Document:

<PAGE>
                                                                   Exhibit 10.20

                      AMENDED AND RESTATED LABOR CONTRACT

               CHINA FINANCE ONLINE (BEIJING) CO., LTD. (PARTY A)

                                      and

                               JUN NING (PARTY B)

                          Dated as of September 30, 2004

<PAGE>

               LABOR CONTRACT, effective as of September 30, 2004, between Party
A, China Finance Online (Beijing) Co., Ltd., a company duly organized and
validly existing under the laws of the People's Republic of China (the
"Company"), and Party B, Jun Ning, a citizen of the People's Republic of China,
having an identification number of 210202570527647 and residing at 176 Huawei
Apartment, Xidan Avenue, West District, Beijing (the "CEO").

               Pursuant to the Labor Law of the People's Republic of China and
other applicable laws and regulations and upon consultation on the basis of
equality and free will, Party A and Party B hereby enter into this Contract
providing for Party A's employment of Party B as a contract-based
executive-level manager.

Chapter 1. Term of Employment

1.1   Party A and Party B agree to define the Term of Employment as follows:

(a)   Fixed term: for a period of ten years beginning on January 1, 2000 and
terminating on January 1, 2010.

1.2   If both Parties desire to renew this Contract, each Party shall notify the
other Party of its intent to renew this Contract thirty (30) days prior to the
expiration of this Contract.

Chapter 2. Duties

2.1   The Company will employ Mr. Jun Ning to serve as the Company's CEO based
on the Company's business needs. The scope and responsibilities of the CEO job
include the following:

(a)   To formulate and implement relevant policies, procedures and strategies to
ensure the realization of the Company's business strategy;

(b)   To establish a strong management system and a strict internal control
mechanism;

(c)   To supervise all operational and financial activities to ensure their
compliance with Chinese law and the Company's policy.

<PAGE>
(d)   To be responsible for timely submitting accurate management team reports
to the Board of Directors;

(e)   To establish and direct a mechanism for solving operational problems and
to timely solve various problems arising from operation of the Company;

(f)   To establish and direct a mechanism for reducing costs and increasing
efficiency;

(g)   To be responsible for the Company's business planning;

(h)   To participate in business development and strategic planning;

(i)   To supervise and direct the work of the CFO, COO and other high-level
managerial personnel;

(j)   To carry out strategic acquisition, capital management, initial public
offering, etc. pursuant to the requirements of the Board of Directors;

(k)   To provide comments to the Board of Directors on operational issues of the
Company;

(l)   Other responsibilities stipulated by the Board of Directors.

2.2   The CEO shall perform his duties diligently and competently pursuant to
the requirements for the position.

Chapter 3. Compensation and Stock Options

3.1   The salary of the CEO shall be thirty thousand (30,000) RMB yuan per
month, and the bonuses will be determined according to the Company's sales and
overall operational situations.

3.2   The pay day of the Company will be between the first and the fifth days of
each month and, if such days are during a holiday period, then the pay day will
be the first working day after the holiday period.

3.3   The Company's employees shall pay personal income taxes pursuant to
regulations of the government tax agency, and the Company shall deduct a
corresponding amount from the

<PAGE>
monthly salary of each employee and pay that amount on behalf of the employee to
the relevant tax agency.

3.4   In addition to what is provided for under the foregoing Article 3.3, the
Company shall have the right to deduct from the employees' salaries for other
purposes in accordance with laws and regulations of the State.

Chapter 4. Rewards and Penalties

4.1   The CEO shall abide by various rules and regulations stipulated by the
Company under the law.

4.2   Without written consent of the Company, the CEO shall not accept money,
gift or any other kinds of benefits from any customer, collaborating company or
other related company.

4.3   The CEO shall serve the Company faithfully and competently during the Term
of Employment, and the Company will not permit the CEO to engage in any other
job during the Term of Employment.

4.4   The Company shall impose penalties on the CEO pursuant to regulations of
the Company, if the CEO violates the Company's rules or regulations.

Chapter 5. Confidentiality and Non-Competition

5.1   The CEO shall safeguard the intellectual property rights of the Company,
abide by relevant confidentiality agreements to which the Company is a party
regarding manufacturing technologies, marketing, and unpatented technologies,
and not engage in any business or activity that is competitive with the business
of the Company. Specific duties are stipulated by both Parties in a separate
Intellectual Property, Confidentiality and Non-Competition Agreement.

