Document:

<PAGE>

                                                                   Exhibit 10.23

                             CONTRACT IN RELATION TO
                           MAXIMUM AMOUNT OF GUARANTEE

                                                 Contract No.: 00100241120030013

Creditor    Hua Xia Bank, Beijing Branch, Shouti  Legal            Wang Minghua
(in full    Sub-branch                            Representative
name):                                            :
Address:    No.168, Xi Wai Avenue                 Postal Code:     100044

Telephone   88576050                              Fax:
Number:

Guarantor   Hurray! Times Communications          Legal            Xiang Songzuo
(in full    (Beijing) Ltd.                        Representative
name):                                            :
Address:    Room B07A, Floor B, Tong Heng         Postal Code:
            Building, No.4 Huayuan  Road,
            Haidian District, Beijing

Telephone                                         Fax:
Number:
Principal                                         Account
Bank:                                             Number:

Time of Signing: December 31, 2004

Place of Signing: Beijing

     WHEREAS the Creditor and Hurray! Solutions (hereinafter referred to as the
                              -----------------
"Debtor") are going to enter into a series of indebtedness contracts
(hereinafter referred to as "Master Contracts") within the scope stipulated by
Article 1(1) hereof, and the Guarantor provides a guarantee to the Creditor for
the performance by the Debtor of its obligation to repay indebtedness under the
Master Contracts on a voluntary basis. The Creditor and the Guarantor
(hereinafter referred to as the "Parties") have, after fair consultation,
entered into this Contract unanimously and agreed to abide by it in accordance
with the applicable laws and regulations of the PRC so as to ensure the
enforcement by the Creditor of its right to the payment of indebtedness.

ARTICLE 1 MAJOR INDEBTEDNESS UNDER GUARANTEE

1. Major indebtedness under the guarantee shall be the indebtedness incurred
from the businesses agreed to be transacted by the Creditor during the period
from December 31, 2004 to December 31, 2005.

     The maximum balance of the major indebtedness under the guarantee shall be
no more than RMB (in words) One Hundred Million, of which the portion in foreign
                            -------------
currency shall

<PAGE>

be calculated at the selling price promulgated by the Creditor on the date when
the conversion is taken place.

     The businesses agreed to be transacted by the Creditor shall include
RMB Loan (RMB/Foreign Currency Loan, discount of bank/commercial acceptance
--------
bills, acceptance of bank acceptance bills, certificate for reduction or
exemption of deposit, documentary bills for import and export, and packing loans
for export).

2. Within the scope stipulated by Article 1(1) hereof, the Debtor may make an
application to the Creditor for revolving line of credit and other bank credits.

     In relation to each of the indebtedness, its commencement date, expiry
date, interest rate and amount shall be determined on the basis of the proof in
respect of the loans under the Master Contracts or relevant documents for the
indebtedness.

3. Within the scope stipulated by Article 1(1) hereof, the Creditor shall not be
required to sign a separate guarantee contract with the Guarantor in respect of
each of the indebtedness upon release of line of credit and other bank credits.

4. Within the scope stipulated by Article 1(1) hereof, the Guarantor shall be
liable in the currencies designated under the Master Contracts.

ARTICLE 2 SCOPE OF GUARANTEE

     The scope of the guarantee shall include the principal, interest, overdue
interest, compound interest, penalties and liquidated damages in connection with
all the indebtedness under the Master Contracts, the compensation for damages,
as well as all expenses relating to the enforcement by the Creditor of its right
to payment of indebtedness such as legal cost and fees.

     The Guarantor shall be liable to any actual amount which exceeds the
maximum balance of the indebtedness due to the change in interest rate.

ARTICLE 3 FORM OF GUARANTEE

1. The guarantee shall be in the form of guarantee with joint liability.

2. Upon expiry of each of the indebtedness under the Master Contracts, the
Creditor shall have the right to demand the Guarantor directly to be liable to
the guarantee under this Contract in the event of the non-performance or partial
performance by the Debtor of its obligation to repay the indebtedness concerned.

