Document:

Agreement dated March 24, 2006

 EXHIBIT 10.23 
 Agreement on Entrustment of EMS COD Business 
 2006 Edition 
 Company Code: EC0062 
 Effective Date:
April 1, 2006 
 Party A 
 Shanghai Acorn Network Technology Development Co., Ltd. 
 Address: 888 Yishan Road, 12th Floor, Xinyin Plaza

 Party B 
 China
Express Mail Service Corporation 
 Address: East Wing of no. 17 Building, Zhushikou Dongdajie, Chongwen District, Beijing

 To facilitate the development of China’s e-commerce, mail order business and other business transactions, Party A and Party B have
sought to find a secure and reliable method of providing service to the general public, a method that would be convenient to both the seller and the buyer. In the spirit of mutual trust, mutual benefit and joint development, and for the purpose of
facilitating the flow of commerce, enriching and improving the life of the people, and promoting social and economic development, the Parties have come to the following agreement after friendly consultation on Party A’s entrustment to Party B
of the EMS COD Business. 
  

	I.	Basic Principles 

  

	1.	Party A shall satisfy all the conditions of network access for the EMS COD business, as more fully described in Attachment I. 

  

	2.	By Party A’s entrustment, Party B will act as an exclusive agent responsible for the transportation, delivery and COD collection of EMS mail. Party B shall utilize step by step
its 2000-strong EMS service outlets across the country to promptly deliver to customers goods purchased through e-commerce or mail order, while at the same time collecting on behalf of Party A COD payments for the goods, and settling accounts with
Party A on a regular basis. 

  

	3.	Party A shall use EMS to send to customers goods they ordered, implement the EMS service charge rates, and pay to Party B COD collection service fee and settlement fee at the rate
of RMB 10 per item and 1.5% of amount collected. 

  

	4.	Apart from EMS COD services, Party B shall also provide to Party A non-COD mail delivery service for domestic and international express mail. 

  

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	5.	As Party B’s long-term and major customer, Party A is entitled to receive from Party B favorable postage treatment provided for by the China State Post Bureau. The specific
method and margin of such favorable treatment shall be provided for in a separate supplementary agreement between Party A, Party B and the local EMS service provider (the party which provides the services in question). 

  

	6.	Party A and Party B will prepare upon consultation an information sheet for the COD mail, which shall be printed by Party B. The initial print shall be no less than ten thousand
copies. 

  

	7.	When entrusting mail to Party B, Party A shall provide a delivery list to Party B’s local officer in charge of express mail. The delivery list shall be signed by
representatives of both Parties. At the same time, Party A shall transmit to Party B the digital information of the mail delivery in a uniform standard format through its integrated computer management software. When delivering returned goods to
Party A, Party B’s local EMS service provider shall provide a delivery list, which shall be signed by representatives of both parties. At the same time, Party A shall transmit to Party B the digital information of the returned mail in a uniform
standard format through its integrated computer management software. When Party A receives returned mail from other channels, relevant digital data shall also be promptly, accurately and completely put into the computer system and transmitted to
Party B. “Relevant digital data” shall include the complete address of the recipient in Chinese, the code number of the mailed item, the amount payable for the goods, and telephone number, etc. If the customer or the local post office
mails the money directly to Parry A by mistake, Party A shall promptly inform Party B of the details of the mail in question. 

  

	8.	Party A shall not entrust to Party B goods that are forbidden to be mailed under relevant provisions of the State or the post authority. Nor shall Party A entrust to Party B
articles in excessive amounts under relevant provisions of the State or the post authority. Party A shall not provide to its customers defective or counterfeited goods, and shall clearly state its warranty of quality and after-sale service in
relevant promotion materials for its business and mail services. Party B is only responsible for mail delivery and COD collection, and shall not be held liable for the quality or the after-sale service of the goods. Party A undertakes to
unconditionally refund or replace any non-conforming or defective goods, if the customer objects to such goods within seven days, or within a longer period provided for by Party A, unless otherwise provided for by the State. If Party A fails to
perform its obligations to the detriment of consumers’ interests, or if Party A violates relevant provisions of the State or the post authority in any material way, Party B shall have the right to terminate this Agreement by notice to Party A
at any time. 

  

	9.	Except as provided in Article 8 above, either Party may terminate this agreement by 30-day prior written notice to the other party. 

  

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	II.	Obligations of the Parties 

  

	(I)	Party A’s obligations: 

  

	1.	Party A shall put in safe keeping and correctly use the information sheets for the COD mail, and the orange-color adhesive tape; 

  

	2.	Party A shall ensure that the information provided on the information sheet is complete, accurate and legible. The address of the recipient shall be detailed and complete, and shall
be within the jurisdiction of a city in the “List of Post Offices Providing EMS COD Services (Attachment III), and shall be covered by the relevant service. 

  

	3.	Party A shall pack and seal the mail in a way that is suitable for its contents, pursuant to Party B’s requirements 

  

	4.	Invoice for the goods (both the standard invoice and the form invoice) and the letter to the customer (more fully described in Attachment II) shall be put into the appropriate
packing box. 

  

	5.	Party A’s COD mail shall be insured according to the actual value of the goods mailed in principle, for which an insurance premium shall have been paid;

  

	6.	Upon receiving purchase orders, Party A shall request and mark on the information sheet at least customer’s home phone number and office phone number, so that the mail can be
successfully delivered by Party B; 

  

	7.	Party A shall clearly mark on the information sheet the amount payable by recipient. The last digit of such amount shall be in units of yuan. The amount payable by recipient shall
not be zero, shall be indicated both in Chinese characters and in Arabic numerals, and shall not have any trace of alteration. 

  

	8.	Party A shall timely settle its accounts with Party B’s local service provider for the EMS postage, and shall not use any excuse to shake off its obligation for, or put off or
withhold the payment of, such postages. 

  

	9.	For undeliverable mail, Party A shall pay the standard return postage and the return service fee. Any mail that falls into any of the following descriptions shall be deemed
undeliverable mail: 

  

	(1)	Address of the recipient is incomplete or incorrect; 

  

	(2)	The recipient is non-existent at the address indicated; 

  

	(3)	The recipient can not be reached; 

  

	(4)	The recipient has moved elsewhere; 

  

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	(5)	The recipient refuses to accept or pay for the mail; 

  

	(6)	The recipient insists on opening the box and inspecting its contents before paying for the goods; 

  

	(7)	The mail is undeliverable because the recipient is out of town, and no one comes to claim the mail within 10 days after a Notice of Mail Delivery is sent. 

 

	(8)	The recipient is non-existent and no one will accept the mail on his behalf. 

  

	10.	In order to ensure the timely settlement of COD payments, Party A shall transmit to Party B, timely and on a daily basis, accurate and complete information about the mail entrusted
to Party B and returned from various channels, as well as accurate and complete information about COD mail whose payments have been directly mailed to Party A through channels other than Party B. Party A shall also regularly check and confirm the
data relating to the entrustment and return in a manner required by Party B. Failure to do so will subject Party A to liability for the loss of such mail or money resulting therefrom. 

  

	11.	Party A shall be obligated to put eye-catching marks or notices on its advertising media (including catalog for direct sales, and advertisements in the news media, etc.) indicating,
among others, that “We provide EMS Pay for Goods Arrival service across the country”. 

  

	12.	To improve the cost effectiveness of the COD service and raise the level of recovery, when customers place purchase orders, Party A shall be obligated to explain to them that upon
delivery of the COD mail, the customer has to pay the stated amount to the mail delivery person before the customer is allowed to open the mail. If, after the mail is opened, the customer is dissatisfied with or skeptical of the contents, the
customer shall contact Party A directly. Party A must emphasize to its customers that the contents of the mail have nothing to do with the delivery service, and customers shall not accuse or threaten the delivery person, or demand the return of the
amount it has paid. The delivery service is only responsible for collecting payments and Party A shall be responsible for any defects in the contents of the mail. If the customer decides that he does not want the goods, he should explain to the
delivery person, and sign the information sheet, without having to pay any fee to the delivery person. The delivery service shall treat such goods as rejected goods, and settle accounts for them in accordance with relevant provisions.

  

	(II)	Party B’s Obligations: 

  

	1.	Party B shall collect goods to be mailed from Party A at fixed hours once or twice everyday, as is necessary or agreed upon. The specifics for such collection (the hour and the
number of times in a day) shall be decided after consultation between Party A and Party B’s local service provider. 

  

	2.	Party B shall deliver the goods to the recipient in accordance with the EMS time requirement (generally 3-5 business days excluding the day of delivery to the post service), collect
on behalf of Party A the amount payable by recipient indicated on the information sheet, and make settlements with Party A for such amounts. 

  

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	3.	Party B shall be liable for loss of money arising from any incorrect or failed collection or any shortfall resulting from Party B’s mistake. 

  

	4.	Party B shall pay the full insured amount and reimburse relevant service fees if an item of insured mail is completely lost or damaged as a result of Party B’s fault. If an
item of insured mail is partly lost or damaged, Party B shall pay the value of the part actually lost or damaged within the limits of the amount insured. 

  

	5.	With respect to goods properly delivered, Party B shall timely settle accounts with Party A for the COD payments it collected on behalf of Party A (less relevant fee charges);

  

	6.	Party B shall timely return to Party A the undeliverable mail, without having to settle accounts with Party A for any COD payment. 

  

	7.	Party B’s other obligations and liabilities, which are not set forth herein, shall be as provided for within the EMS business. 

  

	III	Settlement of Accounts 

  

	1.	Settlement of COD Payments: On the 10th, 20th and 30th day of each month (or the next day if any of the above falls on a weekend or a statutory holiday), Party B shall total up the
COD payments, deduct from the total amount the COD settlement fee, COD service fee, the return postage and service fee for the returned goods, and pay the balance to and settle accounts with Party A, and at the same time deliver to Party A a list of
relevant code numbers and digital information, for Party A to check and confirm. COD payments for which accounts are not settled within the month shall be automatically carried over to the following month. 

