Document:

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                                                                   EXHIBIT 10.30

CONFIDENTIAL

================================================================================

                              COOPERATION AGREEMENT

                                      AMONG

                  SHANGHAI FOCUS MEDIA ADVERTISEMENT CO., LTD.
                       AND LOCAL ADVERTISING SUBSIDIARIES
                            (AS LISTED IN SCHEDULE I)

                                       AND

                SHAHGHAI NEW FOCUS MEDIA ADVERTISEMENT CO., LTD.

                                   DATED AS OF
                                  MAY 22, 2006

================================================================================

<PAGE>

                              COOPERATION AGREEMENT

THIS COOPERATION AGREEMENT (this "AGREEMENT") is entered into as of May 22, 2006
in Shanghai by and among the following Parties:

(1)   SHANGHAI FOCUS MEDIA ADVERTISEMENT CO., LTD., a company of limited
      liabilities incorporated under the laws of China, with its legal address
      at F, Room 1003, No.1027, Changning Road, Changning District, Shanghai
      ("FOCUS MEDIA ADVERTISEMENT");

(2)   SHANGHAI NEW FOCUS MEDIA ADVERTISEMENT CO., LTD., a company of limited
      liabilities incorporated under the laws of China, with its legal address
      at Room 15F-30, No.728 Yan'an Road, Changning District, Shanghai ("NEW
      FOCUS MEDIA ADVERTISEMENT"); and

(3)   LOCAL ADVERTISING SUBSIDIARIES listed in Schedule I hereof (the "LOCAL
      SUBSIDIARIES").

(In this Agreement, Focus Media Advertisement, New Focus Media Advertisement and
Local Subsidiaries shall hereinafter be referred to as a "PARTY" individually
and collectively "PARTIES".)

WHEREAS:

(1)   As a company specialized in LCD advertising business in buildings, Focus
      Media Advertisement owns advertisement placements and has already been
      granted necessary licenses therefor.

(2)   New Focus Media is an advertisement agency company, the business scope of
      which includes designing, manufacturing, disseminating of advertisement
      and advertisement agency.

(3)   As advertisement companies established in various locations in China,
      Local Subsidiaries own advertisement placements in local buildings, and
      are entitled to carrying on advertising business in their respective local
      places.

(4)   The Parties wish to utilize their respective own resources to cooperate
      among them in the various local building advertisement projects.

NOW, THEREFORE, after friendly consultations among them, the Parties hereby
agree as follows:

                             ARTICLE 1 - DEFINITION

1.1   Unless to be otherwise interpreted by the terms or in the context herein,
      the following terms in this Agreement shall be interpreted to have the
      following meanings:

                                       1
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<TABLE>
<S>                           <C>
"ADVERTISEMENT DISSEMINATOR"  means Focus Media Advertisement and/or the Local Subsidiaries.

"FOCUS MEDIA TECHNOLOGY"      means Focus Media Technology (Shanghai) Co., Ltd., a company of limited
                              liabilities incorporated under the laws of China, with its legal address at
                              Room 1003-E, No.1027, Changning Road, Changning District, Shanghai.
</TABLE>

1.2   The references to any PRC Law herein shall be deemed:

      (1)   to include the references to the amendments, changes, supplements
            and reenactments of such law, irrespective of whether they take
            effect before or after the formation of this Agreement; and

      (2)   to include the references to other decisions, notices or regulations
            enacted in accordance therewith or effective as a result thereof.

1.3   Except as otherwise stated in the context herein, all references to an
      Article, clause, item or paragraph shall refer to the relevant part of
      this Agreement.

          ARTICLE 2 - DEVELOPMENT OF PLACEMENT AND ADVERTISEMENT SALES

2.1   Each of the Advertisement Disseminators shall sign a series of Advertising
      Placement Agreements in the places where it locates and shall legally own
      the title of the use rights to such placements; during the term of this
      Agreement, each of the Advertisement Disseminators shall make reasonable
      efforts to maintain its currently available advertisement placements in
      its local places, to develop new advertisement placements actively, and to
      pay the rent for the advertisement placements in a timely manner.

2.2   New Focus Media Advertisement shall be responsible for the customers
      marketing and the advertisement sales, and shall entrust the Advertisement
      Disseminators to disseminate its advertisements at their respective own
      local places in accordance with this Agreement.

2.3   Each of the Advertisement Disseminators shall be responsible for the
      advertisements dissemination as required by New Focus Media Advertisement
      at their respective own local places, and shall ensure the timing for such
      advertisements of New Focus Media Advertisement in priority.

                  ARTICLE 3 - ADVERTISEMENT DISSEMINATION FEES

3.1   In consideration for the Advertisement Dissemination by Advertisement
      Disseminators for New Focus Media Advertisement, New Focus Media
      Advertisement shall pay the advertisement dissemination fees to the
      relevant Advertisement Disseminators, the amount of which shall be one
      hundred and twelve percent (112%) of the entire costs

                                       2

<PAGE>

      incurred in the services of advertisement dissemination by the
      Advertisement Disseminators. The Parties agree that:

       The entire costs incurred in the services of advertisement dissemination
       by the Advertisement Disseminators shall include, but not be limited to,
       its actual operational cost, salaries for staffs, rents payable for the
       advertisement placements, water fees and electronic fares and other
       miscellaneous fares, cost for development and maintain the placement,
       cost for assisting New Focus Media to execute advertisement sales
       contract with clients, cost for providing market analysis data and
       clients information to New Focus Media. The above cost shall not include
       the rents payable by Advertisement Disseminators for the advertisement
       placements.

