Document:

Exhibit 4.27

 

24 March 2005

 

 

UNICOM NEW HORIZON MOBILE TELECOMMUNICATIONS 

COMPANY LIMITED

and

CHINA UNITED TELECOMMUNICATIONS 

CORPORATION LIMITED

and

CHINA UNITED TELECOMMUNICATIONS CORPORATION

 

 

 

NETWORK CAPACITY LEASE

AGREEMENT

 

 

 

 

CONTENTS

 

	
  CLAUSE

  	
   

  
	
   

  	
   

  	
   

  
	
  1.

  	
  INTERPRETATION

  	
   

  
	
   

  	
   

  	
   

  
	
  2.

  	
  LEASE OF NETWORK CAPACITY

  	
   

  
	
   

  	
   

  	
   

  
	
  3.

  	
  CONDITIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  4.

  	
  TERM AND CAPACITY

  	
   

  
	
   

  	
   

  	
   

  
	
  5.

  	
  LEASE
  FEE

  	
   

  
	
   

  	
   

  	
   

  
	
  6.

  	
  CALCULATION OF THE CDMA BUSINESS INCOME AND
  PAYMENT OF THE LEASE FEE

  	
   

  
	
   

  	
   

  	
   

  
	
  7.

  	
  PROCUREMENT AND CONSTRUCTION OF THE NETWORK

  	
   

  
	
   

  	
   

  	
   

  
	
  8.

  	
  ACCEPTANCE AND TESTING OF THE NETWORK

  	
   

  
	
   

  	
   

  	
   

  
	
  9.

  	
  OPERATION, MANAGEMENT AND REVENUE

  	
   

  
	
   

  	
   

  	
   

  
	
  10.

  	
  RISK AND TITLE

  	
   

  
	
   

  	
   

  	
   

  
	
  11.

  	
  RESPONSIBILITIES OF THE PARTIES

  	
   

  
	
   

  	
   

  	
   

  
	
  12.

  	
  REPRESENTATIONS AND WARRANTIES

  	
   

  
	
   

  	
   

  	
   

  
	
  13.

  	
  PURCHASE OPTION

  	
   

  
	
   

  	
   

  	
   

  
	
  14.

  	
  INSURANCE

  	
   

  
	
   

  	
   

  	
   

  
	
  15.

  	
  NETWORK MAINTENANCE

  	
   

  
	
   

  	
   

  	
   

  
	
  16.

  	
  GUARANTEE AND INDEMNITY

  	
   

  
	
   

  	
   

  	
   

  
	
  17.

  	
  CONFIDENTIALITY

  	
   

  
	
   

  	
   

  	
   

  
	
  18.

  	
  FORCE MAJEURE

  	
   

  
	
   

  	
   

  	
   

  
	
  19.

  	
  TERMINATION

  	
   

  
	
   

  	
   

  	
   

  
	
  20.

  	
  NOTICES

  	
   

  
	
   

  	
   

  	
   

  
	
  21.

  	
  ASSIGNMENT AND SUB-CONTRACTING

  	
   

  
	
   

  	
   

  	
   

  
	
  22.

  	
  SEVERABILITY

  	
   

  
	
   

  	
   

  	
   

  
	
  23.

  	
  FURTHER ASSURANCE

  	
   

  
	
   

  	
   

  	
   

  
	
  24.

  	
  COSTS

  	
   

  
	
   

  	
   

  	
   

  
	
  25.

  	
  WAIVERS AND VARIATIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  26.

  	
  ENTIRE AGREEMENT

  	
   

  
	
   

  	
   

  	
   

  
	
  27.

  	
  SETTLEMENT OF DISPUTES

  	
   

  
	
   

  	
   

  	
   

  
	
  28.

  	
  LANGUAGE

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 1

  	
   

  

 

 

THIS
AGREEMENT
is made on 24 March 2005

 

BETWEEN:

 

(1)                                  UNICOM NEW HORIZON MOBILE TELECOMMUNICATIONS COMPANY LIMITED, a limited liability company
incorporated under the laws of the PRC whose registered office is at 6th Floor, Tower 3, Henderson Centre, 18 Jianguomen Nei
Dajie, Beijing, the PRC (Lessor);

 

(2)                                  CHINA UNITED TELECOMMUNICATIONS CORPORATION
LIMITED, a
limited liability company incorporated under the laws of the PRC whose office
is at 40th Floor, Jin Mao Tower, 88 Century
Boulevard, Shanghai, the PRC (Lessee, and upon execution of the Transfer
Agreement, as defined in clause 1.1 below, the Lessee shall be changed to the
New Operating Entity as defined in recital (G) below); and

 

(3)                                  CHINA UNITED TELECOMMUNICATIONS CORPORATION, a
company incorporated under the laws of the PRC whose registered office is at Room 615, Tower 3, Henderson Centre, 18 Jianguomen Nei Dajie,
Beijing, the PRC (Unicom Group).

 

WHEREAS:

 

(A)                              Unicom Group has been approved by
the PRC Government to undertake the construction and operation of the unified CDMA network within the
PRC.

 

(B)                                The Lessor, a wholly-owned
subsidiary of Unicom Group, is responsible for the procurement and construction
of the CDMA mobile telecommunications network for Unicom Group.

 

(C)                                The Lessor has completed the first
and second Phases of construction and is in the process of completing the third
Phase of construction.

 

(D)                               China Unicom Corporation Limited (CUCL), Unicom Group
and the Lessor entered into a network capacity lease agreement on 22 November 2001
(the Twelve Provinces
and Municipalities CDMA Lease Agreement) whereby CUCL agreed to
lease from the Lessor, and the Lessor also agreed to lease to CUCL, the Capacity on
terms and conditions set out in the Twelve Provinces and Municipalities CDMA
Lease Agreement for the purposes of providing CDMA mobile telecommunication
services in the Twelve Provinces and Municipalities.  Pursuant to the Twelve Provinces and
Municipalities CDMA Lease Agreement, Unicom Group agreed to guarantee the
performance by the Lessor of its obligations under the Twelve Provinces and
Municipalities CDMA Lease Agreement.

 

1

 

(E)                                 The Lessor, Unicom Group and the
Lessee entered into a network capacity lease agreement on 20 November 2002
(the 9A Areas CDMA Lease
Agreement) whereby the Lessee agreed to lease from the Lessor,
and the Lessor also agreed to lease to the Lessee, the
Capacity on terms and
conditions set out in the 9A Areas CDMA Lease Agreement for the purposes of
providing CDMA mobile telecommunication services in the 9A Areas.  Pursuant to the 9A Areas CDMA Lease
Agreement, Unicom Group agreed to guarantee the performance by the Lessor of
its obligations under the 9A Areas CDMA Lease Agreement.  Thereafter, the Lessee transferred all its
rights and obligations under the 9A Areas CDMA Lease Agreement to Unicom New
Century Telecommunications Corporation Limited (Unicom New Century) pursuant to the
Transfer Agreement dated 20 November 2002. 
Pursuant to the merger between CUCL and Unicom New Century, Unicom New
Century was merged into CUCL and CUCL became the successor to Unicom New
Century under the 9A Areas CDMA Lease Agreement. The merger and the succession
have become effective from 30 July 2004.

 

(F)                                 The Lessor, Unicom Group and the
Lessee entered into a network capacity lease agreement on 20 November 2003
(the 9B Areas CDMA Lease
Agreement) whereby the Lessee agreed to lease from the Lessor,
and the Lessor also agreed to lease to the Lessee, the
Capacity on terms and
conditions set out in the 9B Areas CDMA Lease Agreement for the purposes of
providing CDMA mobile telecommunication services in the 9B Areas.  Pursuant to the 9B Areas CDMA Lease
Agreement, Unicom Group agreed to guarantee the performance by the Lessor of
its obligations under the 9B Areas CDMA Lease Agreement.  Thereafter, the Lessee transferred all its
rights and obligations under the 9B Areas CDMA Lease Agreement to Unicom New
World Telecommunications Corporation Limited (Unicom New World) pursuant to the
Transfer Agreement dated 20 November 2003. 
Pursuant to the merger between CUCL and Unicom New World which is still
in progress, Unicom New World is in the process of being merged into CUCL and
CUCL will, after the completion of the merger, become the successor to Unicom
New World under all of the agreements to which Unicom New World is party,
including the 9B Areas CDMA Lease Agreement.

 

(G)                                Since CUCL and Unicom New World
(together, the New
Operating Entity) are providing CDMA mobile telecommunications
services in the Listed Service Areas, the Lessee wishes to lease Capacity from
the Lessor, and the Lessor wishes to lease Capacity to the Lessee, on the terms
and conditions of this Agreement on the basis that the Lessee shall have the
right to transfer its rights and obligations under this Agreement to the New
Operating Entity.

 

(H)                               Unicom Group has agreed to
guarantee the performance by the Lessor of its obligations under this
Agreement.