Chapter 6. Alteration, Rescission, and Termination of the Labor Contract

<PAGE>
6.1   If, due to his own fault, Party B has committed any gross errors on the
job, including without limitations violation of the Intellectual Property,
Confidentiality and Non-Competition Agreement stipulated by both Parties,
violation of laws or regulations of the State, infringement of shareholders'
rights or interests, the Company shall have the right to rescind this Labor
Contract immediately and shall only need to pay Party B the salary for the
current month without any allowance.

6.2   If Party B requests to have this Contract rescinded before the end of the
Term of Employment because of personal reasons, Party B shall notify the Company
in writing thirty (30) days in advance, and the Company shall pay Party B the
salary for the current month but need not pay Party B any allowance.

6.3   During Party B's Term of Employment, if the Company deems that the CEO has
failed to reach the expected target or achieve the expected results, the Company
has the right to rescind this Labor Contract; however, the Company shall notify
Party B in writing thirty (30) days in advance and shall pay Party B a
compensation of three months of salary.

6.4   If the Company requests to have certain provisions of this Contract
changed due to changes in objective circumstances upon which this Contract is
based, or if the CEO requests for such a change for personal reasons, the
requesting Party shall notify the other Party in writing thirty (30) days in
advance, and the Contract may only be changed if both Parties agree to the
changes upon consultation.

6.5   The CEO may not rescind this Contract pursuant to the foregoing Article
6.4 before all matters concerning his liabilities for breach of this Contract or
the Intellectual Property, Confidentiality and Non-Competition Agreement have
been cleared.

<PAGE>
6.6   The employment relationship between the Company and the CEO shall be
terminated upon expiration of the Term of Employment. When this Contract is
rescinded or terminated, Party B shall hand over his work to Party A. Party B
shall hand over to the receiving person at Party A in excellent conditions all
office utilities, equipment and facilities that Party B used and all documents
that Party B worked on while working for Party A. Otherwise, Party A shall
refuse to proceed with relevant termination procedures, and Party A has the
right to require Party B to assume liability for breach of contract pursuant to
this Contract and may require Party B to pay for liquidated damages.

6.7   Regardless of the reasons for leaving the Company, except if the Company
has committed tax evasion or has otherwise violated the law during its
operation, Party B shall not defame or sue the Company, raid the Company for
employees, or engage in any business or activity that is competitive with the
Company's business.

6.8   Upon rescission or termination of this Contract, the Company shall
complete the procedures for rescinding or terminating a labor contract within a
stipulated time period, unless otherwise agreed upon in this Contract.

Chapter 7. Liability for Breach

7.1   If either Party to this Contract is under any of the following
circumstances, the Party shall be liable for breach of the Contract:

(a)   The Company violates the provisions of this Contract and unilaterally
rescinds this Contract, unless otherwise provided by this Contract;

(b)   The CEO quits his job without the Company's consent.

<PAGE>
7.2   Either Party in breach of this Contract shall pay the other Party
liquidated damages. The standard liquidated damages shall be equal to twice of
the salary Party B actually received in the month prior to the date of the
breach.

7.3   If the liquidated damages provided for under the foregoing Article 7.2 is
not enough to cover the losses of the other Party, then the breaching Party
shall pay the other Party for the actual losses caused by the breach.

7.4   The CEO warrants (1) that all the relevant information he provides to the
Company, including without limitations his identification, address, academic
credentials, work experiences and professional skills are true; (2) that, by
working for the Company and by entering into this Labor Contract with the
Company, the CEO does not violate any agreement on confidentiality or
non-competition entered into with his previous employer or any other company or
individual. If the CEO breaches this warranty, the Company has the right to
rescind this Contract and demand that the CEO compensate the Company for any
losses due to the breach.

Chapter 8. Miscellaneous

8.1   The Employment Handbook and other rules and regulations of the Company are
part of this Labor Contract.

8.2   This Contract has two counterparts, one for the Company, one for the
employee. This Contract shall become effective upon execution by both Parties.
Both counterparts shall have equal legal effect.

8.3   If any of the provisions of this Contract conflicts with laws and
regulations of the State, the provision shall be superseded by the laws and
regulations of the State.

      IN WITNESS WHEREOF, the Parties have executed this Labor Contract.

      Party A: China Finance Online (Beijing) Co., Ltd. [/s/ COMPANY SEAL]

      (Seal)

      Authorized representative:

      Signature: /s/ Sam Qian
                 ----------------------
                 Sam Qian, CFO

      Date: September 30, 2004

      Party B: Jun Ning

      Signature: /s/ Jun Ning
                 ---------------------

      Date: September 30, 2004<PAGE>

                                                                   Exhibit 10.22

   INTELLECTUAL PROPERTY RIGHTS, CONFIDENTIALITY AND NON-COMPETITION AGREEMENT

       This agreement is entered into between the Parties as below on the date
of December 31, 1999.