     With regard to each of the indebtedness under the Master Contracts, the
expiration of its performance period shall include the circumstance where the
Creditor declares the early expiration of each of the indebtedness under the
Master Contract in

<PAGE>

accordance with the requirements of national laws and regulations or the Master
Contracts.

ARTICLE 4 GUARANTEE PERIOD

     The guarantee period shall be determined separately on the basis of each of
the indebtedness under the Master Contracts.

     1. The guarantee period in connection with loans shall be 2 years from the
expiration of the performance period in respect of the indebtedness under the
Master Contracts.

     2. The guarantee period in connection with bank acceptance bills,
certificate for reduction or exemption of deposits and documentary bills for
import shall be 2 years from the date on which an advance is provided by the
Creditor.

     3. The guarantee period in connection with discount of commercial bills
shall be 2 years from the expiry date of discounted bills.

     4. If the Creditor and the Debtor sign an agreement for the extension of
performance period in relation to each of the indebtedness, the guarantee period
for the individual indebtedness shall be 2 years from the expiration of the
performance period in respect of the indebtedness thereunder.

     5. In the event that the Creditor declares the early expiration of each of
the indebtedness under the Master Contracts pursuant to the laws and regulations
or the Master Contracts, the guarantee period shall be 2 years from the
expiration of the performance period of the indebtedness.

ARTICLE 5 UNDERTAKINGS BY THE GUARANTOR

1. To provide true and valid financial statement and other related materials and
information at the request of the Creditor.

2. To perform the obligations under the guarantee pursuant to this Contract;

3. The Creditor may directly deduct an amount from the account of the Guarantor
in the case of the failure on the part of the Guarantor to perform its
obligations under this Contract;

4. To notify the Creditor in writing within 5 working days upon the occurrence
of the following:

     (1) Change in affiliation or senior management, amendment to the articles
of association and change of the organizational structure;

<PAGE>

     (2) The performance of the Guarantor's obligations in respect of the
guarantee hereunder may be affected as a result of serious difficulties in
production operation, deterioration of financial condition, or any litigation
and arbitration of material significance;

     (3) Alteration of the registration of its name, address and legal
representative with the bureau in charge of administration for industry and
commerce.

5. To notify the Creditor in writing and obtain its written consent 10 working
days prior to the implementation of the following:

     (1) Change of capital structure or form of operation;

     (2) Any guarantee created with the Guarantor's major assets as security for
the indebtedness of itself or a third party, which may affect the performance of
the obligations in respect of the guarantee hereunder.

6. To approve the extension for the performance of the Debtor's obligations in
respect of each of the indebtedness under the Master Contracts agreed by the
Creditor and the Debtor.

7. To monitor the application by the Debtor of the line of credit or other bank
credits as required by the use and application under the Master Contracts.

8. To continue to bear the joint liability to the Creditor for the obligations
of the Debtor even though the Master Contracts are deemed to be invalid.

ARTICLE 6 LIABILITIES FOR BREACH OF CONTRACT

     After this Contract becomes effective, the Guarantor shall fully perform
the obligations hereunder in a timely manner, and shall be liable to the
compensation for any loss suffered by the Creditor as a result of the
non-performance of this Contract.

ARTICLE 7 DISPUTES RESOLUTION

1. Any dispute arising from this Contract shall be handled in accordance with
method No.1 below if it cannot be resolved through consultation:
       ----

     (1) To initiate a legal action in the People's Court of the place in which
the Creditor is located.

     (2) To submit the dispute to the        arbitration commission
                                      ------
for arbitration in accordance with its rules of arbitration currently in force.

2. During the period of consultation, litigation or arbitration, the provisions
hereof which are not in dispute shall be performed continuously.