3.2    New Focus Media Advertisement shall, in accordance with this Article, pay
       promptly the amounts due and payable to the Advertisement Disseminators
       in bank account designated by the relevant Advertisement Disseminators.
       In case that the bank accounts of Advertisement Disseminators have been
       changed, the Advertisement Disseminators shall notify New Focus Media
       Advertisement thereof in writing.

                             ARTICLE 4 - EXCLUSIVITY

4.1   Without the prior consent in writing by New Focus Media Advertisement, the
      Advertisement Disseminators shall not cooperate with third parties in
      respect of issues identical or similar to those hereunder.

4.2   New Focus Media Advertisement may cooperate with other advertisement
      companies in respect of issues of the same kind hereunder. Such new
      Advertisement Disseminators may, through signing Acknowledgement Letter in
      the form of Schedule II hereof, become a party of this Agreement, to enjoy
      the same rights of the other Advertisement Disseminators and to assume the
      same obligations of the other Advertisement Disseminators. As the rights
      and obligations of the Advertisement Disseminators hereunder are severable
      and independent from each other's, such new advertisement Disseminators
      will not, by their joining in this Agreement, affect in any way the rights
      and obligations of the existing Advertisement Disseminators, with the
      joining-in of such new Advertisement Disseminators only subject to the
      written confirmation thereof by New Focus Media Advertisement. The
      Advertisement Disseminators agree hereby irrevocably and unconditionally
      to such joining-in, and confirm further that any issue concerning the
      joining-in of new advertisement Disseminators for business cooperation
      hereunder will not be subject to the consent of the existing Advertisement
      Disseminators.

                           ARTICLE 5 - CONFIDENTIALITY

5.1   No matter if this Agreement is terminated or not, the Parties shall be
      obliged to keep in strict confidence the commercial secret, proprietary
      information and customer information in relation to other Parties and any
      other non-open information of other Parties which they may become aware of
      as the result of their performance hereof (collectively, "CONFIDENTIAL
      INFORMATION"). Unless with prior consent of such other Parties in writing
      or required to disclose to parties other than Parties hereof according to

                                       3

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      relevant laws, regulations or listing rules, no Party shall disclose the
      Confidential Information or any part thereof to any parties other than
      Parties hereof; unless for the purpose of performance hereof, no Party
      shall use directly or indirectly the Confidential Information or any part
      thereof for any other purposes, or it shall bear the default liability and
      indemnify the losses.

5.2   Upon termination of this Agreement, the Parties shall, upon demand by
      other Parties providing the Confidential Information, return, destroy or
      otherwise dispose of all the documents, materials or software containing
      the Confidential Information and suspend using such Confidential
      Information.

5.3   Notwithstanding any other provisions herein, the validity of this Article
      shall not be affected by the suspension or termination of this Agreement.

                      ARTICLE 6 - UNDERTAKINGS AND WARRANTS

Focus Media Advertisement, New Focus Media Advertisement and Local Subsidiaries
hereby undertake and warrant for each of its own that:

6.1   it is a company of limited liabilities duly registered and legally
      existing under the PRC laws with independent legal person status, and with
      full and independent status and legal capacity to execute, deliver and
      perform this Agreement, and may act independently as a subject of actions.

6.2   its has full internal power and authority within its company to execute
      and deliver this Agreement and all the other documents to be entered into
      by it in relation to the transaction referred to herein, and it has the
      full power and authority to complete the transaction referred to herein.
      This Agreement shall be executed and delivered by it legally and properly,
      and constitutes the legal and binding obligations on it and is enforceable
      on it in accordance with its terms and conditions.

6.3   it has all business licenses necessary for its business operations as of
      the effective date of this Agreement, has full rights and qualifications
      to engage in its currently engaged businesses, may perform its obligations
      hereunder, and will maintain, during the valid term of this Agreement, the
      validity of all its such business licenses.

6.4   it shall inform promptly the other Parties of any litigations it is
      involved in and other disadvantageous circumstances that may affect the
      performance hereof, and shall endeavor at its best efforts to prevent the
      deterioration of losses caused by such litigations or other
      disadvantageous circumstances.

                           ARTICLE 7 - AGREEMENT TERM

7.1   The Parties hereby confirm that, once this Agreement is formally executed
      by the Parties, this Agreement shall be retrospectively effective as far
      as the date January 1, 2006; unless terminated earlier by the Parties in
      writing, this Agreement shall be valid for a term of two (2) year from the
      date January 1, 2006. Notwithstanding the provision in the preceding
      sentence, as the rights and obligations of each of the Advertisement

                                       4

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      Disseminators hereunder are separate and independent from each other, upon
      agreement in writing by New Focus Media Advertisement, this Agreement may
      be terminated only in relation to any one of the Advertisement
      Disseminators, with such termination not subject to the agreement of the
      other Advertisement Disseminators.

7.2   Upon termination of this Agreement, each Party shall continue to abide by
      its obligations under Articles 3 and Article 5 hereunder.

                               ARTICLE 8 - NOTICE

8.1   Any notice, request, demand and other correspondences made as required by
      or in accordance with this Agreement shall be made in writing and
      delivered to the relevant Party.

8.2   The abovementioned notice or other correspondences shall be deemed to have
      been delivered when it is transmitted if transmitted by facsimile or
      telex; it shall be deemed to have been delivered when it is delivered if
      delivered in person; it shall be deemed to have been delivered five (5)
      days after posting the same if posted by mail.

