Document:

EQUITY
      INTEREST PLEDGE AGREEMENT

    

    This
      Equity Interest Pledge Agreement (the “Agreement”)
      is
      entered into by and between the following Parties effective as of November
      14,
      2007.  

    

    
      	Pledgee:	
              Trans
                Pacific Shipping Ltd. (“Party
                A”)

            

    

    Registered
      address: Rm. 1208b Tower D Qingye Building, No.9 

    Wangjingbeilu,
      Chaoyang District, Beijing 

    

    
      
        	Pledgor:	
                CAO
                  Lei (“Party
                  B-1”)

              

      

    

    ID
      No. 110101196402032035

    Address:
      Room 5-A-602, Fangchengyuanyiqu, Fengtai District, Beijing

    

    ZHANG
      Mingwei
      (“Party
      B-2”)

    ID
      No. 120106195311010016

    Address:
      Room
      21-304,707 Suo, the Third Avenue, Dingzigu, Hongqiao 

    District,
      Tianjin

    

    WHEREAS,
      Party
      A is a wholly
      foreign-owned enterprise duly established and valid existing in Beijing under
      the laws of the People’s Republic of China (the “PRC”).
      Party
      A and Sino-Global
      Shipping Agency Ltd. (“Sino-Global”),
      owned by Parties B and C, entered into an Exclusive Technical Consulting and
      Service Agreement effective as of November 14, 2007 (the “Service
      Agreement”).

    

    WHEREAS,
      Party
      B-1
      and Party B-2, citizens of the PRC, collectively hold 100% equity interest
      of
Sino-Global,
      a
      limited liability company duly established and valid existing
      in Beijing under the laws of the PRC.

    

    WHEREAS,
      in
      order to ensure that Party A collects technical consulting and service fees
      from
      Sino-Global, each of Party
      B-1
      and Party B-2 are willing to pledge all of their equity interests in Sino-Global
      to Party A as security.

    

    NOW
      THEREFORE, through
      mutual negotiations, the Parties hereto agree as follows:

     

    ARTICLE
      I

    

    DEFINITIONS

    

    Unless
      it is otherwise stipulated, for the purpose of this Agreement, the following
      terms shall have the following meanings:

    

    “Pledge”
      means the full meaning assigned to that term in Article II of this
      Agreement.

    

    “Equity
      Interest”
      means the 100% equity interest in Sino-Global collectively held by Party
      B-1
      and Party B-2.

    

    “Rate
      of Pledge”
      means the ratio between the value of the Pledge under this Agreement to the
      technical consulting and service fees under the Service Agreement. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Term
      of Pledge”
      means the period provided for under Article III(b) hereunder.

    

    “Service
      Agreement”
      has the meaning ascribed to it in Recital 1 above. 

    

    “Event
      of Default”
      means any event in accordance with Article VII hereunder.

    

    “Notice
      of Default”
      means the notice of default issued by Party A in accordance with this
      Agreement.

    

    ARTICLE
      II

    

    PLEDGE

    

    (a)
      Each
      of Party
      B-1
      and Party B-2 agrees to pledge all of its portion of the Equity Interest as
      security for the payment of technical consulting and service fees payable to
      Party A under the Service Agreement (the “Pledge”).

    

    (b)
      Party
      A shall be entitled to have priority in receiving payment or proceeds from
      the
      auction or sale of the Equity Interest pledged by Party
      B-1
      and Party B-2 to Party A. 

    

    ARTICLE
      III

    

    RATE
      OF PLEDGE AND TERM OF PLEDGE

    

    (a) The
      Rate of Pledge:

    

    The
      Rate of Pledge shall be 100% under this Agreement.

    

    (b) The
      Term of Pledge:

    

    (i) The
      Pledge shall take effect as of the date that the Pledge is recorded in the
      register of shareholders of Sino-Global. This
      Agreement shall expire on the date that is twenty-five (25) years following
      the
      date hereof unless earlier terminated as set forth in this Agreement or upon
      mutual agreement of the Parties hereto. 

    

    (ii) This
      Agreement may be extended prior to termination for one or more twenty-five
      (25)
      year terms upon written notice by Party A, provided such extension is permitted
      by law. The parties will cooperate to renew this Agreement if such renewal
      is
      legally permitted at the time.