 

2

 

IT
IS AGREED
as follows:

 

INTERPRETATION

 

Definitions

 

1.1                                 In this Agreement (including the
recitals) the following words and expressions have the following respective
meanings unless the context otherwise requires:

 

9A Areas means Jilin, Heilongjiang,
Jiangxi, Henan, Shaanxi and Sichuan provinces, Chongqing municipality and
Guangxi Zhuang autonomous region and Xinjiang Uygur autonomous region;

 

9B Areas means Shanxi, Hunan, Hainan, Yunnan, Gansu and
Qinghai provinces and Inner Mongolia, Ningxia Hui and Xizang autonomous regions;

 

Additional Term has the meaning given to it in
clause 4.2;

 

Agreement means this agreement, including its schedules;

 

Associate has the meaning given to that
term in the Listing Rules;

 

Business Day means any day on which banks in the PRC are
open for the transaction of normal banking business;

 

Capacity means capacity on the Network, measured in
terms of total number of Subscribers

 

CDMA means Code
Division Multiple Access technology, which is a digital transmission technology
that accommodates higher throughput by using various coding sequences to mix
and separate voice and data signals for wireless communication, and including
all re-configuration, upgrade, enhancement or modification to such technology
from time to time (including CDMA 2000 1x and CDMA 2000 3x, each of which is
designed to increase data transmission speed and improve quality of service
operation over existing network infrastructure);

 

CDMA Business means the CDMA mobile telecommunications business operated by the
New Operating Entity in the Listed Service Areas utilising the Network;

 

CDMA Business Income means the service revenue
generated by the New Operating Entity in the course of operating its
CDMA telecommunication business and the breakdown thereof as further described
in Schedule 1;

 

China Unicom means China Unicom Limited, a company incorporated under the
Companies Ordinance, Chapter 32 of the Laws of Hong Kong, with limited
liability whose shares are listed on the Stock Exchange and whose American
Depositary Shares are listed on the New York Stock Exchange;

 

Conditions means the conditions precedent set out in clause 3.1;

 

3

 

Equipment means all necessary hardware, software and accessories which are
used or are about to be used in constructing the Network in accordance with the
designs and specifications agreed between the Lessor and the Lessee, where
applicable;

 

Force Majeure Event means in relation to the
Lessee or the Lessor, matters beyond the reasonable contemplation of that party,
including, but not limited to, fire, lightning, explosion, war, flood,
earthquake, typhoon, and other natural disasters, national emergency, civil
disturbance, riot, terrorism, industrial disputes, weather of exceptional
severity, binding acts or omissions of any Government Entity;

 

Government Entity means:

 

(a)                                  any national
government, political subdivision thereof, or local jurisdiction therein;

 

(b)                                 any
instrumentality, board, commission, court, or agency of any thereof, however
constituted; and

 

(c)                                  any association,
organization, or institution of which any of the above is a member or to whose
jurisdiction any thereof is subject or in whose activities any of the above is
a participant;

 

Initial Term has the meaning given to it in
clause 4.1;

 

Lease means the lease of Capacity by the
Lessor to the Lessee pursuant to this Agreement;

 

Lease Commencement Date has the meaning given to it in
clause 2.1;

 

Lease Fee means the amounts payable by the Lessee to the Lessor pursuant to
clause 5.1;

 

Lessor Lien means any
Security Interest from time to time created by or through the Lessor in
connection with the financing of the Network construction;

 

Listed Group means China Unicom and its
subsidiaries from time to time;

 

Listed Service
Areas means the Twelve Provinces
and Municipalities, the 9A Areas and the 9B Areas;

 

Listing Rules means the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited;

 

Loss means any loss, liability, action, claim,
proceeding, judgment, penalty, fine, damages, tax, fee, cost or expense;

 

MII means the Ministry of Information
Industry of the PRC;

 

Minimum Lease Fee means the minimum amount of Lease Fee specified in
clause 5.1;

 

4

 

Network means the CDMA mobile telecommunications network, infrastructure or
Equipment constructed or acquired by, or on behalf of, the Lessor in the Listed
Service Areas, including all CDMA networks, infrastructure and Equipment
(whether they are comprised in the same Phase of construction or otherwise)
constructed or acquired after the date of this Agreement in the Listed Service
Areas;

 

Network
Construction Cost in relation to
each Phase of the Network, the total amount of all payments, costs, expenses
and amounts paid or incurred by the Lessor that are directly attributable to
the construction of that Phase, including construction, installation and
Equipment procurement costs and expenses, survey and design costs, investment
in technology, software and other intangible assets, insurance premiums and
capitalised interest on loans in respect of the construction period of that
Phase, any taxes levied or paid in respect of the procurement of Equipment and
the construction of that Phase of the Network, including import taxes and
customs duties and all costs incurred in relation to any network
re-configuration, upgrade, enhancement or modifications to the technology in
respect of that Phase, all such payments, costs, expenses and amounts having
been verified and confirmed by certified public accountants in accordance with
PRC accounting principles and standards as capital in nature and being able to
satisfy the accounting definition of fixed assets of the Lessor in its
accounts;

 

Old CDMA Lease Agreements means the Twelve Provinces and
Municipalities CDMA Lease Agreement , the 9A Areas
CDMA Lease Agreement and the 9B Areas CDMA Lease Agreement;

 

Old Lease Fee means the lease fee payable by
the Old Operating Entities to the Lessor under the Old CDMA Lease Agreements;

 

Old Operating
Entities means CUCL, Unicom New
Century and Unicom New World;

 

Phase means a fixed amount of constructed Capacity on the Network agreed
upon between the Lessor and the Old Operating Entities;

 

PRC means the People’s Republic of China (excluding, for the purposes
of this Agreement, the Hong Kong Special Administrative Region, Macau Special
Administrative Region and Taiwan);

 

Purchase Option has the meaning given to it in clause 13.1;

 

Purchase Price has the meaning given to it in clause 13.2;

 

Quarter means a period of three calendar months, with the first quarter
commencing on the Lease Commencement Date;

 

RMB means Renminbi, the lawful currency of the PRC;

 

Security Interest means any mortgage, charge,
pledge, lien, encumbrance, assignment, hypothecation, right of set-off or any
other agreement or arrangement having the effect of conferring security;

 

5

 

SSE means the Shanghai Stock
Exchange;

 

Subscriber means a unit of capacity on the Network, as described in clause
12.2(h);

 

Subsidiary means any company:

 

(a)                                  of which another
controls the composition of the board of directors of the company; or

 

(b)                                 of which another
has direct or indirect control or owns directly or indirectly more than 50 per
cent. of the voting share capital;

 

Term means the Initial Term and all Additional Terms;

 

Transfer Agreement means the Transfer Agreement in
relation to this Agreement entered into between the Lessee and the New
Operating Entity on the date of this Agreement; and

 

Twelve
Provinces and Municipalities means
Guangdong, Jiangsu, Zhejiang, Fujian, Liaoning, Shandong, Anhui, Hebei and
Hubei provinces and Beijing, Shanghai and Tianjin municipalities.

 

1.2                                 In this Agreement and the Schedules unless the context requires:

 

(a)                                  the headings are inserted for
convenience only and shall not affect the construction of this Agreement;

 

(b)                                 references to one gender include all genders;

 

(c)                                  references to parties are to the
parties to this Agreement;

 

(d)                                 references to clauses and schedules are to
clauses of and schedules to this Agreement; and

 

(e)                                  words and phrases
indicating the singular shall, where the context so admits, include the plural
and vice versa.

 

1.3                                 Schedule 1 attached to this Agreement forms part of this
Agreement.

 

LEASE
OF NETWORK CAPACITY

 

2.1                                 Subject to satisfaction of the Conditions, the Lessor agrees to
lease all the Capacity on the Network to the Lessee on the terms set out herein
commencing from 1 January 2005 (the Lease Commencement Date).

 

6

 

2.2                                 With respect to the Old Lease Fee paid by CUCL or Unicom New World
to the Lessor in 2005 pursuant to the Old CDMA Lease Agreements prior to the
satisfaction of the Conditions, the Lessor and the Lessee shall make adjustment
and settlement as soon as the Conditions have been satisfied so that the amount
of the Old Lease Fee already paid in 2005 reaches the same level as the Lease
Fee calculated for the relevant period in accordance with this Agreement as if
this Agreement has been implemented from 1 January 2005.

 

2.3                                 The Lessor agrees that, following the completion of the Transfer
Agreement, the New Operating Entity shall be permitted to use and operate the
Network on an exclusive basis to provide CDMA services, including basic voice
services, mobile data services and value added mobile services, under
applicable PRC laws and regulations, in the Listed Service Areas.

 

2.4                                 In consideration of the satisfactory performance by the Lessor of
its obligations under this Agreement, the Lessee shall pay the Lease Fee in
accordance with clause 5.

 

CONDITIONS

 

3.1                                 The Lease shall not be effective and binding on the parties unless
the following conditions have been fulfilled:

 

(a)                                  the Lessor and the
Lessee having obtained all necessary approvals (regulatory or otherwise) to
perform their respective obligations under this Agreement;

 

(b)                                 the passing of
resolutions by the shareholders of the Lessee approving this Agreement at an extraordinary general
meeting convened for such purpose;

 

(c)                                  the passing of resolutions by the shareholders of China Unicom
(other than Unicom Group and its Associates, who shall abstain from voting in connection with the
resolutions) approving the Transfer Agreement at an
extraordinary general meeting convened for such purpose;

 

(d)                                 all other
conditions precedent contained in the Transfer Agreement having been fulfilled
or waived.