                          ARTICLE 9 - DEFAULT LIABILITY

9.1   The Parties agree and confirm that, if any Party (the "DEFAULTING PARTY")
      breaches substantially any of the agreements made under this Agreement, or
      fails substantially to perform any of the obligations under this
      Agreement, such a breach shall constitute a default under this Agreement
      (a "DEFAULT"), then the non-defaulting Party whose interest is damaged
      thereby shall have the right to require the Defaulting Party to rectify
      such Default or take remedial measures within a reasonable period. If the
      Defaulting Party fails to rectify such Default or take remedial measures
      within such reasonable period or within ten (10) days of the
      non-defaulting Party notifying the Defaulting Party in writing and
      requiring it to rectify the Default, then the non-defaulting Party shall
      have the right, at its own discretion, to (1) terminate this Agreement and
      require the Defaulting Party to indemnify it fully for the damage; or (2)
      demand the enforcement of the Defaulting Party's obligations hereunder and
      require the Defaulting Party to indemnify it fully for the damage.

9.2   The Parties agree that any of the following events shall be deemed to have
      constituted the Default:

      (1)   Any of Focus Media Advertisement, Local Subsidiaries or their
            respective shareholders breaches any provisions of the Shareholder's
            Voting Rights Proxy Agreement entered into by it with Focus Media
            Technology on March 28, 2005;

      (2)   Any of Focus Media Advertisement, Local Subsidiaries or their
            respective shareholders breaches any provisions of the Call Option
            Agreement entered into by it with Focus Media Technology on March
            28, 2005;

                                       5

<PAGE>

      (3)   Jason Nanchun Jiang and Jimmy Wei Yu, as shareholders of the
            Advertisement Disseminators, breach any provisions of the Loan
            Agreement entered into by them respectively with Focus Media
            Technology on March 28, 2005.

9.3   Notwithstanding any other provisions herein, the validity of this Article
      9 shall not be affected by the suspension or termination of this
      Agreement.

                           ARTICLE 10 - FORCE MAJEURE

In the event of earthquake, typhoon, flood, fire, war, computer virus, loophole
in the design of tooling software, internet system encountering hacker's
invasion, change of policies or laws, and other unforeseeable or unpreventable
or unavoidable event of force majeure, which directly prevents a Party from
performing this Agreement or performing the same on the agreed condition, the
Party encountering such a force majeure event shall forthwith issue a notice by
a facsimile and, within thirty (30) days, present the documents proving the
details of such force majeure event and the reasons for which this Agreement is
unable to be performed or is required to be postponed in its performance, and
such proving documents shall be issued by the notarial office of the area where
such force majeure event takes place. The Parties shall consult each other and
decide whether this Agreement shall be waived in part or postponed in its
performance with regard to the extent of impact of such force majeure event on
the performance of this Agreement. No Party shall be liable to compensate for
the economic losses brought to the other Parties by the force majeure event.

                           ARTICLE 11 - MISCELLANEOUS

11.1  This Agreement shall be prepared in the Chinese language in twenty-nine
      (29) original copies, with each involved Party holding one (1) copy
      hereof.

11.2  The formation, validity, execution, amendment, interpretation and
      termination of this Agreement shall be subject to the PRC Laws.

11.3  Any disputes arising hereunder and in connection herewith shall be settled
      through consultations among the Parties, and if the Parties cannot reach
      an agreement regarding such disputes within thirty (30) days of their
      occurrence, such disputes shall be submitted to China International
      Economic and Trade Arbitration Commission for arbitration in Shanghai in
      accordance with the arbitration rules of such Commission, and the
      arbitration award shall be final and binding on the Parties involved in
      such dispute.

11.4  Any rights, powers and remedies empowered to any Party by any provisions
      herein shall not preclude any other rights, powers and remedies enjoyed by
      such Party in accordance with laws and other provisions under this
      Agreement, and the exercise of its rights, powers and remedies by a Party
      shall not preclude its exercise of its other rights, powers and remedies
      by such Party.

11.5  Any failure or delay by a Party in exercising any of its rights, powers
      and remedies hereunder or in accordance with laws (the "PARTY'S RIGHTS")
      shall not lead to a waiver of such rights, and the waiver of any single or
      partial exercise of the Party's Rights

                                       6

<PAGE>

      shall not preclude such Party from exercising such rights in any other way
      and exercising the remaining part of the Party's Rights.

11.6  The titles of the Articles contained herein shall be for reference only,
      and in no circumstances shall such titles be used in or affect the
      interpretation of the provisions hereof.

11.7  Each provision contained herein shall be severable and independent from
      each of other provisions, and if at any time any one or more articles
      herein become invalid, illegal or unenforceable, the validity, legality or
      enforceability of the remaining provisions herein shall not be affected as
      a result thereof.

11.8  Once executed, this Agreement shall replace any other legal documents
      entered into by the relevant Parties hereof in respect of the same subject
      matter hereof.

11.9  Any amendments or supplements to this Agreement shall be made in writing
      and shall take effect only when properly signed by the Parties to this
      Agreement.

11.10 No Party shall assign any of its rights and/or obligations hereunder to
      any parties other than the Parties hereof without the prior written
      consent from the other Parties.

