Document:

EX-10.5

 

EXHIBIT 10.5

METRETEK TECHNOLOGIES, INC.

NON-QUALIFIED STOCK OPTION AGREEMENT

2006 Non-Plan Grant

(Employees)

          This NON-QUALIFIED STOCK OPTION AGREEMENT (the “Agreement”) is effective as of the date set
forth as the Grant Date in the attached Notice of Stock Option Grant (the “Grant Date”), by and
between Metretek Technologies, Inc., a Delaware corporation (the “Company”), and the individual
named as the Optionee in the attached Notice of Stock Option Grant (the “Optionee”).

Recitals

          WHEREAS, the Board of Directors of the Company (the “Board”) has authorized the undersigned
officer of the Company to grant to the Optionee an option to purchase shares of Common Stock, par
value $.01 per share (the “Common Stock”), of the Company on the terms and subject to the
conditions set forth in this Agreement; and

          WHEREAS, the option granted hereunder is not being granted pursuant to the provisions of any
previously adopted stock plan;

Agreement

          NOW, THEREFORE, in consideration of the premises, the parties hereto, intending to be legally
bound hereby, agree as follows:

          1. Grant of Option. Upon the terms and conditions set forth in this Agreement and the
attached Notice of Stock Option Grant, the Company hereby grants to the Optionee the option (the
“Option”) to purchase the number of shares of Common Stock set forth on the attached Notice of
Stock Option Grant (the “Option Shares”) at the purchase price set forth on the attached Notice of
Stock Option Grant (the “Exercise Price”), which Exercise Price is equal to or greater than the
fair market value of the Common Stock on the Grant Date. The Option is not intended to
qualify as an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as
amended (the “Code”).

          2. Vesting of Option. The Option shall vest and become exercisable in accordance with
the vesting schedule set forth in the attached Notice of Stock Option Grant (the “Vesting
Schedule”).

          3. Exercise of Option. To the extent the Option has vested and become exercisable in
accordance with the Vesting Schedule, the Option may be exercised by the Optionee (or by any other
person permitted by Section 8 hereof to exercise the Option) in accordance with the following
provisions:

                    (a) Method of Exercise. The Option may be exercised, in whole or in part, by giving
written notice of exercise to the Company at its principal executive offices stating the number of
Option Shares to be purchased upon such exercise, accompanied by payment in full of the Exercise
Price for the Option Shares to be purchased. Payment of the Exercise Price shall be made by any of
the following methods, or a combination thereof, at the election of the Optionee:

	 	(i)	 	Cash;
	 
	 	(ii)	 	Check, bank draft or money order
made payable to the Company;
	 
	 	(iii)	 	Delivery of shares of Common Stock
already owned by the Optionee, surrendered in proper form
for transfer and valued at their Fair Market Value on the
date of delivery; or

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	 	(iv)	 	By irrevocable direction to a
securities broker or dealer acceptable to the Company to
sell the Option Shares and deliver all or part of the
sales proceeds to the Company.

                    (b) Delivery of Certificates. After payment in full for the Option Shares purchased
pursuant to the exercise of the Option has been received, the Company shall deliver to the Optionee
properly executed certificates representing such Option Shares as promptly thereafter as is
reasonably practicable.

                    (c) Tax Withholding. In the event that the Company determines that it is required to
withhold any tax as a result of the exercise of the Option, the Optionee, as a condition to the
exercise of this option, shall make arrangements satisfactory to the Company to enable it to
satisfy all withholding requirements. The Optionee shall also make arrangements satisfactory to
the Company to enable it to satisfy any withholding requirements that may arise in connection with
the vesting or disposition of Option Shares purchased by exercising this option.

          4. Expiration of the Option.

                    (a) Expiration Date. The Option shall expire upon the “Expiration Date” set forth in
the attached Notice of Stock Option Grant (the “Expiration Date”); provided, however, that if the
Optionee ceases to be an employee of the Company or of any subsidiary of the Company (“Subsidiary”)
prior to the Expiration Date, then the Optionee’s right to exercise the Option, to the extent it is
otherwise then exercisable pursuant to Section 2 hereof, shall be limited as provided in this
Section 4.

                    (b) Death. In the event of the death of the Optionee, the Option may continue to be
exercised, to the extent the Option is otherwise exercisable on the date of the Optionee’s death
(and without any further vesting), by the Optionee’s estate, personal representative or
beneficiary, until the earlier of the Expiration Date or one year after the date of death, on which
date the Option shall expire.

                    (c) Disability. In the event the Optionee’s employment with the Company is terminated
due to a “permanent disability” of the Optionee, then the Option may continue to be exercised, to
the extent the Option is otherwise exercisable on the date of termination of employment (and
without any further vesting), until the earlier of the Expiration Date or one year after the date
of termination, on which date the Option shall expire. For purposes hereof, a “permanent
disability” shall be deemed to be the physical or mental inability of the Optionee to perform the
Optionee’s duties to the Company because of a physical or mental disability expected to last for a
continuous period of at least one year.

                    (d) Termination of Employment. In the event the Optionee’s employment with the
Company is terminated for any reason other than those provided in Subsections (b) or (c) above,
then the Option may continue to be exercised, to the extent the Option is otherwise exercisable on
the date of termination (and without any further vesting), until the earlier of the Expiration Date
or the date that is three months after the date of termination of Optionee’s employment, on which
date the Option shall expire. For purposes of this Agreement, an Optionee shall be deemed to be
“employed” by the Company so long as the Optionee is an employee, director, officer, consultant or
advisor of the Company or any Subsidiary.

                    (e) Transfer to Related Subsidiary. In the event the Optionee ceases to be an employee
of the Company in order to become an employee of any Subsidiary, or the Optionee ceases to be an
employee of any such Subsidiary in order to become an employee of the Company or of another
Subsidiary, then the Optionee shall be deemed to continue as an employee of the Company for all
purposes of this Agreement.

          5. Change In Control.

                    (a) Effect of a Change in Control. In the event of a “Change in Control” (as defined
below), for a period of 60 days following a Change in Control, the Optionee may elect to surrender
any outstanding portion of the Option and to receive, in full satisfaction therefor, a cash payment
equal to the value of the Option calculated on the basis of the Change in Control Price (as defined
below) of any Option Shares or the Fair Market Value (as defined below) of any property other than
Option Shares relating to such Option; provided, however, that in the case of a Change in Control
described in Section 5(b)(i)(C) or (D) below, the payment described in this sentence shall not
necessarily be made in cash but instead may be made in the same form (i.e., cash, shares of Common
Stock, other securities or a combination thereof) as holders of shares of Common Stock receive in
exchange for their shares of Common Stock in the transaction that results in the Change in Control.

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                    (b) Definition of Certain Terms. For purposes of this Section 5, the following
definitions shall apply:

                              (i) “Change in Control” means and shall be deemed to have occurred if:

                                        (A) any Person, other than the Company or a Related Party, is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act, except that a Person shall be deemed to be
the beneficial owner of all Shares that such Person has the right to acquire pursuant to any
agreement or arrangement or upon exercise, conversation rights, warrants, options or otherwise,
without regard to the 60 day period referred to in Rule 13d-3 under the Exchange Act), directly or
indirectly, of Voting Securities representing 25% or more of the total voting power of all the then
outstanding Voting Securities, except that there shall be excluded from the number of Voting
Securities deemed to be beneficially owned by a Person a number of Voting Securities representing
not more than 10 percent of the then outstanding voting power if such Person is (1) eligible to
file a Schedule 13G pursuant to Rule 13-1(b)(1) under the Exchange Act with respect to Voting
Securities or (2) an underwriter who becomes the beneficial owner of more than 20% of the then
outstanding Voting Securities pursuant to a firm commitment underwriting agreement with the
Company; or

                                        (B) the individuals who, as of the Grant Date, constitute the members of the Board together
with those directors who are first elected subsequent to such date and whose election by the Board
or nomination for election by the Company’s stockholders was approved by a vote of at least a
majority of the members of the Board then still in office who were either directors as of the
effective date of the Plan or whose election or nomination for election was previously so approved
(the “Continuing Directors”), cease for any reason to constitute at least a majority of the members
of the Board; or

                                        (C) the consummation of a merger, consolidation, recapitalization or reorganization of the
Company, reverse spilt of any class of Voting Securities, or in an acquisition of securities or
assets by the Company, other than (1) any such transaction which would result in at least 75% of
the total voting power represented by the voting securities of the surviving entity outstanding
immediately after such transaction being beneficially owned by at least 75% of the holders of
outstanding Voting Securities immediately prior to the transaction, with the voting power of each
such continuing holder relative to other such continuing holders not substantially altered in the
transaction, or (2) any such transaction which would result in a Related Party beneficially owning
more than 50% of the voting securities of the surviving entity outstanding immediately after such
transaction; or

                                        (D) the stockholders of the Company approve a plan of complete liquidation of the Company or
an agreement for the sale or disposition by the Company of all or substantially all of the
Company’s assets other than (1) any such transaction which would result in a Related Party owning
or acquiring more than 50 percent of the assets owned by the Company immediately prior to the
transaction, or (2) a sale or disposition immediately after which such assets will be owned
directly or indirectly by the stockholders of the Company in substantially the same proportions as
their ownership of the common stock of the Company immediately prior to such sale or disposition.

                                        (E) any other event occurs which the Board determines, in its discretion, would materially
alter the structure of the Company or its ownership.

                              (ii) “Change in Control Price” means, with respect to a Share, the higher of (A) the highest
Fair Market Value of the Shares at any time during the 60 calendar days preceding and the 60 days
following the Change in Control; or (B) the highest price paid per Share in a transaction which
either (1) results in a Change in Control or (2) would be consummated but for another transaction
which results in a Change in Control and, if it were consummated, would result in a Change in
Control. With respect to clause (B) in the preceding sentence, the “price paid” will be equal to
the sum of (1) the face amount of any portion of the consideration consisting of cash or cash
equivalents and (2) the Fair Market Value of any portion of the consideration consisting or real or
personal property other than cash or cash equivalents, as established by an independent appraiser
selected by the Board.

                              (iii) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time,
together with the rules, regulations and interpretations promulgated thereunder, and any successor
provisions, rules, regulations and interpretations.