  

	2.	Settlement of relevant postages and indemnities for lost or damaged goods resulting from a fault of the postal service shall be settled monthly in principle. The specific time for
such settlement shall be decided upon consultation between Party A and Party B’s local service provider. 

  

	IV	Liabilities for Breach 

  

	1.	In the event of any breach by either party or any dispute that arises in the course of performing this Agreement, the Parties shall seek to resolve the problem through consultation.
If they are unable to resolve the problem through consultation, either Party may bring the dispute before a people’s court. 

  

	2.	In the course of performance, if upon verification it is found that Party A fits into any of the following descriptions, Party B shall have the right to stop settling accounts and
to setoff any relevant amounts against the COD payments; 

  

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	(1)	Party A has delayed the payment of the postages for over a month, and refused to pay after an overdue notice. 

  

	(2)	Party A has failed to timely (within five business days) transmit to Party B information about goods entrusted or returned, or about goods the payments for which have been directly
mailed to Party A through channels other than Party B; 

  

	(3)	Party A fails to give its confirmation within five business days after receiving the Information Confirmation Notice Regarding COD Mail which is faxed by Party B on a monthly basis.

  

	(4)	Party A delays for more than three months the payment of the network service charges for the COD payments, the cost of printing the information sheets, and the deposit, and fails to
make payments after repeated overdue notification. 

  

	(5)	Party A delivers goods forbidden to be mailed under relevant provisions of the State and Post Authority, goods in excessive amount, defective or counterfeited goods, or goods for
which no clearly stated warranty on quality and after-sale service is placed on relevant business and mail service promotion materials. 

  

	V.	Other Provisions 

  

	1.	The entrustment shall start from April 1, 2006. 

  

	2.	The uniform code for Party B’s EMS COD service shall be EC0062. 

  

	3.	Party B’s EMS COD service shall cover at present 1741 cities, as listed in Attachment III. Party A shall be automatically entitled to the service in new cities if Party B
expands the coverage of its service. 

  

	4.	This Agreement shall become effective when it is signed by both Parties, and shall remain effective for two years. Upon expiration of the term, this Agreement shall be automatically
renewed for another two years, if neither Party serves a termination notice on the other. Matters not covered herein shall be provided for in separate supplementary agreements after consultation between the Parties. 

  

	5.	This Agreement is a bilateral agreement between the Parties and both Parties shall be obligated to keep it confidential. 

  

	6.	This Agreement shall have four counterparts, with two for each Party. All the counterparts have the same legal effect. 

  

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 Party A 
 Shanghai Acorn Network Technology Development Co., Ltd. 
 Legal (Authorized)
Representative: (executed) 
 Date: 
 Party B 
 China Express Mail Service Corporation 
 Legal (Authorized) Representative: (executed) 
 Date: March 24, 2006 
  

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 Attachment I 
 Conditions of Network Access For EMS COD Business 
 (January 1, 2006) 
 E-commerce companies, mail order companies, commercial and trading companies and other entities shall satisfy the following conditions of network access
if they want to entrust China Express Mail Service Corporation with the Cash-on Deliver business of domestic express mail and apply for approval of it. 
  

	I.	They should have duly completed registration with the Administration of Industry and Commerce, have at least RMB500,000 as registered capital, and should submit copies of the
business license and certificate of registration with the tax authority; 

  

	II.	They should lawfully market, distribute and deliver qualified goods; 

  

	III.	They should have considerable warehousing space and more or less permanent media for mail order promotion; 

  

	IV.	They should clearly state their warranty of quality and after-sale service in relevant promotion materials for their business and mail order services; 

  

	V.	They should have a sound system of quality and after-sale service warranty for goods purchased through mail order; 

  

	VI.	Their individual or institutional shareholders and affiliates shall have good reputation and considerable assets; 

  

	VII.	They should agree to enter into the standard Agreement on Entrustment of EMS COD Business with China Express Mail Service Corporation; 

  

	VIII.	They should be well positioned and equipped for timely and accurately transmitting digital information of the mail; 

  

	IX.	They should agree to pay for the first year after entering into the Agreement RMB20,000, and for each calendar year thereafter RMB10,000, as service charge for network access. After
the first payment, China Express Mail Service Corporation will provide a set of computer management and application system software for the COD business and a set of uniform form documents regarding digital interfaces, and will send its employees to
install and test the equipment, to connect the equipment with the network and ensure a successful dry run, and to conduct on-spot training (all completed in one visit free of charge), in addition to free long-distance system maintenance and
technical support for one year. 

  

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	X.	The hardware and system software for the COD computer management and application system shall be equipped at the net-work user’s expenses. The following is a list of the
required equipment: 

 Hardware: 
  

	PC:	Main Frequency: over PII 450, 

 Memory: over 64M Hard Disk:
over 10G 
 Accessories: Equipment connecting the system to the nternet (broadband\MODEM, etc.) 
 Needle Printer: One set (preferably STAR NX-500/600) 
 Strip Code Reading Equipment: One Set (optional) 
 Configuration of System Software: 
 Operating System: Windows 95/98/2000/XP or enhanced versions 
 Database: Access97/2000/XP or enhanced versions 
 Note: System Software should not be pirated copies. 
  

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 Attachment II 
 Dear Customers: 
 We appreciate your purchase through our e-commerce, mail order or commercial and trading companies.

 The following is a description of our warranty with respect to our mail order and after-sale services: 
  

	I.	We provide 800 - ×××××××customer counseling and ordering call center service around the clock. Please feel free to contact us.

  

	II.	We are responsible for the specifications and quality of your purchase. Within 7 days after you receive our goods, you may return the goods for any reason. If you want to return the
goods, you should contact us in advance, and after our confirmation you may send the goods by ordinary mail or, with our consent, the EMS service, to the following address: 

  

	    	                                 Company, Customer Service Department

  

	 	    	Address: 

  

	 	    	Tel: 

  

	 	    	Postal Code: 

  

	    	If you return the goods for any of the following reasons, we should assume the cost for the return postage: 

  

	1.	The goods do not conform to the specifications you require, 

	2.	The goods are defective; 

	3.	The goods are delivered by mistake. 

 If the goods you
receive do not have any of the above problems, you should assume the cost of the return postage. 
 Within two business days after we receive
the returned goods, we will send to you by postal money order the price of the goods and the return postage which should be paid by us. 
  

	III.	After you place a mail order with us, you will become a member of this company, and will receive a membership number. When you place another mail order with us, you are entitle to
special services once you give your number. 

  

	IV.	 This company has entered into an agreement with EMS, by which we have entrusted EMS to collect the money for the goods on our behalf at the time of delivery.
According to the agreement, EMS will only responsible for the promptness and safeness of the delivery, while we will be responsible for the specifications and qualities of the goods. Consequently, the mail delivery person will not allow you to open
the packing box for 

  

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inspection before you sign the confirmatione slip. Please understand that this procedure is taken in compliance with relevant provisions of the post
authority regarding this particular service. For any problem which arises after you sign the confirmation slip, please contact this company. 

  

	V.	After two unsuccessful attempts of delivery at the designated address, EMS will give you notice telling you to claim the goods at a local post office. Please understand and
cooperate with us in complying with this procedure. 

  

	VI.	If you have any complaints or suggestions regarding the EMS service, please call our customer service center and we will address your complaints and suggestions properly.

  

	VII.	In the mail parcel you receive, you will find a “Form Invoice” provided by us. This form invoice is not documentary evidence for reimbursement, though we acknowledge its
validity in other respects. If you want a formal and valid invoice, please call us. 

                                  Company 
 (Note: This letter may be modified or amended to suit each network company.) 
  