11.11 This Agreement shall be binding on the legal successors of the Parties.

11.12 The rights and obligations of each of the Advertisement Disseminators
      hereunder are independent and severable from each other, and the
      performance by any of the Advertisement Disseminators of its obligations
      hereunder shall not affect the performance by any other of the
      Advertisement Disseminators of their obligations hereunder.

11.13 Each of the Parties undertakes to declare and pay respectively according
      to the Laws any taxes in relation to the transaction hereunder.

                   [THE REMAINDER OF THIS PAGE IS LEFT BLANK]

                                       7

<PAGE>

         [THIS PAGE IS THE EXECUTION PAGE OF THE COOPERATION AGREEMENT]

IN WITNESS HEREOF, the Parties have caused this Business Cooperation Agreement
to be executed in Shanghai as of the date first hereinabove mentioned.

SHANGHAI FOCUS MEDIA ADVERTISEMENT CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           ------------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

SHANGHAI NEW FOCUS MEDIA ADVERTISEMENT CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           ------------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

SICHUAN FOCUS MEDIA ADVERTISING CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           ------------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

ZHEJIANG RUIHONG FOCUS MEDIA ADVERTISING COMMUNICATION CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           ------------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

CHONGQING GEYANG FOCUS MEDIA CULTURE COMMUNICATION CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           ------------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

                                       8

<PAGE>

         [THIS PAGE IS THE EXECUTION PAGE OF THE COOPERATION AGREEMENT]

CHANGSHA FOCUS MEDIA SHIJI ADVERTISEMENT CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           ------------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

QINGDAO FOCUS MEDIA ADVERTISMENT CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           ------------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

DALIAN FOCUS MEDIA ADVERTISING CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           ------------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

YUNNAN FOCUS MEDIA ADVERTISING CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           ------------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

WUHAN GE SHI FOCUS MEDIA ADVERTISING CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           ------------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

NANJING FOCUS MEDIA ADVERTISING CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           ------------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

                                       9

<PAGE>

         [THIS PAGE IS THE EXECUTION PAGE OF THE COOPERATION AGREEMENT]

SHANGHAI QIANJIAN ADVERTISING CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           ------------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

ZHUHAI FOCUS MEDIA CULTURE COMMUNICATION CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           ------------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

TIANJIN FOCUS MEDIA TONGSHENG ADVERTISING CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           ------------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

HEBEI FOCUS MEDIA ADVERTISING CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           ------------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

GUANGZHOU FUKE ADVERTISING CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           ------------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

XIAMEN FOCUS MEDIA ADVERTISING CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           ------------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

                                       10

<PAGE>

         [THIS PAGE IS THE EXECUTION PAGE OF THE COOPERATION AGREEMENT]

XI'AN FOCUS MEDIA ADVERTISING AND INFORMATION CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           -----------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

SHENZHEN BIANJIE BUILDING ADVERTISEMENT CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           -----------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

SHENYANG FOCUS MEDIA ADVERTISING CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           -----------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

HEFEI FUKESI ADVERTISING CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           -----------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

SHANGHAI ON-TARGET ADVERTISEMENT CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           -----------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

SHANGHAI PERFECT MEDIA ADVERTISING AGENCY CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           -----------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

                                       11

<PAGE>

         [THIS PAGE IS THE EXECUTION PAGE OF THE COOPERATION AGREEMENT]

SHANGHAI NEW PERFECT MEDIA ADVERTISING AGENCY CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           -----------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

SHENZHEN E-TIME COMMERCIAL CONSULTING CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           -----------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

FUZHOU FUKESI ADVERTISING CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           -----------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

JINAN FOCUS MEDIA ADVERTISING CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           -----------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

GUANGZHOU FEISHA ADVERTISEMENT CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           -----------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

DONGGUAN FOCUS MEDIA ADVERTISEMENT CO., LTD.
(Chop)

Signed by: /s/ Jason Nanchun Jiang
           -----------------------
Name: Jason Nanchun Jiang
Position: Authorized Representative

                                       12

<PAGE>

SCHEDULE I - LOCAL SUBSIDIARIES

<TABLE>
<CAPTION>
               COMPANY NAME                                                 ADDRESS
-----------------------------------------------      ------------------------------------------------------
<S>                                                  <C>
Sichuan Focus Media Advertising                      1-1-6-603, No. 151 Kehua Road (N), Wuhou
Agency Co., Ltd.                                     District, Chengdu

Zhejiang Ruihong Focus Media                         Room 909, Building C, Century Plaza, Hangda
Advertising Communications Co., Ltd.                 Road, West Lake District, Hangzhou

Chongqing Geyang Focus Media                         Room 25-3, Building A, Shidai Garden, No. 3
Culture Communications Co., Ltd.                     Qingnian Road, Yuzhong District, Chongqing

Changsha Focus Media Shiji                           New Century City, No. 692 Furong Road (M),
Advertising Co., Ltd.                                Changsha

Qingdao Focus Media Advertisement                    Room J, Floor 18, Wangjiao Building, No. 71
Co., Ltd.                                            Hong Kong Road (M), Shinan District, Qingdao

Dalian Focus Media Advertising Co.,                  Room 1309, Hongfu Building, No. 45 Shanghai
Ltd.                                                 Road, Zhongshan District, Dalian

Yunnan Focus Media Advertising Co.,                  Room 01, Floor 20, Building SOHU B, Yinhai
Ltd.                                                 International Apartment, Kunming

Wuhan Ge Shi Focus Media Advertising                 Room 1602, Building AI, Apartment Building,
Co., Ltd.                                            Wuhan Plaza, No. 688 Jiafang Avenue, Wuhan