 

TERM AND CAPACITY

 

Term

 

4.1                                 The Lessee shall initially lease Capacity for a period of two years
from the Lease Commencement Date (the Initial Term) until 31 December 2006.

 

4.2                                 The Lease shall be renewable for such periods as may be agreed upon
between the parties (each, an Additional Term) on the same terms (except as to the
length, the Lease Fee and the Minimum Lease Fee for any Additional Term) at the
option of the Lessee provided
that the Lessee has given not less than 180 days’ prior
written notice to the Lessor.

 

7

 

4.3                                 The Lessor shall lease all its Capacity on the Network to the Lessee
during the Term.

 

4.4                                 In the event of the following
circumstances, the Lessee shall have the right to
require the Lessor to expand the Network in the Listed Service Areas to
increase the Capacity constructed on the Network according to a timetable
agreed between the Lessor and the Lessee:

 

(a)                                  to allow the
quality and quantity of the CDMA services provided by the Lessee to reach the
required industry standards;

 

(b)                                 to allow the Lessee
to launch new services of its CDMA Business; and

 

(c)                                  other circumstances
agreed upon between the Lessor and the Lessee.

 

4.5                                 If, due to any event or under any circumstance, the Lessor fails to
make available any Capacity on the Network which may affect the
CDMA services provided
by the Lessee to the Subscribers, then the Lessor
shall, as soon as practicable (and in any event within five Business Days of
the Lessor becoming aware of the event or circumstances in question), notify
the Lessee of that fact in writing. Such notification shall set out:

 

(a)                                  the nature of the
event or circumstances and whether they have arisen as a result of any of the
causes set out in clause 4.7;

 

(b)                                 a description of
the steps, if any, which the Lessor has identified are necessary to rectify the
matter or capable of bringing the Capacity into operational service as soon as
practicable; and

 

(c)                                  the likely effect
of the event or circumstances on the CDMA services to be provided by the
Lessee.

 

4.6                                 Following receipt by the Lessee of any notification pursuant to
clause 4.5, the Lessee and the Lessor shall discuss in good faith:

 

(a)                                  actions which can
be taken to rectify the matter; and

 

(b)                                 the number of CDMA
Subscribers potentially affected .

 

4.7                                 Notwithstanding the foregoing, if any event or circumstance notified
by the Lessor to the Lessee under clause 4.5 is, or arises as a result of, one
or more of the following:

 

(a)                                  a Force Majeure
Event;

 

(b)                                 any material breach
by the Lessee of any of its material obligations under this Agreement which
prevents the Lessor from performing the relevant obligation under this Agreement;
or

 

8

 

(c)                                  compliance with any
applicable law, the mandatory requirements of any Government Entity or any
other applicable statutory regulations;

 

then, save to the extent that the event arose
(in the case of an event under clause 4.7(c) only) as a result of any
breach of this Agreement by the Lessor, the Lessor shall have no liability to
the extent the delay arises from such events, whether under clause 4.8 or
otherwise, to provide any Delay Discount (as defined below), or pay any damages
or other compensation to the Lessee as a result of the Capacity not being ready
for service and the Lessee’s provision of CDMA service being effected due to
such events, and the Lessor shall make available the relevant Capacity on the
earliest practicable date on which it is able to do so in light of the relevant
event.

 

Consequences of Delay in Making
Available the Capacity

 

4.8                                 Subject to clause 4.7, if the Lessor fails to make available any
Capacity on the Network thus affecting the CDMA services provided by the
Lessee, then the Lessor shall provide the Lessee with a discount (a Delay Discount),
calculated as follows:

 

	
  Delay Discount

  	
  =

  	
  the Number of CDMA Subscribers of the
  Lessee being Affected by the Delay x period of delay (number of 

  
	
   

  	
   

  	
  days) x

  	
  ARPU of CDMA Subscribers 

  	
   

  
	
   

  	
   

  	
   

  	
  the number of days in the relevant month

  

 

In the above formula, the Number of CDMA Subscribers of the
Lessee  being
Affected by the Delay shall be the figure confirmed by the
Lessee on the basis of substantive evidence and ARPU of CDMA Subscribers shall be the
average monthly ARPU figure of the CDMA subscribers in the relevant areas for
the three months immediately prior to the delay, as calculated and confirmed by
the Lessee.

 

The Delay Discount shall be credited against
the next instalment of Lease Fee to be made by the Lessee to the Lessor.

 

Spectrum

 

4.9                                 The Lessor shall provide the Lessee, or cause the Lessee to be
provided, with all necessary spectrum for the
operation and expansion of the CDMA Business.

 

LEASE FEE

 

5.1                                 The Lease Fee of the Network shall be:

 

(a)                                  in 2005, 29% of the
audited CDMA Business Income of the Lessee for that year;

 

(b)                                 in 2006, 30% of the
audited CDMA Business Income of the Lessee for that year;

 

9

 

provided that the annual Lease Fee of the Network shall not be less than the
Minimum Lease Fee regardless of the amount of CDMA Business Income for that
year.  The Minimum Lease Fee for 2005
shall be 90% of the total amount of lease fee paid by the Old Operating
Entities to the Lessor pursuant to the Old Lease Agreements for 2004.  The Minimum Lease Fee for 2006 shall be 90%
of the total amount of Lease Fee paid by the Lessee to the Lessor pursuant to
this Agreement for 2005.

 

The Lease Fee and Minimum Lease Fee in any
Additional Term shall be re-negotiated in good faith by the parties to this
Agreement.  The methods of calculation
and payment of the Lease Fee are set out in Clause 6.

 

CALCULATION
OF THE CDMA BUSINESS INCOME AND PAYMENT OF THE LEASE FEE

 

6.1                                 Subject to clauses 6.2 through 6.6, the Lease Fee shall be initially
calculated on the basis of the unaudited CDMA Business Income generated by the
Lessee during each Quarter and shall be paid (or procured to be paid) quarterly
in arrears by the Lessee to the Lessor within 30 days following the end of each
Quarter during the Term.

 

6.2                                 The Lessee shall issue a report to the Lessor within 20 days
following the end of each Quarter during the Term in respect of the unaudited
CDMA Business Income generated during such Quarter.  Such report shall be in the form of Schedule 1
and shall contain the amount of the unaudited CDMA Business Income generated by
the Lessee during such Quarter and the total Lease Fee payable by the Lessee
that is calculated on the basis of that amount.

 

6.3                                 When China Unicom conducts its annual audit, the Lessor and the
Lessee shall adjust and settle the following as soon as practicable:

 

(a)                                  in the event that the Lease Fee of any year calculated on the basis
of the audited CDMA Business Income is greater than the Lease Fee of that year
paid by the Lessee and calculated on the basis of unaudited quarterly CDMA
Business Income of the Lessee, the Lessee shall pay the difference to the
Lessor as soon as practicable;

 

(b)                                 in the event that the Lease Fee of any year calculated on the basis
of the audited CDMA Business Income is less than the Lease Fee of that year
paid by the Lessee and calculated on the basis of the unaudited quarterly CDMA
Business Income of the Lessee, the Lessor shall refund the difference to the
Lessee as soon as practicable,

 

provided that, in the event that the Lease
Fee paid by the Lessee in respect of the relevant year is less than the Minimum
Lease Fee upon the above payment adjustment and settlement between the Lessor
and the Lessee, the Lessee shall pay the difference to the Lessor as soon as
practicable.

 

6.4                                 Unless otherwise agreed in writing between the Lessor and the
Lessee, all Lease Fee payments shall be made in Renminbi.

 

10

 

6.5                                 All sums payable by the Lessee to the Lessor under this Agreement
shall be made in immediately available funds by electronic funds transfer to
such account as the Lessor shall by not less than seven days’ prior written
notice notify to the Lessee.

 

6.6                                 The Lessor may charge interest on any outstanding sum payable to it
hereunder from the due date to the date on which it actually recovers the
outstanding payments in full from the Lessee, at the daily compound rate of
0.01%.

 

PROCUREMENT
AND CONSTRUCTION OF THE NETWORK

 

7.1                                 The Lessor shall procure Equipment for the Network and shall finance
the procurement of all Equipment. The Lessor shall invite the Lessee to
participate in all negotiations with Equipment suppliers, and the Lessee shall
be entitled to approve all Equipment purchases and sign all Equipment purchase
contracts.

 

7.2                                 The Lessor shall ensure that the Network is constructed in
accordance with the detailed design standards, specifications and timetable agreed
in writing between the Lessor and Lessee.

 

7.3                                 Subject to complying with its obligations under clause 7.2, the
Lessor shall comply with any requirement of the Lessee that the purchase of the
Equipment be undertaken in a manner that is tax efficient for the Lessee.

 

ACCEPTANCE
AND TESTING OF THE NETWORK

 

8.1                                 In relation to each Phase of the Network, authorised representatives
of the Lessor and the Lessee shall attend the initial acceptance and the final
acceptance arranged by the Equipment suppliers in accordance with the Equipment
supply and installation services contracts, which shall incorporate the
acceptance regulations of the Lessor. Representatives of the Lessor and the
Lessee shall effect initial and final acceptance of
each Phase by execution and delivery to the Equipment suppliers of an initial
acceptance document and a final acceptance document respectively.