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 Attachment III 
 List of Post Offices Providing EMS COD Business 
 January 1, 2005 
 Note for Special Attention: 
 The respective coverages of
the cities listed below embrace only the urban areas, and do not include the counties and towns within their respective jurisdictions. As to jurisdictions at or below county level, coverage is limited to the site of the local government or any place
within ten kilometers from the site of the local government. 
 Total Number: 1741 
 Beijing: (1) (including the districts and counties within its jurisdiction) Tianjin: (1) (including the districts and counties within its jurisdiction) Shanghai: (1) (including the
districts and counties within its jurisdiction) Chongqing: (1) (Including only the following districts and counties: Yuzhong District, Shapingba District, Yubei District, Nanan District, Banan District, Beibei District, Jiulongpo
District, Dadukou, Wansheng District, Shuangqiao District, Jiangbei District, Changshou, Ba County, Qijiang, Hechuan, Yongchuan, Jiangjin, Dazu, Rongchang, Tongliang, Tongnan, Bishan, Liangping, Dianjiang) The following area s are beyond Chongqing:
Wanzhou, Qianjiang, Fuling District, Chengkou County, Nanchuan City, Fengdu County, Wulong County, Zhong County, Kai County, Fengjie County, Wushan County, Wuxi County, Shipu County, Youyang County, Pengshui County, Xiushan. Hebei Province: (140)
Shijiazhuang, Jingxing Mining District, Luquan City, Jingxing County, Xingtang, Xinle, Zhengding County, Yuanshi, Luancheng, Zhao County, Gaocheng, Jinzhou City, Xinji City, Wuji County, Handan, Fengfeng, Wu’an City, She County, Ci County,
Linzhang County, Cheng’an County, Wei County, Daming County, Yongnian County, Quzhou County, Jize County, Qiu County, Feixiang County, Guangping County, Guantao County, Xingtai, Shahe City, Neiqiu County, Lincheng County, Nanhe County,
Pingxiang County, Guangzong County, Wei County, Qinghe County, Linxi County, Ren County, Julu County, Longyao County, Baixiang County, Ningjin County, Xinhe County, Nangong City, Baoding, Qingyuan County, Anguo City, Boye County, Li County, Gaoyang
County, Anxin County, Rongcheng County, Xiong County, Mancheng County, Shunping County, Tang County, Wangdu County, Xushui County, Dingxing County, Zhuozhou City, Dingzhou City, Quyang County, Fuping County, Laishui County, Gaobeidian City, Yi
County, Laiyuan County, Zhangjiakou, Xuanhua, Xiahuayuan, Huailai County, Zhuolu County, Wei County, Yangyuan County, Huai’an County, Wanquan County, Chongli County, Zhangbei County, Chengde County, Xinglong County, Chengde County, Pingquan
County, Kuancheng County, Longhua County, Luanping County, Fengning County, Weichang County, Tangshan, Tanghai County, Fengnan City, Luannan County, Leting County, Luan County, Fengrun County, Yutian County, Zunhua City, Qianxi County, Qian’an
County, Qinhuangdao, Funing County, Lulong County, Qinglong County, Changli County, Cangzhou City, Huanghua City, Haixing County, Yanshan County, Mengcun County, Nanpi County, Dongguang County, Wuqiao County, Botou City, Xian County, Suning County,
Hejian City, Renqiu City, Qing County, Langfang, Sanhe, Dachang, Xianghe, Gu’an, Yongqing, Bazhou City, Wen’an, Dacheng County, Hengshui, Zaoqiang County, Jizhou City, Wuqiang County, Wuyi County, Jing County, Anping County, Fucheng
County, Shenzhou City, Raoyang County, Gucheng. Shanxi Province: (91) Taiyuan City, Yangqu, Gujiao City, Loufan, Qingxu, Jiaocheng, Jinzhong City, Taigu, Qi County, Pingyao, Lingshi, Huozhou City, Fenxi, Jiexiu, Wenshui, Fenyang,
Xiaoyi City, Xinzhou, Yuanping City, Dai County, Fanzhi, Lingqiu, Jingle, Dingxiang, Wutai, Datong City, Zuoyun, Datong County, Hunyuan, Guangling, Ying County, Yanggao, Tianzhen, Huairen, Shuozhou, Wuzhai, Ningwu, Pinglu District, Shanyin, Lishi,
Liulin, Linfen, Pu County, Xi County, Yonghe, Xiangfen, 

  

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Hongdong, Xiangning, Ji County, Daning, Gu County, Anze, Fushan, Houma, Xinjiang, Jishan, Hejin City, Quwo, Yicheng, Jiang County, Yuanqu, Wenxi, Yuncheng,
Linyi, Wanrong, Pinglu, Xia County, Yongji City, Ruicheng, Yangquan, Yu County, Pingding, Xiyang, Shouyang, Changzhi City, Tunliu, Xiangyuan, Wuxiang, Qin County, Qinyuan, Changzi, Changzhi County, Huguan, Pingshun, Lucheng City, Licheng, Jincheng,
Yangcheng, Qinshui, Lingchuan, Gaoping City. Inner Mengolia: (21) Huhehaote City, Baotou, Chifeng, Wuhai, Tongliao, Eerduosi(Dongsheng), Hailaer, Wulanhaote, Xilinhaote, Jining, Linhe, Alashanzuoqi(Azuoqi), Erlianhaote, Manzhouli, Yakeshi,
Zhalantun City, Eerguna, Genhe, Aershan, Huolinguole, Fengzhen City. Liaoning Province: (57) Shenyang City, Dalian City, Anshan City, Fushun City, Benxi City, Dandong City, Jinzhou City, Yingkou City, Panjin City, Fuxin City, Liaoyang City,
Tieling City, Huludao(Jinxi) City, Chaoyang City, Liaozhong City, Xinmin, Faku, Kangping, Liaoyang County, Dengta, Fushun County, Xinbin, Qingyuan, Benxi County, Huanren, Panshan, Dawa, Pulandian, Wafangdian, Zhuanghe, Yi County, Linghai, Beining,
Heishan, Xingcheng, Suizhong, Jianchang, Kaiyuan, Xifeng, Changtu, Tieling County, Tiefa, Tai’an, Haicheng, Xiuyan, Dashiqiao, Gezhou, Fengcheng, Kuandian, Donggang, Beipiao, Kazuo, Jianping, Lingyuan, Chaoyang County, Fuxin County, Zhangwu.
Jilin: (46)Changchun City, Jilin City, Siping City, Liaoyuan City, Tonghua City, Baishan City, Songyuan City, Baicheng City, Yanji City, Nong’an, Dehui, Yushu, Jiutai, Shuangyang, Yitong, Qianan, Changling, Gongzhuling, Yongji, Panshi, Huadian,
Jiaohe, Shulan, Taonan, Tongyu, Zhenlai, Tumen, Wangqing, Hunchun, Longjing, Helong, Antu, Dunhua, Tonghua County, Ji’an, Changbai, Fusong, Linjiang, Jingyu, Liuhe, Dongfeng, Shuangliao, Lishu, Meihekou, Huinan, Da’an. Heilongjiang
Procince: (36) Ha’erbin City, Qiqiha’er, Hegang City, Shuangyashan City, Jixi City, Daqing City, Yichun City, Mudanjiagn City, Jiamusi City, Qitaihe City, Heihe City, Wuchang, A’cheng, Bin County, Hulan, Shangzhi, Fangzheng,
Zhaodong, Yilan, Longjiang, Nehe, Keshan, Luobei, Fujin, Jiansanjiang, Suileng, Hailun, Baoqing, Hailin, Dongning, Suifenhe, Jidong, Mishan, Hulin, Wudalianchi City, Jiagedaqi. Jiangsu Province: (70) Nanjing, Jiangning, Lishui, Gaochun,
Yizheng, Liuhe, Jinhu, Yutai, Jiangpu, Xupu, Xuzhou, Suining, Pizhou, Xinyi, Pei County, Feng County, Muyang, Siyang, Suqian, Sihong, Changzhou, Jintan, Liyang, Zhenjiang, Yangzhong, Danyang, Jurong, Xinghua, Wuxi, Yixing, Jiangyin, Jingjiang,
Suzhou, Wujiang, Kunshan, Taicang, Changshu, Zhangjiagang, Lianyungang, Ganyu, Guanyun, Donghai, Guannan, Huaiyin City, Hongze, Huai’an, Huanyin County, Lianshui, Yancheng, Dafeng, Dongtai, Sheyang, Funing, Binhai, Xiangshui, Jianhu, Yangzhou,
Jiangdu, Taizhou, Taixing, Jiangyan, Gaoyou, Baoying, Nantong, Haimen, Qidong, Tongzhou, Rudong, Rugao, Hai’an. Zhejiang Province: (67) Hangzhou, Yuhang, Xiaoshan, Linan, Fuyang, Tonglu, Jiande, Chunan, Zhuji, Ningbo, Zhenhai, Cixi,
Yuyao, Fenghua, Ninghai, Xiangshan, Beilun, Zhoushan, Putuo, Wenzhou, Yongjia, Rui’an, Pingyang, Leqing, Cangnan, Jinhua, Lanxi, Wuyi, Yongkang, Jinyun, Yiwu, Dongyang, Pujiang, Shaoxing, Shangyu, Shengzhou, Xinchang, Huzhou, Changxing, Deqing,
Jiaxing, Jiashan, Pinghu, Haiyan, Haining, Tongxiang, Taizhou, Linhai, Tiantai, Xianju, Wenling, Yuhuan, Lishui, Yunhe, Longquan, Qingtian, Quzhou, Jiangshan, Changshan, Kaihua, Longyou, Qingyuan, Jingning, Songyang, Suichang, Sanmen, Panan.
Anhui Province: (79) Hefei City, Changfeng, Feixi, Shucheng, Tongcheng, Lujiang, Feidong, Liu’an, Huoshan, Jinzhai, Huoqiu, Chaohu, Hanshan, He County, Wuwei, Shou County, Bengbu City, Fengyang, Dingyuan, Wuhe, Huaiyuan, Mengcheng,
Guzhen, Mingguang(Jiashan), Huainan City, Fengtai, Suzhou, Lingbi, Si County, Huaibei City, Suixi, Xiao County, Tangshan, Fuyang City, Yingshang, Funan, Linquan, Jieshou, Taihe, Lixin, Haozhou, Guoyang, Chuzhou City, Lai’an, Tianchang,
Quanjiao, Wuhu City, Wuhu County, Fanchang, Nanling, Qingyang, Maanshan City, Dangtu, Tongling City, Tongling County, Shitai, Chizhou, Xuanzhou, Langxi, Guangde, Ningguo, Jing County, Jingde, Huangshan City, She County, Jixi, Xiuning, Yi County,
Qimen, Huangshan District, Anqing City, Huaining, Wangjiang, Qianshan, Taihu, Susong, Yuexi, Zongyang, Dongzhi. Fujian Province: (68) Fuzhou, Minhou, Changle, Fuqing, Pingtan, Lianjiang, Luoyuan, Yongtai, Minqing, Putian, Xianyou, Ningde,
Gutian, Pingnan, Fu’an, Xiapu, Fuding, Zherong, Zhouning, Shouning, Nanping, Jianou, Shunchang, Pucheng, Songxi, Zhenghe, Shaowu, Guangze, Jianyang, 
  