<PAGE>

ARTICLE 8 OTHER PROVISIONS

[None]
---------------

ARTICLE 9 EFFECTIVENESS OF THE CONTRACT

     This Contract shall become effective after it is signed by the legal
representative or authorized representative of the Parties and affixed with
common seals.

ARTICLE 10 COUNTERPART OF THE CONTRACT

     This Contract shall be executed in three original counterparts. The Parties
                                        -----
shall each keep one copy and each of them shall have the equal legal effect.

ARTICLE 11 SPECIAL STATEMENT

     The Creditor has urged the Guarantor to read this Contract thoroughly and
accurately, and has provided an explanation in detail of this Contract at the
request of the Guarantor; their understanding of this Contract is entirely the
same.

Creditor (Seal):    (Seal of Hua Xia Bank,   Guarantor:          Seal of Hurray!
                    Beijing Branch, Shouti                       Times
                    Sub-branch affixed)                          Communications
                                                                 (Beijing) Ltd.
                                                                 affixed

Legal               Wang Minghua (Signed)    Legal               Xiang Songzuo
Representative or                            Representative or   (Signed)
Authorized                                   Authorized
Representative                               Representative
(Signature):                                 (Signature):

<PAGE>

                             CONTRACT IN RELATION TO
                           MAXIMUM AMOUNT OF GUARANTEE

                                                 Contract No.: 00100241120030013

Creditor    Hua Xia Bank, Beijing Branch, Shouti  Legal            Wang Minghua
(in full    Sub-branch                            Representative
name):                                            :
Address:    No.168, Xi Wai Avenue                 Postal Code:     100044

Telephone   88576050                              Fax:
Number:

Guarantor   Beijing Enterprise Network            Legal            Li Jieqiang
(in full    Technology Co., Ltd.                  Representative
name):                                            :
Address:    Room 826, Huizhong Building, No. 1,   Postal Code:
            Shangdi No. 7 Street,
            Haidian District, Beijing

Telephone                                         Fax:
Number:
Principal                                         Account
Bank:                                             Number:

Time of Signing: December 31, 2004

Place of Signing: Beijing

     WHEREAS the Creditor and Hurray! Solutions (hereinafter referred to as the
                              -----------------
"Debtor") are going to enter into a series of indebtedness contracts
(hereinafter referred to as "Master Contracts") within the scope stipulated by
Article 1(1) hereof, and the Guarantor provides a guarantee to the Creditor for
the performance by the Debtor of its obligation to repay indebtedness under the
Master Contracts on a voluntary basis. The Creditor and the Guarantor
(hereinafter referred to as the "Parties") have, after fair consultation,
entered into this Contract unanimously and agreed to abide by it in accordance
with the applicable laws and regulations of the PRC so as to ensure the
enforcement by the Creditor of its right to the payment of indebtedness.

ARTICLE 1 MAJOR INDEBTEDNESS UNDER GUARANTEE

1. Major indebtedness under the guarantee shall be the indebtedness incurred
from the businesses agreed to be transacted by the Creditor during the period
from December 31, 2004 to December 31, 2005.

     The maximum balance of the major indebtedness under the guarantee shall be
no more than RMB (in words) One Hundred Million, of which the portion in foreign
                            -------------
currency shall

<PAGE>

be calculated at the selling price promulgated by the Creditor on the date when
the conversion is taken place.

     The businesses agreed to be transacted by the Creditor shall include
RMB Loan (RMB/Foreign Currency Loan, discount of bank/commercial acceptance
--------
bills, acceptance of bank acceptance bills, certificate for reduction or
exemption of deposit, documentary bills for import and export, and packing loans
for export).

2. Within the scope stipulated by Article 1(1) hereof, the Debtor may make an
application to the Creditor for revolving line of credit and other bank credits.

     In relation to each of the indebtedness, its commencement date, expiry
date, interest rate and amount shall be determined on the basis of the proof in
respect of the loans under the Master Contracts or relevant documents for the
indebtedness.

