Document:

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                                                                    EXHIBIT 4.14

                                 PLACING LETTER
                         (CONFIRMATION OF ORAL CONTRACT)

PRIVATE & CONFIDENTIAL

13 February 2004

Gush Intelligence Limited
16/F., The Chinese Bank Building
61 Des Voeux Road Central
Hong Kong

Attention: Mr Li Shenen

                                                         NO. OF PLACING SHARES

                                                              3,800,000

Dear Sirs,

DF CHINA TECHNOLOGY INC. (THE "COMPANY") -
PLACING OF NOT LESS THAN 20,000,000 NEW SHARES (THE "PLACING SHARES")
IN THE ISSUED SHARE CAPITAL OF THE COMPANY AT US$0.2 PER SHARE (THE "PLACING
PRICE") (THE "PLACING")

1.    INTRODUCTION

      We refer to the conversation, you had with our representative during which
      an oral contract (the "Contract") was concluded between you, acting as
      principal, and ourselves, acting as placing agent for the Company, whereby
      we offered, subject to the terms and conditions set out below, to procure
      the sale to you the number of Placing Shares set out in the box above at
      the Placing Price of US$0.2 per Placing Share (the "Placed Shares") and
      you orally accepted our offer and agreed irrevocably as principal to
      purchase the Placed Shares.

      All capitalized terms used, but not otherwise defined herein shall have
      the meanings set for on Appendix A attached hereto.

2.    CONDITIONS

      Please note that the Placing is on a best-effort-basis, pursuant to the
      terms and subject to the conditions to the Placing Agreement, and
      conditional upon the following conditions having been satisfied on or
      before 27 February 2004 (or such later date as the Company and the Placing
      Agent may otherwise agree):

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      (i)   subject to the NASDAQ rules, application for the listing of and
            permission to deal in all the Placing Shares has been made by the
            Company; and

      (ii)  the Company undertakes that the Company shall assist the Placee to
            remove the restrictive legend of the Placing Shares.

3.    SETTLEMENT DATE

      Settlement is scheduled to take place on or before 12 March 2004 on the
      first business day following the fulfilment of the conditions set out
      under Clause 2 above (or such later date as otherwise agreed between the
      parties to the Placing Agreement) (the "Settlement Date").

4.    AMOUNT PAYABLE

      The total amount payable by you for your Placed Shares, as advised by the
      Company, is US$760,000.00 (or the equivalent amount in Renminbi currency).

5.    NOT A US PERSON; NOT AN AFFILIATE; ACCREDITED INVESTOR

      You hereby confirm that you are not a US Person. You hereby confirm that
      in relation to your subscription of the Placed Shares, you are not an
      Affiliate of the Company nor any directors, executive officers, or
      Beneficial Owners thereof or a member of the Shareholder Group thereof. In
      addition, you hereby declare that your acceptance of our offer of the
      Placed Shares is entirely of your own volition and that you are not acting
      upon the instruction of any such Affiliate. Also, your purchase of the
      Placed Shares is not financed directly or indirectly by any such
      Affiliate.

      You hereby confirm that you are an Accredited Investor.

6.    UNDERTAKINGS

      By your acceptance of our offer, you;

            (a) agree to make payment in full for all the Placed Shares by the
            Settlement Date, and that interest of 3% above the Hong Kong prime
            rate will be payable on any late settlement;

            (b) agree and acknowledge that our offer to you to procure the sale
            to you of the Placed Shares and was made based on the publicly
            available information and that no other information was supplied by
            us;

            (c) agree that you have not relied on any information,
            representation or warranty supplied or made by or on behalf of
            ourselves, the Company or any other party involved in the Placing
            and that you have made and will continue

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            to make your own appraisal of the Placing and the Placing Shares and
            the other matters referred to in this letter;

            (d) agree and acknowledge that we do not make and have not made any
            warranty, representation or recommendation as to the merits of the
            Placing Shares, the purchase or offer thereof, or as to the
            condition, financial or otherwise, of the Company or its
            subsidiaries or as to any other matter relating thereto or in
            connection therewith. Nothing herein shall be construed as a
            recommendation to you to purchase any Placing Shares;