 

OPERATION,
MANAGEMENT AND REVENUE

 

9.1                                 On the day of signing by the authorised representatives of the
Lessor and the Lessee of the initial acceptance document relating to a
particular Phase of the Network, that Phase shall be formally delivered to the
Lessee for operation, management and maintenance.

 

9.2                                 All operating revenue, including airtime charges, monthly
subscription fees, interconnection charges, income from sales of UIM cards and
handsets and other income generated from the operation of or in connection with
the Network shall be collected by and belong to the Lessee.

 

9.3                                 All costs of operating and managing the Network shall be borne by
the Lessee.

 

11

 

9.4                                 Notwithstanding clause 9.3, the Costs as defined in clause 9.5
shall be shared between the Lessor and the Lessee in the following proportion:

 

(a)                                  the Lessor shall
bear such proportion of the Costs as calculated according to the following
formula:

 

	
  total amount
  of Capacity

  constructed on the Network

  	
  -

  	
  the actual number of the Lessee’s
  cumulative CDMA

  (Subscribers as at the end of the month before the Costs are incurred)

  90%

  
	
  total amount of Capacity constructed on the
  Network

  

 

(b)                                 the Lessee shall
bear such proportion of the Costs as calculated according to the following
formula:

 

	
  the actual number of the Lessee’s
  cumulative CDMA

  
	
  (Subscribers as at the end of the month
  before the Costs are incurred)

  
	
  90%

  
	
  total amount of Capacity constructed on the
  Network

  

 

9.5                                 For
the purposes of clause 9.4, the term Costs means the rental
fees for the exchange
centres and the base stations together with the
relevant expenses, including water and electricity charges, heating
charges and the fuel charges for the relevant equipment etc.

 

RISK AND TITLE

 

10.1                           The parties agree that title to all parts of the Network procured,
acquired or otherwise funded by the Lessor will remain vested in the Lessor until
the Network is transferred to the Lessee pursuant to clause 13.

 

10.2                           As between the Lessor and the Lessee, during the period of
construction of each Phase of the Network, the Lessor shall bear all risks of
loss, theft, damage and destruction of or to the Network. Thereafter and until
the expiry of the Term the Lessor shall bear all risks of physical loss, damage
and destruction of or to the Network caused by an Event of Force Majeure, and
the Lessee shall be responsible for all losses and damage resulting from its
operation of the Network.

 

12

 

RESPONSIBILITIES
OF THE PARTIES

 

Lessor’s Responsibilities

 

11.1                           Without limiting the Lessor’s other obligations hereunder, the
Lessor’s responsibilities are to:

 

(a)                                  obtain and maintain all necessary government and other approvals,
authorisations, licences and other documents necessary or desirable for the
construction, operation, maintenance and upgrading of the Network;

 

(b)                                 obtain all PRC approvals and permits for the import of all equipment
and technology, other supplies and installation services required for the
construction and operation of the Network, and to use best endeavours to obtain
and maintain favourable customs duties;

 

(c)                                  obtain all
necessary funding for the construction and expansion of the Network in
accordance with the Lessee’s requirements;

 

(d)                                 ensure that each
Phase of the Network is constructed in accordance with construction timetable
agreed by the Lessor and Lessee;

 

(e)                                  handle all arrangements
in relation to the importation of the Equipment;

 

(f)                                    ensure that the
Capacity leased is delivered to the Lessee during the Term;

 

(g)                                 use best endeavours
to ensure that the Network quality standards shall meet the standards agreed by
the Lessor and Lessee;

 

(h)                                 upon request by the
Lessee to upgrade the software or hardware of the Network, to use best
endeavours to satisfy the request as soon as possible;

 

(i)                                     make available to the Lessee during the Term the benefit of all
manufacturer’s warranties in relation to the Equipment and other product
support;

 

(j)                                     unless agreed in writing with the Lessee and Unicom Group, refrain
from leasing or selling any part of the Network to any third party, or
permitting any third party to use or operate the Network in any manner to
provide telecommunications services, except conducted as contemplated in the
Transfer Agreement;

 

(k)                                  without the prior written consent of the Lessee, not use or operate
the Network in any manner to provide telecommunications services, or to compete
in any other manner with the Listed Group; and

 

(l)                                     in the event of a
breakdown of any part of the Network, provide the Lessee with all necessary
cooperation, including liaising with Equipment suppliers and coordinating
relevant parties.

 

13

 

Lessee’s Responsibilities

 

11.2                           Without limiting the Lessee’s other obligations hereunder, the
Lessee’s responsibilities are to:

 

(a)                                  promptly notify the
Lessor of any event of loss or any event which is likely to result in an
insurance notification claim;

 

(b)                                 provide the Lessor
with such information concerning the condition, use and operation of the
Network as the Lessor may from time to time reasonably request;

 

(c)                                  permit the Lessor’s
representatives to inspect the Network during normal working hours, upon
reasonable notice;

 

(d)                                 be responsible for
the maintenance and safety of the Network and maintenance of all databases in
relation to the Network;

 

(e)                                  permit the Lessor
to use such of its premises as are reasonably required by the Lessor for the
purpose of complying with its obligations under this Agreement;

 

(f)                                    refrain from
subleasing any part of the Network or assigning its rights under the lease to
any party other than a member of the Listed Group, except conducted as
contemplated in the Transfer Agreement; and

 

(g)                                 in accordance with
market requirements and subscriber demand, use all reasonable efforts to
promote and advertise the CDMA Business in the Listed Service Areas.

 

Unicom Group’s Responsibilities

 

11.3                           Without limiting Unicom Group’s other obligations hereunder, Unicom
Group’s responsibilities are to:

 

(a)                                  obtain and maintain all necessary government and other approvals,
authorisations, licences and other documents necessary or desirable for the construction,
operation, maintenance and upgrading of the Network; and

 

(b)                                 establish and
maintain roaming and interconnection arrangements with other telecommunications
operators.

 

REPRESENTATIONS
AND WARRANTIES

 

Representations and Warranties of
the Lessee

 

12.1                           The Lessee represents and warrants
to the Lessor that:

 

(a)                                  Status:  It is a limited liability company duly
incorporated and validly existing under the laws of the PRC and has the
corporate power to own its assets and carry on its business as it is being
conducted;

 

14

 

(b)                                 Power and authority:
It has the corporate power to enter into and perform, and has taken all
necessary corporate action to authorise the entry into, performance and
delivery of, this Agreement and the transactions contemplated by this
Agreement;

 

(c)                                  Legal validity:
This Agreement has been duly authorised, executed and delivered by the Lessee,
and this Agreement constitutes legal, valid and binding obligations of the
Lessee, enforceable in accordance with its terms;

 

(d)                                 Non-conflict: The
entry into and performance by the Lessee of, and the transactions contemplated
by, this Agreement do not and will not (i) conflict with the
constitutional documents of the Lessee; or (ii) conflict with or result in
default under any document which is binding upon the Lessee or any of its
assets nor result in the creation of any Security Interest over any of its
assets;

 

(e)                                  Authorisation: All
authorisations, consents, registrations and notifications required by the
Lessee in connection with the entry into, performance, validity and
enforceability of, this Agreement and the transactions contemplated by this
Agreement, have been obtained or effected (as appropriate) and are in full
force and effect;

 

(f)                                    No Immunity: The
Lessee is subject to civil commercial law with respect to its obligations under
this Agreement; and neither Lessee nor any of its assets is entitled to any
right of immunity, and the entry into and performance of this Agreement by the
Lessee constitute private and commercial acts; and

 

(g)                                 Litigation: No
litigation, arbitration or administrative proceedings are pending or threatened
against Lessee which, if adversely determined, would have a material adverse
effect upon the Lessee’s financial condition or business or its ability to
perform its obligations under this Agreement.

 

Representations and Warranties of
the Lessor and Unicom Group

 

12.2                           Each of the Lessor and Unicom
Group jointly and severally represents and warrants to the Lessee that:

 

(a)                                  Status: The Lessor
is a company duly incorporated and validly existing under the laws of the PRC
and has the corporate power to own its assets and carry on its business as it
is now being conducted;

 

(b)                                 Power and authority:
The Lessor has the corporate power to enter into and perform, and has taken all
necessary corporate action to authorise the entry into, performance and
delivery of, this Agreement and the transactions contemplated by this
Agreement;

 

(c)                                  Legal validity:
This Agreement constitutes the Lessor’s legal, valid and binding obligation;

 

15

 

(d)                                 Non-conflict: The
entry into and performance by the Lessor of, and the transactions contemplated
by, this Agreement do not and will not conflict with: (i) any laws binding
on the Lessor; or (ii) the constitutional documents of the Lessor; or (iii) any
document which is binding upon the Lessor or any of its assets;

 

(e)                                  Authorisation: So
far as concerns the obligations of the Lessor, all authorisations, consents,
registrations and notifications required under the laws of the PRC in
connection with the entry into, performance, validity and enforceability of,
and the transactions contemplated by, this Agreement by the Lessor have been
obtained or effected (as appropriate) and are in full force and effect;

 

(f)                                    No breach: The use of the
Network by the Lessee in accordance with this Agreement will not cause the
Lessee to breach any law, regulation, direction, permission, waiver, consent,
registration, approval or other authorisation;

 

(g)                                 No Immunity: The
Lessor is subject to civil commercial law with respect to its obligations under
this Agreement; and neither the Lessor nor any of its assets is entitled to any
right of immunity, and the entry into and performance of this Agreement by the
Lessor constitute private and commercial acts; and

 

(h)                                 Currently, the Network has a total Capacity of 42,040,000
Subscribers approximately (which is calculated on the basis of a nominal value
of 0.015 Erlang per Subscriber during peak periods; the Lessor and the Lessee
may vary the nominal value per Subscriber in light of actual usage and other
relevant factors).