3. Within the scope stipulated by Article 1(1) hereof, the Creditor shall not be
required to sign a separate guarantee contract with the Guarantor in respect of
each of the indebtedness upon release of line of credit and other bank credits.

4. Within the scope stipulated by Article 1(1) hereof, the Guarantor shall be
liable in the currencies designated under the Master Contracts.

ARTICLE 2 SCOPE OF GUARANTEE

     The scope of the guarantee shall include the principal, interest, overdue
interest, compound interest, penalties and liquidated damages in connection with
all the indebtedness under the Master Contracts, the compensation for damages,
as well as all expenses relating to the enforcement by the Creditor of its right
to payment of indebtedness such as legal cost and fees.

     The Guarantor shall be liable to any actual amount which exceeds the
maximum balance of the indebtedness due to the change in interest rate.

ARTICLE 3 FORM OF GUARANTEE

1. The guarantee shall be in the form of guarantee with joint liability.

2. Upon expiry of each of the indebtedness under the Master Contracts, the
Creditor shall have the right to demand the Guarantor directly to be liable to
the guarantee under this Contract in the event of the non-performance or partial
performance by the Debtor of its obligation to repay the indebtedness concerned.

     With regard to each of the indebtedness under the Master Contracts, the
expiration of its performance period shall include the circumstance where the
Creditor declares the early expiration of each of the indebtedness under the
Master Contract in

<PAGE>

accordance with the requirements of national laws and regulations or the Master
Contracts.

ARTICLE 4 GUARANTEE PERIOD

     The guarantee period shall be determined separately on the basis of each of
the indebtedness under the Master Contracts.

     1. The guarantee period in connection with loans shall be 2 years from the
expiration of the performance period in respect of the indebtedness under the
Master Contracts.

     2. The guarantee period in connection with bank acceptance bills,
certificate for reduction or exemption of deposits and documentary bills for
import shall be 2 years from the date on which an advance is provided by the
Creditor.

     3. The guarantee period in connection with discount of commercial bills
shall be 2 years from the expiry date of discounted bills.

     4. If the Creditor and the Debtor sign an agreement for the extension of
performance period in relation to each of the indebtedness, the guarantee period
for the individual indebtedness shall be 2 years from the expiration of the
performance period in respect of the indebtedness thereunder.

     5. In the event that the Creditor declares the early expiration of each of
the indebtedness under the Master Contracts pursuant to the laws and regulations
or the Master Contracts, the guarantee period shall be 2 years from the
expiration of the performance period of the indebtedness.

ARTICLE 5 UNDERTAKINGS BY THE GUARANTOR

1. To provide true and valid financial statement and other related materials and
information at the request of the Creditor.

2. To perform the obligations under the guarantee pursuant to this Contract;

3. The Creditor may directly deduct an amount from the account of the Guarantor
in the case of the failure on the part of the Guarantor to perform its
obligations under this Contract;

4. To notify the Creditor in writing within 5 working days upon the occurrence
of the following:

     (1) Change in affiliation or senior management, amendment to the articles
of association and change of the organizational structure;

<PAGE>

     (2) The performance of the Guarantor's obligations in respect of the
guarantee hereunder may be affected as a result of serious difficulties in
production operation, deterioration of financial condition, or any litigation
and arbitration of material significance;

     (3) Alteration of the registration of its name, address and legal
representative with the bureau in charge of administration for industry and
commerce.

5. To notify the Creditor in writing and obtain its written consent 10 working
days prior to the implementation of the following:

     (1) Change of capital structure or form of operation;

     (2) Any guarantee created with the Guarantor's major assets as security for
the indebtedness of itself or a third party, which may affect the performance of
the obligations in respect of the guarantee hereunder.

6. To approve the extension for the performance of the Debtor's obligations in
respect of each of the indebtedness under the Master Contracts agreed by the
Creditor and the Debtor.

7. To monitor the application by the Debtor of the line of credit or other bank
credits as required by the use and application under the Master Contracts.