Nanjing Focus Media Advertising Co.,                 Room 2317, Keyuan Hotel, High-tech
Ltd.                                                 Development District, Nanjing

Shanghai Qianjian Advertising Co., Ltd.              Room 820, No. 706 Huashan Road, Gaoqiao
                                                     Town, Pudong New District, Shanghai

Zhuhai Focus Media Culture and                       Room 801, Floor 8, Youzheng Building, No.
Communication Co., Ltd.                              1072 Fenghuang Road (N), Xiangzhou District,
                                                     Zhuhai

Tianjin Focus Media Tongsheng                        Room 6-4-301, Baidi Road, Xunda Road,
Advertising Co., Ltd.                                Nankai District, Tianjin

Hebei Focus Media Advertising Co.,                   Room 1801, Dongfang Building, No. 83
Ltd.                                                 Zhongshan Road (W), Shijiazhuang

Guangzhou Fuke Advertising Co., Ltd.                 Room 1702,  No. 140-148 Tiyu Road (E),
                                                     Tianhe District, Guangzhou

Xiamen Focus Media Advertising Co.,                  Room 13D, Guomao Building, Hubin Road (S),
Ltd.                                                 Xiamen

Xi'an Focus Media Advertising and                    Room 1810, No. 42 Gaoxin Road, Gaoxin
Information Co., Ltd.                                District, Xi'an

Shenzhen Bianjie Building                            Room 1020A, Qunxing Plaza, No. 38 Hongli
Advertisement Co., Ltd.                              Road, Futian District, Shenzhen

Shenyang Focus Media Advertising Co.,                Room B606, No. 206 Wencui Road, City Plaza,
Ltd.                                                 Heping District, Shenyang

Hefei Fukesi Advertising Co., Ltd.                   Room 2401B, Gujin Baihua Building, No. 156
                                                     Shouchun Road, Hefei

Shanghai On-Target Advertisement Co.,                Room 1003H, No. 1027 Changning Road,
Ltd.                                                 Changning District, Shanghai

Shanghai Perfect Media Advertising                   No. 4278 Zhennan Road, Shanghai
Agency Co., Ltd.

Shanghai New Perfect Media                           Room F15, Floor 15, No. 728 Yan'an Road
Advertising Agency Co., Ltd.                         (W), Shanghai

Shenzhen E-Time Commercial Consulting Co., Ltd.      Room 802, Zhongdian Information Building, No. 1 Xinwen
                                                     Road, Futian District, Shenzhen
</TABLE>

                                       13

<PAGE>

<TABLE>
<CAPTION>
               COMPANY NAME                                                 ADDRESS
-----------------------------------------------      ------------------------------------------------------
<S>                                                  <C>
Fuzhou Fukesi Advertising Co., Ltd.                  Floor 18, Xinduhui Garden Plaza, No. 171
                                                     Wuyi Road (N), Gulou District, Fuzhou

Jinan Focus Media Advertising Co., Ltd.              Room 1302C, Donghuan International Plaza,
                                                     No. 3966 Erhuan Road (E), Jinan

Guangzhou Feisha Advertisement Co.,                  Floor 3B, Yingze Garden, No. 45-79 Jiaochang
Ltd.                                                 Road (E), Yuexiu District, Guangzhou

Dongguan Focus Media Advertisement                   Floor 8, Shenghe Dalang Commercial Building,
Co., Ltd.                                            Nanchen District, Dongguan
</TABLE>

                                       14

<PAGE>

SCHEDULE II - ACKNOWLEDGEMENT LETTER

[      ] CO., LTD. (with its registered address at [ ], the "NEW PARTY") agrees
hereby to join in, as an independent contractor, the Cooperation Agreement
entered into by Shanghai Focus Media Advertisement Co., Ltd., Shanghai New Focus
Media Advertisement Co., Ltd. and other parties thereto on May 22, 2006, as to
become one of the companies defined as "Local Subsidiaries" therein to carry out
cooperative issues with Shanghai New Focus Media Advertisement Co., Ltd. under
the said agreement. Having signed this Acknowledgement Letter, the New Party is
deemed to have made the same undertakings and guarantees as have been made by
the Local Subsidiaries under the Cooperation Agreement, and it further agrees to
perform the obligations to be performed by the Local Subsidiaries under the
Cooperation Agreement, and recognizes the rights and obligations of all the
parties under the Cooperation Agreement. As for the New Party, the cooperation
relationship between the New Party and Shanghai New Focus Media Advertisement
Co., Ltd. under the said agreement shall come into effect on the date upon which
this Acknowledgement Letter is executed by the New Party and Shanghai New Focus
Media Advertisement Co., Ltd.

NEW PARTY
(Chop)

Signed by: ______________
Name:
Position: Authorized Representative

SHANGHAI NEW FOCUS MEDIA ADVERTISEMENT CO., LTD.
(Chop)

Signed by: ______________
Name:
Position: Authorized Representative

                                       15<PAGE>

                                                                   EXHIBIT 10.31

CONFIDENTIAL

================================================================================

                          TECHNOLOGY TRANSFER AGREEMENT

                                     BETWEEN

                   FOCUS MEDIA DIGITAL INFORMATION TECHNOLOGY
                              (SHANGHAI) CO., LTD.

                                       AND

                SHANGHAI NEW FOCUS MEDIA ADVERTISEMENT CO., LTD.