                              (iv) “Fair Market Value” means the fair market value of the property or other item being
valued, as determined by the Board in its sole discretion or by procedures established by the
Board; provided, however, that

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the fair market value of Shares as of any date means the closing sale price of the Shares on such
date or, if there are no sales on such date, then the closing sale price of the Shares on the most
recent date prior to such date on which there was a sale of Shares, as reported on the American
Stock Exchange or on any other national securities exchange on which Shares are then listed or
quoted, or on the Nasdaq Stock Market or any other quotation system approved by the National
Association of Securities Dealers, Inc., which constitutes the primary trading market for the
Shares.

                              (v) “Person” means any individual, corporation, partnership, limited liability company,
association, joint-stock company, trust, unincorporated organization, government or political
subdivision thereof or other entity.

                              (vi) “Related Party” means (A) a Subsidiary of the Company; or (B) an employee or group of
employees of the Company or any majority-owned Subsidiary of the Company; or (C) a trustee or other
fiduciary holding securities under an employee benefit plan of the Company or any majority-owned
Subsidiary of the Company; or (D) an entity owned directly or indirectly by the stockholders of the
Company in substantially the same proportion as their ownership of Voting Securities.

                              (vii) “Shares” means shares of common stock, par value $.01 per share, of the Company, or such
other securities of the Company as may be designated by the Board from time to time.

                              (viii) “Voting Securities or Security” means any securities of the Company which carry the
right to vote generally in the election of directors.

          6. Adjustments in the Common Stock.

                    (a) In the event that any dividend or other distribution (whether in the form of cash, Shares,
other securities or other property), recapitalization, forward or reverse stock split,
reorganization, merger, consolidation, split-up, combination, spin-off, combination, repurchase,
liquidation, dissolution, exchange of shares of Common Stock or other securities of the Company, or
other similar corporate transaction or event affects the shares of Common Stock such that an
adjustment is necessary or determined by the Board to be appropriate in order to prevent dilution
or enlargement of the Optionee’s rights under this Agreement, then the Board shall proportionately
adjust any or all of (i) the number and kind of Option Shares which may thereafter be issued in
connection with the Option; (ii) the number and kind of Option Shares issued or issuable with
respect to the outstanding Option; and (iii) the Exercise Price.

                    (b) The grant of this Option shall not affect in any way the right of the Company to adjust,
reclassify, reorganize, or otherwise change its capital or business structure or to merge,
consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

          7. Legality of Initial Issuance.

                    No Option Shares shall be issued upon the exercise of this Option unless and until the Company
has determined that:

                    (a) the Company has taken all actions required to register the Option Shares under the
Securities Act or to perfect an exemption from the registration requirements thereof;

                    (b) any applicable listing requirement of any stock exchange or other securities market on
which the Common Stock is listed or traded has been satisfied; and

                    (c) any other applicable provision of state or federal law has been satisfied.

          8. Transferability of the Option. The Option shall be transferable by the Optionee
only as follows:

                    (a) By will or the laws of descent and distribution;

                    (b) Pursuant to a Qualified Domestic Relations Order as defined under the Code or Title I of
the Employee Retirement Income Security Act of 1974; or

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                    (c) Without consideration (other than in exchange for an interest in one of the following
partnerships, limited liability companies or other entities), to (i) the Optionee’s spouse,
children or grandchildren (whether by blood, adoption or step) (“Family Members”), (ii) any trust
in which Optionee and such Optionee’s Family Members have more than 50% of the beneficial
interests, or (iii) any partnership, limited liability company or other entity in which the
Optionee and such Optionee’s Family Members own more than 50% of the voting interests, provided
that (x) following any transfer of the Option pursuant to this Section 8(c), the Option shall
continue to be subject to the same terms and conditions as were applicable immediately prior to
transfer, provided that for purposes of this Agreement, any reference to the Optionee shall be
deemed to refer to the transferee, (y) in the event of a transferee’s death, the Option may be
exercised by the personal representative of the transferee’s estate or, if no personal
representative has been appointed, by the successor or successors in interest determined under the
transferee’s will or under applicable laws of descent and distribution, and (z) the events of
expiration of the Option set forth in Section 4 hereof shall continue to be applied with respect to
the original Optionee, following which the Option shall be exercisable by the transferee only to
the extent and for the period specified in Section 4 hereof.

          9. No Rights As Stockholder Until Exercise. The Optionee shall have no rights as a
stockholder with respect to the Option Shares unless and until such time as the Optionee has
exercised the Option by delivering a properly completed and executed notice of exercise and has
paid in full the Exercise Price for the number of Option Shares for which the Option is to be so
exercised in accordance with Section 3 hereof and certificates representing the Option Shares have
been issued to the Optionee with respect thereto. Except as expressly provided in Section 6 hereof
with respect to certain changes in the capitalization of the Company, no adjustment in the number
of Option Shares or the Exercise Price shall be made for dividends or similar rights for which the
record date is prior to such date of exercise.

          10. No Right to Employment. Nothing contained in this Agreement shall confer, and the
grant of the Option shall not be construed as conferring, upon the Optionee, any right to continue
in the employ or service of the Company or any Subsidiary or interfering in any way with the right
of the Company or any Subsidiary to (a) terminate the Optionee’s employment or service at any time,
or (b) increase or decrease the compensation of the Optionee from the rate in existence at the time
of granting the Option.

          11. Administration.

                    (a) Authority of the Board. The Option and this Agreement shall be administered by
the Board. Subject to the terms of this Agreement and applicable law, and in addition to other
express powers and authorizations conferred on the Board by this Agreement, the Board shall have
full power and authority to: (i) interpret and administer the Option and this Agreement; (ii)
adopt, amend, suspend, waive or rescind such rules and regulations and appoint such agents as it
shall deem necessary or desirable for the administration of the Option and this Agreement; (iii)
correct any defect or supply any omission or reconcile any inconsistency, and to construe and
interpret the Option and this Agreement; and (iii) make any other determinations and decisions and
take any other action that the Board deems necessary or desirable for the administration of the
Option and this Agreement.

                    (b) Exercise of Authority. Unless otherwise expressly provided in this Agreement, all
designations, determinations, interpretations and other decisions under or with respect to the
Option and this Agreement shall be within the sole discretion of the Board, may be made at any time
and shall be final, conclusive and binding upon all Persons, including the Company, its
Subsidiaries, the Optionee and stockholders. The express grant of any specific power to the Board,
and the taking of any action by the Board, shall not be construed as limiting any power or
authority of the Board. The Board may delegate to officers or managers of the Company or any
Subsidiary, or committees thereof, the authority, subject to such terms as the Board shall
determine, to perform such functions, including administrative functions, as the Board may
determine, to the extent that such delegation is permitted under applicable law, rules and
regulations. The Board may appoint agents to assist it in administering the Plan.

                    (c) Delegation to a Committee or Officers. Notwithstanding anything to the contrary
contained herein, the Board may at any time, or from time to time, appoint a committee of the Board
of Directors (“Committee”) or one or more executive officers of the Company “Officers”) and
delegate to such Committee or Officers the authority of the Board to administer the Option and this
Agreement, including to the extent provided by the Board, the power to further delegate such
authority. Upon such appointment and delegation, any such Committee or Officer shall have all the
powers, privileges and duties of the Board in the administration of the Option and this Agreement
to the extent provided in such delegation.

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                    (d) Limitation of Liability. The Board, the Committee, if any, each member of each,
and any Officer shall be entitled to, in good faith, rely or act upon any report or other
information furnished to him or her by any executive officer, other officer or employee of the
Company or a Subsidiary, the Company’s independent auditors, legal counsel, other consultants or
any other agents assisting in the administration of the Option and this Agreement. Members of the
Board and of the Committee, if any, any Officer, and any officer or employee of the Company or a
Subsidiary acting at the direction or on behalf of the Board, the Committee, if any, or any Officer
shall not be personally liable for any action or determination taken or made in good faith with
respect to the Plan, and shall, to the extent permitted by law, be fully indemnified and protected
by the Company with respect to any such action or determination.

          12. Miscellaneous.

                    (a) Notices. Any notice required or permitted to be given under this Agreement shall
be in writing and shall be deemed given when sent by first class certified or registered mail,
postage prepaid, return receipt requested, or by personal delivery, addressed as follows:

	 	(i)	 	If to the Company, at its principal
executive offices; or
	 
	 	(ii)	 	If to the Optionee, at the address
set forth below his signature on the attached Notice of
Stock Option Grant.

The addresses for such notices may be changed from time to time by written notice given in the
manner provided for herein.

                    (b) Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware, without regard to provisions governing conflicts of laws.

                    (c) Entire Agreement. This Agreement (along with the Notice of Stock Option Grant)
constitutes the entire agreement and understanding between the parties hereto regarding the subject
matter hereof, and supersedes all prior written or oral agreements, understandings and
communications between the parties related to the subject matter of this Agreement.

                    (d) Amendment. This Agreement may be modified, amended or rescinded only by a written
Agreement executed by all parties hereto.

                    (e) Severability. If any provision of this Agreement or the Option is or becomes or is
deemed to be invalid, illegal or unenforceable in any jurisdiction, or would disqualify this
Agreement or the Option under any law, this Agreement and the Option shall be deemed amended to
conform to applicable laws or, if it cannot be construed or deemed without, in the determination of
the Board, materially altering the intent of the Agreement and the Option, it shall be deleted and
the remainder of the Agreement shall remain in full force and effect. If any of the terms or
provisions of this Agreement or the Option conflict with the requirements of applicable law or
applicable rules and regulations thereunder, then such terms or provisions shall be deemed
inoperative to the extent necessary to avoid the conflict with applicable law, or applicable rules
and regulations, without invalidating new remaining provisions hereof.

                    (f) Successor and Assigns. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted assigns.

                    (g) Specific Performance and Remedies. The rights of the parties under this
Agreement are unique and, accordingly, the parties shall have the right to, in addition to any
other remedies as may be available to any of them at law or in equity, to enforce their rights
hereunder by actions for specific performance in addition to any other legal or equitable remedies
that they might have to the extent permitted by law. All rights and remedies of the Company and of
the Optionee enumerated in this Agreement shall be accumulative, and, except as expressly provided
otherwise in this Agreement, none shall exclude any other rights or remedies allowed by law or in
equity, and each of said rights or remedies may be exercised and enforced concurrently.

                    (h) Waivers. Any of the provisions of this Agreement may be waived by an instrument in
writing with the consent of the party or parties whose rights are being waived. Any waiver of a
breach of any provision of this Agreement shall not operate or be construed as a waiver of any
subsequent breach of that provision or of any other provision hereof.