8. To continue to bear the joint liability to the Creditor for the obligations
of the Debtor even though the Master Contracts are deemed to be invalid.

ARTICLE 6 LIABILITIES FOR BREACH OF CONTRACT

     After this Contract becomes effective, the Guarantor shall fully perform
the obligations hereunder in a timely manner, and shall be liable to the
compensation for any loss suffered by the Creditor as a result of the
non-performance of this Contract.

ARTICLE 7 DISPUTES RESOLUTION

1. Any dispute arising from this Contract shall be handled in accordance with
method No.1 below if it cannot be resolved through consultation:
       ----

     (1) To initiate a legal action in the People's Court of the place in which
the Creditor is located.

     (2) To submit the dispute to the        arbitration commission
                                      ------
for arbitration in accordance with its rules of arbitration currently in force.

2. During the period of consultation, litigation or arbitration, the provisions
hereof which are not in dispute shall be performed continuously.

<PAGE>

ARTICLE 8 OTHER PROVISIONS

[None]
---------------

ARTICLE 9 EFFECTIVENESS OF THE CONTRACT

     This Contract shall become effective after it is signed by the legal
representative or authorized representative of the Parties and affixed with
common seals.

ARTICLE 10 COUNTERPART OF THE CONTRACT

     This Contract shall be executed in three original counterparts. The Parties
                                        -----
shall each keep one copy and each of them shall have the equal legal effect.

ARTICLE 11 SPECIAL STATEMENT

     The Creditor has urged the Guarantor to read this Contract thoroughly and
accurately, and has provided an explanation in detail of this Contract at the
request of the Guarantor; their understanding of this Contract is entirely the
same.

Creditor (Seal):  (Seal of Hua Xia Bank,  Guarantor:        Seal of Beijing
                  Beijing Branch, Shouti                    Enterprise Network
                  Sub-branch affixed)                       Technology Co., Ltd.
                                                            affixed

Legal             Wang Minghua (Signed)   Legal             Li Jieqiang
Representative                            Representative or (Signed)
or Authorized                             Authorized
Representative                            Representative
(Signature):                              (Signature):<PAGE>

                                                                   Exhibit 10.24

                             AGREEMENT FOR TRANSFER
                           OF ENTITLEMENT TO DIVIDENDS

     This Agreement for Transfer of Entitlement to Dividends (this "Agreement")
is made on August 15, 2003 by and between:

Transferor:

     Mr. Wang Qindai ("Party A", ID Card No.: 110102641107155, Passport Number:
148932465), whose address is No.50 Dajue Hutong, Xicheng District, Beijing

Transferee:

     Hurray! Holding Co., Ltd. (Chinese name: [CHINESE COMPANY NAME], "Party
B"), whose address is Coden Trust Company (Cayman) Limited, Century Yard,
Cricket Square, Hutchins Drive, PO Box 2681GT, George Town, Grand Cayman, Cayman
Islands.

WHEREAS:
--------

1. Hurray! Technologies (HK) Limited (English Name: [CHINESE COMPANY NAME],
Abbreviation: "Hurray! Technologies") is a limited liability company
incorporated and validly existing under the laws of Hong Kong, with an address
of Unit D 10/F, China Overseas Building, 139 Hennessy Road, Wanchai, Hong Kong.
At present, all equity interests that are calculated in proportion to the
capital contribution to its registered capital are legally held by Party A and
Party B as follows: Party A owns 10,000 shares, representing 1% of the equity
interest of Hurray! Technologies, while Party B owns 990,000 shares,
representing 99% of its equity interest.

2. For the sake of the development of Hurray! Technologies, Party A intends to
transfer, and Party B intends to accept the transfer of, its entitlement to
dividends conferred by his 1% equity interest in Hurray Technologies (the
"Transfer Entitlement").

3. After friendly consultation, Party A and Party B agree to jointly cooperate
and coordinate so as to effect the transfer of the entitlement to dividends
between them successfully.