                                   DATED AS OF
                                  MAY 22, 2006

================================================================================

<PAGE>

                          TECHNOLOGY TRANSFER AGREEMENT

This TECHNOLOGY TRANSFER AGREEMENT (hereinafter "this AGREEMENT") is entered by
and between the following parties on May 22, 2006, in Shanghai:

(1)   FOCUS MEDIA DIGITAL INFORMATION TECHNOLOGY (SHANGHAI) CO., LTD., a company
      established under the law of PRC with the legal registered address: Room
      A72, 28F, No. 369, Jiangsu Road, Changning District, Shanghai (hereinafter
      the "TRANSFEROR");

(2)   SHANGHAI NEW FOCUS MEDIA ADVERTISEMENT CO., LTD., a company established
      under the law of PRC with the legal registered address: Room 15F-30, No.
      728, West Yan'an Road, Changning District, Shanghai (hereinafter the
      "TRANSFEREE")

WHEREAS:

The Transferor, which is a technology company, owns the multi-media CF-card
technology which can be applicable to LCD advertising business. In accordance
with the terms and conditions herein, the Transferor is willing to sell and the
Transferee is willing to purchase such multi-media CF-card technology.

Therefore, both parties have reached the following agreement:

                      ARTICLE 1 DEFINITION AND PARAPHRASE

1.1 Unless to be otherwise interpreted by the terms or in the context herein,
the following terms in this Agreement shall be interpreted to have the following
meanings:

<TABLE>
<S>                             <C>
TECHNOLOGY                      Means any discovery, invention, technology,
                                data, know-how, accomplishment, technique,
                                system, software, formula, experiment result,
                                design, statistics, records, substance and/or
                                material, no matter in the form of written or
                                oral, carried by any kind of inter-medium.

CF-CARD TECHNOLOGY              Means the multi-media CF-card
                                technology applicable to LCD advertising
                                business, which is owned by the Transferor.

DOCUMENTS AND RECORDS           Means all the specifications,
                                training manuals, business records, operation
                                records and data in relation to the CF-card
                                Technology owned by the Transferor, and all
                                other relevant records, data, log, manual and
                                materials (no matter in the form of written
                                documents or computer files) and their true,
                                accurate and full duplicates.
</TABLE>

                                       1

<PAGE>

<TABLE>
<S>                             <C>
TRANSFER                        ASSETS Means CF-card Technology and any
                                documents or records in relating to CF-card
                                Technology.

CLOSING DAY                     Means the first day after the effectiveness of
                                this Agreement.

RESTRICTION OF RIGHTS           Means all the pledge, mortgage, lien,
                                security rights, preemption, option or any other
                                restriction of rights or third party rights or
                                any claim of rights.

PARTIES                         Means the signing parties of this Agreement and
                                their successors or assignees respectively.

CHINA                           Means People's Republic of China; and Hong Kong
                                Special Administrative District, Macau Special
                                Administrative District and Taiwan District
                                shall be excluded only for the purpose of this
                                Agreement.

WARRANTY                        Means all the representations, warranty or
                                undertakings covered by or in relating to
                                Article 6 and Schedule I.
</TABLE>

1.2   Unless otherwise specified in the context of this Agreement, the articles,
      Schedule herein shall refer to the corresponding content in this Agreement
      accordingly. The main body and the Schedule of herein shall constitute the
      whole context of this Agreement.

1.3   The captions contained herein shall be for connivance only, and in no
      circumstance shall such captions constitute any influence to the
      explanation of this Agreement.

1.4   In line with the context herein, the meaning of "Transferor" and
      "Transferee" shall include the Transferor and Transferee's respective
      successors, authorized representatives and the assignees with their
      consent.

                   ARTICLE 2 THE SALE OF THE TRANSFER ASSETS

2.1   Restricted by the provisions of this Agreement, the Transferor shall be
      the legal owner to sell the Transfer Assets to the Transferee. The
      Transferor guarantees that no Restriction of Rights will be found against
      the Transfer Assets on the Closing Day.

2.2   Except for the assets and obligations clearly specified in the Agreement,
      under this Agreement, the Transferee shall not be deemed to be transferred
      of other assets or obligations from the Transferor, nor be deemed to

                                       2

<PAGE>

      undertake any duty or obligations in relation to such assets and
      obligations.

                            ARTICLE 3 CONSIDERATION

The Parties understand that the sell and purchase of the Transfer Assets under
this Agreement is for the long-term interest of both of the Parties. Subject to
such understanding, the Parties agree that the consideration payable by the
Transferee under this Agreement shall be certain fixed fees. The Parties
acknowledge that the consideration in total, which is full, non-gratuitous and
made with good faith and the Transferor, undertakes that, it shall neither by
virtue of any other reason, request the Transferee to pay other consideration,
nor raise any kind of question or claim against consideration provided herein.

                        ARTICLE 4 CLOSING OF THE ASSETS

4.1   Pursuant to the terms and conditions of this Agreement, on the Closing
      Day, the Transferor shall sell the Transfer Assets to the Transferee and
      the Transferee shall purchase the Transfer Assets from the Transferor.

4.2   The Transfer Assets shall be deemed to be transferred to the Transferee on
      the Closing Day. In other words, the Transferee owns the ownership of the
      Transfer Assets and all other relevant operational rights, benefits and
      interests upon the zero-hour of the Closing Day.