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                    (i) Captions. The captions contained in this Agreement are included for convenience of
reference only and do not define, limit, explain or modify this Agreement or its interpretation,
construction or meaning and are in no way to be construed as a part of this Agreement.

                    (j) Construction. For purposes of this Agreement, the following rules of construction
shall apply: (i) the word “or” is disjunctive but not necessarily exclusive; and (ii) the number
and gender of each pronoun shall be construed to be such number and gender as the context,
circumstances or its antecedent may require.

(End of Non-Qualified Stock Option Agreement—2006 Non-Plan Grant)

7Exhibit 4.31 - 10% Purchase Agreement

    Exhibit
      4.31

     

    Herbert
      Smith

    Execution
      Copy

     

    

    ......24th
      May.....2006

     

    IDG
      TECHNOLOGY VENTURE INVESTMENT, INC.

     

    and

     

    TRADE
      MEDIA HOLDINGS LIMITED

     

    and

     

    INTERNATIONAL
      DATA GROUP, INC.

     

    

     

    _________________________________

     

    AGREEMENT

    for
      the
      sale and purchase of 10% of the shares in 

    HC
      INTERNATIONAL, INC.

     

    __________________________________

     

    Herbert
      Smith LLP

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

    
       

      
        	
                1.

              	
                INTERPRETATION

              	
                1

              
	
                2.

              	
                CONDITIONS

              	
                5

              
	
                3.

              	
                SALE
                  AND PURCHASE

              	
                6

              
	
                4.

              	
                Acquisition
                  price

              	
                7

              
	
                5.

              	
                Adjustment
                  to acquisition price

              	
                7

              
	
                6.

              	
                COMPLETION

              	
                8

              
	
                7.

              	
                WARRANTIES
                  and indemnities by the Vendor

              	
                10

              
	
                8.

              	
                undertakings
                  and indemnities by the Vendor

              	
                13

              
	
                9.

              	
                undertaking
                  by the purchaser

              	
                13

              
	
                10.

              	
                GUARANTEE
                  AND INDEMNITY

              	
                13

              
	
                11.

              	
                GENERAL

              	
                17

              
	
                12.

              	
                NOTICES

              	
                19

              
	
                13.

              	
                GOVERNING
                  LAW

              	
                20

              

      

      

 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    THIS
      AGREEMENT
      is made
      on 24th May 2006

     

    BETWEEN:

     

    
      	
              1.

            	
              IDG
                TECHNOLOGY VENTURE INVESTMENT, INC.,
                a
                company incorporated under the General Laws of the Commonwealth of
                Massachusetts and having its correspondence address at Room 616,
                Tower A,
                COFCO Plaza, 8 Jianguomenwei Dajie, Beijing, 100005 PRC (“IDG
                or the Vendor”);

            

    

     

    
      	
              2.

            	
              TRADE
                MEDIA HOLDINGS LIMITED,
                a
                company incorporated in the Cayman Islands and having its registered
                address at P.O. Box 219 GT, Strathvale House, North Church Street,
                George
                Town, Grand Cayman, Cayman Islands (the “Purchaser”);
                and

            

    

     

    
      	
              3.

            	
              INTERNATIONAL
                DATA GROUP, INC.,
                a
                company incorporated under the General Laws of the Commonwealth of
                Massachusetts and having its correspondence address at Room 616,
                Tower A,
                COFCO Plaza, 8 Jianguomenwei Dajie, Beijing, 100005 PRC (the “Guarantor”).

            

    

     

    RECITALS:

     

    
      	
              (A)

            	
              HC
                International, Inc. (the “Company”)
                was incorporated in the Cayman Islands as an exempted company with
                limited
                liability on 3rd March, 2000 and its shares are listed on the Growth
                Enterprise Market of the Stock Exchange. Further details of the Company
                are set out in Part I of Schedule
                1.

            

    

     

    
      	
              (B)

            	
              The
                Vendor holds a total of 73,331,954 Shares of the Company (representing
                approximately 15.32% of the total issued share capital of the Company),
                as
                at the date of this Agreement, out of which the Vendor has agreed
                to sell
                and the Purchaser has agreed to purchase the Sale Shares on the terms
                and
                conditions set out in this
                Agreement.

            

    

     

    
      	
              (C)

            	
              The
                Guarantor is the sole limited partner of IDG. The Guarantor has agreed
                to
                guarantee the obligations of the
                Vendor.

            

    

     

    IT
      IS AGREED
      as
      follows:

     

    
      	1.  	
              INTERPRETATION

            

    

     

    
      	1.1  	
              In
                this Agreement, and in the Schedules, the following definitions are
                used:

            

    

     

    “Associate”
means
      (i) any entity in which any member of the Group owns or is entitled to control
      more than 20% of the shares, stock, voting rights and/or other participating
      interest (carrying the right to vote or to the distribution of profits) in
      or of
      that entity; and (ii) China Search Inc.;

     

    “Accounts”
has
      the
      meaning given to that term in Schedule 2;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    “Acquisition
      Price”
means,
      subject to adjustment in accordance with clause 5, HK$1.6095 per Sale Share
      totalling HK$77,027,451 for the 47,858,000 Sale Shares as at the date of this
      Agreement;

     

    “Business
      Day”
means
      a
      day (not being a Saturday) on which banks are open for general banking business
      in Hong Kong;

     

    “CCASS”
means
      the Central Clearing and Settlement System operated by Hong Kong Securities
      Clearing Company Limited;

     

    “Companies
      Ordinance”
means
      the Companies Ordinance, Chapter 32 of the Laws of Hong Kong;

     

    “Completion”
means
      completion of the sale and purchase of the Sale Shares in accordance with clause
      6;

     

    “Disclosure
      Letter”
means
      the letter from the Vendor to the Purchaser dated the date of this Agreement
      and
      delivered immediately prior to the execution of this Agreement;

     

    [*
      Material omitted and filed separately with the Securities and Exchange
      Commission pursuant to a request for confidential treatment under Rule 14-b2
      of
      the Securities Exchange Act of 1934, as amended.];

     

    “Executive”
means
      the Executive Director of the Corporate Finance Division of the
      SFC;

     

    “Group”
means
      the Company and the Subsidiaries;

     

    “HC
      Construction”
means
      HC Construction Co., Ltd., a company incorporated in the PRC;

     

    “HC
      Construction Option”
means
      the option to be granted by HC Construction to the Purchaser under the HC
      Construction Option Deed in relation to HC Construction’s equity interests
      (“Beijing
      Huicong Option Shares”)
      in
      Beijing Huicong International Information Co., Ltd. (“Beijing
      Huicong”),
      under
      which inter alia (a) HC Construction undertakes not to sell, transfer, charge
      or
      otherwise dispose of any of HC Construction’s equity interests in Beijing
      Huicong to third parties within the Option Period (as defined in the HC
      Construction Option Deed) and (b) the Purchaser shall have the right (but not
      the obligation) to purchase the Beijing Huicong Option Shares at any time within
      the Option Period;

     

    “HC
      Construction Option Deed”
means
      the option deed to be entered into by HC Construction and the Purchaser on
      the
      same date as this Agreement in relation to the HC Construction
      Option;

     

    “Hong
      Kong”
means
      the Hong Kong Special Administrative Region of the PRC;

     

    “Listing
      Rules”
means
      The Rules Governing the Listing of Securities on the Growth Enterprise Market
      of
      the Stock Exchange;

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    

     

    “Options”
means
      the options to be granted by the Vendor and the Option Grantors to the Purchaser
      under the Option Deed in relation to the Shares held by the Vendor and the
      Option Grantors (“Option
      Shares”)
      under
      which (a) the Vendor and the Option Grantors shall undertake not to sell,
      transfer, charge, or otherwise dispose of, any of the Vendor’s and Option
      Grantors’ interests in the Option Shares at any time within one year from the
      date of Completion (the “Option
      Period”);
      and
      (b) the Purchaser shall have the right (but not the obligation) either (i)
      to
      purchase from the Vendor and the Option Grantors the Option Shares or (ii)
      to
      require the Vendor and the Option Grantors to accept in respect of such Option
      Shares a general offer made by or on behalf of the Purchaser for the Shares
      at
      any time during the Option Period;

     

    “Option
      Deed”
means
      the option deed to be entered into by the Vendor, the Option Grantors and the
      Purchaser on the same date as this Agreement in relation to the
      Options;

     

    “Option
      Grantors”
means
      IDG Technology Venture Investment, Inc., [*
      Material omitted and filed separately with the Securities and Exchange
      Commission pursuant to a request for confidential treatment under Rule 14-b2
      of
      the Securities Exchange Act of 1934, as amended.],
      Guo
      Fansheng, [*
      Material omitted and filed separately with the Securities and Exchange
      Commission pursuant to a request for confidential treatment under Rule 14-b2
      of
      the Securities Exchange Act of 1934, as amended.];

     

    “PRC”
means
      the People’s Republic of China;

     

    “Purchaser’s
      Solicitors”
means
      Herbert Smith of 23rd Floor, Gloucester Tower, 11 Pedder Street, Central, Hong
      Kong;

     

    “Purchaser
      Shareholding”
means
      the proportion that the number of Shares held by the Purchaser bears to the
      aggregate number of outstanding issued Shares, which was equivalent to 10%
      of
      the entire issued capital of the Company as at the date of Completion;

     

    “RMB”
means
      the lawful currency of the PRC;

     

    “Sale
      Shares”
means
      the 47,858,000 Shares (or if such number of Shares does not represent 10% of
      the
      Shares in issue as at the date of Completion, then such other number of Shares
      as represents 10% of the Shares in issue as at the date of Completion) to be
      sold by the Vendor to the Purchaser;

     

    “SFC”
means
      the Securities and Futures Commission of Hong Kong;

     

    “Shares”
means
      ordinary shares of HK$0.10 each in the share capital of the
      Company;

     

    “Stock
      Exchange”
means
      The Stock Exchange of Hong Kong Limited;

     

    “Subsidiaries”
means
      all the subsidiaries and jointly controlled entities of the Company as at the
      date of this Agreement including without limitation to those companies named
      in
      Part II of Schedule 1;

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    

     

    “Takeovers
      Code”
means
      The Codes or Takeovers and Mergers and Share Repurchases;

     

    “Tax”
and
      “Taxation”
have
      the meanings given to those terms in Schedule 2;

     

    “Vendor’s
      Solicitors”
means
      Johnson Stokes & Master of 16th - 19th Floors, Prince’s Building, 10 Chater
      Road, Central, Hong Kong;

     

    “Warranties”
means
      the warranties set out in Schedule 2; and

     

    “HK$”
means
      Hong Kong dollars.