 

Representations and Warranties of
Unicom Group

 

12.3                           Unicom Group also represents and
warrants to the Lessee that:

 

(a)                                  Status: Unicom
Group is a company duly incorporated and validly existing under the laws of the
PRC and has the corporate power to own its assets and carry on its business as
it is now being conducted;

 

(b)                                 Power and authority:
Unicom Group has the corporate power to enter into and perform, and has taken
all necessary corporate action to authorise the entry into, performance and
delivery of, this Agreement and the transactions contemplated by this
Agreement;

 

(c)                                  Legal validity:
This Agreement constitutes Unicom Group’s legal, valid and binding obligation;

 

(d)                                 Non-conflict: The
entry into and performance by Unicom Group of, and the transactions
contemplated by, this Agreement do not and will not conflict with: (i) any
laws binding on Unicom Group; or (ii) the constitutional documents of
Unicom Group; or (iii) any document which is binding upon Unicom Group or
any of its assets;

 

16

 

(e)                                  Authorisation: So
far as concerns the obligations of Unicom Group, all authorisations, consents,
registrations and notifications required under the laws of the PRC in
connection with the entry into, performance, validity and enforceability of,
and the transactions contemplated by, this Agreement by Unicom Group have been obtained
or effected (as appropriate) and are in full force and effect;

 

(f)                                    CDMA Licence:
Unicom Group’s CDMA licence (Licence No. [2001] Yi Zi No. 01) issued
by the MII dated 1 August 2001 is in full force and effect and there are
no circumstances which indicate that such licence will or is likely to be
revoked, in whole or in part. In accordance with applicable PRC laws and
regulations, Unicom Group is permitted to authorise the Lessee to provide CDMA
mobile telecommunications services by using the Network;

 

(g)                                 No Immunity: Unicom
Group is subject to civil commercial law with respect to its obligations under
this Agreement; and neither Unicom Group nor any of its assets is entitled to
any right of immunity, and the entry into and performance of this Agreement by
Unicom Group constitute private and commercial acts.

 

PURCHASE OPTION

 

13.1                           The Lessor hereby grants the Lessee an option to purchase the
Network (the Purchase
Option).

 

13.2                           The Purchase Option may be exercised at any time during the Term and
within one year thereafter by the Lessee giving notice in writing (a Purchase Option Notice)
to the Lessor. The acquisition price of the Network shall be negotiated between
the Lessor and the Lessee based on the appraised value of the Network
determined in accordance with applicable PRC laws and regulations, and taking
into account prevailing market conditions and other relevant factors, provided
that the acquisition price will not be greater than such price as would, after
taking into account all Lease Fee payments made by all of the Old Operating
Entities to the Lessor in accordance with this Agreement or any Old CDMA Lease
Agreement and deducting all Delay Discounts due to the Lessee under clause 4.8,
enable the Lessor to recover the Network Construction Cost, together with an
internal rate of return on its investment of 8% (the Purchase Price).

 

13.3.                        The purchase of the Network by the Lessee under this clause 13 shall
be carried out in accordance with the relevant provisions of the Listing Rules of
the SSE and all applicable PRC laws and regulations (or the Listing Rules and
all applicable Hong Kong laws after completion of the Transfer Agreement).

 

13.4                           As soon as practicable following the issue of a Purchase Option
Notice, the Lessor and Lessee shall negotiate in good faith and execute an
agreement in relation to the sale and purchase of the Network.  The agreement shall reflect the terms
referred to in this clause 13, as well as such other terms as the Lessor and
the Lessee shall agree. In the agreement, the Lessor shall provide such
representations and warranties as are reasonably requested by the Lessee in
relation to the Network and other related matters.

 

17

 

13.5                           The Network shall be sold free from all Security Interests and with
all rights attached to it at the date of completion of the sale and purchase of
the Network.

 

13.6                           The Lessor and the Lessee shall procure that, as soon as reasonably
practicable following final acceptance of each Phase of the Network, a firm of
auditors jointly selected by the Lessor and Lessee is appointed to perform
procedures agreed upon with the Lessor and Lessee to verify the final Network
Construction Cost in respect of such Phase. The Lessor shall provide the Lessee
and the firm of auditors so appointed with certified copies or originals of all
such supporting invoices and receipts and other documentary evidence and
information as the Lessee or such auditors may require in order to verify the Network Construction Cost in respect of any
Phase of the Network. The auditors’ fees for carrying out the aforesaid
procedures shall be borne by the Lessor and the Lessee in equal shares.

 

INSURANCE

 

14.1                           During the construction period of each Phase of the Network, the
Lessor shall fully and continuously maintain insurance over the Network. The
relevant insurance premiums shall be paid by the Lessor and form part of the
Network Construction Cost.  Such
insurance policies shall name the Lessor as the beneficiary.  Following receipt by the Lessor of any
proceeds of such insurance, the Lessor shall apply all the proceeds to repair
the Network.

 

14.2                           After each Phase of the Network has been constructed and made
available to the Lessee for use , insurance of that Phase of the Network shall
be effected and maintained fully and continuously valid by or on behalf of the
Lessee on such terms and with such qualified insurance company as agreed by the
Lessor and the Lessee.  The relevant
insurance premiums, which form part of the cost of operating the Network, shall
be paid by the Lessee.  The Lessor and
the Lessee shall be named as joint beneficiaries under all such insurance
policies.

 

14.3                           The proceeds of any insurance taken out over the Network shall be
applied in repairing or replacing the part of the Network that has been damaged
or lost.  If the costs of such repair or
replacement exceed the amount of relevant proceeds of insurance, the excess
shall be paid by the Lessor and shall form part of the Network Construction Cost
in case the damage or loss occurs during the construction period, and shall be
paid by or on behalf of the Lessee and form part of the operating cost of the
Network in case the damage or loss occurs during the operating period.

 

14.4                           In the event of loss of, or damage to, the Network, the Lessor and
Lessee shall agree upon the detailed steps which can be taken to repair or
replace the Network so as to overcome, rectify and minimise such loss or
damage.

 

NETWORK MAINTENANCE

 

15.1                           The Lessee shall at all times
during the Term:

 

(a)                                  take all necessary or desirable steps to safeguard all parts of the
Network and keep the Network in good repair and condition, subject to fair wear
and tear; and

 

18

 

(b)                                 maintain the
Network in accordance with the generally accepted best practice of other mobile
telecommunications operators in the PRC.

 

15.2                           The costs, fees and expenses in complying with the obligations of
the Lessee under clause 15.1 shall be shared between the Lessor and the Lessee
according to the following proportions:

 

(a)                                  the Lessor shall
bear such proportion of the costs, fees and expenses in complying with the
obligations of the Lessee under Clause 15.1 as calculated according to the
following formula:

 

	
  total amount
  of Capacity

  constructed on the Network

  	
  -

  	
  the actual number of the Lessee’s
  cumulative CDMA

  (Subscribers as at the end of the month before the Costs are incurred)

  90%

  
	
  total amount of Capacity constructed on the
  Network

  

 

(b)                                 the Lessee shall
bear such proportion of the costs, fees and expenses in complying with the
obligations of the Lessee under Clause 15.1 as calculated according to the
following formula:

 

	
  the actual number of the Lessee’s
  cumulative CDMA

  
	
  (Subscribers as at the end of the month
  before the Costs are incurred)

  
	
  90%

  
	
  total amount of Capacity constructed on the
  Network

  

 

15.3                           The Lessee shall permit the Lessor’s representatives to inspect the
Network during normal business hours, upon reasonable notice, for the purpose
of ascertaining whether the Lessee is in compliance with its obligations under
clause 15.1.

 

GUARANTEE AND INDEMNITY

 

16.1                           In consideration of the Lessee entering into this Agreement, Unicom
Group unconditionally and irrevocably guarantees the due and punctual
performance by the Lessor of its obligations under this Agreement. If and each
time the Lessor fails for any reason to perform or observe its obligations
under this Agreement, Unicom Group shall forthwith upon demand unconditionally
perform (or procure the performance of) the obligation in relation to which
such failure has occurred in the manner prescribed in this Agreement and so
that the same benefits shall be received by the Lessee as would have been so
received if such obligation had been duly performed and/or observed by the
Lessor.

 

19

 

16.2                           Unicom Group agrees to indemnify on demand the Lessee for any loss
or damage suffered by any member of the Listed Group as a result of any defect
in, or any loss of or damage to, any of the Equipment caused by any negligence,
default, act or omission of the Lessor or Unicom Group under this Agreement or
in connection with the Network. The aggregate liability of Unicom Group for any
claim shall not exceed the total amount of Lease Fee payments made by the all
of the Old Operating Entities to the Lessor under this Agreement or any Old
CDMA Lease Agreement as well as the total Purchase Price paid by the Lessee for
the Network.