            (e) represent and warrant to us (i) that you are an Accredited
            Investor and (ii) that you are not a US Person or an Affiliate of
            the Company nor any directors, executive officers, or Beneficial
            Owners thereof or a member of a Shareholder Group thereof;

            (f) agree that you and your affiliates will have and will bring no
            claim whatsoever against us or our subsidiaries, holding companies
            or subsidiaries of our holding companies or officers, employees or
            agents of any of us or them ("Relevant Persons") in relation to the
            Placing or the Contract in respect of any and all losses, damages,
            claims, proceedings, judgments, liabilities, costs and expenses
            (including, without limitation, legal expenses) ("Losses") suffered
            or incurred howsoever arising and including, but not limited to, all
            Losses arising as a result of or in connection with any document,
            announcement or communication relating to the Placing or the
            Contract whether or not made or delivered by us, not containing or
            being alleged not to contain all information required to be stated
            therein or any statement therein being or being alleged to be
            untrue, inaccurate, incomplete or misleading or as having been made
            negligently, provided always that the foregoing shall not extend or
            apply to any Losses arising out of the breach by us of our express
            obligations set out in the Contract. In no circumstances whatsoever
            will we or any Relevant Persons be liable for any indirect or
            consequential losses or special damages;

            (g) agree that you will on demand indemnify all Relevant Persons
            against all Losses suffered or incurred by them (or any of them) in
            connection with or arising out of any breach of the Contract
            including any breach or alleged breach on your part of any of your
            obligations set out in this letter; and

            (h) represent and warrant that you had at all material times and
            still have full power and authority to enter into the Contract for
            your own account or for the account of one or more persons for whom
            you exercise investment discretion and your oral agreement to do so
            as recorded herein constitutes your valid and legally binding
            obligation and is enforceable in accordance with its terms.

      You will, whether before or after completion of the Placing, continue to
      provide us information regarding the beneficial owner of the Shares
      acquired by you as required by applicable BVI law and US laws for delivery
      to the relevant regulatory authority or governmental agency.

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      You should be aware of your rights and obligations under the Personal Data
      (Privacy) Ordinance. Information and personal data provided by you to us
      in connection with Placing are required to enable us to perform services
      connected with the Placing and to observe any rules, legal or regulatory
      requirements including the disclosure of such data to certain regulatory
      bodies. Also, we may provide such data to any agent, representative and
      associate, which provide services in connection with the Placing.

7.    GENERAL

      Any notification to be given by us to you shall be validly given if
      delivered by hand or sent by facsimile to the address and facsimile
      numbers set out in the attached Placing Confirmation and shall be deemed
      to be given on delivery or (if given by facsimile) on due despatch.

      Your rights and obligations in respect of the Contract will be incapable
      of rescission or termination by you. Time is of the essence of the
      Contract. You agree that we are at liberty to vary or extend any time
      and/or date by which anything relating to the Placing is to be done.

      This letter constitutes confirmation of the Contract regardless of whether
      or not you return the signed Placing Confirmation. The Contract recorded
      in this letter shall be governed by and construed in accordance with the
      laws of Hong Kong and we respectively submit to the non-exclusive
      jurisdiction of the courts of Hong Kong in respect thereof.

      NO AMENDMENT TO THE TERMS AND CONDITIONS OF THIS LETTER CAN BE ACCEPTED TO
      US.

8.    ACKNOWLEDGMENT

      Please complete and return the attached Placing Confirmation with the
      duplicate of this letter to the undersigned at Hong Kong fax no. (852)
      2845 1935.

Yours faithfully,
For and on behalf of
QUAM SECURITIES COMPANY LIMITED

_________________________________
Kenneth Lam
Managing Director

Encl.