     

    
      	1.2  	
              In
                this Agreement, words and expressions defined in the Companies Ordinance
                shall bear the same meaning as in that Ordinance unless expressly
                stated
                otherwise.

            

    

     

    
      	1.3  	
              In
                this Agreement, save where the context otherwise
                requires:

            

    

     

    
      	1.3.1  	
              a
                reference to a statute or statutory provision shall include a reference
                to
                that statute or provision as from time to time consolidated, modified,
                re-enacted or replaced by any statute or statutory provision; to
                any
                repealed statute or statutory provision which it re-enacts (with
                or
                without modification); and any subordinate legislation made under
                the
                relevant statute;

            

    

     

    
      	1.3.2  	
              words
                in the singular shall include the plural, and vice
                versa;

            

    

     

    
      	1.3.3  	
              the
                masculine gender shall include the feminine and neutral and vice
                versa;

            

    

     

    
      	1.3.4  	
              a
                reference to a person shall include a reference to a firm, a body
                corporate, an unincorporated association or to a person’s executors or
                administrators;

            

    

     

    
      	1.3.5  	
              a
                reference to a clause, paragraph or Schedule (other than to a schedule
                to
                a statutory provision) shall be a reference to a clause, paragraph
                or
                Schedule (as the case may be) of or to this
                Agreement;

            

    

     

    
      	1.3.6  	
              if
                a period of time is specified and commences from a given day or the
                day of
                an act or event, it shall be calculated exclusive of that
                day;

            

    

     

    
      	1.3.7  	
              references
                to any legal term for any action, remedy, method or judicial proceeding,
                legal document, legal status, court, official or any legal concept
                or
                thing shall in respect of any jurisdiction other than Hong Kong be
                deemed
                to include what most nearly approximates in that jurisdiction to
                the Hong
                Kong legal term;

            

    

     

    
      	1.3.8  	
              references
                to writing shall include any modes of reproducing words in a legible
                and
                non-transitory form;

            

    

     

    
      	1.3.9  	
              a
                reference to a balance sheet or profit and loss account shall include
                a
                reference to any note forming part of
                it;

            

    

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    

     

    
      	1.3.10  	
              where
                any of the Warranties is qualified by the expression “to the best of the
                knowledge of the Vendor” or any similar expression, that expression shall
                be taken to mean “to the best knowledge of the Vendor acting reasonably
                and in good faith, after making due, diligent and careful enquiries” and
                that the Vendor has used its best endeavours to ensure that all
                information given in the Warranty is true, complete and accurate
                in all
                material respects;

            

    

     

    
      	1.3.11  	
              a
                reference to “includes” or “including” shall mean “includes without
                limitation” or “including without
                limitation”;

            

    

     

    
      	1.3.12  	
              references
                to documents “in the agreed terms” shall be to documents agreed between
                the parties, annexed to this Agreement and initialled for identification
                by the Vendor’s Solicitors and the Purchaser’s
                Solicitors;

            

    

     

    
      	1.3.13  	
              the
                headings in this Agreement are for convenience only and shall not
                affect
                the interpretation of any provision of this Agreement;
                and

            

    

     

    
      	1.3.14  	
              references
                to this Agreement include this Agreement as amended or supplemented
                in
                accordance with its terms.

            

    

     

    
      	1.4  	
              The
                designations adopted in the recitals and introductory statements
                preceding
                this clause apply throughout this Agreement and the
                Schedules.

            

    

     

    
      	1.5  	
              Where
                any obligation in this Agreement is expressed to be made, undertaken
                or
                given by two or more parties, they shall be jointly and severally
                liable
                in respect of it.

            

    

     

    
      	2.  	
              CONDITIONS

            

    

     

    
      	2.1  	
              The
                provisions of this Agreement, other than clauses 1, 2, 7, 10, 12
                and 13,
                are subject to each of the following conditions being
                satisfied:

            

    

     

    
      	2.1.1  	
              the
                obtaining in a form satisfactory to the Purchaser of any consent
                to the
                sale and purchase of the Sale Shares under this Agreement, if
                required;

            

    

     

    
      	2.1.2  	
              the
                full and effective release of all charges, mortgages, pledges, liens,
                encumbrances and other security of whatever nature over or in respect
                of
                all of the Sale Shares, if any; and

            

    

     

    
      	2.1.3  	
              the
                receipt of all PRC regulatory approvals in respect of companies operating
                in advertising, internet and broadcasting industries as may be required
                to
                complete this Agreement;

            

    

     

    
      	2.1.4  	
              the
                Vendor, the Option Grantors and the Purchaser entering into the Option
                Deed;

            

    

     

    
      	2.1.5  	
              HC
                Construction and the Purchaser entering into the HC Construction
                Option
                Deed;

            

    

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    

     

    
      	2.1.6  	
              all
                relevant governmental and regulatory approvals (if any) relating
                to the
                execution of this Agreement, the Option Deed and the HC Construction
                Option Deed, having been obtained, and for the avoidance of doubt
                does not
                relate to completion of the Option Deed and the HC Construction
                Deed;

            

    

     

    
      	2.1.7  	
              the
                Executive having confirmed that (i) no mandatory offer obligation
                under
                Rule 26 of the Takeovers Code will be triggered as a result of the
                transactions contemplated under this Agreement and the execution
                of the
                Option Deed and the HC Construction Option Deed and (ii) the Purchaser
                is
                not acting in concert with any of the Vendor, Option Grantors or
                HC
                Construction within the meaning of the Takeovers Code;
                and

            

    

     

    
      	2.1.8  	
              save
                as specifically disclosed or otherwise provided in this Agreement
                (including but not limited to the matters referred to in clause 8.1
                hereof) there has been no event, change or occurrence which, individually
                or together with any other event, change or occurrence has, or would,
                or
                could reasonably be expected to have, a material adverse effect on
                or
                cause a material adverse change to the financial or trading position
                or
                prospects of the Company,

            

    

     

    and
      if
      those conditions have not been fulfilled (or in the case of the conditions
      in
      clauses 2.1.1, 2.1.2, 2.1.4, 2.1.5 and 2.1.8 waived by the Purchaser) by 21
      June, 2006, the provisions of this Agreement (other than clauses 1, 7, 10,
      12
      and 13) shall from such date have no effect and no party shall have any
      liability under them (without prejudice to the rights of any of the parties
      in
      respect of antecedent breaches).

     

    
      	2.2  	
              The
                Vendor shall procure that the conditions in clause 2.1 (relating
                to itself
                including clauses 2.1.1 to 2.1.3 and clause 2.1.6) are satisfied
                (unless
                validly waived) as soon as practicable but in any event prior to
                21 June
                2006. No party is entitled to withdraw from this Agreement before
                21 June
                2006 unless any of the conditions in clause 2.1 becomes incapable
                of
                fulfilment.

            

    

     

    
      	2.3  	
              Each
                party shall immediately notify the other parties as soon as it becomes
                aware that a condition in clause 2.1 has been satisfied or that any
                such
                condition is incapable of
                fulfilment.

            

    

     

    
      	3.  	
              SALE
                AND PURCHASE

            

    

     

    
      	3.1  	
              The
                Vendor, as beneficial owner, shall sell or procure to be sold and
                the
                Purchaser shall purchase the Sale
                Shares.

            

    

     

    
      	3.2  	
              The
                Sale Shares shall be sold at Completion free from any claim, option,
                charge, lien, equity, encumbrance, rights of pre-emption or any other
                third party rights and together with all rights attached to them
                at the
                date of this Agreement or subsequently becoming attached to them
                (including but not limited to the rights to receive all dividends
                and
                other distributions, if any, declared made or paid on or after the
                date of
                this Agreement, but excluding any voting rights which shall only
                accrue to
                the Purchaser after Completion).

            

    

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    

     

    
      	3.3  	
              The
                Vendor waives and agrees to procure the waiver of any restrictions
                on
                transfer (including pre-emption rights) which may exist in relation
                to the
                Sale Shares under the constitutional documents of the Company or
                any
                contract or otherwise.

            

    

     

    
      	3.4  	
              The
                Vendor shall use its best endeavours to procure that prior to Completion
                the businesses of the Group shall be operated in the ordinary course
                of
                business in compliance with all laws and regulations and in substantially
                the same manner as such businesses have been carried on before the
                date of
                this Agreement, so as to maintain each such business as a going concern.
                Pending Completion, the Vendor shall use its best endeavours to procure
                that each member of the Group:

            

    

     

    
      	3.4.1  	
              shall
                not do or omit to do (or allow to be done or to be omitted to be
                done) any
                act or thing (in either case whether or not in the ordinary course
                of
                day-to-day operations) which may breach any of the Warranties;
                and

            

    

     

    
      	3.4.2  	
              shall
                take all reasonable steps to preserve and protect its business and
                assets
                and the Vendor shall notify the Purchaser in writing promptly of
                any
                material adverse change in such business or assets or of any breach
                or
                potential breach of the undertakings in this clause
                3.4.

            

    

     

    
      	4.  	
              ACQUISITION
                PRICE

            

    

     

    
      	4.1  	
              Subject
                to the adjustment in accordance with clause 5, the total consideration
                for
                the sale of the Sale Shares shall be the payment at Completion to
                the
                Vendor of the Acquisition Price.

            

    

     

    
      	5.  	
              ADJUSTMENT
                TO ACQUISITION PRICE

            

    

     

    
      	5.1  	
              Subject
                to Clause 5.2 below, the Acquisition Price shall be adjusted such
                that an
                additional sum of HK$31,093,343 representing HK$0.6497 per Sale Share
                (“Adjusted
                Acquisition Price”)
                shall be payable to the Vendor if
                either:

            

    

     

    
      	5.1.1  	
              [*
                Material
                omitted and filed separately with the Securities and Exchange Commission
                pursuant to a request for confidential treatment under Rule 14-b2
                of the
                Securities Exchange Act of 1934, as amended.];
                or

            

    

     

    
      	5.1.2  	
              upon
                completion of the sale and purchase of the Option Shares (whether
                under
                clause 2.1.1 or under clause 2.1.2 of the Option
                Deed).