     In order to define their mutual rights and obligations, Party A and Party B
hereby agree in respect of any matter concerning the above Transfer Entitlement
as follows:

ARTICLE 1 TRANSFER OF ENTITLEMENT TO DIVDENDS
          -----------------------------------

1. In accordance with this Agreement, Party A agrees to transfer to Party B the
entitlement to dividends conferred by his shares on the Closing Date (as defined
hereinafter) set forth herein.

<PAGE>

2. The Transfer Entitlement described above shall only mean the entitlement to
dividends conferred by the equity interest of Party A which represents 1% of the
registered capital of Hurray! Technologies. However, the ownership of equity
interest corresponding to the above capital contribution, the rights to use and
dispose in connection with such equity interest (including without limitation,
the rights to attend and vote at general meetings, to supervise the operation
and management of Hurray! Technologies and make recommendations and decisions in
respect thereof in the capacity of its shareholder, and to decide and carry out
right issue pursuant to the laws of Hong Kong and the articles of association of
Hurray! Technologies), as well as other rights exercised by or in the name of
its shareholders shall be continuously enjoyed and exercised by Party A. Party B
shall have no right to intervene in the exercise by Party A of the ownership of
the equity interest corresponding to the above capital contribution, the rights
to use and dispose in connection therewith in any manner.

3. Party B agrees to accept the transfer of the Transfer Entitlement from Party
A in accordance with the requirement hereof.

4. Since the Closing Date stipulated by this Agreement, Party B shall
immediately become the legal owner of the Transfer Entitlement hereunder, and
shall enjoy and assume all the rights and obligations in relation to the
Transfer Entitlement on pro rata basis. Party A shall no longer be entitled to
any right in respect of the Transfer Entitlement, nor shall he bear any
obligation or liability in respect thereof, unless otherwise provided herein.

ARTICLE 2 CONSIDERATION
          -------------

     Party A and Party B hereby confirm that the transfer by Party A to Party B
of the Transfer Entitlement mentioned in this Agreement shall be made without
consideration.

ARTICLE 3 REPRESENTATION, WARRANTY AND UNDERTAKING OF PARTY A
          ---------------------------------------------------

     Party A hereby represents, warrants and undertakes to Party B as follows:

1. Party A has all the necessary rights, power and authority to execute and
perform all the obligations and liabilities herein. This Agreement shall have
the legal, valid and binding obligation on Party A once it is signed.

2. Party A has the legal and full ownership of the Transfer Entitlement, and has
the right to sign this Agreement and deal with all or any part of the Transfer
Entitlement. The Transfer Entitlement or any interests in connection therewith
is not subject to any restriction of pre-emptive rights or other similar rights.

3. Party A shall deliver to Party B any monetary distribution of bonus and
dividends in respect of its capital contribution within 5 working days of the
receipt of relevant distributions. If such distribution is non-monetary, Party A
and Party B shall sign a

<PAGE>

separate agreement in respect of the distribution given by Party A to Party B
and the handling of legal formalities through mutual consultation. Failure to
reach the above agreement for any reasons other than the fault of Party A that
may hinder Party B to collect the non-monetary distribution shall not constitute
a cause for the breach of this Agreement by Party A. Any taxes that are required
to be paid in the course of the distribution and delivery of any bonus and
dividends relating to capital contribution, and the consideration shall be borne
by Party B.

4. On the basis of the laws of Hong Kong and relevant policies, Party A will
work jointly with Party B to handle properly any unresolved matters arising out
of the transfer of the entitlement to dividends set forth herein.

ARTICLE 4 REPRESENTATION, WARRANTY AND UNDERTAKING OF PARTY B
          ---------------------------------------------------

     Party B hereby represents, undertakes and warrants as follows:

1. Party B has the full right to accept the transfer of the entitlement to
dividends set forth herein, and has obtained all the necessary right or
authority to execute and perform this Agreement. This Agreement shall have the
legal, valid and binding obligation on Party A once it is signed.