 

CONFIDENTIALITY

 

17.1                           At all times during the Term each party shall, and shall procure
that their respective directors, officers, employees and agents shall, keep
confidential and shall not, without the prior written consent of the other
parties, disclose to any third party this Agreement or any of the terms of this
Agreement or any documents or materials supplied by or on behalf of either
party in connection with this Agreement, save that any such party shall be
entitled upon giving notice to the other parties to make such disclosure:

 

(a)                                  in connection with any proceedings arising out of or in connection
with this Agreement to the extent that any party may consider necessary to
protect its interests; or

 

(b)                                 if required to do
so by an order of a court of competent jurisdiction whether in pursuance of any
procedure for discovering documents or otherwise or pursuant to any law or any
regulation of any stock exchange or securities regulatory authority; or

 

(c)                                  to its auditors or
legal advisors or other professional advisers; or

 

(d)                                 by the Lessor or
the Lessee to any bank or any other financier or prospective financier; or

 

(e)                                  if required to do
so by any applicable law or in order for such party to comply with its
obligations under this Agreement.

 

17.2                           Nothing contained in clause 17.1 shall preclude the Lessee from
disclosing to any member of the Listed Group any information, document or other
materials relating to the Lease.

 

FORCE MAJEURE

 

18.1                           If the Lessee or Lessor (the Affected Party) is
prevented, hindered or delayed from or in performing any of its obligations
under this Agreement by a Force Majeure Event:

 

(a)                                  the Affected Party’s obligations under this Agreement are suspended
from notification of the event in accordance with clause 18.1(b) while the
Force Majeure Event continues but only to the extent that it is so prevented,
hindered or delayed;

 

20

 

(b)                                 immediately after the occurrence of the Force Majeure Event the
Affected Party shall promptly notify the other parties in writing of the Force
Majeure Event, the time and date on which the Force Majeure Event started and
the effects of the Force Majeure Event on its ability to perform its
obligations under this Agreement;

 

(c)                                  the Affected Party shall take all reasonable endeavours to mitigate
the effects of the Force Majeure Event on the performance of its obligations
under this Agreement; and

 

(d)                                 immediately after
the end of the Force Majeure Event, the Affected Party shall notify the other
parties in writing that the Force Majeure Event has ended and the duration of
the Force Majeure Event, and shall resume performance of its obligations under
this Agreement.

 

TERMINATION

 

19.1                           The Lessee may terminate this Agreement by not less than 180 days’
prior written notice, such termination to take effect from the end of the
Initial Term or any Additional Term.  The
Lessor may not terminate this Agreement except in accordance with this clause
19.1 or clause 19.2.

 

19.2                           Without prejudice to any other rights or remedies they may have
(either under this Agreement or at law), the Lessor or the Lessee may terminate
this Agreement if the other (or, in the case of the Lessee, Unicom Group)
commits any continuing or material breach of any of the provisions of this
Agreement (save for any breach which is caused by the party seeking to rely on
it) and, in the case of such a breach which is capable of remedy, fails to
remedy the same within 90 days after receipt of a written notice giving full
particulars of the breach and requiring it to be remedied.

 

19.3                           For the purpose of clause 19.2, a breach shall be considered capable
of remedy if the party in breach can comply with the provision in question in
all respects other than as to the time of performance (provided that time of
performance is not of the essence).

 

19.4                           The rights to terminate this Agreement given by this clause 19
shall not prejudice any other right or remedy of any party in respect of the
breach concerned (if any) or any other breach.

 

19.5                           Upon the termination of this Agreement for any reason, subject as
otherwise provided in this Agreement and to any rights or obligations which
have accrued prior to termination, no party shall have any further obligation
to the others under this Agreement.

 

19.6                           Notwithstanding clause 19.1, this Agreement may terminate at any
time with the written agreement of the parties.

 

21

 

Redelivery

 

19.7                           Subject to clause 13, the Lessee shall redeliver the Network to the
Lessor within 90 days following the termination of the Lease.  At the time of such redelivery:

 

(a)                                  the Network shall
be free and clear of all Security Interests (other than Lessor Liens);

 

(b)                                 all maintenance to the Network due for performance during the Term
shall have been completed in accordance with clause 15, with all deferred
maintenance items completed; and

 

(c)                                  all damage to the
Network shall have been permanently repaired and certified in accordance with
the requirements of the relevant Equipment manufacturer.

 

NOTICES

 

20.1                           Any notice to be given pursuant to this Agreement shall be in
writing and signed by (or on behalf of) the person giving it.  It shall be served by sending it by fax, or
delivering it by hand, or sending it by prepaid recorded delivery, special
delivery or registered post, to the address or fax number set out in clause
20.2 and in each case marked for the attention of the relevant party (or to
such other address or fax number as shall have been duly notified in accordance
with this clause).  Any notice so served
by hand, fax or post shall be deemed to have been duly given:

 

(a)                                  in the case of
delivery by hand, when delivered;

 

(b)                                 in the case of
delivery by fax, at the time of transmission; and

 

(c)                                  in the case of
prepaid recorded delivery, special delivery or registered post, at 9 a.m.
on the second Business Day following the date of posting

 

provided that in each case where delivery by
hand or by fax occurs after 6 p.m. on a Business Day or on a day which is
not a Business Day, service shall be deemed to occur at 9 a.m. on the next
following Business Day.

 

References to time in this clause are to
local time in the country of the addressee.

 

22

 

20.2                           The addresses and fax numbers of the parties for the purpose of
clause 20.1 are as follows:

 

	
  Lessor

  	
   

  
	
   

  	
   

  
	
  Address:

  	
  6th Floor, Tower 3, Henderson
  Centre, 18 Jianguomen

  Nei Dajie, Beijing, 100005, PRC

  
	
   

  	
   

  
	
  Fax:

  	
  +86 10 6611 0768

  
	
   

  	
   

  
	
  For the attention of:

  	
  Zhang Yun Gao

  
	
   

  	
   

  
	
  Lessee

  	
   

  
	
   

  	
   

  
	
  Address:

  	
  40th Floor, Jin Mao Tower, 88
  Century Boulevard,

  Shanghai, the PRC

  
	
   

  	
   

  
	
  Fax:

  	
  +86 10 6650 4066

  
	
   

  	
   

  
	
  For the attention of:

  	
  The Directors

  
	
   

  	
   

  
	
  Unicom Group

  	
   

  
	
   

  	
   

  
	
  Address:

  	
  Room 615, Tower 3, Henderson Centre,

  
	
   

  	
  18 Jianguomen Nei Dajie, Beijing, the PRC

  
	
   

  	
   

  
	
  Fax:

  	
  +86 10 6611 4366

  
	
   

  	
   

  
	
  For the attention of:

  	
  Li Zhang Ting

  

 

20.3                           A party may notify the other parties of a change to its name,
relevant addressee, address or fax number for the purposes of this
clause 20, provided that such notice shall only be effective on:

 

(a)                                  the date specified
in the notice as the date on which the change is to take place; or

 

(b)                                 if no date is
specified or the date specified is less than five Business Days after the date
on which notice is given, the date following five Business Days after notice of
any change has been given.

 

ASSIGNMENT
AND SUB-CONTRACTING

 

21.1                           The rights or benefits under this Agreement may not be assigned (nor
may any cause of action arising in connection with any of them be assigned) by
the Lessor or Unicom Group or their respective successor in title without the
prior written consent of the Lessee. 
Each of the Lessor and Unicom Group irrevocably agrees that the Lessee
may transfer or sub-contract any of its rights and obligations under this
Agreement to the New Operating Entity or another member of the Listed Group.

 

23

 

21.2                           The Lessor may, with the Lessee’s prior written consent,
sub-contract any of its obligations under this Agreement provided that the
Lessor procures that the sub-contractor complies with the Lessor’s obligations
under this Agreement as if it were a party to this Agreement in place of the
Lessor. Nothing in this clause 21 will relieve the Lessor of any of its
liabilities or obligations under this Agreement.

 

SEVERABILITY

 

22.1                           If any provision of this Agreement is held to be invalid or
unenforceable, then such provision shall (so far as it is invalid or
unenforceable) be given no effect and shall be deemed not to be included in
this Agreement but without invalidating any of the remaining provisions of this
Agreement.

 

FURTHER ASSURANCE

 

23.1                           Each party agrees to perform (or procure the performance of) all
further acts and things, and execute and deliver (or procure the execution and
delivery of) such further documents, as may be required by law or as the other
parties may reasonably require to implement and/or give effect to this
Agreement and the transactions contemplated by it.

 

COSTS

 

24.1                           Subject to clause 24.2, each of the parties shall pay its own Costs
and expenses (including the legal costs) incurred in connection with the
negotiation, preparation and implementation of this Agreement.

 

24.2                           Any stamp duty or other duties payable in connection with this
Agreement, and matters contemplated hereunder shall be borne by the Lessor and
the Lessee in equal shares.

 

WAIVERS AND VARIATIONS

 

25.1                           No failure or delay on the part of any party in exercising any
right, power or remedy hereunder shall operate as a waiver thereof nor shall
any single or partial exercise of any right, power or remedy preclude any
further exercise thereof or the exercise of any other right, power or remedy.
No waiver shall be effective unless expressed in writing signed for or on
behalf of the party granting it.