            

    

     

    
      	5.2  	
              In
                the event that the Adjusted Acquisition Price is payable, the Adjusted
                Acquisition Price shall be paid by electronic funds transfer to the
                bank
                account of the Vendor (as notified by the Vendor prior to such payment)
                within 5 Business Days from the earlier
                of:

            

    

     

    
      	5.2.1  	
              the
                date on which the audited consolidated accounts for the financial
                year
                ending 31 December 2006 is published;
                or

            

    

     

    
      	5.2.2  	
              the
                completion of the sale and purchase of the Option Shares (whether
                under
                clause 2.1.1 or under clause 2.1.2 of the Option
                Deed).

            

    

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    

     

    
      	6.  	
              COMPLETION

            

    

     

    
      	6.1  	
              Subject
                to Clause 2.1, Completion shall take place at the offices of the
                Vendor’s
                Solicitors on the fifth (5th) Business Day following the satisfaction
                (or
                waiver, as appropriate) of all conditions set out in clause 2.1 (or
                at
                such other place or time as the parties shall
                agree).

            

    

     

    
      	6.2  	
              At
                Completion, the Vendor shall deliver or cause to be delivered to
                the
                Purchaser or the Purchaser’s
                Solicitors:

            

    

     

    
      	6.2.1  	
              duly
                executed instruments of transfer and sold notes in favour of the
                Purchaser
                or its nominee in respect of the Sale Shares together with definitive
                share certificates for them in the names of the relevant
                transferors;

            

    

     

    
      	6.2.2  	
              any
                power of attorney under which any document required to be delivered
                pursuant to this clause 6.2 is executed on behalf of a transferor
                or other
                person and, in the case of a body corporate, evidence to the satisfaction
                of the Purchaser as to the authority of the person executing such
                documents on behalf of the body
                corporate;

            

    

     

    
      	6.2.3  	
              in
                the case of a transferor who is not registered as the holder of any
                of the
                Sale Shares sold by him, evidence to the Purchaser’s satisfaction of his
                title or right to sell those Sale
                Shares;

            

    

     

    
      	6.2.4  	
              any
                waivers, consents or other documents required to vest in the Purchaser
                the
                full beneficial ownership of the Sale Shares and enable the Purchaser
                to
                procure them to be registered in the name of the Purchaser or its
                nominee;

            

    

     

    
      	6.2.5  	
              evidence
                (or failing which, written confirmation from the Vendor) to the
                satisfaction of the Purchaser of the fulfilment of the conditions
                (unless
                validly waived by the Purchaser) specified in clauses 2.1.1 to
                2.1.6;

            

    

     

    
      	6.2.6  	
              a
                cheque drawn in favour of “the Government of the Hong Kong Special
                Administrative Region” for HK$77,027.45 representing the estimated stamp
                duty, SFC transaction levy and Stock Exchange trading fee payable
                by the
                Vendor on the instruments of transfer and the sold notes in respect
                of the
                Sale Shares. The Vendor hereby undertake to immediately pay to the
                Purchaser any additional stamp duty which may be assessable on the
                Sale
                Shares (excluding any penalty duty assessable due to a failure to
                present
                the relevant documents for stamping within the relevant time period
                by the
                Purchaser);

            

    

     

    
      	6.2.7  	
              certified
                copy of the resignation letters of the director of the Company who
                is
                referred to in clause 6.2.8(D), such registration to take effect
                as at
                Completion; and

            

    

     

    
      	6.2.8  	
              certified
                copy resolutions of the directors of the Company approving the following
                matters:

            

    

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    

     

    
      	(A)  	
              the
                transfer of the Sale Shares for registration and the entry of the
                transferee in the register of members of the Company, in each case
                subject
                only to the transfer being subsequently presented duly stamped (if
                required);

            

    

     

    
      	(B)  	
              the
                appointment of Mr. Merle A. Hinrichs (i) as a non-executive director
                of
                the Company and (ii) as a member of the audit committee and remuneration
                committee of the Company with effect from the date of
                Completion;

            

    

     

    
      	(C)  	
              the
                appointment of Mr. Li Jianguang as a non-executive director of the
                Company
                with effect from the date of Completion;
                and

            

    

     

    
      	(D)  	
              the
                resignations of two (2) existing directors of the Company, Mr. Hugo
                Shong
                and Mr. Yang Fei, who are to be replaced by the persons referred
                to in
                sub-clauses (B) and (C) above, with effect from the date of
                Completion.

            

    

     

    
      	6.3  	
              At
                Completion,

            

    

     

    
      	6.3.1  	
              the
                Vendor shall procure that its designated CCASS Participant gives
                an
                irrevocable delivery instruction to effect a book-entry settlement
                of the
                Sale Shares in accordance with this Agreement and the General Rules
                and
                the Operational Procedures to the credit of the stock accounts of
                the
                CCASS Participant of the Purchaser in accordance with the instructions
                and
                details provided to the Vendor by the Purchaser prior to
                Completion;

            

    

     

    
      	6.3.2  	
              the
                Purchaser shall deliver a copy of the confirmation obtained from
                the SFC
                for the purpose of Clause 2.1.7;
                and

            

    

     

    
      	6.3.3  	
              the
                Purchaser shall pay by electronic funds transfer for same day value
                to the
                bank accounts of the Vendor (as notified by the Vendor prior to
                Completion) the Acquisition Price. Receipt of the same by the Vendor
                shall
                be a valid discharge of the Purchaser’s obligations under clause
                4.1.

            

    

     

    
      	6.4  	
              No
                party shall be obliged to complete this Agreement unless the other
                party
                complies fully with all its obligations under clauses 6.2 and
                6.3.

            

    

     

    
      	6.5  	
              If
                the Vendor shall be unable to comply with any of its obligations
                under
                clauses 6.2 and 6.3 on or before the date fixed for Completion the
                Purchaser may:

            

    

     

    
      	6.5.1  	
              defer
                Completion with respect to the Sale Shares to a date selected by
                the
                Purchaser not more than 28 days after that date (in which case this
                clause
                shall apply to Completion as so deferred);
                or

            

    

     

    
      	6.5.2  	
              rescind
                this Agreement without liability to the Vendor whereupon and from
                such
                date the provisions of this Agreement (other than clauses 1, 7, 10,
                12 and
                13) 

            

    

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    shall
      have no effect and no party shall have any liability under them (without
      prejudice to the rights of any of the parties in respect of antecedent
      breaches).

     

    
      	6.6  	
              For
                so long after Completion as the Vendor (or their nominee(s)) remains
                the
                registered holder of any of the Sale Shares, the Vendor shall hold
                (or
                procure the holding of) the Sale Shares and any dividend, distributions,
                property and rights deriving from them in trust for the Purchaser
                and
                shall deal (or procure the dealing) with the Sale Shares and any
                dividend,
                distributions, property and rights deriving from them as the Purchaser
                directs; in particular, the Vendor shall exercise (or procure the
                exercise
                of) all voting rights attached to the Sale Shares as the Purchaser
                directs
                or shall execute (or procure the execution of) an instrument of proxy
                or
                other document which enables the Purchaser or its representative
                to attend
                and vote at any meeting of the
                Company.

            

    

     

    
      	7.  	
              WARRANTIES
                AND INDEMNITIES BY THE
                VENDOR

            

    

     

    
      	7.1  	
              The
                Vendor warrants and represents to the Purchaser in the terms of the
                Warranties. The Guarantor separately warrants and represents to the
                Purchaser in the terms of the Warranties on the basis that each reference
                to the Vendor in the Warranties shall be deemed to be a reference
                to the
                Guarantor.

            

    

     

    
      	7.2  	
              The
                Vendor acknowledges that, in entering into this Agreement, the Purchaser
                has relied upon prior representations by the Vendor in the terms
                of the
                Warranties.

            

    

     

    
      	7.3  	
              The
                Vendor shall not (in the event of any claim being made against the
                Vendor
                in connection with the sale of the Sale Shares to the Purchaser)
                make any
                claim against any member of the Group (or any Associate) or against
                any
                director or employee of any member of the Group (or any Associate)
                on whom
                the Vendor may have relied before agreeing to any term of this
                Agreement.

            

    

     

    
      	7.4  	
              Each
                of the Warranties shall be construed as a separate warranty and except
                where this Agreement expressly provides otherwise, each Warranty
                is not
                limited or restricted by reference to or inference from the terms
                of any
                other Warranty or any other term of this
                Agreement.

            

    

     

    
      	7.5  	
              The
                Vendor shall procure that the Warranties are true and accurate at
                all
                times up to and including Completion by reference to the facts and
                circumstances then subsisting and, for this purpose, the Warranties
                shall
                be deemed to be repeated at all times up to and including Completion
                as if
                any express or implied reference therein to the date of this Agreement
                shall be replaced by a reference to the time at which such Warranty
                is
                deemed to be repeated.

            

    

     

    
      	7.6  	
              The
                Warranties are and shall be given subject to the matters disclosed
                or
                referred to in the Disclosure Letter to the intent that the Vendor
                shall
                not be liable by reason of any of the Warranties being untrue or
                misleading or breached to the extent that the same has been disclosed
                in
                the Disclosure Letter.

            

    

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    

     

    
      	7.7  	
              The
                total liability of the Vendor and the Guarantor under Clauses 7 and
                8 of
                this Agreement shall not exceed the Acquisition Price (as adjusted
                in
                accordance with Clause 4 above).

            

    

     

    
      	7.8  	
              The
                Vendor and the Guarantor shall have no liability under this
                Agreement:

            

    

     

    
      	7.8.1  	
              unless,
                in the case of any particular claim, the amount thereof shall exceed
                HK$1,000,000; or

            

    

     

    
      	7.8.2  	
              until
                the aggregate amount of all valid claims which could otherwise be
                made
                under this Agreement (including all claims which could be made but
                for the
                operation of Clause 7.8.1) shall exceed HK$3,000,000 at which time
                all
                such valid claims shall become
                payable.

            

    

     

    
      	7.9  	
              If
                any claim for breach of Warranties is brought under this Agreement
                in
                relation to any liability of the Purchaser, the Company or any member
                of
                the Group which is contingent only, the Vendor shall not be liable
                to make
                any payment in respect thereof until such contingent liability becomes
                an
                actual liability.