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                                                                      APPENDIX A

Capitalized terms used, but not otherwise defined in the Placing Letter shall
have the meanings set forth below:

"ACCREDITED INVESTOR"      mean any person who comes within any of the following
                           categories (or any other category set forth in
                           Section 501(a) of Regulation D of the Securities Act
                           of 1934, as amended), or who the Company reasonably
                           believes comes within any of the following
                           categories, at the time of the sale of the securities
                           to that person:

                           a.   Any natural person whose individual net worth,
                                or joint net worth with that person's spouse, at
                                the time of his purchase exceeds $1,000,000;

                           b.   Any natural person who had an individual income
                                in excess of $200,000 in each of the two most
                                recent years or joint income with that person's
                                spouse in excess of $300,000 in each of those
                                years and has a reasonable expectation of
                                reaching the same income level in the current
                                year;

                           c.   Any trust, with total assets in excess of
                                $5,000,000, not formed for the specific purpose
                                of acquiring the securities offered, whose
                                purchase is directed by a sophisticated person
                                as described in Rule 506(b)(2)(ii) and

                           d.   Any entity in which all of the equity owners are
                                accredited investors.

"AFFILIATE"                means a person that directly, or indirectly through
                           one or more intermediaries, controls, or is
                           controlled by, or is under common control with, the
                           Company, a director an executive officer or a
                           Beneficial Owner.

"BENEFICIAL OWNER"         means any person who directly or indirectly is the
                           beneficial owner of more than five percent of a class
                           of the Company's securities.

"SHAREHOLDER GROUP"        means two or more persons act as a partnership,
                           limited partnership, syndicate, or other group for
                           the purpose of acquiring, holding, or disposing of
                           securities of the Company;

"US PERSON"                means:

                               a.   Any natural person resident in the United
                                    States;

                               b.   Any partnership or corporation organized or
                                    incorporated under the laws of the United
                                    States;

                               c.   Any estate of which any executor or
                                    administrator is a U.S. person;

                               d.   Any trust of which any trustee is a U.S.
                                    person;

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                               e.   Any agency or branch of a foreign entity
                                    located in the United States;

                               f.   Any non-discretionary account or similar
                                    account (other than an estate or trust) held
                                    by a dealer or other fiduciary for the
                                    benefit or account of a U.S. person;

                               g.   Any discretionary account or similar account
                                    (other than an estate or trust) held by a
                                    dealer or other fiduciary organized,
                                    incorporated, or (if an individual) resident
                                    in the United States; and

                               h.   Any partnership or corporation if:

                                        1.   Organized or incorporated under the
                                             laws of any foreign jurisdiction;
                                             and

                                        2.   Formed by a U.S. person principally
                                             for the purpose of investing in
                                             securities not registered under the
                                             Act, unless it is organized or
                                             incorporated, and owned, by
                                             accredited investors (as defined in
                                             Rule 501(a)) who are not natural
                                             persons, estates or trusts.

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                              PLACING CONFIRMATION

PRIVATE & CONFIDENTIAL

13 February 2004

To    :     Quam Securities Company Limited
            Room 3308 Gloucester Tower
            The Landmark
            11 Pedder Street
            Central, Hong Kong

Attn  :     Mr. Kenneth Lam          A/C Number (with A/E code): 972766-01-S-000
            Managing Director
            (Fax no: 2845 1935)      A/C Name: Gush Intelligence Limited

Dear Sirs,

DF CHINA TECHNOLOGY INC. (THE "COMPANY")
PLACING OF NOT LESS THAN 20,000,000 NEW SHARES (THE "PLACING SHARES") IN THE
ISSUED SHARE CAPITAL OF THE COMPANY AT US$0.2 PER SHARE (THE "PLACING PRICE")
(THE "PLACING")

We/I refer to placing letter dated 13 February 2004 (the "Placing Letter")
issued by Quam Securities Company Limited (the "Placing Agent") in relation to
the captioned subject. Terms used in this letter shall have the same meanings as
defined in the Placing Letter, unless the context requires otherwise.