       Party A: China Finance Online Co., Ltd., a limited liability company duly
incorporated and validly existing under the laws of the People's Republic of
China (the "PRC")

       Party B: Mr. Jun Ning, a citizen of the PRC having an identification
number of 210202570527647 and residing at 176 Huawei Apartment, Xidan Avenue,
West District, Beijing, People's Republic of China.

       WHEREAS, Party B is an employee of Party A and has access to the research
and development achievements and various types of confidential information
related to technology, markets, customers, etc. owned by Party A; and

       WHEREAS, the Parties wish to protect Party A's intellectual property
rights and business secrets and safeguard both Parties' interests.

       NOW, THEREFORE, the Parties agree as follows:

ARTICLE I. INTELLECTUAL PROPERTY RIGHTS

       1.1    Technical achievements

       1.1.1  Technical achievements

       During the period when Party B is employed by Party A and for one year
after both Parties terminate their employment relationship, all technical
achievements, including, but not limited to, discoveries, inventions, know-how,
concepts, processes, products, methods and renovations (hereinafter referred to
as "technical achievements"), related to the businesses, products, programs and
services of Party A that are contemplated, developed and accomplished by Party
B, whether independently or jointly with others, shall be deemed Party A's
technical achievements and absolute property and all the corresponding rights
including intellectual property rights shall belong solely to Party A.

       1.1.2  Safekeeping of materials

       Party B agrees to record and keep the technical achievements developed by
Party A, whether independently or jointly with others, according to the formats
or methods required by Party A while Party B is employed by Party A. These
materials belong to Party A exclusively and Party A has the right to retrieve
the above mentioned materials at any time.

       1.1.3  Application for intellectual property rights

       Party B agrees to help Party A or Party A's agents, at Party A's expense,
to protect Party A's interests in the aforesaid technical achievements and their
related intellectual property rights by appropriate means in any countries,
including by disclosing all relevant information and data and by executing all
relevant legal documents. Party B agrees that the relevant legal documents
executed according to the aforesaid obligations shall survive the termination of
the employment relationship between the Parties. If Party B fails to sign the
relevant legal documents due to psychological, physical or any other reasons,
Party B agrees to delegate

<PAGE>

Party A or Party A's authorized person or agents as Party B's proxy to sign the
aforesaid legal documents on behalf of or in the interest of Party B and to
exercise other activities permitted by laws in order to obtain relevant patents,
copyrights and other intellectual property rights. The actions of the persons
delegated by Party B shall have the same binding effect as Party B's action and
such delegation shall be irrevocable.

       1.2    Prior achievements

       Party B shall list all inventions, original works with copyrights,
improvements, renovations and other business secrets (hereinafter referred to as
"prior achievements") that are related to the businesses, products and research
and development of Party A but not transferred to Party A prior to Party B's
employment by Party A, in the appendix A to this agreement. Party B agrees that
Party B shall not have any "prior achievement" if Party B does not list such
prior achievement in the appendix of this agreement. During the period Party B
is employed by Party A, if Party B introduces any "prior achievements" in which
Party B has ownership or interests in the products, processes and machines of
Party A, Party B agrees to give Party A non-exclusive, irrevocable, permanent
and global permission to produce, revise, use or sell the above products,
processes, machines or related "prior achievements" and Party A shall not be
required to pay any fees to Party B.

ARTICLE II. CONFIDENTIALITY

       2.1    Confidential information

       2.1.1 Party B agrees that Party A has the complete ownership of its
"confidential information" regardless of the forms of storage, and Party B shall
keep all such confidential information secret. "Confidential information"
includes but not limited to the following:

       a. Party A's archives, including but not limited to contracts, personnel
archives, administrative documents, lists of suppliers, etc.;

       b. Party A's technical materials, including but not limited to all
development plans, development prospectuses, technical files, technical
diagrams, drawings, formulas, models and relevant technical articles, technical
reports, etc. owned by Party A;

       c. Party A's sales materials, including but not limited to all quality
management methods, pricing methods, sales methods, customers' materials, etc.
owned by Party A;

       d. Party A's financial materials, including but not limited to all bank
account materials, stockholders' materials, investment background, etc. owned by
Party A;

       e. All the intellectual property rights (including those exclusively
owned by Party A, those owned by Party A and other companies or those owned by
Party A now and developed by Party A in the future);

       f. Technical achievements contemplated, developed and accomplished by
Party B as set forth in Article I of this agreement;

       g. Technical achievements contemplated, developed and accomplished by
other employees of Party A;

       h. Any third party's confidential information which Party A has the
responsibility to keep confidential pursuant to laws and agreements between
Party A and such third party; and

       i. Any other information that Party A claims as confidential.