    

    (iii) During
      the term of Pledge, Party A shall be entitled to foreclose on the Pledge in
      accordance with this Agreement in the event that Sino-Global fails to pay
      exclusive technical consulting and service fees in accordance with the Service
      Agreement.

    

    (c) Except
      as otherwise provided hereunder, Party A shall be entitled to exercise, dispose
      of or assign the Pledge in accordance with this Agreement. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IV

    

    PHYSICAL
      POSSESSION OF DOCUMENTS

    

    (a) During
      the term of Pledge, Party A shall be entitled to possess the contribution
      certificate of the Equity Interest (the “Contribution
      Certificate”)
      and the register of shareholders of Sino-Global. Party
      B-1
      and Party B-2 shall deliver the Contribution Certificate and the register of
      shareholders hereunder to Party A within one week after the date of this
      Agreement.

    

    (b) Party
      A shall be entitled to collect any dividends from the Equity Interest during
      the
      term of the Pledge.

    

    ARTICLE
      V

    

    REPRESENTATION
      AND WARRANTIES OF PARTY B-1 AND PARTY B-2

    

    (a) Party
      B-1
      and Party B-2 collectively own 100% of the Equity Interest.

    

    (b)
      Except
      as otherwise provided hereunder, Party
      B-1
      and Party B-2 shall not interfere with exercise of Party A’s rights in
      accordance with this Agreement. 

    

    ARTICLE
      VI

    

    COVENANTS
      OF PARTY B-1 AND PARTY B-2

    

    (a) During
      the term of this Agreement, each of Party
      B-1
      and Party B-2 covenants to Party A as follows: 

    

    (i) Except
      for the transfer of the Equity Interest by Party
      B-1
      and
Party
      B-2,
      as
      contemplated by the Exclusive Equity Interest Purchase Agreement entered into
      by
      and among Party
      B-1,
      Party
      B-2
      and
Sino-Global,
      Party
      B-1
      and
Party
      B-2
      shall
      not transfer or assign the Equity Interest or create or permit to be created
      any
      pledge which may have an adverse affect on the rights or benefits of Party
      A
      without prior written consent from Party A. 

    

    (ii) Party
      B-1
      and Party B-2 shall: comply with all laws and regulations with respect to the
      right of pledge; present Party A any notices, orders or suggestions relating
      to
      the Pledge issued or made by the competent authority; and comply with such
      notices, orders or suggestions or object to the foregoing matters at the
      reasonable request of Party A or with the written consent of Party A.

    

    (iii) Party
      B-1
      and Party B-2 shall timely notify Party A of any events or the receipt of any
      notice which may affect the Equity Interest, which may change any of
Party
      B-1’s
      or Party B-2’s covenants and obligations under this Agreement or which may
      affect the performance of Party
      B-1
      or Party B-2 under this Agreement.

    

    (iv) Other
      than as noted in this Agreement, neither Party
      B-1
      nor Party B-2 shall pledge or otherwise encumber the Equity Interest to any
      other person except for Party A.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (b) Party
      B-1
      and Party B-2 agree that Party A’s right to exercise the Pledge shall not be
      suspended or hampered through legal procedure instituted by Party
      B-1,
      Party B-2, any successors of Party
      B-1
      or Party B-2 or any person authorized by Party
      B-1
      or Party B-2.

    

    (c)
      Each
      of Party
      B-1
      and Party B-2 warrants to execute in good faith and cause other parties who
      may
      have interest in the Pledge to: execute title certificates, contracts, and/or
      perform and cause other parties who have interests to take action as required
      by
      Party A and provide access to exercise the rights and authorization vested
      in
      Party A under this Agreement; execute all the documents with respect to the
      Equity Interest; and promptly provide all the notices, orders and decisions
      (as
      referenced above) related to the Equity Interest to Party A.

    

    (d) Each
      of Party
      B-1
      and Party B-2 warrants that each will comply with and perform all the
      guarantees, covenants, agreements, representations and conditions hereunder
      for
      the benefits of Party A. Each of Party
      B-1
      and Party B-2 shall compensate Party A losses suffered in the event that
Party
      B-1
      or Party B-2 does not perform or fully perform its guarantees, covenants,
      agreements, representations and conditions hereunder.