 

25.2                           No variation of this Agreement (or of any of the documents referred
to in this Agreement) shall be valid unless it is in writing and signed by or
on behalf of each of the parties to it. 
The expression “variation” shall include any variation, supplement,
deletion or replacement however effected.

 

25.3                           Unless expressly agreed, no variation shall constitute a general waiver
of any provisions of this Agreement, nor shall it affect any rights,
obligations or liabilities under or pursuant to this Agreement which have
already accrued up to the date of variation, and the rights and obligations of
the parties under or pursuant to this Agreement shall remain in full force and
effect, except and only to the extent that they are so varied.

 

24

 

ENTIRE AGREEMENT

 

26.1                           This Agreement constitutes the entire agreement between the parties
in respect of the subject matter of this Agreement and supersedes all Old CDMA
Lease Agreements.

 

SETTLEMENT OF DISPUTES

 

27.1                           This Agreement and the relationship between the parties shall be
governed by, and interpreted in accordance with, PRC law.

 

27.2                           The parties agree to use their best efforts to settle all disputes,
controversies or conflicts arising from or in connection with this Agreement
through friendly negotiation and consultation. 
If the parties fail to reach agreement on the length, the Lease Fee or
the Minimum Lease Fee for any Additional Term, either the Lessor or the Lessee
may refer the matter to mediation at Hong Kong International Arbitration Centre
(HKIAC) and in accordance with its Mediation Rules.

 

27.3                           Each of the parties agrees that the courts of the PRC are to have
exclusive jurisdiction to settle any disputes which may arise in connection
with this Agreement.

 

27.4                           Each party agrees to waive and not to claim any immunity from any
proceedings and legal actions and from all forms of execution to which it or
its property is now or hereafter becomes entitled under the laws of any
jurisdiction.

 

27.5                           During the arbitration or court proceedings, the parties shall
continue to perform their respective obligations under this Agreement except
for the part in dispute which is being referred to arbitration or court
proceedings.

 

LANGUAGE

 

28.1                           This Agreement shall be written in a Chinese version and an English
version in two originals each. If there exists any
dispute between the parties as to the interpretation of the two versions, then
the two versions shall be read in conjunction to determine the parties’
intention at the time of signing. If the parties’ real intention still cannot
be ascertained by such reading, the Chinese version shall prevail.

 

IN
WITNESS whereof
the parties hereto have executed this Agreement on the date shown at the
beginning of this Agreement.

 

25

 

	
  SIGNED on behalf of the Lessor

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Zhang Yungao

  	
   

  	
   

  
	
   

  	
   

  
	
  Name:

  	
  Zhang Yungao

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  SIGNED on behalf of the Lessee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Sun Qian

  	
   

  	
   

  
	
   

  	
   

  
	
  Name:

  	
  Sun Qian

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  SIGNED on behalf of Unicom Group

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Chang Xiaobing

  	
   

  	
   

  
	
   

  	
   

  
	
  Name:

  	
  Chang Xiaobing

  	
   

  	
   

  

 

26

 

SCHEDULE 1

 

Quarterly CDMA Service Revenue

Breakdown of CDMA Service Revenue

 

	
  Prepared by: Provincial Branch

  	
   

  	
  Unit of Amount: RMB

  	
   

  	
   

  

 

	
  Items

  	
   

  	
  Rows

  	
   

  	
  Amount for

  the current

  quarter

  	
   

  	
  Note

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Service
  Revenue

  	
   

  	
  1=2+3+4+5+

  6+7-8

  	
   

  	
   

  	
   

  	
  Formula for calculating the lease fee in row 11 is described as following:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1. Monthly fee

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
  Assuming that under PRC GAAP, service
  revenue generated by CUCL from the principal business (in row 1) equals to A

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2. Usage fee

  	
   

  	
  3

  	
   

  	
   

  	
   

  	
  Lease fee payable to Unicom Horizon, i.e. leasing revenue of Unicom
  Horizon equals to B

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3. Revenue from value-added services

  	
   

  	
  4

  	
   

  	
   

  	
   

  	
  Under the connected transaction agreements,
  the settlement represents R% of the service revenue
  calculated in accordance with HK GAAP.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4. Interconnection revenue

  	
   

  	
  5

  	
   

  	
   

  	
   

  	
  Under HK GAAP, the service
  revenue generated by CUCL equals to C

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5. Business revenues from digital circuits
  and leased lines

  	
   

  	
  6

  	
   

  	
   

  	
   

  	
  C=A-(A-B)* 3%

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6. Others

  	
   

  	
  7

  	
   

  	
   

  	
   

  	
  Formula : B=C*R%= [A-(A-B)*3%]*R%

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Business Tax

  	
   

  	
  8

  	
   

  	
   

  	
   

  	
  Where: B=[A*(1-3%)]
  / (1/R%-3%)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Costs incurred by
  Principal Business

  	
   

  	
  9

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ......

  	
   

  	
  10

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  In which, CDMA lease fee payable to Unicom
  Horizon

  	
   

  	
  11

  	
   

  	
   

  	
   

  	
   

  

 

27Exhibit 4.28

 

(English
Translation)

 

 

Transfer Agreement of

 

The CDMA
Network Capacity Lease

 

Agreement

 

 

 

Between

 

China United
Telecommunications Corporation Limited

 

And

 

China
Unicom Corporation Limited

 

Unicom
New World Telecommunications Corporation Limited

 

 

March
24, 2005

 

 

This Agreement was signed in Beijing, People’s
Republic of China (“China”), on March 24, 2005, by the representatives of the
following parties:

 

(1)       The Transferor:

 

China United Telecommunications Corporation Limited
(“A Share Company”)

Location: F40th, Jinmao Building, No.88 ShiJi Avenue,
Shanghai

Legal Representative: Chang Xiaobing

 

(2)       The Transferee:

 

China Unicom Corporation Limited (“CUCL”) 

Location: F12 of No. 1 Building, Henderson Center,
No.18, JianGuoMen Nei

Street, Beijing 

Legal Representative: Chang Xiaobing

 

Unicom New World Telecommunications Corporation
Limited (“Unicom New World”)

Location: Room 1009, F10th of No. 1 Building, No.
18, JianGuoMen Nei Street,

DongCheng District, Beijing

Legal Representative: Chang Xiaobing

 

In this Agreement, CUCL and Unicom New World are separately
or collectively referred to as the Transferee.

 

Whereas,

 

(1)       CUCL is a foreign invested enterprise
established and survived in compliance with the Chinese law, with 100% of its
shares being held by China Unicom Limited (the “Red-chip Company”). A Share
Company is a limited holding company established and survived in compliance
with the Chinese law, listed in Shanghai Stock Exchange (“SSE”) on October 9,
2002, with 69.3224% of its shares Beijing held by China United
Telecommunications Corporation (“Unicom Group”);

 

1

 

(2)       In order for CUCL to offer CDMA services in
Beijing, Tianjin, Hebei, Liaoning, Shanghai, Jiangsu, Zhejiang, Anhui, Fujian,
Shandong, Hubei, Guangdong (“Twelve Provinces and Municipalities”), Unicom
Group and Unicom New Horizon
Telecommunications Corporation Limited (“Unicom New Horizon”) signed on Novenber 22, 2001 the CDMA Network
Capacity Lease Agreement (“the old CDMA Lease Agreement I”) ;

 

(3)       On August 12, 2002, Unicom Group and A Share
Company signed a memorandum of understanding on the transactions to be
conducted after the listing of the shares of A Share Company (“Connected
Transactions MoU”) between Unicom Group or its subsidiaries (excluding A Share
Company and the subsidiaries held by A Share Company) and Red-chip
Company indirectly held by A Share Company and its subsidiaries. According to
the understanding reached in the Connected Transactions MoU, in the event that
the transactions to be conducted between Red-chip Company itself or its
subsidiaries and Unicom Group or any of its subsidiaries (excluding A Share
Company and the subsidiaries held by A Share Company) require approval of the
minority shareholders of A Share Company under the Rules Governing the Listing
of Shares on Shanghai Stock Exchange (“Rules of SSE”) applicable from time to
time, which are deemed at the same time as connected transactions that require
approval of the minority shareholders of Red-chip Company under the Rules
Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (“Rules
of SEHK”) applicable from time to time, the above connected transactions shall
be conducted in a 2-step approach: (1) Unicom Group or any of its subsidiaries
enters into an agreement on the intended transaction with A Share Company or
China Unicom (BVI) Limited (“Unicom BVI”), identifying the rights and
obligations of the 2 parties involved in the transaction under the agreement
(including, but not limited to, approval of Unicom Group of the transfer of the
rights and obligations of A Share Company or Unicom BVI under the agreement to
Red-chip Company or any of its subsidiaries); (2) A Share Company or Unicom BVI
transfers its rights and obligations under the above mentioned agreement to Red-chip
Company or any of its subsidiaries;

 

2

 

(4)       Pursuant to the arrangements made in the
above mentioned Connected Transactions MoU, and in order for Unicom New Century
Telecommunications Corporation Ltd. (“Unicom New Century”) to offer mobile
communications services in Jilin, Heilongjiang, Jiangxi, Henan, Sichuan, Shaanxi
provinces, Chongqing Municipality, Guangxi Zhuang Autonomous Region and
Xinjiang Uygur Autonomous Region (“9A Areas”), Unicom Group, Unicom New Horizon
signed the CDMA Network Capacity Lease Agreement (“the old CDMA Lease Agreement
II”) with A Share Company on November 20, 2002. On the same day, A Share
Company signed the Agreement on Transfer of the old CDMA Lease Agreement II
with Unicom New Century to transfer all its rights and obligations under the
old CDMA Lease Agreement II to Unicom New Century;

 

(5)       Pursuant to the arrangements made in the
above mentioned Connected Transactions MoU, and in order for Unicom New World
to offer mobile communications services in Shanxi, Inner Mongolia, Hunan,
Hainan, Yunnan, Ningxia, Gansu, Qinghai and Tibet (“9B Areas”), Unicom Group
signed the CDMA Network Capacity Lease Agreement (“the old CDMA Lease Agreement
III”) with A Share Company on November 20, 2003. On the same day, A Share
Company signed the Agreement on Transfer of the old CDMA Lease Agreement III
with Unicom New World to transfer all its rights and obligations under the old CDMA
Lease Agreement III to Unicom New World;

 

(6)       Unless otherwise stated in this Agreement,
the old CDMA Lease Agreement I, the old CDMA Lease Agreement II and its
transfer agreement, the old CDMA Lease Agreement III and its transfer agreement
are collectively referred to as “the Old CDMA Lease Agreement”.

