiration of the aforesaid Pledge Term. The termination of the pledge
      shall be recorded on the shareholders list of Qiancheng Advertising.

                            ARTICLE 9 TAXES AND FEES

All taxes and fees incurred by the Parties hereto due to the execution and
performance of this Agreement shall be borne by the Parties in accordance with
the relevant provisions of PRC laws.

                  ARTICLE 10 LIABILITIES FOR BREACH OF CONTRACT

10.1  In the event of any loss suffered by one Party hereto due to any breach of
      this Agreement by the other Party, such defaulting Party shall be liable
      pursuant to

                                       9
<PAGE>

      the law for all losses thus caused to the non-defaulting party.

10.2  Any allowance, grace period and deferred exercise of the rights entitled
      under this Agreement granted by one Party in connection with the other
      Party's default or delay shall not be deemed as a waiver by such Party of
      any of its rights.

                            ARTICLE 11 FORCE MAJEURE

11.1  For the purpose of this Agreement, a force majeure event shall refer to
      government act, fire, explosion, typhoon, flood, earthquake, tide,
      lightning or war, or any event which is unforeseeable by and beyond the
      control of any Party (hereinafter referred to as a "FORCE MAJEURE EVENT").
      If any Force Majeure Event occurs to any Party hereto, such Party shall
      notify the other Party in a timely manner.

11.2  In the event of any Force Majeure Event, no Party shall be held liable for
      any damage, loss or increased cost caused by its failure of or delay in
      the performance this Agreement due to such Force Majeure Event, and such
      failure of or delay in the performance of this Agreement due to any Force
      Majeure Event shall not be deemed as a breach of this Agreement. The Party
      affected by a Force Majeure Event shall take appropriate measures to off
      set or minimize the effects of such Force Majeure Event, and shall exert
      its best efforts to perform any of its obligation the performance of which
      has been prevented or delayed due to such Force Majeure Event. The Parties
      hereto agree that, upon termination of such Force Majeure Event, they
      shall exert their best efforts to perform this Agreement.

                                ARTICLE 12 NOTICE

All notices hereunder shall be either delivered by personal delivery or via
facsimile or by registered mail. A notice, if sent by registered mail, shall be
deemed to have been served on the date of the receipt as specified on the return
receipt of the registered mail, or if sent by personal delivery or via
facsimile, shall be deemed to have been served on the date immediately following
the date on which such notice is sent. If a notice is sent via facsimile, the
original of such notice shall be sent by registered mail or by personal delivery
immediately after the transmission.

                                       10
<PAGE>

                         ARTICLE 13 DISPUTES RESOLUTIONS

13.1  If any dispute arises from the interpretation and performance of this
      Agreement, the Parties hereto shall first settle such dispute through
      friendly consultations. Should such dispute fail to be settled through the
      consultations, either Party may submit such dispute to China International
      Economic and Trade Arbitration Commission ("CIETAC") for arbitration. The
      arbitration shall be conducted in Beijing according to the then applicable
      arbitration rules of CIETAC. The arbitration award shall be final and
      binding upon both Parties.

13.2  In the event of any dispute arising out of the interpretation and
      performance hereof or if any such dispute is under arbitration, each Party
      hereto shall continue to exercise its other rights and perform its other
      obligations under this Agreement not subject to the disputes.

                     ARTICLE 14 MODIFICATIONS AND AMENDMENTS

This Agreement may be modified or supplemented by written agreement between the
Parties hereof. Any amendment agreement and/or supplementary agreement concluded
between the Parties hereto regarding this Agreement shall be an integral part of
this Agreement and shall have the same force.

                             ARTICLE 15 SEVERABILITY

The invalidity of any provisions under this Agreement shall not affect the
validity of other provisions hereunder.

                    ARTICLE 16 JOINT AND SEVERABLE LIABILITY

Run An and FENG Lei shall be liable, jointly and severally, for the obligations
under this Agreement.

                               ARTICLE 17 APPENDIX

Appendixes attached to this Agreement shall constitute an integral part of this
Agreement and shall have the same force.

                                       11
<PAGE>

                            ARTICLE 18 MISCELLANEOUS

The Parties have caused their respective duly authorized representatives to
execute this Agreement and affixed their respective company seals hereto on the
day and year as first written above. This Agreement shall become effective on
the date when the pledge has been recorded on the shareholders list of Qiancheng
Advertising. This Agreement shall be written in three (3) counterparts, each of
Party A and Party B shall hold one counterpart. All counterparts shall have the
same force.