We/I hereby confirm receipt of the Placing Letter, and acknowledge and accept
all the terms and conditions as set out therein and confirm that these items and
conditions are those of our oral contract to your representative for our/my
subscription as principal from the Company of 3,800,000 Placing Shares (the
"Subscription Shares") at the Placing Price. We/I undertake to pay the
consideration for the Subscription Shares of US$760,000.00 on or before the
Settlement Date as set out in the Placing Letter into a designated bank account
nominated by the Company, the details of which is as follows:

Bank              : [CHINESE CHARACTER]
Account Name      : [CHINESE CHARACTER]
Account Number    : 102004512010003740

Further more, we/I hereby confirm that: -

(1)   We/I undertake to provide to you upon request such other information as
      may be required to be provided to the Securities and Exchange Commission
      (the "SEC") and NASDAQ;

(2)   We/I are/am not a US Person(s). We/I are/am (an) individual/institutional
      investor(s) or (a) professional investor(s) (which includes broker,
      dealer, fund manager, professional

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      individual and corporate entity) whose main business involves the
      acquisition and disposal, or the holding, of shares and other securities
      (whether as principal or agent) or otherwise (an) investor(s) and the
      subscription of the Subscription Shares by us/me would not constitute a
      breach of the relevant laws;

(3)   We/I are/am not an Affiliate of the Company of the Company nor any
      directors, executive officers, or Beneficial Owners thereof or a member of
      a Shareholder Group thereof;

(4)   We/I are/am not financed or backed directly or indirectly by the Company,
      its directors, its Beneficial Owners or its executive officers or any of
      the Company's Affiliates;

(5)   We/I are/am not (a) person(s) who are/is accustomed to taking instructions
      from any of the director, executive officers or Beneficial Owners of the
      Company or any of their Affiliates in relation to the acquisition,
      disposal, voting or any other disposition of securities in the Company;

(6)   We/I acknowledge our/my rights and obligations under the Personal Data
      (Privacy) Ordinance and understand that information and personal data
      provided by us/me are/is required by the Placing Agent to perform services
      relating to the Placing and to observe any rules, legal or regulatory
      requirements including the disclosure of such data to certain regulatory
      bodies. Moreover, the Placing Agent may at any time provide such data to
      any agent, representative and associate which provides services in
      connection with the Placing and to any governmental or regulatory bodies
      (including but not limited to the NASDAQ and the SEC);

(7)   We/I undertake to respond promptly, in writing, to questions raised by the
      Placing Agent concerning ourselves/myself and which relate to the Placing.

(8)   No share of the Company was held by us/me prior to our/my entering into
      the agreement to participate as a Placee in the Placing;

(9)   The date we/I were/was contacted regarding the Placing was 11 February
      2004;

(10)  In case of a default in payment, the Placing Agent reserves the right to
      charge interest on the net amount overdue calculated on the basis of 3%
      per month;

(11)  The details of the ULTIMATE BENEFICIAL OWNER(S) of the Subscription Shares
      subscribed through the Placing are as follows (PLEASE FILL IN ALL THE
      BLANKS): -

      Name                 :     Li Shenen

      Address              :     Room 1006, Hong Hu Building
                                 New Gang Hong Garden, Cui Zhu Road
                                 Luohu, Shenzhen,
                                 Guangdong Province, China

      I.D.#/Passport #     :     G02082015

      Date of Birth        :     26 January 1942

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      Contact              :     13802263523

(12)  We/I set out below our/my details for registration of the Subscription
      Shares: -

      Name                          :       Gush Intelligence Limited

      Place of Incorporation        :       The British Virgin Islands

      Company Number/ID Number      :       560209
      Registered/Residential        :       PO Box 3174, Road Town
      Address                               Tortola, British Virgin Islands

      Correspondence Address        :       16/F., The Chinese Bank Building
                                            61 Des Voeux Road Central
                                            Hong Kong

      CCASS Participant                     NA

We/I fully understand that our/my personal data set out above and any further
personal data relating to ourselves/myself may be submitted to the SEC and
NASDAQ and hereby confirm that the data is true and accurate.