 

3

 

(7)       CUCL assimilated and merged with Unicom New Century on July 30, 2004, and the rights and obligations of
Unicom New Century under the old CDMA Lease Agreement II have been inherited by
CUCL. The Ministry of Commence has approved, pursuant to MOC’S Approval of the Merging between China Unicom
Corporation Limited and Unicom New
World Telecommunications Co. Ltd.(MOC [2005]No.258), of the merging between CUCL and Unicom New World. At present, CUCL is
going through the rest of the legal procedures necessary for its merging with Unicom New World, upon completion of which
Red-chip Company would have CUCL as its sole operating entity in China;

 

(8)       On November 22, 2004, the Amendment Agreement
was entered into between CUCL, Unicom New World and Unicom Group, respectively,
to supplement the provisions in connection with cost allocation in the old CDMA
Lease Agreement;

 

(9)       Unicom Group, Unicom New Horizon and A Share
Company signed the “CDMA Network Capacity Lease Agreement” on March 24, 2005.

 

Considering of the implementation and
amendment of the old CDMA Lease Agreement, with common studies and
consultations, the Parties to this Agreement, in the principle of equality and
mutual benefit, have agreed as follows:

 

1.         If the conditions of entry into force
described in Article 6 of this Agreement were met, the Transferor agrees to
transfer all its rights and obligations under the CDMA Network Capacity Lease Agreement and its attachments to the
Transferee. The Transferee hereupon agrees to acquire the rights and
obligations of the Transferor under the CDMA
Network Capacity Lease Agreement.

 

2.         Once the Transferor transferred its rights
and obligations under the CDMA Network
Capacity Lease Agreement to the Transferee, the Transferee would
immediately succeed to all the rights and obligations of the Transferor under
the CDMA Network Capacity Lease
Agreement. And the Transferor should terminate all the relevant rights and
obligations succeeded by the Transferee under the CDMA Network Capacity Lease Agreement.

 

4

 

3.         The Transferor acknowledges that, in
accordance with Article 21 of the CDMA
Network Capacity Lease Agreement, Unicom Group and Unicom New Horizon have
irrepealably agreed that the Transferor may transfer its rights and obligations
under the CDMA Network Capacity Lease
Agreement to the Transferee and its subsidiaries or Red-chip Company and its
subsidiaries, and no further consent from the Unicom Group and Unicom New
Horizon for such transfer is required.

 

4.         The Parties to this Agreement should ensure
that they have the rights, power and capability to sign and implement this
Agreement. This Agreement shall constitute the lawful, effective and binding
obligations of the Parties immediately upon its signing.

 

5.         The Transferee agrees to undertake the rights
and obligations in the past and future under the CDMA Network Capacity Lease Agreement in compliance with the terms
and conditions defined in the CDMA
Network Capacity Lease Agreement in its period of validity.

 

6.         Come into Effect

 

This Agreement comes into effect together with the CDMA Network Capacity Lease Agreement,
with the following conditions being satisfied.

 

6.1       The shareholders’ meeting of Red-chip Company
approves in accordance with its applicable laws, regulations and listing rules,
the transfer of the Transferor’s rights and obligations under the Red-chip
Company to the Transferee;

 

6.2       The conditions of described in Article 3 of CDMA Network Capacity Lease Agreement are
met.

 

5

 

7.         Further Arrangement

 

The Ministry of Commerce has approved the merger of Unicom New World by
CUCL, and the relevant legal procedures are going to be completed. Therefore
the Parties to this Agreement now agree and acknowledge that, after the
completion of the legal procedures to merge Unicom New World by CUCL, all the
rights and obligations of Unicom New World under this Agreement will be succeeded
by CUCL. And CUCL may succeed the rights and obligations of Unicom New World
under this Agreement without any other approval or consent from A Share
Company.

 

8.         Force Majeure

 

Any party who fails to carry out the relevant
obligations under this Agreement in accordance with the agreed conditions due
to any events of Force Majeure which could not be predicted, and the occurrence
or results of which could not be avoided or overcome, the party should inform
other parties of its occurrence as soon as possible and thereafter provide
detailed information and a valid document for evidence explaining the reason of
its inability to execute or delay the execution of all or part of the
obligations under this Agreement and its attachments within 15 days. The Parties
shall, through consultations, decide whether to suspend, partially exempt or
delay the execution of such obligations according to the effects of the events
of Force Majeure on the performance of the obligation.

 

9.         Confidentiality

 

Unless otherwise defined or required by law or the relevant regulatory
authority, or for the purpose of information disclosure by the Transferor to
SEC, or by Red-chip Company to Stock Exchange of Hong Kong Limited (SEHK),
either party shall not provide or disclose any data or information related to
the business of other parties to any company, enterprise, organization or
personnel without the written permission of the relevant party.

 

6

 

10.       No waiver

 

Unless otherwise stipulated by law, the failure or delay of execution
of the rights, power or privileges under this Agreement by any party shall not
be construed as a waiver of such rights, power or privileges. And the partial
execution of such rights, power and privileges shall not obstruct the future
execution of such rights, power and privileges.

 

11.       Notice

 

Any notice related to this Agreement shall be made in writing, and delivered
in person by one party to other parties, or sent by facsimile or by mail. Such
notices shall be deemed delivered upon receipt when delivered in person; or
upon confirmation of delivery displayed in the fax machine of the addresser if
transmitted by facsimile; or within three working days (automatically extended
when falls on legal holidays) after being delivered by mail. Any notice shall
come into effect upon delivery.

 

The communication addresses of the Parties to this Agreement are as
follows: 

	
  China
  United

  Telecommunications

  Corporation Ltd.

  	
   

  	
  China
  Unicom

  Corporation Limited

  	
   

  	
  Unicom
  New World

  Telecommunications

  Corporation Limited

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Addressee: Zhao Yilei

  	
   

  	
  Addressee: Yang Xiaowei

  	
   

  	
  Addressee: Yang Xiaowei

  
	
  Address: F40th, Jinmao

  Building, No.88 ShiJi

  Avenue, Shanghai

  	
   

  	
  Address: Room 1029,

  F10, No. 133 A, Xidan

  North Street, Xicheng 

  District, Beijing

  	
   

  	
  Address: Room 1029, 

  F10, No. 133 A, Xidan

  North Street, Xicheng 

  District, Beijing

  
	
  Postal Code: 200121

  	
   

  	
  Postal Code: 100032

  	
   

  	
  Postal Code: 100032

  

 

7

 

12.       Applicable Law

 

This Agreement shall be governed by the laws of the People’s Republic
of China, and be construed and executed in accordance with the laws of China.

 

13.       Settlement of Disputes

 

All disputes arising from the effectiveness, interpretation or
performance of this Agreement shall be settled through friendly negotiation.
Should no settlement be reached through negotiation within 30 days after the
arising of the disputes, any party shall be entitled to proceed to the People’s
Court with proper jurisdiction.

 

14.       Miscellaneous

 

14.1     Each party may make revisions or supplements
to this Agreement under consultations with other Parties. All the revisions and
supplements shall be effective when signed and sealed by the legal
representatives of the Parties or their authorized representatives.

 

14.2     This Agreement is severable. If any
provisions of this Agreement is held to be against the law or unenforceable, the
effectiveness and implementation of the remaining provisions shall not be
affected.

 

14.3     This
Agreement was done in six original copies, two for each Party, being equally
authenticated.

 

8

 

(No text on this page)

 

 

China United Telecommunications Corporation Ltd. (Stamp)

 

 

	
  Legal representative or his authorized representative:

  	
  /s/ Sun Qian

  	
   

  

 

 

 

China Unicom Corporation Limited (Stamp)

 

 

	
  Legal representative or his authorized representative:

  	
  /s/ Tong Jilu

  	
   

  

 

 

 

Unicom New World Telecommunications Corporation Limited (Stamp)

 

 

	
  Legal representative or his authorized representative:

  	
  /s/ Tong Jilu

  	
   

  

 

9

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