 13 

 
Wuyishan, Xiamen, Tongan, Zhangzhou, Longhai, Zhangpu, Yunxiao, Dongshan, Zhao’an, Nanjing, Pinghe, Hua’an, Changtai, Quanzhou, Hui’an,
Jinjiang, Nanan, Anxi, Dehua, Yongchun, Shishi, Longyan, Yongding, Shanghang, Wuping, Liancheng, Changting, Zhangping, Sanming, Youxi, Mingxi, Qingliu, Ninghua, Sha County, Yongan, Datian, Jiangle, Taining, Jianning. Ningxia : (10) Yinchuan
City, Yongning County, Helan County, Wuzhong City, Lingwu City, Qingtongxia City, Zhongwei City, Cityzuishan City, Huinong District, Guyuan City. Jiangxi Province: (92) Nanchang City, Jingdezhen City, Pingxiang City, Xinyu City, Jiujiang
City, Yingtan City, Xinjian, Nanchang County, Yongxiu, De’an, Anyi, Jing’an, Fengxin, Gao’an, Fengcheng, Zhangshu, Xingan, Xiajiang, Jinxian, Yugan, Yujiang, Guixi, Wannian, Dongxiang, Gan Zhou, Gan County, Shangyou, Chongyi, Nankang,
Dayu, Xinfeng, Longnan, Quannan, Dingnan, Anyuan, Xunwu, Yudu, Xingguo, Ruijin, Huichang, Shicheng, Ningdu, Jiujiang County, Ruichang, Wuning, Xiushui, Hukou, Duchang, Pengze, Xingzi, Lushan, Boyang, Wuyuan, Leping, Fuliang, Shangrao, Shangrao
County, Dexing, Hengfeng, Geyang, Qianshan, Guangfeng, Yushan, Yichun, Wanzai, Tonggu, Yifeng, Shanggao, Fenyi, Lianhua, Ji’an, Ji’an County, Anfu, Yongxin, Ninggang, Jinggangshan, Taihe, Wan’an, Suichuan, Yongfeng, Jishui, Fuzhou,
Linchuan, Chongren, Le’an, Yihuang, Nanfeng, Lichuan, Nancheng, Jinxi, Guangchang, Zixi. Shandong Province: (108) Jinan, Zhangqiu, Changqing, Pingyin, Jiyang, Shanghe, Huimin, Yangxin, Wudi, Zouping, Boxing, Binzhou, Zhanhua, Dezhuo,
Qihe, Yucheng, Linyi, Pingyuan, Xiajin, Wucheng, Ningjin, Ling County, Leling, Qingyun, Yantai, Laizhou, Mouping, Weihai, Rongcheng, Wendeng, Rushan, Haiyang, Laiyang, Xixia, Zhaoyuan, Penglai, Qingdao, Jimo, Jiaozhou, Jiaonan, Laixi, Pingdu,
Wulian, Ju County, Rizhao, Zibo, Yiyuan, Gaoqing, Huantai, Dongying, Guangrao, Lijin, Kenli, Liaocheng, Chiping, Donge, Yanggu, Xin County, Guang County, Linqing, Gaotang, Weifang, Changyi, Gaomi, Anqiu, Zhucheng, Changle, Qingzhou, Linqu,
Shouguang, Tai’an, Laifu, Xintai, Ningyang, Dongping, Feicheng, Jining, Yanzhou, Jinxiang, Yutai, Jiaxiang, Wenshang, Liangshan, Qufu, Sishui, Zoucheng, Zaozhuang, Tengzhou, Weishan, Heze, Dingtao, Chengwu, Shan County, Cao County, Dongming,
Juancheng, Yuncheng, Juye, Linyi, Pingyi, Fei County, Tancheng, Mengyin, Yinan, Yishui, Junan, Linshu, Cangshan. Henan Province: (131) Zhengzhou, Shangjie District, Xingyang, Xinzheng, Gongyi, Zhongmou, Xinmi, Dengfeng City, Pingdingshan
City, Xia County, Ye County, Lushan, Baofeng, Xinyang City, Xinyang County, Luoshan, Xi County, Huaibin, Huangchuan, Gushi, Shangcheng, Guangshan, Xin County, Luoyang City, Mengjin, Ruyang, Yichuan, Hao County, Ruanchuan, Yiyang, Luoning, Xinan,
Yanshi, Sanmenxia City, Shan County, Lushi, Yima, Mianchi, Lingbao, Ruzhou, Jiyuan, Nanyang City, Dengzhou, Zhenping, Neixiang, Xichuan, Xixia, Nanzhao, Tongbai, Fangcheng, Sheqi, Tanghe, Xinye, Nanyang County, Xinxiang City, Weihui, Yanjin,
Fengqiu, Changyuan, Yuanyang, Hui County, Xinxiang County, Huojia, Jiaozuo City, Xiuwu, Bo’ai, Qinyang, Meng County, Wen County, Wuzhi, Anyang City, Anyang County, Tangyin, Xun County, Neihuang, Hua County, Linzhou, Qi County, Puyang City,
Puyang County, Qingfeng, Nanle, Fan County, Taiqian, Hebi City, Xuchang City, Xuchang County, Yanling, Changge, Yuzhou, Xiangcheng, Zhumadian City, Suiping, Queshan, Runan, Pingyu, Xincai, Zhengyang, Qinyang, Shangcai, Xiping, Kaifeng City, Kaifeng
County, Qi County, Lankao, Tongxu, Weishi, Luohe City, Yancheng, Wuyang, Wugang, Linying, Zhoukou City, Shangshui, Xiangcheng, Xihua, Huaiyang, Fugou, Taikang, Shangqiu City, Shangqiu County, Zhecheng, Yucheng, Xiayi, Yongcheng, Ningling, Minquan,
Sui County, Chancheng, Luyi, Shenqiu. Hubei Province: (68) Wuhan City, HuangCity City, Xiangfan City, Shiyan City, Jingzhou City, Yichang City, Jingmen City, E’zhou City, Xiaogan City, Huanggang City, Caidian District, Jiangxia District,
Huangpi, Xinzhou, Hanchuan, Tianmen, Jingshan, Zhongxiang, Xiantao, Qianjiang, Honghu, Jianli, Xiangyang, Zaoyang, Suizhou, Yicheng, Nanzhang, Gucheng, Laohekou, Yichang County, Zhijiang, Yidu(Zhicheng), Changyang, Dangyang, Yuan’an, Songzi,
Gong’an, Shishou, Daye, Yangxin, Qichun, Wuxue, Huangmei, Xianning District, Xianning, Jiayu, Chibi(Piqi), Tongcheng, Chongyang, Tongshan, Fang County, Yun County, Danjiangkou, Enshi, Jianshi, Xuan’en, Xishui, Macheng, Hong’an,
Luotian, Yingshan, Tuanfeng, Yingcheng, Yunmeng, Anlu, Guangshui, Dawu, Xiaochang. Hunan Province: (101) Changsha City, Zhuzhou City, Xiangtan City, Hengyang 

  

 14 

 
City, Shaoyang City, Yueyang City, Changde City, Chenzhou City, Yiyang City, Yongzhou City, Huaihua City, Changsha County, Wangcheng, Liuyang, Ningxiang,
Xiangtan County, ShaoShan, Xiangxiang, Zhuzhou County, Liling, You County, Chaling, Yanling, Yiyang County, Yuanjiang, Nan County, Taojiang, Anhua, Zhangjiajie, Yueyang County, Huarong, Linxiang, Miluo, Pingjiang, Xiangyin, Changde County(Dingcheng
District), Linli, Shimen, Jin City, Li County, Anxiang, Taoyuan, Hanshou, Jishou, Luxi, Fenghuang, Guzhang, Huayuan, Baojing, Yongshun, Longshan, Loudi, Lianyuan, Shuangfeng, Lengshuijiang, Xinhua, Hongjiang, Huitong, Jingzhou, Tongdao, Zhijiang,
Xinhuang, Xupu, Mayang, Chenxi, Yuanling, Hengyang County, Hengshan, Hengdong, Changning, Qidong, Laiyang, Nanyue, Shaoyang County, Longhui, Dongkou, Wugang, Chengbu, Suining, Xinning, Shaodong, Xinshao, Yongxing, Zixing, Guidong, Anren, Rucheng,
Yizhang, Linwu, Guiyang, Qiyang, Shuangpai, Dao County, Jiangyong, Jianghua, Ningyuan, Xintian, Lanshan, Dong’an, Shanzhi, Cili. Tibet: (14) Lhasa City, Naqu District Naqu Zhen, Linzhi District Bayi Zhen, Rikaze City, Shannan District
Zedang Zhen, Naidong County, Gong’a County, Zhanang County, Dazi County, Mozhugongka County, Qushui County, Duilongdeqing County, Dangxiong County, Nimu County. Guangdong Province: (101) Guangzhou, Xinfeng, Zengcheng, Huadu, Conghua,
Fanyu, Qingyuan, Fogang, Qingxin, Yingde, Yangshan, Lianshan, Liannan, Lianzhou, Zhongshan, Shantou, Chaoyang, Huilai, Puning, Jiexi, Jiedong, Chao’an, Raoping, Chenghai, Nan’ao, Chaozhou, Jieyang, Shenzhen, Zhanjiang, Suixi, Lianjiang,
Wuchuan, Leizhou, Xuwen, Shaoguan, Qujiang, Lechang, Renhua, Nanxiong, Shixing, Wengyuan, Ruyuan, Zhuhai, Doumen, Maoming, Huazhou, Gaozhou, Xinyi, Dianbai, Zhaoqing, Gaoyao, Sihui, Guangning, Huaiji, Fengkai, Deqing, Yunan, Luoding, Yun’an,
Yunfu, Xinxing, Meizhou, Jiaoling, Dabu, Fengshun, Wuhua, Xingning, Pingyuan, Mei County, Huizhou, Longmen, Dayawan, Boluo, Huiyang, Huidong, Haifeng, Lufeng, Shanwei, Luhe, Heyuan, Dongyuan, Lianping, Heping, Longchuan, Zijin, Jiangmen, Xinhui,
Taishan, Kaiping, Enping, Yangjiang, Yangchun, Yangdong, Yangxi, Heshan, Foshan, Sanshui, Nanhai, Shunde, Gaoming, Dongguan. Guizhou: (9)Guiyang City , Zunyi, Anshun, Duyun, Kaili, Bijie, Tongren, Liupanshui, Xingyi. Guangxi: (61) Nanning
City, Liuzhou City, Guilin City, Wuzhou City, Beihai City, Fangchenggang City, QinZhou City, Guigang City, Wuming, Yongning, Heng County, Binyang, Pingguo, Tiandong, Fusui, Chongzuo, Longzhou, Ningming, Pingyang, Pubei, Lingshan, Hepu, Guiping,
Pingnan, Liujiang, Liucheng, Rongshui, Rong’an, Sanjiang, Luzhai, Xiangzhou, Wuxuan, Laibin, Yizhou, Heshan, Lipu, Mengshan, Zhaoping, Lingui, Lingchuan, Xing’an, Ziyuan, Quanzhou, Longsheng, Yongfu, Yangsu, Pingle, Zhongshan, Fuchuan,
Hezhou, Cangwu, Cenxi, Teng County, Yulin, Beiliu, Rong County, Bobai, Luchuan, Baise, Tianyang, Hechi. Hainan Province(20): Haikou City, Sanya City, Qiongshan City, Anding, Wenchang, Qionghai, Wanning, Tunchang, Danzhou, Lingao, Chengmai,
Wuzhishan City(Tongshen), Baoting, Lingshui, Ledong, Dongfang, Changjiang, Baisha, Qiongzhong, Yangpu Economic Developing Area. Sichuan Province(88): Chengdu City, Zigong City, Panzhihua City, Luzhou City, Deyang City, Mianyang City,
Guangyuan City, Suining City, Neijiang City, Leshan City, Yibin City, Nanchong City, Longquanyi District, Shuangliu, Qingbaijiang District, Jintang, Xindu, Wenjiang, Chongzhou, Dayi, Xinjin, Qiong Lai, Pujiang, Pi County, Dujiangyan, Pengzhou,
Meishan, Danleng, Hongya, Qingshen, Renshou, Pengshan, Pengxi, Shehong, Qingchuan, Wangcang, Jiange, Cangxi, Dazhou, Dazhu, Wanyuan, Xichong, Yingshan, Peng’an, Guang’an, Yuechi, Wusheng, Linshui, Huaying, Nanxi, Jiang’an, Changning,
Xingwen, Gong County, Yibin County, Gao County, Junlian, Pingshan, Lu County, Naxi District, Xuyong, Zizhong, Ziyang, Jianyang, Lezhi, Longchang, Anyue, Weiyuan, Rong County, Fushun, Xichang(liangshanzhou), Miyi, Jiajiang, E’meishan, Wutongqiao
District, Zhongjiang, Mianzhu, Guanghan, Renfang, Santai, Yanting, Jiangyou, Zitong, An County, Beichuan, Ya’an, Mingshan, Yingjing. Shanxi Province: (85) Xi’an, Yanliang, Chang’an, Gaoling, Hu County, Zhouzhi, Lantian,
Lintong, Zhashui, Zhen’an, Ningshan, Fuping, Yao County, Yijun, Huangling, Luochuan, Fu County, Tongchuan, Baoji, Qianyang, Long County, Baoji County, Fengxiang, Linyou, Taibai, Feng County, Fufeng, Mei County, Qishan, Ankang, Hanyin, Shiquan,
Ziyang, Langao, Pingli, Zhenpin, Xunyang, Baihe, Xianyang, Yangling District, Wugong, Xingping, Liquan, Qian County, Jingyang, Sanyuan, Weinan, Hua County, Huayin, 