Yours faithfully,
For and behalf of
Gush Intelligence Limited

_______________________________

A/C number: 972766-01-S-000

Date: 13 February 2004

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                                                                    EXHIBIT 4.15

                            SUBSCRIPTION OFFER LETTER

PRIVATE & CONFIDENTIAL

April 5, 2004

Squadram Limited
16/F., The Chinese Bank Building
61 Des Voeux Road Central
Hong Kong

Attention: Ms. Chen Hui

Dear Sirs,

DF CHINA TECHNOLOGY INC. (THE "COMPANY") -
PLACING OF 5,200,000 NEW SHARES (THE "SUBSCRIPTION SHARES")
IN THE ISSUED SHARE CAPITAL OF THE COMPANY AT US$0.4038 PER SHARE (THE
"SUBSCRIPTION PRICE") (THE "SUBSCRIPTION")

1.    INTRODUCTION

      We refer to our conversation, whereby we offered, subject to the terms and
      conditions set out below, to procure the sale to you 5,200,000 shares at
      the Subscription Price of US$0.4038 per Subscription Share (the
      "Subscription Shares") for the total subscription of US$2,100,000.00 and
      you orally accepted our offer and agreed irrevocably as principal to
      purchase the Subscription Shares.

      All capitalized terms used, but not otherwise defined herein shall have
      the meanings set for on Appendix A attached hereto.

2.    CONDITIONS

      Please note that the Subscription is conditional upon that immediately
      upon signing hereof, we shall proceed to notify the Listing Qualification
      Department of The NASDAQ Stock Market by the Notification Form for listing
      of Additional Shares.

3.    SETTLEMENT DATE

      Settlement is scheduled to take place on or before April 20, 2004 (the
      "Settlement Date").

4.    AMOUNT PAYABLE

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      The total amount payable by you for your Subscription Shares is
      US$2,100,000.00 (or the equivalent amount in Renminbi currency).

5.    NOT A US PERSON; NOT AN AFFILIATE

      Upon your acceptance hereto, you shall confirm that you are not a US
      Person and confirm that in relation to your subscription of the
      Subscription Shares, you or your beneficial owner are not an Affiliate of
      the Company nor any directors, executive officers, or Beneficial Owners
      thereof or a member of the Shareholder Group thereof. In addition, you
      shall declare that your acceptance of our offer of the Subscription Shares
      is entirely of your own volition and that you are not acting upon the
      instruction of any such Affiliate. Also, your purchase of the Subscription
      Shares is not financed directly or indirectly by any such Affiliate.

6.    UNDERTAKINGS

      By your acceptance of our offer, you;

            (a) agree to make payment of US$2,100,000.00 in full for all the
            Subscription Shares by the Settlement Date, and that interest of 2%
            p.a. above the Hong Kong prime rate will be payable on any late
            settlement;

            (b) agree that you have not relied on any information,
            representation or warranty supplied or made by us or any one on
            behalf of ourselves or any other party involved in the Subscription
            and that you have made and will continue to make your own appraisal
            of the Subscription and the Subscription Shares and the other
            matters referred to in this letter;

            (c) agree and acknowledge that we do not make and have not made any
            warranty, representation or recommendation as to the merits of the
            Subscription Shares;

            (d) represent and warrant to us that you or beneficial owner are not
            US Person(s) or Affiliate(s) of the Company nor any directors,
            executive officers, or Beneficial Owners thereof or a member of a
            Shareholder Group thereof;

            (e) represent and warrant that you had at all material times and
            still have full power and authority to enter into the contract of
            the Subscription for your own account or for the account of one or
            more persons for whom you exercise investment discretion and your
            oral agreement to do so as recorded herein constitutes your valid
            and legally binding obligation and is enforceable in accordance with
            its terms.