<PAGE>

       2.1.2  Unprotected information:

       a. Information acquired from the public media, except in circumstances
where the public learns the information because Party A fails to fulfill its
confidentiality obligations; and

       b. Information that Party A legitimately obtains from a third party with
whom Party A has never signed a confidentiality agreement.

       2.2    Implementation of confidentiality agreement

       2.2.1 Party B has the responsibility and duty to keep confidential all
confidential information and to abide by and strictly implement all
confidentiality regulations;

       2.2.2 Party B shall not provide or disclose confidential information to
any third parties (including irrelevant employees of Party A) without Party A's
written approval;

       2.2.3 Party B shall not use confidential information for any purpose
other than for fulfilling Party A's assignments or responsibilities;

       2.2.4 Party B shall not copy confidential information other than for the
purposes of job requirements. If confidential information has to be copied due
to work requirements, the copies (including but not limited to files, discs,
CDs, computer memories, etc.) are exclusively owned by Party A and Party B shall
clearly mark the copies and protect and manage the copies;

       2.2.5 Party B shall not take any media carrying confidential information
(including but not limited to files, discs, CDs, computer memories, etc.) out of
Party A's offices without Party A's written approval;

       2.2.6 Party B shall not talk about the content of any confidential
information in public or through public media (including but not limited to
telephones, e-mail, internet, etc.). If Party B must deliver confidential
information through public media, Party B shall adopt confidentiality measures
such as encryption, passwords, dispersion, etc. according to Party B's
confidentiality requirements;

       2.3    Return and destruction of confidential files

       2.3.1 Party B shall return or destroy confidential information at the
request of Party A.

       2.3.2 If Party A does not set forth specific requirements, Party B shall
return confidential information to Party A within three working days after the
use of the confidential information.

       2.3.3 When Party B terminates the employment relationship with Party A,
Party B shall return all original files and copies that contain, represent,
display, record or constitute confidential information, including but not
limited to devices, records, data, notes, reports, proposals, business cards,
letters, specifications, drawings, equipment, materials, etc. to Party A. Party
B agrees to sign Appendix II of this agreement as a "Letter of Guarantee".

       2.4    Information about prior employers

       Party B agrees that Party B shall not inappropriately use or disclose the
confidential information or business secrets of any other individuals or
institutions in which Party B has worked as a part-time employee in the past or
where Party B works now when Party B works for Party A. Party B shall not take
the aforesaid confidential information or relevant unpublicized information to
Party A.

<PAGE>

ARTICLE III NON-COMPETITION

       3.1 Party B agrees to neither directly or indirectly be involved in
businesses in competition against Party A or develop products identical or
similar to those of Party A for third parties on behalf of himself or, in his
capacity as owner, manager, shareholder, advisor, director, official, partner,
employee, etc. of any other business entities while Party B works for Party A or
within one year after the termination of the employment relationship between
both Parties.

       3.2 During the one year after the termination of the employment
relationship between both Parties, Party B shall neither abet, solicit, attempt
to employ or employ any of Party A's current employees (including those people
employed by Party A from six months before the termination of the employment
relationship between both Parties to six months after the termination of such
employment relationship), nor assist other individuals or entities to employ the
aforesaid people or encourage any employees of Party A to terminate their
employment contracts with Party A.

       3.3 During the one year after the termination of the employment contract
between both Parties, Party B shall not remove or try to remove any customers or
potential customers from Party A.

       3.4 If Party B violates any terms of this article, the content of the
article shall continue to be effective for one year after the date on which
Party B breached the article.

ARTICLE IV NOTIFICATION OF PARTY B'S NEW EMPLOYER

       Party B agrees that Party A has the right to notify Party B's new
employer of Party B's rights and obligations under this agreement after the
termination of the employment relationship between both Parties.

ARTICLE V RESPONSIBILITIES UPON DEFAULT

       Both Parties agree that any defaulting activities on the part of Party B
will cause material or irrevocable damage to Party A. Therefore, Party A has the
right to take all legal measures to reduce the losses to Party A brought about
by Party B's violation of this agreement. Party B shall pay for all economic
losses suffered by Party A and take all legal responsibilities.

ARTICLE VI DISPUTE RESOLUTION

       6.1 All disputes from the implementation of this agreement or related to
this agreement shall be resolved through friendly consultation between both
Parties.

       6.2 If negotiation fails to settle the dispute, either Party has the
right to make an arbitration application to the Beijing Arbitration Commission.
The arbitration shall be the final verdict and have binding force on both
Parties.