4.3   On the Closing Day, the Transferor shall:

      4.3.1 Deliver the proper signed documents and/or license (if the
            Transferee requires), with suitable content which satisfied the
            Transferee, in order to prove the ownership of the Transfer Assets
            has been legally transferred to the Transferee.

      4.3.2 Deliver the deliverable part of the Transfer Assets (including but
            not limited to technical materials, data bases, all the customer's
            information, documents, files, records) to the Transferee.

      4.3.3 Allow the Transferee to access the Transferor's place to occupy or
            transfer the Transfer Assets.

                     ARTICLE 5 OBLIGATION OF THE TRANSFEROR

5.1   Under the circumstance that there is no breach to the Warranty, the
      Transferor shall undertake:

                                       3

<PAGE>

      5.1.1 any indebtedness, duty and obligation on the Transfer Assets
            existing before and on the Closing Day raised by virtue of any
            restriction of rights, regardless of such obligation raised before
            or after the Closing Day; and

      5.1.2 any third party's claim or obligation in respect of the Transfer
            Assets results from any feasance or omission performed by the
            Transferor before or on the Closing Day.

5.2   After the Closing Day, the Transferor shall neither, in all manner, retain
      any copy or duplicate of the technical materials, data bases, all the
      customer's information, documents, files, records (hereinafter the
      "Technology Information") involved in the Transfer Assets, nor retain any
      reports, analysis, memorandum, collection, data, explanation, calculation,
      records or any other media (includes not only the written form, but also
      in the form of oral, image, softcopy or any other form) which contain,
      reflect such Technology Information.

                               ARTICLE 6 WARRANTY

6.1   The Transferor hereby represents warrants and undertakes to the Transferee
      in respect of the factuality and accuracy of the Warranty.

6.2   The Transferor hereby acknowledges that the Transferee executes this
      Agreement due to its believing of the Warranty under this Agreement and
      the Transferee executes this Agreement based on such Warranty.

6.3   The Transferor hereby warrants that at any time it shall indemnify the
      Transferee for and against any loss, damage, interest, cost and expense,
      under the circumstances that such indemnification will not restrict any
      rights of the Transferee or infringe any rights of claim of the Transferee
      based on such rights.

6.4   Each Warranty shall be separately made and independent to each other,
      unless clear contrarily stipulated, each Warranty shall not be restricted
      by other Warranty or any provision of this Agreement or be deduced from
      any Warranty or any provision of this Agreement.

6.5   The interest under this Article can be transferred without restriction in
      a whole or partially transferred by the one who enjoys the interest at the
      time of such transfer.

6.6   Regardless of the Closing, any Warranty and any provision of this
      Agreement, which are not completely performed, shall be remain effective.

                                       4

<PAGE>

                          ARTICLE 7 DEFAULT LIABILITY

7.1   The Parties agree and confirm that, if any party (hereinafter the
      "DEFAULTING PARTY") breaches substantially any of the provisions herein or
      omits substantially to perform any of the obligations hereunder, or fails
      substantially to perform any of the obligations under this Agreement, such
      a breach or omission shall constitute a default under this Agreement
      (hereinafter a "DEFAULT"), then the other party of the Non-Defaulting
      Party ("NON-DEFAULTING PARTY") shall have the right to require the
      Defaulting Party to rectify such Default or take remedial measures within
      a reasonable period. If the Defaulting Party fails to rectify such Default
      or take remedial measures within such reasonable period or within ten (10)
      days of the other Party's notifying the Defaulting Party in writing and
      requiring it to rectify the Default, then Non-Defaulting Party shall have
      the right at its own discretion to (1) terminate this Agreement and
      require the Defaulting Party to indemnify it for all the damage; or (2)
      request mandatory performance of the obligations of the Defaulting Party
      hereunder and require the Defaulting Party to indemnify it for all the
      damage.

7.2   Notwithstanding any other provisions herein, the validity of this Article
      7 shall stand disregarding the suspension or termination of this
      Agreement.

                            ARTICLE 8 FORCE MAJRURE

In the event of earthquake, typhoon, flood, fire, war, computer virus, loophole
in the design of tooling software, internet system encountering hacker's
invasion, change of policies or laws, and other unforeseeable or unpreventable
or unavoidable event of force majeure, which directly prevents a Party from
performing this Agreement or performing the same on the agreed condition, the
Party encountering such a force majeure event shall forthwith issue a notice by
a facsimile and, within thirty (30) days, present the documents proving the
details of such force majeure event and the reasons for which this Agreement is
unable to be performed or is required to be postponed in its performance, and
such proving documents shall be issued by the notary office of the area where
such force majeure event takes place. The Parties shall consult each other and
decide whether this Agreement shall be waived in part or postponed in its
performance with regard to the extent of impact of such force majeure event on
the performance of this Agreement. No Party shall be liable to compensate for
the economic losses brought to the other Party by the force majeure event.

                                       5

<PAGE>

                            ARTICLE 9 MISCELLANEOUS

9.1   This Agreement shall be prepared in the Chinese language in two (2)
      original copies, with each involved party holding one (1) copy thereof.

9.2   The formation, validity, execution, amendment, interpretation and
      termination of this Agreement shall be subject to the PRC Laws.

9.3   Any disputes arising hereunder and in connection herewith shall be settled
      through consultations between the Parties, and if the Parties cannot reach
      an agreement regarding such disputes within thirty(30) days of their
      occurrence, such disputes shall be submitted to China International
      Economic and Trade Arbitration Commission Shanghai Branch for arbitration
      in Shanghai in accordance with the arbitration rules of such Commission,
      and the arbitration award shall be final and binding on the Parties
      involved in such dispute.