  

 15 

 
Tongguan, Dali, Chengcheng, Heyang, Hancheng, Pucheng, Baishui, Huanglong, Yan’an, Ganquan, Yichuan, Yanchuan, Zhidan, Wuqi, Yulin, Shenmu, Fugu, Suide,
Mizhi, Qingjian, Hanzhong, Nanzheng, Chenggu, Yang County, Foping, Xixiang, Zhenba, Liuba, Mian County, Lueyang, Ningqiang, Shangzhou, Luonan, Danfeng, Shangnan, Shanyang. Yunnan Province: (75) Kunming City , Yuxi, Dali, Qujing, Gejiu,
Lijiang, Jinghong, Luxi, Zhaotong, Wenshan, Anning, Fumin, Chenggong, Jingning, Yimen, Luquan, Wuding, Songming, Yiliang, Lunan, Chengjiang, Jiangchuan, Tonghai, Huaning, E’shan, Yuanjiang, Xinping, Dongchuan, Mojiang, Xundian, Wanding, Ruili,
Longchuan, Malong, Xuanwei, Fuyuan, Luliang, Shizong, Luoping, Mengzi, Mile, Jianshui, Kaiyuan, Yanshan, Qiubei, Xichou, Malipo, Maguan, Simao, Pu’er, Menghai, Mengla, Er’yuan, Jianchuan, Heqing, Binchuan, Weishan, Yangbi, Yongping,
Yunlong, Midu, Nanjian, Chuxiong, Shuangbai, Nanhua, Yao’an, Dayao, Mouding, Lufeng, Yuanmou, Yongren, Xiangyun, Baoshan, Diqing, Lincang. Qinghai Province: (9) Xining City, Datong, Huzhu, Huangzhong, Huangyuan, Ge’er’mu,
Haidong, Ledu, Minhe. Gansu Province: (75) Lan Zhou City, Yuzhong, Gaolan, Yongdeng, Jingtai, Lintao, Jingyuan, Huining, Baining, Linxiazhou, Hezheng, Guanghe, Dongxiang, Kangle, Yongjing, Jishishan, Lin Xia County, Gannan, Xiahe, Luqu, Maqu,
Diebu, Lintan, Zhuoni, Weiyuan, Zhang County, Min County, Dangchang, Jiuquan, Jiayuguan, Yumen, Jinta, Wuwei, Gulang, Tianzhu, Minqin, Jinchang, Yongchang, Zhangye, Shandan, Linze, Gaotai, Su’nan, Minle, Liuyuan, Anxi, Dunhuang, Tianshui,
Gangu, Wushan, Qingshui, Zhangjiachuan, Qin’an, Xi’he, Li County, Hun Country, Liangdang, Cheng Country, Wudu, Longxi, Dingxi, Tongwei, Jingning, Pingliang, Huatig, Chongxin, Jingchuan, Lingtai, Zhenyuan, Zhuanglang, Xifeng, Qingyang, Ning
County, Zhengning, Heshui

 Sinkiang Municipality: (15) Urumchi, Changji, Cityhezi, Kuitun, Bole, Kelamayi, Tacheng, Yining, A’letai, Tulufan, Hami, Ku’erle, A’kesu, A’tushen, Hetian. 
  

 16 

 Attachment IV 
 Network Users’ COD Account Information and Other materials 
                                  (Name of Party A) hereby agrees that
China Express Mail Service 
 Corporation transfer relevant COD payments to the following account: 
 Company Code: EC         (as marked on the first page of the Agreement) 
 Account Name at the Bank:
                                        
(should be consistent with the company name of Party A) 
 Account:  
 Bank:
                                        
(indicate the name of the city and the name of the bank) 
 Bank
Code:                                       
  (Optional, with consent of the bank) 
 Contact Person (for account
verification):                                 (Contact person or
responsible person for specific accounts) 
 Tel:  
 Fax:  
 E-mail: 
 Company
Address:  
 Postal Code:  
  

	
	Legal Representative (signature) :
	
	Company Seal
	Seal of Financial Department
	Date:

 Additional Information: Special Account for COD Business (Network Charges and Deposits) of China EMS
Company (Party B) 
 Account Owner: China Express Mail Service Corporation 
 Account No.: 0200003119200017143 
 Bank: Beijing ICBC Zhushikou Branch 
 Special Account for EMS COD Business (Costs of Printing Information Sheets):

  

			
	 Account Name:
 Zhejiang Mozhihua Printing
Company
	 	 Account Name:
 Zhejiang Mozhihua Printing
Company

		
	Account No.: 15195708091001	 	Account No.: 1204080009042000129
		
	 Branch:
 ICBC Zhejiang , Jiaxing Pinghu
Branch
	 	 Branch:
 ICBC Zhejiang, Jiaxing Pinghu
Branch

 Note: Please remit to the specified bank account in accordance with relevant requirements in the Agreement, and
fax the receipt of the remittance to our company. Fax: 010-67077362 and Tel: 010-67077351 
  

 17 

 Supplementary Agreement To 
 Agreement on Entrustment of EMS COD Business 
 2006 Edition 
 Company Code: EC0062 
 Date of Effectiveness:
April 1, 2006 
 Party A 
 Shanghai Acorn Network Technology Development Co., Ltd. 
 Address: 888 Yishan Road, 12th Floor, Xinyin Plaza

 Party B 
 China
Express Mail Service Corporation 
 Address: East Wing of no. 17 Building, Zhushikou Dongdajie, Chongwen District, Beijing

 Actual Service Provider 
 Shanghai EMS International Department 
 Address: 9965 Zhongchun Road, Shanghai 
 To facilitate the development of China’s e-commerce, mail order business and other business transactions, Party A and Party B have sought to find a
secure and reliable method of providing service to the general public, a method that would be convenient to both the seller and the buyer. In the spirit of mutual trust, mutual benefit and joint development, and for the purpose of facilitating the
flow of commerce, enriching and improving the life of the people, and promoting social and economic development, after friendly consultation the Parties have come to the following supplementary agreement on Party A’s entrustment to Party B of
the EMS COD Business, for compliance by both Parties. 
  

	I.	Party A promises that it will entrust to Party B 300,000 pieces of EMS COD mail for delivery every year (about 820 pieces per day). Subject to satisfaction of this condition, Party
A shall be entitled to favorable treatment in connection with the service charges of EMS service: 

  

	1.	Postage for COD Mail (The average weight of each batch of Party A’s entrustment of EMS mail should be used as a basis for computing postage.) 