2. On the basis of the laws of Hong Kong and relevant policies, Party B will
work jointly with Party A to handle properly any unresolved matters arising out
of the transfer of the entitlement to dividends set forth herein.

ARTICLE 5 CLOSING DATE
          ------------

     The transfer of the Transfer Entitlement mentioned herein shall be
completed on the date when this Agreement is legally and duly signed by Party A
and Party B or their authorized representatives, which is the Closing Date.

ARTICLE 6 CONFIDENTIALITY
          ---------------

     Unless otherwise required by the relevant laws and regulations of Hong Kong
and the articles of association of Hurray! Holding, or unless otherwise agreed
in writing by the Parties hereto, no Party shall disclose the content of this
Agreement to any third party other than Party A and Party B prior to the
completion of the transaction described herein without the consent of the other
Party.

ARTICLE 7 UNRESOLVED MATTERS
          ------------------

     After the execution of this Agreement, Party A and Party B agree to further
discuss by consultation any matters that remain unresolved in this Agreement and
to sign a supplemental agreement on the basis that an unanimous view is reached
by consultation. This supplemental agreement shall form an integral part of this
Agreement.

<PAGE>

ARTICLE 8 LIABILITIES FOR BREACH OF CONTRACT
          ----------------------------------

     A breach of contract shall be constituted if a Party is in violation of any
of his/or her representations, warrants and undertakings hereunder, or any
provisions hereof. The defaulting party shall make comprehensive and full
compensation to the non-defaulting party in accordance with applicable laws.

ARTICLE 9 DISPUTES RESOLUTION
          -------------------

1. All disputes arising from the performance of, and in connection with, this
Agreement shall be resolved by the Parties hereto through friendly consultation.
If they cannot be resolved through consultation, either party shall have the
right to refer the disputes to Hong Kong International Arbitration Center and
resolve them by arbitration.

2. Any provisions of this Agreement ruled to be invalid by arbitration pursuant
to applicable laws shall not affect the effectiveness and performance of the
other provisions hereof.

ARTICLE 10 APPLICABLE LAWS
           ---------------

     The execution of this Agreement, its effectiveness, interpretation and
performance, and disputes resolution shall be governed by the relevant laws of
Hong Kong.

ARTICLE 11 RIGHTS UNDER THIS AGREEMENT
           ---------------------------

     Without the written consent of the other Party, none of the Parties shall
transfer its rights under this Agreement. The successors of Party A and Party B
or and their authorized transferees shall be subject to this Agreement.

ARTICLE 12 FORCE MAJEURE
           -------------

1. "Force majeure" shall mean any event that are beyond the reasonable control
of, unforeseeable, or foreseeable but unavoidable by Party A and Party B, which,
as a result, will hinder, affect or delay the performance by a Party of all or
part of his/her obligations hereunder. Such event shall include but not limit to
earthquake, typhoon, flooding, fire or other disasters, wars, disturbance,
strikes or any other similar events.

2. In the case of force majeure event, the Party affected by it shall
immediately notify the other Party of such occurrence by the most convenient and
fastest way available to him/her, and shall, within 15 days, provide
documentation stating the details of such event and the reason for his/her
failure to perform all or part of, or any delay of the performance of, this
Agreement. Party A and Party B shall then decide to delay the performance or
termination of this Agreement through consultation.

<PAGE>

ARTICLE 13 COUNTERPART
           -----------

     This Agreement is written in Chinese with two original counterparts. Party
A and Party B shall each keep one copy. Each original copy shall have the equal
legal effect.

     IN WITHNESS WHEREOF, Party A and Party B have duly executed this Agreement
as of the date first written above.

Party A: Mr. Wang Qindai                   Party B: Hurray! Holding Co., Ltd.

                (Signed)                   Authorized Representative: Liu Xiaoxi
                                           (Signed and Sealed)

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