9.4   Any rights, powers and remedies empowered to any Party by any provisions
      herein shall not preclude any other rights, powers and remedies enjoyed by
      such Party in accordance with laws and other provisions under this
      Agreement, and the exercise of its rights, powers and remedies by a Party
      shall not preclude its exercise of its other rights, powers and remedies
      by such Party.

9.5   Any failure or delay by a Party in exercising any of its rights, powers
      and remedies hereunder or in accordance with laws (the "PARTY'S RIGHTS")
      shall not lead to a waiver of such rights, and the waiver of any single or
      partial exercise of the Party's Rights shall not preclude such Party from
      exercising such rights in any other way and exercising the remaining part
      of the Party's Rights.

9.6   Each Party to this Agreement shall respectively bear the expense result
      from this Agreement or incurred during the transaction under this
      Agreement.

9.7   Regardless of the Closing, all the provisions of this Agreement shall
      remain completely effective, unless the obligation under such provisions
      has been fully performed upon the Closing.

9.8   Each provision contained herein shall be severable and independent from
      each of other provisions, and if at any time any one or more articles
      herein become invalid, illegal or unenforceable, the validity, legality or
      enforceability of the remaining provisions herein shall not be affected as
      a result thereof.

9.9   Any amendments or supplements to this Agreement shall be made in writing
      and shall take effect only when properly signed by the Parties to this
      Agreement.

                                       6

<PAGE>

9.10  Without prior written consent by the other Party, any Party shall not
      transfer to any third party any of its right and/or obligation under this
      Agreement.

                   [THE REMAINDER OF THIS PAGE IS LEFT BLANK]

                                       7

<PAGE>

     [THIS PAGE IS THE EXECUTION PAGE OF THE TECHNOLOGY TRANSFER AGREEMENT]

IN WITNESS HEREOF, the Parties have caused this Technology Transfer Agreement to
be executed in the place and on the date which expressed in the first page
herein.

TRANSFEROR: FOCUS MEDIA DIGITAL INFORMATIONAL TECHNOLOGY (SHANGHAI) CO., LTD.
(Chop)

Sign: /s/ Jason Nanchun Jiang
      -----------------------
Authorized Representative: Jason Nanchun Jiang

TRANSFEREE: SHANGHAI NEW FOCUS MEDIA ADVERTISEMENT CO., LTD.
(Chop)

Sign: /s/ Jason Nanchun Jiang
           -----------------------
Authorized Representative: Jason Nanchun Jiang

                                       8

<PAGE>

                                   SCHEDULE I

                                    WARRANTY

ARTICLE 1   COMPANY BUSINESS

1.1   The Transferor is a limited company duly incorporated under PRC laws and
      is validly existing, is not subject to any order or claim or resolution
      passed from the liquidator, and its assets has not been detained, enforced
      or in the process of enforcement. No indebtedness shall be repaid by the
      Transferor; no one has appointed receiver or administrator in respect of
      all or part of the business and the assets of the Transferor; nor does any
      order have been made in relation to such appointment.

1.2   The Transferor has the power to execute, deliver and perform this
      Agreement and has carried out necessary activities to authorize such
      execute, deliver and perform. This Agreement creates the legal, effective
      and binding obligation to the Transferor, and such obligation is
      enforceable pursuant to this Agreement.

ARTICLE 2    ASSETS

2.1   The Transferor has good and tradable ownership to the Transfer Assets, all
      the Transfer Assets are free from any restriction of rights, third party
      rights, and free from any payment obligation under lease agreement and
      financial lease agreement, sell on credit agreement, delay or documentary
      sale agreement, or free from other same rights or rights similar to the
      rights above.

2.2   The use or transfer of the Transfer Assets will not in conflict with any
      laws, regulations or other legally enforceable requirements.

2.3   In terms of the Transfer Assets, the Transferor or any other third party
      (the Transferor might be liable on the third party's behalf for its
      activity or breach) do not carry out any activity which violates the
      criminal law or infringe the rights of others, nor do those activity
      violate any other laws, regulations or other legally enforceable
      requirements.

2.4   The Transferor is not subject to any investigation or inquiry by the
      governmental institution and does not aware of any fact which will lead to
      such investigation or inquiry.

                                       9

<PAGE>

2.5   No agreement or arrangement will restrict or negatively affect the
      transaction under this Agreement or affect the ownership or the use or the
      disposal of the Transfer Assets by the transferee.

2.6   After the Closing, the Transferee can obtain the property rights of the
      Transfer Assets which is complete and good and free from the third party's
      restriction.

ARTICLE 3   INTELLECTUAL PROPERTY RIGHT

3.1   The Transferor legally holds the title to the intellectual property right
      to the Transfer Assets, and has carries out reasonable and feasible
      measures to preserve such intellectual property right from infringing;

3.2   There is no third party right upon the intellectual property right to the
      Transfer Assets; the transfer of such intellectual property right pursuant
      to this Agreement will not infringe any other intellectual property right
      of the third party or other legal interest of the third party.

ARTICLE 4   ACCURACY OF THE INFORMATION PROVIDED HEREIN

4.1   All the information contains in the context and schedule of this Agreement
      is true and is not misleading in any respect.

4.2   The written information provided by the Transferor or its professional
      consultant in respect of the assets and business is true and accurate
      currently and at the time of such providing.

                                       10

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