ARTICLE VII RIGHTS RESERVATION

       7.1 If one Party does not exercise its rights or take actions in response
to the defaulting acts of the other Party, it shall not be regarded as
renouncing its rights or abstaining from pursuing the other Party's defaulting
responsibilities or duties.

       7.2 If one Party renounces its rights against the other Party or abstains
from pursuing the other Party's breaches, it shall not be regarded as renouncing
any other rights or abstaining from investigating and affixing responsibility of
other breaches.

<PAGE>

       7.3    All renouncements of rights must be in writing.

ARTICLE VIII MISCELLANEOUS

       8.1 Any revision of this agreement shall take effect only after
negotiation and signature by both Parties;

       8.2 If the articles of this agreement are in conflict with the articles
of other agreements and contracts between both Parties, the articles of this
agreement shall control;

       8.3 The titles in this agreement are used only for convenience of reading
and shall not affect the meaning of this agreement.

       8.4 If an article of this agreement is ruled to be invalid, illegal or
inapplicable according to laws and regulations, the validity, legality and
execution of other articles of this agreement shall not be affected.

       8.5 The agreement shall be binding in the principle as below: the binding
effects of the agreement shall not be affected by the length of employment
between the Parties, the reason for terminating the employment relationship
between the Parties and the amount of Party B's remuneration or salaries paid by
Party A. Party B shall still be liable to his/her obligations under the
agreement after the termination of the employment between the Parties for
whichever reasons. No amendment or changes of the agreement shall be made upon
the termination of the employment.

ARTICLE IX GOVERNING LAW

       9.1 The establishment, validity, explanation, execution and dispute
settlement of this agreement shall be governed by the laws and regulations of
the People's Republic of China.

ARTICLE X NOTICE

       10.1 Any notice or communication required or allowed under this
agreement, regardless of the communication method, shall take effect upon actual
delivery.

       10.2 The "actual delivery" in the above article refers to the arrival of
any notice at the legal domicile, residence or mailing address of the receiving
Party.

       10.3 If a Party alters its notification address or mailing address, it
shall notify the other Party of its new address within three days after the
alteration. Otherwise, the defaulting Party shall be held responsible for all
consequent legal liabilities.

ARTICLE XI ENTIRE AGREEMENT

       This agreement and all of its appendices constitutes the entire agreement
agreed upon by the Parties and supersedes all prior oral or written
negotiations, representations or agreements reached by the Parties.

ARTICLE XII VALIDITY AND TERM

       12.1 This agreement shall take effect after both Parties sign and affix
seals on the agreement.

       12.2 This agreement shall be effective until the employment relationship
between both Parties is terminated. However, during the one year after the
termination of this agreement,

<PAGE>

any confidential information of Party A known to Party B before the termination
of the agreement shall be handled according to this agreement. Meanwhile, the
articles which are agreed to survive the termination of the employment
relationship between both Parties shall remain binding upon the Parties .

      12.3 The agreement shall be executed in two counterparts and one
counterpart shall be retained by each party. The two counterparts shall have
equal validity and legal effect.

      Party A: China Finance Online Co. Ltd.

      [/s/ COMPANY SEAL]
      ___________________________
      (Authorized representative)

      Date:

      Party B: Mr. Jun Ning

      /s/ Jun Ning
      ___________________________

      Date:

<PAGE>

                                                                      APPENDIX I

                      LIST OF PARTY B'S PRIOR ACHIEVEMENTS

<PAGE>

                                                                     APPENDIX II

                              LETTER OF GUARANTEE

       I, ______________, hereby guarantee that I have returned and no longer
hold any original files or copies that contain, represent, display, record or
make use of confidential information, including devices, records, data, notes,
reports, proposals, name lists, letters, specifications, drawings, equipment,
materials, etc., to __________________________ (hereinafter referred to as "the
Company").

      I further guarantee that I have abided by all the articles of the
Agreement of Intellectual Property Rights, Confidentiality and Non-competition
(hereinafter referred to as "the Agreement") executed by me and the Company,
including making reports to the Company about any technical achievements
developed by me alone or collectively with others.

      I further agree that I will continue to abide by the regulations of the
Agreement and keep the confidential information selected by the Agreement highly
confidential.

      I further agree that I will neither employ any employees of the Company,
nor solicit, encourage or abet any employees to terminate their employment
contracts with the Company in any form or in any other's name during the 12
months after my the date of my execution of this letter of guarantee.

                                   Signed By:

                                   Date:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00072-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00072-of-00352.parquet"}]]