  

			
	COD Mail
	Average (gram)	 	Postage (yuan/piece)
	1000 and less	 	15
	For every additional 500	 	A surcharge of 6

  

 18 

	2.	When the monthly entrustment of COD mail is more than 200,000 pieces, the pieces in excess of 20,000 will have the additional favorable treatment of a 3 yuan rebate for each piece.

  

	3.	For pieces of mail that weigh more than 3 kg apiece, a rebate of 2 yuan per kg shall be given. 

  

	4.	For pieces that are properly delivered to the customer, Party A shall pay to Party B 10 yuan apiece as COD collection service fee and 1.5% of amount collected as settlement fee.

  

	5.	For the undeliverable COD goods (as defined in Article II-9 of the Agreement), Party A shall pay to Party B 15 yuan apiece as return postage & return service charge.

  

	6.	For non-COD international and domestic express mail, favorable treatment in addition to those currently granted by the State will be given. Specifics will be provided for in a
separate agreement between Party A and Party B’s local EMS service provider (the actual service provider). 

  

	7.	Party A and Party B will prepare upon consultation an information sheet for the COD mail, which shall be printed by Party B at Party A’s cost. The initial print shall be no
less than ten thousand copies. 

  

	II.	Method of Insurance 

 Party A’s domestic COD express
mail shall be insured in principle, and the insured amount should be stated as required. The insurance premium should be 1% of the insured amount, and the insured amount should not exceed RMB50,000. When any insured mail is lost, Party B shall pay
the value of the part actually lost or damaged within the limits of the amount insured. 
  

	III.	Settlement of the COD Payments 

 On the 10th, 20th and 30th
day of each month (or the next day if any of the above falls on a weekend or a statutory holiday), Party B shall total up the COD payments, deduct from the total amount relevant expenses such as the ten-yuan apiece COD service fee, the 1.5%
settlement fee and the 15-yuan apiece return postage & service fee, and transfer the balance to Party A’s account. 
 Party A
agrees to assume liability for the bad or non-performing accounts resulting from a dispute over the liabilities of the Parties, to the extent of 3% of the total annual amount of the COD payments. 
  

 19 

	IV.	Settlement of Postages 

 Within the first 10 days of each
month, Party A shall settle the accounts for the previous month’s postages with Party B’s local EMS service (the actual service provider). Party A shall not use any excuse to shake off its obligation for, or put off or withhold the payment
of, such postages. If Party A delays the payment of the postages for over three months, or if Party A delays the payment of a considerable amount of postages, Party B shall have the right to setoff such postages against the COD payments. 

V. In order to ensure the timely settlement of the COD payments, Party A shall transmit to Party B, timely (within five business days) and on a daily basis, accurate
and complete information about the mail entrusted to Party B and returned from various channels, as well as accurate and complete information about COD mail whose payments have been directly mailed to Party A through channels other than Party B.
Party A shall also regularly check and confirm the data relating to the entrustment and return in a manner required by Party B. Failure to do so will subject Party A to liability for the loss of such mail or money. If Party A fails to confirm within
five business days after receiving from Party B the COD confirmation request, it shall be deemed to have confirmed the amount in the confirmation request. 
 VI. Party B shall have no liability in connection with the delivery and COD collection of entrusted pieces that are addressed to places outside those listed in Attachment III or outside the scope of coverage of the relevant service.

 VII. For entrusted pieces of COD mail, Party B promises that it will settle with Party A on a monthly basis at least 70% of the COD payments for mail
entrusted a month before, and at least 80% of the COD payments for mail entrusted two months before, and at least 90% of the COD payments for mail entrusted three months before. Every January and July a settlement of the COD payments for the
previous six months shall be made. 
 VIII If Party A fails to entrust any COD mail for over 6 consecutive months, this supplementary agreement between the
Parties as well as the Agreement on Entrustment of EMS COD Business shall automatically be terminated. 
 IX. If Party B’s service is markedly inferior
to those provided by similar service providers, or if Party B’s price is markedly higher than those of similar service providers, Party A may opt for other service providers for the services herein. 
 X. Party A shall be automatically entitled to the service in new cities if Party B expands the coverage of its service. 
 XI Party A shall make fair, objective and accurate descriptions of Party B’s services, charges and service coverage in its relevant advertising and promotion
materials, and shall not use any language or material to harm Party B’s interests. 
 XII This supplementary agreement and the Agreement on Entrustment
of EMS COD Business shall become effect at the same time and shall have the same term of effectiveness. If there is any inconsistency between the two agreements, this Agreement shall prevail. In the event of any breach by either party or any dispute
that arises in the course of performing this 

  

 20 

 
Agreement, the Parties shall seek to resolve the problem through consultation. If they are unable to resolve the problem through consultation, either Party
may bring the dispute before a people’s court. 
  

	XIII	This Agreement is a bilateral agreement between the Parties and both Parties shall be obligated to keep it confidential. 

 XIV In the event of any breach by either party or any dispute that arises in the course of performing this Agreement, the Parties shall seek to resolve the problem
through consultation. If they are unable to resolve the problem through consultation, either Party may bring the dispute before a people’s court. Party B shall have the right to stop settling for the COD payments or to freeze the collected COD
payments for payment to the injured party. 
  

	XV	This Agreement shall have five counterparts, with two for each Party and one for the actual service provider. 

 Party A 
 Shanghai Acorn Network
Technology Development Co., Ltd. 
 Legal (Authorized) Representative: (executed) 
 Date: 
 Party B 
 China Express Mail Service Corporation 
 Legal (Authorized) Representative: (executed) 
 Date: March 24, 2006 
 Actual Service Provider 
 Legal (Authorized) Representative: (executed) 
 Date: March 20, 2006 
  

 21Joint Venture Contract

 Exhibit 10.24 
 Joint Venture Contract 
 Zhuhai Sunrana Bio-Tech Co., Ltd. 
  

			
	Chapter One	  	Guidelines
		
	Chapter Two	  	Parties to the Joint Venture
		
	Chapter Three	  	The JV Company
		
	Chapter Four	  	Business Scope
		
	Chapter Five	  	Total Investment, Registered Capital, Investment Ratio and Method
		
	Chapter Six	  	Responsibilities of the Parties
		
	Chapter Seven	  	Board of Directors
		
	Chapter Eight	  	Management Structure
		
	Chapter Nine	  	Labor Management, Trade Union Organization
		
	Chapter Ten	  	Procurement of Raw Materials
		
	Chapter Eleven	  	Tax, Financial Management and Profit Distribution
		
	Chapter Twelve	  	Term, Dissolution and Liquidation
		
	Chapter Thirteen	  	Insurance
		
	Chapter Fourteen	  	Liability for Breach
		
	Chapter Fifteen	  	Force Majeure
		
	Chapter Sixteen	  	Dispute Resolution
		
	Chapter Seventeen	  	Governing Law
		
	Chapter Eighteen	  	Effectiveness and Others

 Chapter One 
 Guidelines 
 The parties to this contract, in accordance with the Law of the PRC on Chinese-Foreign Equity Joint
Ventures, the Provisions of Guangdong Province for Foreign Related Companies and other relevant published laws and regulations of the PRC, after adequate discussions conducted in the spirit of equality and mutual benefit, have agreed to invest in
and establish jointly Zhuhai Sunrana Bio-tech Co. Ltd., an equity joint venture company, and enter into this equity joint venture contract for that purpose. 
 Chapter Two 
 Parties to the Joint Venture 
 2.1 Parties 
 Party A: Zhuhai Sunrana
Cosmetics Products Co., Ltd. 
 Registration No.: Qi-du-yue-zhu-zong-fu-001314 
 Legal Address: Sunrana Building, Nanping Technology Park, Zhuhai Boulevard 
  

			
	Legal Representative:	 	Cui Guofang
		
		 	Position: Executive Director
		
		 	Nationality: China

 Party B: China DRTV, Inc. 
  

	Legal	Address: British Virgin Islands 

  

			
	 Legal Representative:
	 	Yang Dongjie
		
		 	Nationality: China

 Chapter Three 
 The JV Company 
  

	3.1	The parties to this joint venture agree to operate the Zhuhai Sunrana Bio-tech Co., Ltd. (the “Company”) as a Chinese-foreign equity joint venture company.

 The legal address of the Company shall be Dongsi Road, Nanping Technology Park, Zhuhai. The Company may set up representative
offices in mainland China, Hong Kong, Macao and other countries or regions after approval by appropriate authorities, as its board of directors may decide after deliberation in accordance with the Company’s needs. 
  

	3.2	The company shall have the status of a PRC legal person. It shall comply with the provisions of the relevant published laws, decrees and regulations of the PRC in all its
activities, and its lawful business rights and interests are protected under the law of the People’s Republic of China. 

	3.3	The Company shall be a limited liability company. The parties are liable for the Company to the extent of their respective committed contributions to the Company.

 Chapter Four 
 Business Scope 
  

	4.1	The Company’s business scope shall be as follows: Production of cosmetic boxes, and such cosmetic products as nail polish, lipsticks, color control base, perfumes, cleaning
devices, liquid soap, liquid detergents, shampoos, facial cleansers, eye creams, skin lotions, liquid eye liners, mascaras and cleansers (including special purpose cosmetics, such as body-building cosmetics and breast-care cosmetics), items for
personal hygiene; sale of its own products; and operation of beauty saloons. 

  

	4.2	The Company’s annual production capacity shall be RMB50,000,000, of which 10% will be for export and 90% will be for domestic sale. 

 Chapter Five 
 Total Investment,
Registered Capital, 
 Investment Ratio and Method 
  

	5.1	The Company’s total investment shall be RMB2,600,000, and its registered capital will be RMB2,600,000. 

 Capital contributions and investment ratios of the Parties are as follows: 
 Party A shall contribute RMB1,274,000, representing a 49% share of the registered capital. 
 Party B shall
contribute RMB1,326,000, equivalent to $163,500, representing a 51% share of the registered capital. 
 The Parties shall make their
respective contributions in the following way: 
 Party A shall contribute RMB1,274,000 in cash. 
 Party B shall contribute RMB1,326,000 in cash, equivalent to $163,500. 
  