                                       12
<PAGE>

PARTY A (PLEDGEE): QIAN CHENG WU YOU NETWORK INFORMATION TECHNOLOGY (BEIJING)
COMPANY LIMITED

Authorized representative: ________

PLEDGOR: BEIJING RUN AN INFORMATION CONSULTANCY COMPANY LIMITED

Authorized representative: ________

PLEDGOR: FENG LEI

_______________________________

                                       13
<PAGE>

                             APPENDIX I PARTICULARS

Party B:

Beijing Run An Information Consultancy Company Limited

Establishment Date: January 29, 1997

Registered address: Unit F, 32/F, China Merchant Tower, 118 Jian Guo Road, Chao
Yang District, Beijing

Business Scope: strategic design of corporate identity, market investigation and
analysis and economic information consulting services

Registered capital: RMB1,000,000.00

FENG Lei:

Nationality: China

Address: Apt.#2003, Building 10 Fangchengyuan I Area, Fengtai District, Beijing

Telephone: 8610-13901189904

Qiancheng Advertising:

Enterprise Name:    Beijing Qian Cheng Si Jin Advertising Company Limited

Establishment Date: February 12, 1999

Registered Address: Premises of the Government of Yujiawu Hui Nationality
Township, Tongzhou District, Beijing

Registered Capital: RMB100,000.00

Shareholders: Run An and FENG Lei, where Run An holds 20% equity of Qiancheng
Advertising, and FENG Lei holds the other 80% equity of Qiancheng Advertising.

                                       14
<PAGE>

  APPENDIX II RESOLUTION OF SHAREHOLDERS MEETING OF BEIJING QIAN CHENG SI JIN
                          ADVERTISING COMPANY LIMITED

The shareholders meeting of Beijing Qian Cheng Si Jin Advertising Company
Limited (the "Company") made this resolution with unanimous vote with respect to
the Equity Pledge Agreement entered into by and between the shareholders of the
Company and Qian Cheng Wu You Network Information Technology (Beijing) Company
Limited on May 3, 2004. The shareholders meeting adopts and agrees the
following:

Resolved and approved that the shareholders of the Company pledge 100% equity of
the Company to Qian Cheng Wu You Network Information Technology (Beijing)
Company Limited.

This Shareholders Meeting Resolution is executed by and submitted to the
following shareholders on May 3, 2004:

SHAREHOLDER: BEIJING RUN AN INFORMATION CONSULTANCY COMPANY LIMITED

Authorized Representative

_______________________________

SHAREHOLDER: FENG LEI

_______________________________

                                       15
<PAGE>

   APPENDIX III SHAREHOLDERS LIST FOR QIAN CHENG SI JIN ADVERTISING (BEIJING)
                                COMPANY LIMITED

<TABLE>
<CAPTION>
             PROPORTIONATE
SHAREHOLDER  CONTRIBUTION             PARTICULARS OF SHAREHOLDER                          SHAREHOLDER PLEDGE REGISTRATION
-----------  -------------  -------------------------------------------------   -------------------------------------------------
<S>          <C>            <C>                                                 <C>
FENG Lei         80%        Nationality: China                                  In accordance with the Equity Pledge Agreement
                                                                                entered into by and between Beijing Run An
                            Address: Apt.#2003, Building 10                     Information Consultancy Company Limited. and
                            Fangchengyuan I Area, Fengtai District, Beijing     FENG Lei and Qian Cheng Wu You Network
                                                                                Information Technology (Beijing) Company
                            Telephone: 8610-13901189904                         Limited. dated May 3, 2004, FENG Lei has pledged
                                                                                all of his equity in Qiancheng Advertising to
                                                                                Qian Cheng Wu You Network Information Technology
                                                                                (Beijing) Company Limited. The registration date
                                                                                for the equity pledge shall be the execution date
                                                                                of such Equity Pledge Agreement.

Beijing Run      20%        Establishment Date: January 29, 1997                In accordance with the Equity Pledge Agreement
An                                                                              entered into by and between Beijing Run An
Information                 Registered address: Unit F, 32/F, China Merchant    Information Consultancy Company Limited and FENG
Consulting                  Tower, 118 Jian Guo Road, Chao Yang District,       Lei and Qian Cheng Wu You Network Information
Company                     Beijing                                             Technology (Beijing) Company Limited. dated May
Limited                                                                         3, 2004, Beijing Run An Information Consultancy
                            Business Scope: provide consulting services to      Company Limited has pledged all of its equity in
                            entities, provide marketing analysis services       Qiancheng Advertising to Qian Cheng Wu You
                            and information consulting services                 Network Information Technology (Beijing) Company
                                                                                Limited The registration date for the equity
                                                                                pledge shall be the execution date of such
                                                                                Equity Pledge Agreement.
</TABLE>

BEIJING QIAN CHENG SI JIN ADVERTISING COMPANY LIMITED (SEAL)

                                       16
<PAGE>

LEGAL REPRESENTATIVE:  ___________________________

SHAREHOLDER: BEIJING RUN AN INFORMATION CONSULTANCY COMPANY LIMITED

________________________________

SHAREHOLDER: FENG LEI

________________________________

DATE: MAY 3, 2004

                                       17

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