      You will, whether before or after completion of the Subscription, continue
      to provide us information regarding the beneficial owner of the
      Subscription Shares acquired by you as required by applicable BVI law and
      US laws for delivery to the relevant regulatory authority or governmental
      agency.

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      Information and personal data provided by you to us are connected with the
      Subscription and you shall observe any rules, legal or regulatory
      requirements including the disclosure of such data to certain regulatory
      bodies. Also, we may provide such data to any agent, representative and
      associate, which provide services in connection with the Subscription.

7.    GENERAL

      Any notification to be given by us to you shall be validly given if
      delivered by hand or sent by facsimile to the address and facsimile
      numbers set out in the attached Subscription Confirmation and shall be
      deemed to be given on delivery or (if given by facsimile) on due despatch.

      Your rights and obligations in respect of the Subscription will be
      incapable of rescission or termination by you. Time is of the essence of
      the Subscription.

      The Subscription recorded in this letter shall be governed by and
      construed in accordance with the laws of Hong Kong and we respectively
      submit to the non-exclusive jurisdiction of the courts of Hong Kong in
      respect thereof.

      NO AMENDMENT TO THE TERMS AND CONDITIONS OF THIS LETTER CAN BE ACCEPTED TO
      US.

8.    ACKNOWLEDGMENT

      Please complete and return the attached Subscription Confirmation with the
      duplicate of this letter to the undersigned at Hong Kong fax no. (852)
      2851 3660.

Yours faithfully,
For and on behalf of
DF CHINA TECHNOLOGY INC.

_______________________________________
Aaron Zhu Xiaojun
Executive Director and Chief Financial Officer

Encl.

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                                                                      APPENDIX A

Capitalized terms used, but not otherwise defined in the Subscription Offer
Letter shall have the meanings set forth below:

"AFFILIATE"                means a person that directly, or indirectly through
                           one or more intermediaries, controls, or is
                           controlled by, or is under common control with, the
                           Company, a director an executive officer or a
                           Beneficial Owner.

"BENEFICIAL OWNER"         means any person who directly or indirectly is the
                           beneficial owner of more than five percent of a class
                           of the Company's securities.

"SHAREHOLDER GROUP"        means two or more persons act as a partnership,
                           limited partnership, syndicate, or other group for
                           the purpose of acquiring, holding, or disposing of
                           securities of the Company;

"US PERSON"                means:

                               a.   Any natural person resident in the United
                                    States;

                               b.   Any partnership or corporation organized or
                                    incorporated under the laws of the United
                                    States;

                               c.   Any estate of which any executor or
                                    administrator is a U.S. person;

                               d.   Any trust of which any trustee is a U.S.
                                    person;

                               e.   Any agency or branch of a foreign entity
                                    located in the United States;

                               f.   Any non-discretionary account or similar
                                    account (other than an estate or trust) held
                                    by a dealer or other fiduciary for the
                                    benefit or account of a U.S. person;

                               g.   Any discretionary account or similar account
                                    (other than an estate or trust) held by a
                                    dealer or other fiduciary organized,
                                    incorporated, or (if an individual) resident
                                    in the United States; and

                               h.   Any partnership or corporation if:

                                        (i)  Organized or incorporated under the
                                             laws of any foreign jurisdiction;
                                             and

                                        (ii) Formed by a U.S. person principally
                                             for the purpose of investing in
                                             securities not registered under the
                                             Act, unless it is organized or
                                             incorporated, and owned, by
                                             accredited investors (as defined in
                                             Rule 501(a)) who are not natural
                                             persons, estates or trusts.