            

    

     

    
      	7.10  	
              In
                the event of any claim for breach of any of the Warranties, it shall
                be
                open to the Vendor to reduce the amount of such claim by the amount
                by
                which at the date of such claim:

            

    

     

    
      	7.10.1  	
              any
                contingency provided against in the Accounts is certified by the
                auditors
                of the Company as having been discharged or satisfied below the amount
                attributed thereto in the Accounts;

            

    

     

    
      	7.10.2  	
              any
                contingency provided against in the accounts is certified by the
                auditors
                of the Company as having been ascertained as over-provided for in
                the
                Accounts; and/or

            

    

     

    
      	7.10.3  	
              the
                amount of any taxation credits, reliefs or set off due to or received
                by
                the Purchaser, the Company or any member of the Group except to the
                extent
                that the same shall have been taken into account in the
                Accounts;

            

    

     

    and
      any
      costs incurred in computing and/or certifying the amount of any such reduction
      shall be borne by the Vendor.

     

    
      	7.11  	
              The
                Vendor shall not be liable for breach of any Warranty to the extent
                that
                such liability arises by reason of any act or omission effected by
                the
                Purchaser after Completion or by reason of any retrospective change
                in the
                law or practice of relevant tax authorities coming into force after
                the
                date hereof or to the extent such liability arises or is increased
                by an
                increase in rates of taxation after the date hereof with retrospective
                effect.

            

    

     

    
      	7.12  	
              To
                the extent that the Purchaser shall have been compensated in respect
                of
                any facts or circumstances for any breach of any of the Warranties
                or
                under any terms of this Agreement, the Purchaser shall not be entitled
                to
                claim under any other of the Warranties or other term of this Agreement
                in
                respect of the same facts or
                circumstances.

            

    

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    

     

    
      	7.13  	
              If
                the Vendor pays any amount to the Purchaser by way of damages for
                breach
                of the Warranties (a “Damages
                Payment”)
                and the Purchaser subsequently receives any amount (the “Repaid
                Amount”)
                from any third party otherwise than from the Vendor which payment
                would
                not have been received but for the circumstances giving rise to the
                claim
                in respect of which the Damages Payment was made, the Purchaser shall,
                once it has received such amount, as soon as reasonably practicable
                repay
                to the Vendor the Repaid Amount.

            

    

     

    
      	7.14  	
              If
                the Vendor pays any Damages Payment to the Purchaser and any member
                of the
                Group subsequently receives the Repaid Amount from any third party
                otherwise than from the Vendor which payment would not have been
                received
                but for the circumstances giving rise to the claim in respect of
                which the
                Damages Payment was made, the Purchaser shall as soon as reasonably
                practicable repay to the Vendor such part of the Repaid Amount which
                is
                proportionate to its shareholding in the Company as at
                Completion.

            

    

     

    
      	7.15  	
              The
                Purchaser shall be entitled to claim both before and after Completion
                that
                any of the Warranties is or was untrue or misleading or has or had
                been
                breached even if the Purchaser could have discovered on or before
                entering
                into this Agreement or before Completion that the Warranty in question
                was
                untrue or misleading or had been breached and Completion shall not
                in any
                way constitute a waiver of any of the Purchaser’s
                rights.

            

    

     

    
      	7.16  	
              The
                Vendor undertakes to indemnify and keep indemnified the Purchaser
                at any
                time and from time to time from and against all claims, liabilities,
                losses, reasonable costs and expenses which the Purchaser may suffer
                or
                incur or which may be made against the Purchaser either before or
                after
                the commencement of and arising out of, or in respect of, any action
                in
                connection with:

            

    

     

    
      	7.16.1  	
              the
                settlement of any claim that (i) any of the Warranties or any other
                term
                of this Agreement (together the “Undertakings”)
                is untrue or misleading or has been breached; or (ii) any of the
                undertakings and indemnities in clause 8 has been
                breached;

            

    

     

    
      	7.16.2  	
              any
                legal proceedings taken by the Purchaser claiming that (i) any of
                the
                Undertakings is untrue or misleading or has been breached; or (ii)
                any of
                the undertakings and indemnities in clause 8 has been breached and
                in
                which judgment is given for the Purchaser;
                and

            

    

     

    
      	7.16.3  	
              the
                enforcement of any such settlement or judgment relating to the subject
                matter in clauses 7.16.1 and 7.16.2 of this
                Agreement.

            

    

     

    
      	7.17  	
              The
                rights and remedies of the Purchaser in respect of a breach of any
                of the
                Warranties shall not be affected by Completion, by any investigation
                made
                by or on behalf of the Purchaser into the affairs of the Group, by
                the
                giving of any time or other indulgence by the Purchaser to any person,
                by
                the Purchaser rescinding or not rescinding this Agreement, or by
                any other
                cause whatsoever except a specific waiver or release by the Purchaser
                in
                writing; and any such waiver or release shall not prejudice or affect
                any
                remaining rights or remedies of the
                Purchaser.

            

    

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

    

     

    
      	7.18  	
              Nothing
                in this clause 7 restricts or limits any general obligation at law
                of each
                of the Purchaser, the Company and the Subsidiaries to mitigate any
                loss or
                damage which it may suffer or incur as a consequence of any breach
                of any
                Warranty.

            

    

     

    
      	7.19  	
              If
                before Completion:

            

    

     

    
      	7.19.1  	
              the
                Purchaser becomes aware that any of the Warranties was at the date
                of this
                Agreement, or has since become, untrue or misleading or that the
                Vendor is
                in breach of any term of this Agreement;
                or

            

    

     

    
      	7.19.2  	
              save
                as specifically disclosed or otherwise provided in this Agreement
                (including clause 8.1 hereof), any other event occurs which has,
                or could
                be reasonably expected to have, or is likely to result in, a material
                adverse effect on the financial position or business prospects of
                the
                Group and the Associates as a
                whole;

            

    

     

    the
      Purchaser shall be entitled to rescind this Agreement without liability to
      the
      Vendor and the provisions of clause 6.5.2 shall apply.

     

    
      	7.20  	
              The
                rights, including rights of rescission, conferred on the Purchaser
                by this
                Agreement are in addition and without prejudice to all other rights
                and
                remedies available to the Purchaser, and no exercise or failure to
                exercise a right under this Agreement or otherwise or to invoke a
                remedy
                shall constitute a waiver of that right or remedy by the
                Purchaser.

            

    

     

    
      	8.  	
              UNDERTAKINGS
                AND INDEMNITIES BY THE
                VENDOR

            

    

     

    [*
      Material
      omitted and filed separately with the Securities and Exchange Commission
      pursuant to a request for confidential treatment under Rule 14-b2 of the
      Securities Exchange Act of 1934, as amended.]

     

    
      	9.  	
              UNDERTAKING
                BY THE PURCHASER

            

    

     

    
      	9.1  	
              The
                Purchaser hereby irrevocably and unconditionally undertakes to the
                Vendor
                that in the event that the Purchaser does not exercise the Options
                during
                the Option Period, upon expiry of the Option Period, or if the Options
                are
                exercised but the sale and purchase of the Option Shares is not completed
                in accordance with the terms of the Option Deed, the director of
                the
                Company nominated by the Purchaser shall resign from the audit and
                remuneration committees of the
                Company.

            

    

     

    
      	9.2  	
              The
                Purchaser undertakes that, upon expiry of the Option Period, it shall
                procure the resignation of the person nominated by the Purchaser
                and
                appointed as director of Beijing
                Huicong.

            

    

     

    
      	10.  	
              GUARANTEE
                AND INDEMNITY

            

    

     

    
      	10.1  	
              In
                consideration of the Purchaser agreeing to purchase the Sale Shares
                from
                the Vendor on the terms set out in this Agreement, the Guarantor
                unconditionally and irrevocably guarantees to the Purchaser the due
                and
                punctual discharge by the Vendor of all of its

            

    

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

    obligations
      of whatever nature (which shall, for the avoidance of doubt, include its
      liabilities to pay damages and satisfy any indemnity, agreed or otherwise)
      under
      this Agreement (the “Guaranteed
      Obligations”)
      and
      promises to pay on demand each sum (including any interest charges thereon
      up to
      and including such charges arising from the date of demand hereof until the
      date
      of payment hereunder) which the Vendor is liable to pay under this
      Agreement.

     

    
      	10.2  	
              Without
                prejudice to the rights of the Purchaser against the Vendor as primary
                obligor, the Guarantor shall be deemed a principal debtor in respect
                of
                its obligations under this Agreement and not merely a surety and
                accordingly the Guarantor shall not be discharged nor shall its liability
                hereunder be affected by any act or thing or means whatsoever by
                which its
                said liability would not have been discharged if it had been a primary
                debtor.

            

    

     

    
      	10.3  	
              The
                Guarantor’s obligations shall be a continuing guarantee. The Purchaser may
                make claims and demands of the Guarantor without limit of
                number.

            

    

     

    
      	10.4  	
              The
                Guarantor’s obligations shall be in addition to and not in substitution
                for, and shall not be prejudiced by, any rights which the Purchaser
                may
                have pursuant to any other agreement or security which the Purchaser
                may
                enter into or obtain in relation to this Agreement or the Guaranteed
                Obligations and the Guarantor’s obligations may be enforced against it
                without first having recourse to any such rights or
                security.

            

    

     

    
      	10.5  	
              The
                Guarantor’s liability to the Purchaser shall not be discharged, impaired
                or affected by reason of:

            

    

     

    
      	10.5.1  	
              any
                time, indulgence or waiver which the Purchaser may grant to the Vendor
                or
                any other person;

            

    

     

    
      	10.5.2  	
              any
                legal limitation, disability or incapacity or other circumstances
                relating
                to the Vendor, or any amendment to or variation of any of the terms
                of
                this Agreement or of any Guaranteed
                Obligations;

            

    

     

    
      	10.5.3  	
              any
                defect in the obligations of the
                Purchaser;

            

    

     

    
      	10.5.4  	
              any
                amendment to this Agreement;

            

    

     

    
      	10.5.5  	
              the
                liquidation or dissolution of the Vendor or the appointment of a
                receiver,
                administrative receiver or administrator of any of the Vendor’s assets or
                any change of control of the Vendor or the occurrence of any circumstance
                affecting the liability of the Vendor to discharge any Guaranteed
                Obligations; or

            

    

     

    
      	10.5.6  	
              any
                other matter or circumstance whereby but for this provision the Guarantor
                would or might be discharged from liability under this clause
                10.