	5.2	The conversion between Reminbi and foreign currencies shall be governed by the Law of the PRC on Chinese-Foreign Equity Joint Ventures and its implementing rules.

	5.3	The contributions made by the Parties hereunder must be their own money or their own tangible property unencumbered by any security interest. A Party that contributes tangible
property, industrial property or proprietary technology must provide valid evidentiary material proving its ownership and disposal rights. 

  

	5.4	Neither Party shall use loans, leased equipment or other property acquired in the name of the Company, or any property of any other person, as its own contribution. Nor shall either
Party use the property and interest of the Company or the other Party as security for its contribution. 

  

	5.5	Within one year after the date of issuance of the Company’s business license, the Parties shall pay their respective contributions in three installments, either by wire
transfer to the Company’s account at a local Zhuhai bank or by direct payment to the Company. The amounts of the installment payments are as follows: 

  

	(1)	The first installment, which shall be no less than 15% of each Party’s total commitment, must be paid within three months after the issuance of the Company’s business
license. This means that for the first installment Party A shall pay no less than RMB 191,100, and Party B shall pay no less than RMB198,900. 

  

	(2)	The second installment, which shall be 15% of each Party’s total commitment, must be paid within six months after the issuance of the Company’s business license.

  

	(3)	The remaining unpaid amount shall be paid in full within one year after the issuance of the Company’s business license. 

  

	5.6	The Parties’ contributions shall be verified by a PRC registered accountant, who will then provide an evaluation report. The Company shall provide to the investor a certificate
of capital contribution thereafter. 

  

	5.7	If the Parties find in the course of their business operation that they do not have sufficient funds, they may increase their capital contribution and the ratio thereof after
consultation with each other. Upon approval by the original examination and approval authority, the Parties will make the additional investments. 

  

	5.8	During the term of the joint venture, the Company shall not reduce its registered capital. If such reduction is necessary, the decision shall be made upon the unanimous approval of
the board of directors, shall be announced through newspaper publication, and shall be approved by the original examination and approval authority. 

	5.9	Change in Registered Capital 

 Neither Party A or Party B
may transfer to a third party all or part of its share of the registered capital without the prior consent of the other Party and the approval of the original examination and approval authority. When a Party transfers all or part of its share of
registered capital, the other Party shall have the right of first refusal. Any capital increase shall be unanimously approved by all shareholders. 
 In the event that a Party seeks to transfer to a third party its share of the registered capital, it shall serve a 30-day prior written notice on the other Party. The notice shall set forth the details of such transfer, such as the amount
and price of transfer and the basic information about the prospective transferee. The other Party shall indicate whether it consents to such transfer within 30 days upon receiving the notice. 
 If Party B wishes to transfer its interest and Party A does not agree to the transfer, Party A shall exercise the right of first refusal. If Party A
neither agrees to such transfer nor exercises its right of first refusal within 30 days upon receiving the notice, it shall be deemed to have consented to the transfer. 
 If Party A wishes to transfer its interest and Party B does not consent to the transfer, Party B shall have the right to sell to the third-party purchaser all or part of its share , on the same terms as set forth in
Party A’s notice. If such third-party refuses to purchase the share from Party B, Party A shall be obligated to purchase the same on the same terms. If Party A refuses to purchase such interest from Party B, Party A shall not sell any of its
interest to the third party. 
  

	5.10	Any increase and decrease of the Company’s registered capital shall be unanimously approved by the board of directors and the original examination and approval authority.
Procedures of registration of change shall be completed with the original registration office with respect to such increase or decrease. 

 Chapter Six 
 Responsibilities of the Parties 
  

	6.1	The responsibilities of the Parties are as follows: 

 Party
A: 
  

	 	(1)	Pay its capital contribution in time according to the terms hereunder. 

	 	(2)	Complete the procedures of approval for establishing the Company with the PRC examination and approval authority and the registration of the Company with the registration office
before the start of the Company’s business operation. 

  

	 	(3)	Assist the Company in applying for and obtaining the qualifications required for its production activities, including but not limited to Heath-care Permit for Cosmetics Production
Enterprise. 

  

	 	(4)	Recruit and train personnel. 

  

	 	(5)	Do other things entrusted by the Company. 

 Party B

  

	 	(1)	Pay its capital contribution in time according to the terms hereunder. 

  

	 	(2)	Send persons to assist Party A in managing the Company and coordinating its business operations. 

  

	 	(3)	Do other things entrusted by the Company. 

 Chapter
Seven 
 Board of Directors 
  

	7.1	The Company shall set up a board of directors as its governing body having the highest authority and responsible for all major decisions of the Company. The date of the
Company’s registration shall be the date when such board is set up. 

  

	7.2	The Board shall be composed of five directors, of whom two directors shall be appointed by Party A, and three directors shall be appointed by Party B. The chairman of the board
shall be recommended by the Parties after consultation. The terms of the offices of directors and the chairman shall be four years, renewable upon reappointment by the appointing Party. Appointment or replacement of directors shall be evidenced by a
formal written notice. 

  

	7.3	The chairman of the board shall be the legal representative of the Company. When the chairman is not able to perform his or her responsibilities as such, he or she shall authorize
another director to act on behalf of the Company. 

  

	7.4	The board shall have the power to decide matters of material importance in its business operations in accordance with relevant PRC laws and regulations, such as the Company’s
internal structure and business policies. It shall also have the power to prepare the Company’s work plan, and the power to examine its budget and final settlement, its plans of profit distribution, personnel deployment, wages and benefits,
etc. 

	7.5	Matters regarding the rights and interests of the Parties shall be decided on the basis of equality and mutual benefit upon the unanimous approval of the board. Matters of ordinary
importance shall be decided by the board by a majority vote. 

  

	7.6	Resolutions involving the following matters may only be adopted at a meeting of the Board upon the unanimous affirmative vote of each and every Director of the Board present at such
meeting: 

  

	 	(1)	the amendment of this Joint Venture Contract or the Company’s Articles of Association; 

  

	 	(2)	the early termination, or dissolution of the Company other than in accordance with Article 12.3(3) and (4); 

  

	 	(3)	any increase or decrease in the Company’s registered capital; and 

  

	 	(4)	any merger or spin-off of the Company. 

 For any decision
regarding the above matters, the Parties shall enter into a supplementary agreement. The agreement shall not be implemented until after its effective date and after approval by the original examination and approval authority. 
  

	7.7	Meetings of the board shall be called and presided over by the Chairman at least once a year. When the chairman is unable to convene a board meeting, he or she shall authorize
another director to convene and preside over such meeting. Special meetings of the Board shall be convened by the Chairman at any time on a motion of at least three directors. A record shall be kept of the minutes of all Board meetings.

  

	7.8	Board meetings shall only be held when at least two thirds of the directors are in attendance and both Parties are represented at such meeting. Each of the directors is entitled to
one vote. 

  

	7.9	Each Party is obligated to ensure that the directors appointed by it attend the regular and special board meetings. When a director is unable to attend a board meeting, he or she
shall provide a proxy letter and authorize another person to attend the meeting by proxy. 

 Board meetings may also be held in the form of a conference call, TV conference or by other electronic
means, provided, however, that the quorum requirement under Article 7.8 hereof is met, and the attendants can communicate with each other simultaneously. As a substitute for the board meeting, the directors who form the quorum required under Article
7.8 hereof may adopt a board resolution in writing (including by fax), and such resolution shall be as effective as a resolution adopted at a board meeting. 
  

	7.10	If a director appointed by either Party fails to attend a board meeting and fails to authorize others to attend such meeting by proxy, thus making the board unable to pass a
resolution on important matters of law or matters of material importance listed hereunder, the other party (the “Notice Sender” ) may urge the absentee director to attend the meeting by sending a second notice to such director and the
appointing Party (“Notice Receiver”) , addressed to the legal address of such Party. 

  

	7.11	The said notice in the preceding clause shall be sent at least 30 days prior to the date of the board meeting by registered mail with a return slip, and shall note that the Notice
Receiver shall have at least 15 days after the notice is sent to reply in writing as to whether the Notice Receiver will attend the board meeting. If the Notice Receiver fails to reply as to whether it will attend the meeting within the period of
time set forth in the notice, it shall be deemed to have waived its right to the meeting. After the Notice Sender receives the return slip which is also sent by registered mail, the directors appointed by the Notice Sender may have a special board
meeting, provided, however, that the number of directors attending such special meeting shall satisfy the quorum requirement. Matters of material importance can be decided upon in a resolution passed with unanimous approval of all the directors
present at such special meeting. 

  

	7.12	Directors that do not have any managerial position in the Company shall not receive any compensation from the Company. 

  

	7.13	All costs in connection with holding board meetings shall be borne by the Company. 

 Chapter Eight 
 Management Structure 
  

	8.1	The Company shall set up a management structure in which a general manager engaged by the board will be responsible for the day-to-day business operations of the Company under the
direction of the board of directors. 

	8.2	The duties of the general manager are to implement the resolutions of the board, organize and direct the day-to-day management of the Company. Within the limits of authority
entrusted by the board, the general manager will act on behalf of the Company, engage and remove those subordinate to him, and exercise other powers and perform other duties authorized by the board. 

  

	8.3	The board chairman may, acting on the strength of a board resolution, adjust the management structure of the Company at any time in accordance with the Company’s needs and
relevant provisions of its articles of association, decide anew the number of managerial positions, and redefine the powers and duties that go with each position. 

  

	8.4	The general manage shall have no part in any other economic entity’s commercial competition against the Company. If the general manage commits fraud for personal gains or is
serious derelict of his or her duties, he or she may be dismissed at any time upon a board resolution. 