                                       4
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                            SUBSCRIPTION CONFIRMATION

PRIVATE & CONFIDENTIAL

April 5, 2004

To    :     DF China Technology Inc.
            Units 3207-07, West Tower
            Shun Tak Centre
            Central, Hong Kong

Attn  :     Mr. Aaron Zhu Xiaojun
            Executive Director
            (Fax No: 2851 3660)

Dear Sirs,

DF CHINA TECHNOLOGY INC. (THE "COMPANY") -
PLACING OF 5,200,000 NEW SHARES (THE "PLACING SHARES")
IN THE ISSUED SHARE CAPITAL OF THE COMPANY AT US$0.4038 PER SHARE (THE
"PLACING PRICE") (THE "PLACING")

We refer to your Subscription Offer Letter dated April 5, 2004 (the
"Subscription Offer Letter") in relation to the captioned subject. Terms used in
this letter shall have the same meanings as defined in the Subscription Offer
Letter, unless the context requires otherwise.

We hereby confirm receipt of the Subscription Offer Letter, and acknowledge and
accept all the terms and conditions as set out therein and confirm that these
terms and conditions are those of our oral contract to your representative for
our/my subscription as principal from the Company of 5,200,000 subscription
shares (the "Subscription Shares") at the Subscription Price of US$0.4038 per
share for the total subscription of US$2,100,000.00 We undertake to pay the
consideration for the Subscription Shares of US$2,100,000.00 on or before the
Settlement Date as set out in the Subscription Offer Letter by a cashier order
drawn on a licensed bank in Hong Kong or China.

Further more, we hereby confirm that: -

(1)   We undertake to provide to you upon request such other information as may
      be required to be provided to the Securities and Exchange Commission (the
      "SEC") and NASDAQ;

(2)   We are not a US Person(s). We are a private investor whose main business
      involves the acquisition and disposal, or the holding, of shares and other
      securities as principal and the subscription of the Subscription Shares by
      us would not constitute a breach of the relevant laws;

                                       5
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(3)   We or our beneficial owner are not an Affiliate of the Company nor any
      directors, executive officers, or Beneficial Owners thereof or a member of
      a Shareholder Group thereof;

(4)   We are not financed or backed directly or indirectly by the Company, its
      directors, its Beneficial Owners or its executive officers or any of the
      Company's Affiliates;

(5)   We are not a person who is accustomed to taking instructions from any of
      the director, executive officers or Beneficial Owners of the Company or
      any of their Affiliates in relation to the acquisition, disposal, voting
      or any other disposition of securities in the Company;

(6)   We understand that information and personal data provided by us are
      required in relation to the Subscription and to observe any rules, legal
      or regulatory requirements including the disclosure of such data to
      certain regulatory bodies. Moreover, we shall provide such data to any
      governmental or regulatory bodies (including but not limited to the NASDAQ
      and the SEC);

(7)   We undertake to respond promptly, in writing, to questions raised by you
      relating to the Subscription.

(8)   No share of the Company was held by us prior to our entering into the
      agreement to participate as a subscriber in the Subscription;

(9)   In case of a default in payment, you shall reserve the right to charge
      interest on the net amount overdue calculated on the basis of 2% per
      month;

(10)  The details of the ULTIMATE BENEFICIAL OWNER(S) of the Subscription Shares
      subscribed through the Placing are as follows: -

      Name                :     Chen Hui

      Address             :     Flat 405, Block 33, Helen Garden,
                                Shekou Shenzhen,
                                Guangdong Province, China

      Passport #          :     W03680279

      Date of Birth       :     November 4, 1967

      Contact             :     86-13530590915

(11)  We set out below our details for registration of the Subscription
      Shares:-

      Name                               :     Squadram Limited
      Place of Incorporation             :     The British Virgin Islands
      Company Number/ID Number           :     IBC: 549244

                                       6
<PAGE>

      Registered/Residential Address     :     Beaufort House, P.O. Box 438,
                                               Road Town, Tortola, British
                                               Virgin Islands

      Correspondence Address             :     16/F., The Chinese Bank Building
                                               61 Des Voeux Road Central
                                               Hong Kong

We fully understand that our personal data set out above and any further
personal data relating to ourselves may be submitted to the SEC and NASDAQ and
hereby confirm that the data is true and accurate.

Yours faithfully,
For and behalf of
Squadram Limited

__________________________
Chen Hui
Director

Date: April 5, 2004

                                       7

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