            

    

     

    
      	10.6  	
              As
                a separate, additional and continuing obligation, the Guarantor
                unconditionally and irrevocably undertakes with the Purchaser that,
                should
                the Guaranteed Obligations not be recoverable from the Guarantor
                under
                clauses 10.1 and 10.2 for any reason whatsoever (including, but without
                prejudice to the generality of the foregoing, by reason of any
                

            

    

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

    provision
      of this Agreement being or becoming void, unenforceable or otherwise invalid
      under any applicable law) then, notwithstanding that that may have been known
      to
      the Purchaser, the Guarantor will as a sole, original, and independent
      obligation make payment of the Guaranteed Obligations to the Purchaser on demand
      by way of a full indemnity.

     

    
      	10.7  	
              The
                Guarantor will indemnify the Purchaser against all losses, claims,
                costs,
                charges and expenses to which it may be subject or which it may incur
                whilst acting in good faith under or pursuant to this Agreement as
                a
                result of any default by the Vendor in performing any Guaranteed
                Obligations or by the Guarantor in performing its obligations under
                this
                Agreement.

            

    

     

    
      	10.8  	
              Where:

            

    

     

    
      	10.8.1  	
              any
                discharge (whether in respect of the Guaranteed Obligations, this
                Agreement or otherwise) is made in whole or in part;
                or

            

    

     

    
      	10.8.2  	
              any
                arrangement is made,

            

    

     

    in
      either
      case on the faith of any payment, security or disposition which is avoided
      or
      must be repaid the liability under this Agreement shall continue as if there
      had
      been no such discharge or arrangement and the Guarantor shall indemnify the
      Purchaser in respect thereof.

     

    
      	10.9  	
              The
                Guarantor hereby covenants with the Purchaser that after demand has
                been
                made by the Purchaser hereunder and until the amount so demanded
                has been
                paid in full or unless otherwise agreed in writing by the
                Purchaser:

            

    

     

    
      	10.9.1  	
              the
                Guarantor will not make demand for the payment of any moneys from
                time to
                time due or becoming due to the Guarantor from the Vendor by reason
                of any
                payment made by the Guarantor hereunder or exercise any other right
                or
                remedy to which it may be entitled in respect of such moneys including
                (without prejudice to the generality of the foregoing) any rights
                of
                subrogation or contribution or other right of a surety discharging
                its
                liability;

            

    

     

    
      	10.9.2  	
              in
                the event of the insolvency or liquidation of the Vendor the Guarantor
                will not prove in any such insolvency or liquidation in competition
                with
                the Purchaser for any moneys owing to the Guarantor by the Vendor
                by
                reason of any payment made by the Guarantor
                hereunder;

            

    

     

    
      	10.9.3  	
              any
                security taken by the Guarantor from the Vendor in consideration
                of this
                guarantee and indemnity together with any moneys received by the
                Guarantor
                by proving in respect of any claim by the Guarantor in the insolvency
                or
                liquidation of the Vendor, shall be held in trust absolutely for
                the
                benefit of the Purchaser for the obligations of the Guarantor
                hereunder.

            

    

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

    

     

    
      	10.10  	
              The
                Guarantor agrees, acknowledges and declares
                that:

            

    

     

    
      	10.10.1  	
              if
                any payment received by the Purchaser in respect of moneys due or
                owing to
                the Purchaser from the Vendor shall, on the subsequent insolvency
                or
                liquidation of the Vendor be avoided under any laws relating to insolvency
                or liquidation and the amount thereof repaid by the Purchaser, such
                payment shall not be considered as discharging or diminishing the
                liability of the Guarantor and this clause 10 shall continue to apply
                as
                if such payment had at all times remained owing by the Vendor to
                the
                Purchaser and the Guarantor shall indemnify the Purchaser in respect
                thereof;

            

    

     

    
      	10.10.2  	
              after
                demand has been made by the Purchaser hereunder and until the amount
                so
                demanded has been paid in full:

            

    

     

    
      	(A)  	
              the
                Purchaser may take such action as it shall in its own discretion
                consider
                appropriate against the Vendor or otherwise to recover all sums due
                and
                payable to it under this Agreement, the Guarantor however remains
                liable
                under this clause 10 for performance of the Guaranteed
                Obligations;

            

    

     

    
      	(B)  	
              for
                the purpose of enabling the Purchaser to sue the Vendor or to prove
                in its
                liquidation or in any similar proceedings for any moneys due and
                unpaid by
                the Vendor to the Purchaser, the Purchaser may at any time place
                and keep
                for such time as it may think fit any moneys received hereunder to
                the
                credit of a securities realised account without any obligation on
                the part
                of the Purchaser to apply the same or any part thereof in or towards
                the
                discharge of the debts and liabilities of the Vendor to the Purchaser.
                Upon the Purchaser having received all moneys owing or due and payable
                or
                to become owing or due and payable by the Guarantor and the Vendor
                to the
                Purchaser under this Agreement any moneys thereafter standing to
                the
                credit of such securities realised account shall be released to the
                Guarantor.

            

    

     

    
      	10.11  	
              All
                payments under the guarantee and indemnity contained in clauses 10.1
                to
                10.10 above shall be made without any set-off, counterclaim or equity
                and
                free from, clear of and without deduction for any Tax whatsoever,
                present
                or future. If the Guarantor is compelled by the law of any applicable
                jurisdiction (or by an order of any regulatory authority in such
                jurisdiction) to withhold or deduct at source any sums in respect
                of Tax,
                duties, levies, imposts or charges from any amount payable to the
                Purchaser under the said guarantee and indemnity, or if any such
                withholding or deduction is made in respect of any recovery under
                the said
                guarantee and indemnity, the Guarantor shall pay such additional
                amount as
                may be necessary to ensure that the amount received by the Purchaser
                shall
                equal the full amount due to it under the provisions of the said
                guarantee
                and indemnity and will supply the Purchaser promptly, with evidence
                satisfactory to the Purchaser, that the Guarantor has accounted to
                the
                relevant authority for the sum withheld or
                deducted.

            

    

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

    

     

    
      	10.12  	
              Any
                certificate provided by the Purchaser of the amount due to the Purchaser
                under this clause 10 shall be final, binding and conclusive as against
                the
                Vendor save for any manifest error.

            

    

     

    
      	11.  	
              GENERAL

            

    

     

    
      	11.1  	
              The
                Vendor shall use its reasonable endeavours to procure that as from
                the
                date of this Agreement the Purchaser (and any person authorised by
                it)
                shall be entitled to conduct such enquiries, investigations and due
                diligence reviews of the business, affairs, operations and financial
                position of the Group as the Purchaser in its absolute discretion
                deems
                necessary, desirable or appropriate and the Vendor shall use its
                reasonable endeavours to, subject to Clause 11.2 hereof and the Purchaser
                executing a confidentiality undertaking in favour of the Company
                (if
                required by the Company) on substantially the same terms set out
                in Clause
                11.2, procure that the Purchaser and any persons authorised by it
                shall on
                giving reasonable prior notice and during normal office hours be
                given
                full access to the employees, premises, plant, machinery, books of
                account, records and documents of the Company and each of its subsidiaries
                as the Purchaser may reasonably
                request..

            

    

     

    
      	11.2  	
              Each
                party (including their representatives and authorised persons) shall,
                and
                shall use their reasonable endeavours to procure the Company that
                it
                shall, at all times keep confidential and not directly or indirectly
                make
                or allow any disclosure or use to be made of any information in its
                possession or otherwise obtained pursuant to this Agreement relating
                to
                any other party, the Company and each of its Subsidiaries or to the
                existence or subject matter of this Agreement,
                except:

            

    

     

    
      	11.2.1  	
              to
                the extent required by law or any regulatory
                body;

            

    

     

    
      	11.2.2  	
              where
                the information is already disclosed in the public domain otherwise
                than
                pursuant to or arising from a breach by the parties (including their
                representatives and authorised persons) of its confidentiality undertaking
                under this Clause; or

            

    

     

    
      	11.2.3  	
              with
                the consent of the other party (which consent shall not be unreasonably
                withheld).

            

    

     

    
      	11.3  	
              The
                parties agree that (and the Vendor will use all reasonable endeavours
                to
                procure that the Company will ensure that) any announcement or circular
                required to be disclosed or issued by law or any regulatory body
                (including the SFC and the Stock Exchange) concerning the subject
                matter
                of this Agreement, the Options and the HC Construction Option shall
                only
                be made or issued after consultation with the other parties and after
                taking into account the reasonable requirements of the other parties
                as to
                the contents of such announcement or
                circular.

            

    

     

    
      	11.4  	
              No
                party may assign (whether absolutely or by way of security and whether
                in
                whole or in part), transfer, mortgage, charge or otherwise dispose
                in any
                manner whatsoever of the benefit of this Agreement and no party may
                sub
                contract or delegate in any manner whatsoever its performance under
                this
                Agreement except with the prior written consent of the other
                parties.

            

    

     

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

    

     

    
      	11.5  	
              In
                the event of an assignment pursuant to clause 11.4, the original
                contracting party remains liable to procure the performance of the
                obligations under the agreement by the
                assignee.

            

    

     

    
      	11.6  	
              Each
                of the parties confirms that this Agreement together with the documents
                in
                the agreed form, represents the entire understanding, and constitutes
                the
                whole agreement, in relation to its subject matter and supersedes
                any
                previous agreement between the parties with respect thereto and,
                without
                prejudice to the generality of the foregoing, excludes any warranty,
                condition or other undertaking implied at law or by
                custom.

            

    

     

    
      	11.7  	
              If
                any provision or part of this Agreement is void or unenforceable
                due to
                any applicable law, it shall be deemed to be deleted and the remaining
                provisions of this Agreement shall continue in full force and
                effect.

            

    

     

    
      	11.8  	
              So
                far as it remains to be performed this Agreement shall continue in
                full
                force and effect after Completion. The rights and remedies of the
                parties
                shall not be affected by
                Completion.

            

    

     

    
      	11.9  	
              The
                Vendor shall after Completion execute all such deeds and documents
                and do
                all such things as the Purchaser may reasonably require for perfecting
                the
                transactions intended to be effected under or pursuant to this Agreement
                and for giving the Purchaser the full benefit of the provisions of
                this
                Agreement, including vesting in the Purchaser the legal and beneficial
                title to the Sale Shares.