 Chapter Nine

 Labor Management, Trade Union Organization 
  

	9.1	Wages, bonuses and welfare benefits of the Company’s employees shall be governed by the prevailing standards among similar companies in the same region. Matters such as
recruitment, dismissal, labor protection, insurance and labor discipline shall be governed by relevant PRC laws and the provisions of the labor department. The salaries and welfare and other benefits of senior officers recommended by the Parties, as
well as standards of their traveling expenses, shall be decided after discussion at a board meeting. 

  

	9.2	The Company’s workers shall have the right to establish a grass-root labor union organization and carry out union activities in accordance with the PRC Labor Law and the
Articles of Association of PRC Trade Union. The Company shall provide necessary conveniences for its labor union organization. 

 Chapter Ten 
 Procurement of Equipment and Raw Materials 
  

	10.1	Production equipment, vehicles, raw materials, fuel and office supplies that need to be imported for the Company may be procured, at arm’s length, from the domestic market and
the international market , and when the terms of procurement are the same, procurement from the domestic market shall be made to the extent possible. 

  

	10.2	When the Company entrusts Party A to procure equipment from abroad, Party A shall adhere to the principle of making the best buy, and the price shall be approved by the board of
directors. 

  

	10.3	Equipment, raw materials, accessories purchased from abroad and equipment contributed by Party B shall be subject to the inspection of PRC’s Entry-Exit Inspection and
Quarantine Authority in accordance with the Law on Examination of Imported and Exported Commodity of the People’s Republic of China. 

 Chapter Eleven 
 Tax, Financial Management and Profit Distribution 
  

	11.1	The Company shall pay all taxes in accordance with relevant laws, decrees and provisions of the PRC. 

  

	11.2	The Company’s employees shall pay individual income tax in accordance with the Individual Income Tax Law of the People’s Republic of China. Expatriate employees may remit
their income abroad after paying income tax in accordance with the law. 

  

	11.3	The Company shall make allocations to a reserve fund, a venture expansion fund and a bonus and welfare fund for staff and workers, as determined by the Board in accordance with the
business circumstances of the Company and the Law of the PRC on Chinese-Foreign Equity Joint Ventures. 

  

	11.4	The fiscal year of the Company shall begin on January 1 and end on December 31 of each year. All documentary evidence for book entry, all instruments, reports, statements
and books, shall be prepared in Chinese. 

  

	11.5	The Company’s financial and accounting systems shall be governed by relevant financial and accounting provisions of the PRC and shall be filed with the local tax authority.

  

	11.6	No documentary evidence of expenses shall be valid unless it is signed by the general manager or his or her authorized person. Money received or paid by the Company shall be
evidenced by invoices prepared by the tax authority. Invoices of foreign countries, Hong Kong and Macao shall be valid only when they are accompanied by customs declaration documents or customs duty memo. 

	11.7	Financial audits of the Company shall be reviewed and verified by PRC registered accountants and the result of such verification shall be reported to the board of directors and the
general manager. 

  

	11.8	The Company shall be independent financially, keeping its own profits and bearing its own losses. 

  

	11.9	Distribution and allocation of profit and losses. The Company shall duly pay its income tax on its year-end profit. After setting aside the amounts allocated to a reserve fund, a
venture expansion fund and a bonus and welfare fund for staff and workers, the profit will be distributed between the Parties pro rata in accordance with their respective contributions to the Company’s registered capital. Losses of the Company
shall also be allocated between the Parties in the same way. 

  

	11.10	Matters relating to foreign exchange of the Company shall be governed by Rules of the People’s Republic of China For the Administration of Foreign Exchange and the methods of
relevant authorities. 

 Chapter Twelve 
 Term, Dissolution and Liquidation 
  

	12.1	The Company’s term of operation shall be 30 years, starting from the date when the business license of the Company is issued. During the term, neither Party shall enter into
any agreement or contract with any other economic entity to the detriment of the Company. 

  

	12.2	The Parties may apply, after discussion with each other, for a renewal of the term upon its expiration, provided that the application is submitted to the original examination and
approval authority for approval three months prior to the expiration. In the event of the Company’s early termination or dissolution upon expiration, a liquidation committee shall be set up to liquidate the Company. After all debts are paid
off, the remaining assets of the Company shall be distributed between the Parties pro rata in accordance with their contribution to the Company’s registered capital. 

  

	12.3	The Company shall be dissolved under any of the following circumstances: 

  

	 	(1)	The term of the Company expires, and one of the Parties does not agree to renew the contract; 

  

	 	(2)	The Company has run into a grave loss and is unable to continue its business operations; 

	 	(3)	Due to an event of force majeure such as natural calamity or war, the Company has sustained a loss and is unable to continue its business operations; 

  

	 	(4)	One of the Parties to this Contract fails to perform its obligations or duties hereunder, making the Company incapable of continuing its operation; 

  

	 	(5)	The Company fails to attain its business goal, and its prospect of future development does not look good. 

 Under circumstances described in (1), (2), (3) or (5) above, the board shall submit its written application for dissolution to the examination
and approval authority, and dissolution will take effect only after approval of such authority. Under circumstances described in (4) above, the Party that has performed its duty shall submit its written application for dissolution to the
examination and approval authority for approval. Matters regarding liquidation upon the Company’s early termination or dissolution upon expiration shall be governed by Article 12.2 hereunder and relevant laws and provisions of the PRC. This
Contract will terminate upon dissolution of the Company. 
 Chapter Thirteen 
 Insurance 
  

	13.	The Company shall buy the various insurance policies from insurance companies within China. 

 Chapter Fourteen 
 Liability for Breach 
  

	14.1	If either Party fails to pay its contribution as required under 5.5 hereunder, it shall pay to the Company a 1% interest on the amount due for each month of delay. In addition, the
Party in breach shall also pay to the non-breaching Party a 1% penalty on the amount due. Apart from cumulating the penalty, the non-breaching Party shall have the right to terminate the Contract in accordance with Article 14.2 hereunder, and seek
damages from the breaching Party for all economic losses resulting from such breach. 

	14.2	Failure of either Party to pay its contribution in time or in full as required hereunder constitutes a breach. The non-breaching Party shall urge the breaching Party to pay the
amounts due or to pay the amount in full within one month. If the breaching Party fails to pay or fails to pay in full within the time, it shall be deemed to have forfeited all its rights hereunder and withdrawn from the Company. Within one month
thereafter, the non-breaching Party shall apply to the original examination and approval authority for approval of the termination of the Contract and dissolution of the Company. Alternatively, the non-breach Party may find another business partner
which will have the rights and obligation of the breaching Party hereunder. The non-breaching Party may duly seek damages from the breaching Party for losses resulting from the latter’s failure to pay its contribution. If losses are incurred as
a result of fault on the part of both Parties, each Party shall bear its own fair share of the losses in accordance with the circumstances. 

 Chapter Fifteen 
 Force Majeure 
  

	15.1	When the obligations of a Party under this Contract cannot be performed as a result of a force majeure event that is unforeseeable, such as earthquake, typhoon, flood, fire or war,
etc., the Party that encounters such event of force majeure shall immediately inform the other Party by telegraph, providing detailed information on such event within fifteen (15) days of its occurrence, accompanied by valid evidentiary
documents provided by a local notary public to explain the reasons for its inability to perform the Contract. Thereafter the Parties shall consult with each other in light of the impact of the event upon the implementation hereof, and shall decide
whether this Contract should be rescinded, and whether the Hindered Party should be partially freed from its obligations hereunder, or whether performance hereunder shall be put off. 

 Chapter Sixteen 
 Dispute Resolution

  

	16.1	Any dispute arising out of or relating to this Contract shall be resolved through friendly consultation. If the dispute cannot be resolved through consultation, it shall be
submitted to arbitration under the auspices of the Zhuhai Arbitration Commission. The arbitration award shall be final and binding on the Parties. When the dispute is being resolved, other than in connection with the matter in dispute, the Parties
shall continue to perform the Contract and the articles of association. 

 Chapter Seventeen 
 Governing Law 
  

	17	The execution, effect, interpretation and amendment of this Contract, as well as resolution of disputes arising out of this Contract, shall be governed by the law of the
People’s Republic of China. 

 Chapter Eighteen 
 Effectiveness and Others 
  

	18.1	This Contract, after it is properly signed by the duly authorized representatives of both Parties, shall be submitted to the examination and approval authority, and shall be
effective as of the date of approval by the examination and approval authority. The same applies to any amendment to this Contract. 

  

	18.2	This Contract, after being signed by the Parties and approved by the examination and approval authority, constitutes a legally effective document and both Parties shall comply with
it strictly. Neither Party shall terminate this Contract without the consent of the other Party (except under circumstances described in 12.3(4). If either of the Parties seeks to terminate the Contract, assign its equity interest or its rights as a
joint venture partner, it shall inform the other Party three months in advance, and after consultation between the Parties, the proposal shall be submitted to the original examination and approval authority for approval. The losses resulting from
any unilateral termination without the consent of both Parties shall be borne by the Party seeking termination. 

  

	18.3	Matters not covered hereunder shall be addressed by the Parties upon consultation in amendments and supplements, which shall be submitted to the original examination and approval
authority for approval. The amendments and supplements are valid attachments to this Contract, and are of the same effect as this Contract. 

  

	18.4	Notice given by either Party through telephone or fax shall be followed up by formal written documents, if they involve the rights and obligations of the Parties.

  

	18.5	The Chinese version of this Contract shall be the valid version. 

  

	18.6	This Contract is signed by the Parties as of May 10, 2006, in Zhuhai. 

			
	Party A (Seal)	 	Party B (Seal)
		
	Legal Representative (Signature): Cui Guofang	 	Legal Representative (Signature): Yang Dongjie
		
	May 10, 2006

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