            

    

     

    
      	11.10  	
              Any
                payments made by or due from the Vendor or the Guarantor under, or
                pursuant to the terms of, this Agreement shall be free and clear
                of all
                Taxation whatsoever save only for any deductions or withholdings
                required
                by law.

            

    

     

    
      	11.11  	
              If
                any deductions or withholdings are required by law, or any payments
                made
                by or due from the Vendor under this Agreement are liable for Taxation
                or
                would have been liable for Taxation but for the utilisation of any
                Tax
                relief in respect of such liability, the Vendor shall be liable to
                pay to
                the Purchaser such further sums as shall be required to ensure that
                the
                net amount received by the Purchaser will equal the full amount which
                would have been received under the relevant provision of this Agreement
                in
                the absence of any such deductions withholdings or Taxation
                liabilities.

            

    

     

    
      	11.12  	
              The
                rights and remedies of the parties shall not be affected by the giving
                of
                any indulgence by any other party or by anything whatsoever except
                a
                specific waiver or release in writing and any such waiver or release
                shall
                not prejudice or affect any other rights or remedies of the
                Parties.

            

    

     

    
      	11.13  	
              This
                Agreement may be executed in any number of counterparts and by the
                parties
                to it on separate counterparts, each of which when executed and delivered
                shall be an original but all the counterparts together constitute
                one
                instrument.

            

    

     

    
      	11.14  	
              No
                variation of this Agreement (or any of the documents referred to
                in it)
                shall be valid unless it is in writing (which, for this purpose,
                does not
                include e mail) and signed by or on behalf of each of the Parties
                to this
                Agreement.

            

    

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

    

     

    
      	11.15  	
              Every
                payment payable by the Vendor and the Guarantor under this Agreement
                shall
                be made in full without any set off or counterclaim howsoever arising
                and
                shall be free and clear of, and without deduction of, or withholding
                for
                or on account of, any amount which is due and payable to the Vendor
                or the
                Guarantor under this Agreement.

            

    

     

    
      	11.16  	
              The
                parties shall pay their own costs in connection with the preparation
                and
                negotiation of this Agreement and any matter contemplated by it (including
                but not limited to their respective stamp duty, SFC transaction levy
                and
                Stock Exchange trading fee).

            

    

     

    
      	11.17  	
              No
                delay or failure by a party to exercise or enforce (in whole or in
                part)
                any right provided by this Agreement or by law shall operate as a
                release
                or waiver, or in any way limit that party’s ability to further exercise or
                enforce that, or any other, right. A waiver of any breach of any
                provision
                of this Agreement shall not be effective, or implied, unless that
                waiver
                is in writing and is signed by the party against whom that waiver
                is
                claimed.

            

    

     

    
      	11.18  	
              The
                parties acknowledge and agree that in the event of a default by any
                party
                in the performance of their respective obligations under this Agreement,
                the non-defaulting parties shall have the right to obtain specific
                performance of the defaulting party’s obligations. Such remedy to be in
                addition to any other remedies provided under this Agreement or at
                law.

            

    

     

    
      	12.  	
              NOTICES

            

    

     

    
      	12.1  	
              A
                notice (including any approval, consent or other communication) in
                connection with this Agreement and the documents referred to in
                it:

            

    

     

    
      	12.1.1  	
              must
                be in writing;

            

    

     

    
      	12.1.2  	
              must
                be left at the address of the addressee or sent by pre paid first
                class
                post (airmail if posted to or from a place outside Hong Kong) to
                the
                address of the addressee or sent by facsimile to the facsimile number
                of
                the addressee in each case which is specified in this clause in relation
                to the party to whom the notice is addressed, and marked for the
                attention
                of the person so specified, or to such other address or facsimile
                number
                in Hong Kong and/or marked for the attention of such other person,
                as the
                relevant party may from time to time specify by notice given in accordance
                with this clause.

            

    

     

    The
      relevant details of each party at the date of this Agreement are:

     

    
      	
              Vendor

               

            	 
	
              Address:

            	
              10/F,
                Effectual Building, 16 Hennessy Road, Wanchai, Hong
                Kong

            
	
              Facsimile:

            	
              (852)
                2529 1619

            
	
              Attention:

            	
              Simon
                Ho

            

    

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

    

    
      	
              Guarantor

               

            	 
	
              Address:

            	
              Room
                616, Tower A, COFCO Plaza, 8 Jianguomennei Dajie, Beijing 100005,
                PRC

            
	
              Facsimile:

            	
              (8610)
                6526 0700

            
	
              Attention:

            	
              Li
                Jianguang

            
	 	 
	
              Purchaser

               

            	 
	
              Address:

            	
              c/o
                22/F Vita Tower, 29 Wong Chuk Hang Road, Aberdeen, Hong
                Kong

            
	
              Facsimile:

            	
              (852)
                2552 5925

            
	
              Attention:

            	
              Legal
                Department

            
	 	 
	 	 

    

    
      	12.1.3  	
              for
                the avoidance of doubt, must not be sent by electronic
                mail.

            

    

     

    
      	12.2  	
              In
                the absence of evidence of earlier receipt, any notice shall take
                effect
                from the time that it is deemed to be received in accordance with
                clause
                12.3 below.

            

    

     

    
      	12.3  	
              Subject
                to clause 12.4 below, a notice is deemed to be
                received:

            

    

     

    
      	12.3.1  	
              in
                the case of a notice left at the address of the addressee, upon delivery
                at that address;

            

    

     

    
      	12.3.2  	
              in
                the case of a posted letter, on the third day after posting or, if
                posted
                to or from a place outside Hong Kong, the seventh day after posting;
                and

            

    

     

    
      	12.3.3  	
              in
                the case of a facsimile, on production of a transmission report from
                the
                machine from which the facsimile was sent which indicates that the
                facsimile was sent in its entirety to the facsimile number of the
                recipient.

            

    

     

    
      	12.4  	
              A
                notice received or deemed to be received in accordance with clause
                12.3
                above on a day which is not a Business Day or after 5 p.m. on any
                Business
                Day, according to local time in the place of receipt, shall be deemed
                to
                be received on the next following Business
                Day.

            

    

     

    
      	12.5  	
              Each
                party undertakes to notify the other parties by notice served in
                accordance with this clause if the address specified herein is no
                longer
                an appropriate address for the service of
                notices.

            

    

     

    
      	13.  	
              GOVERNING
                LAW

            

    

     

    
      	13.1  	
              This
                Agreement shall be governed by, and construed in accordance with,
                Hong
                Kong law.

            

    

     

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

    

     

    
      	13.2  	
              Each
                party irrevocably agrees for the benefit of the Purchaser that the
                Courts
                of Hong Kong shall have non-exclusive jurisdiction in relation to
                any
                claim, dispute or difference concerning this Agreement and any matter
                arising therefrom.

            

    

     

    
      	13.3  	
              Each
                party irrevocably waives any right that it may have to object to
                an action
                being brought in those Courts, to claim that the action has been
                brought
                in an inconvenient forum, or to claim that those Courts do not have
                jurisdiction.

            

    

     

    
      	13.4  	
              The
                submission to the jurisdiction of the Courts of Hong Kong shall not
                (and
                shall not be construed so as to) limit the right of the Purchaser
                to bring
                legal proceedings in any other court of competent jurisdiction including
                without limitation the courts having jurisdiction by reason of the
                Purchaser’s domicile. Legal proceedings by the Purchaser in any one or
                more jurisdictions shall not preclude legal proceedings by it in
                any other
                jurisdiction, whether by way of substantive action, ancillary relief,
                enforcement or otherwise.

            

    

     

    
      	13.5  	
              The
                Purchaser hereby appoints Publishers Representatives Limited, with
                correspondence address at 22nd Floor, Vita Tower, 29 Wong Chuk Hang
                Road,
                Aberdeen, Hong Kong (Attention: Legal Department), as its agent to
                accept
                service of legal process on its behalf. The Purchaser irrevocably
                agrees
                that if its process agent ceases to have an address in Hong Kong
                or ceases
                to act as its process agent, it shall appoint a new process agent
                acceptable to the other Parties and will deliver to the other parties
                to
                this Agreement within 14 days a copy of written acceptance of appointment
                by the new process agent.

            

    

     

    
      	13.6  	
              The
                Vendor and the Guarantor hereby irrevocably appoint Simon Ho of IDGVC
                Partners at 10/F., Effectual Building, 16 Hennessy Road, Wanchai,
                Hong
                Kong as their agent to accept service of legal process on their behalf.
                The Vendor and the Guarantor irrevocably agree that if their process
                agent
                ceases to have an address in Hong Kong or ceases to act as their
                process
                agent, they shall appoint a new process agent acceptable to the other
                Parties and will deliver to each of the other parties to this Agreement
                within 14 days a copy of written acceptance of appointment by the
                new
                process agent.

            

    

     

    
      	13.7  	
              Subject
                to clauses 13.5 and 13.6, each party agrees that without preventing
                any
                other mode of service, any document in an action (including, but
                not
                limited to, any writ of summons or other originating process or any
                third
                or other party notice) may be served on any party by being delivered
                to or
                left for that party at its address for service of notices under clause
                12
                and each party undertakes to maintain such an address at all times
                in Hong
                Kong and to notify the other party in advance of any change from
                time to
                time of the details of such address in accordance with the manner
                prescribed for service of notices under clause
                12.

            

    

     

    IN
      WITNESS
      of which
      the parties have executed this Agreement on the date first mentioned
      above.

     

    

    
      
        
        

      

      
        -21-

        
          

        

      

      
        
        

      

    

     

    EXECUTION
      PAGE

     

    
      	
              SIGNED
                for and on behalf of

            	
              )

            
	
              IDG
                TECHNOLOGY

            	
              )

            
	
              VENTURE
                INVESTMENT, INC.

            	
              )

            
	
              in
                the presence of:

            	
              )

            

    

    

    

    

    
      	
              SIGNED
                for and on behalf of

            	
              )

            
	
              TRADE
                MEDIA HOLDINGS

            	
              )

            
	
              LIMITED

            	
              )

            
	
              in
                the presence of:

            	
              )

            

    

    

    

    

    
      	
              SIGNED
                for and on behalf of

            	
              )

            
	
              INTERNATIONAL
                DATA

            	
              )

            
	
              GROUP,
                INC.

            	
              )

            
	
              in
                the presence of:

            	
              )

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