    

    ARTICLE
      VII

    

    EVENTS
      OF DEFAULT

    

    (a) The
      events listed below shall be deemed as an event of default:

    

    (i) Failure
      by Sino-Global to make full payment of the exclusive technical consulting and
      service fees as provided under the Service Agreement. 

    

    (ii) The
      making of any material misleading or fraudulent representations or warranties
      under Article V herein by Party
      B-1
      or Party B-2.

    

    (iii) The
      violation by Party
      B-1
      or Party B-2 of the covenants under Article VI herein.

    

    (iv) The
      violation by Party
      B-1
      or Party B-2 of any terms or conditions hereof. 

    

    (v) The
      waiver by Party
      B-1
      or Party B-2 of the pledged Equity Interest or the transfer or assignment by
      Party A or Party
      B-1
      of the pledged Equity Interest without prior written consent of Party A, except
      as provided in Article VI(a)(i) in this Agreement. 

    

    (vi) The
      acceleration of any loan, security, compensation, covenants or other
      compensation liabilities of Party
      B-1
      or Party B-2.

    

    (vii) Party
      A’s reasonable belief that Party
      B-1
      or Party B-2 is incapable of performing under this Agreement.

    

    (viii) The
      insolvency of Party
      B-1
      or Party B-2.

    

    (ix) The
      determination by relevant legal authorities that the performance of this
      Agreement is illegal.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (x) The
      withdrawal, suspension, invalidation or material revision of any approval,
      permits or authorization from the competent authority of the Chinese government
      needed to perform or validate this Agreement. 

    

    (xi) Any
      adverse change in the property of Party
      B-1
      or Party B-2 that causes Party A to reasonably deem that Party
      B-1
      or Party B-2 may be unable to perform the obligations hereunder.

    

    (xii) The
      inability or refusal by any successor or assignee of Sino-Global to pay the
      amounts due under Service Agreement.

    

    (xiii) The
      occurrence of any other circumstances whereby Party A is incapable of exercising
      the right to foreclose on the Pledge.

    

    (b) Each
      of Party
      B-1
      and Party B-2 must immediately notify Party A in writing if either Party
      B-1
      or Party B-2 is aware of any event of default or events that may reasonably
      lead
      to an event of default hereunder. 

    

    (c) Unless
      the event of default has been remedied to Party A’s sole and absolute
      satisfaction, Party A may (i) give a written notice of default to Party
      B-1
      and Party B-2 and require Party
      B-1
      and Party B-2 to immediately make full payments of the outstanding technical
      consulting and service fees under the Service Agreement and other payables
      or
      (ii) foreclose on the Pledge in accordance with Article VIII herein.

    

    ARTICLE
      VIII

    

    EXERCISE
      OF THE RIGHT OF THE PLEDGE

    

    (a) Prior
      to the full payment of the consulting and service fees under the Service
      Agreement, neither Party
      B-1
      nor Party B-2 shall transfer or assign the Equity Interest without prior written
      approval from Party A.

    

    (b) Party
      A shall give notice of default to Party
      B-1
      and Party B-2 when Party A exercises the right of pledge.

    

    (c) Subject
      to terms hereof, Party A may exercise the right to foreclose on the Pledge
      at
      any time following written notice of default.

    

    (d) Party
      A is entitled to priority receipt in payment or proceeds from the auction or
      sale of whole or part of the Equity Interest pledged herein in accordance with
      applicable law until the outstanding technical consulting and service fees
      and
      all other payables under the Service Agreement are fully repaid. 

    

    (e) Neither
      Party
      B-1
      nor Party B-2 shall hinder Party A from foreclosing on the Pledge in accordance
      with this Agreement, each shall give necessary assistance so that Party A may
      effectively realize the value of the Pledge. 

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IX

    

    TRANSFER
      OR ASSIGNMENT

    

    (a)
      Neither
      Party
      B-1
      nor Party B-2 shall transfer his rights or obligations hereunder without the
      prior written consent from Party A. 

    

    (b)
      This
      Agreement shall be binding upon and inure to the benefit of the successors
      of
      Party A, Party
      B-1
      and Party B-2. 

    

    (c)
      Party
      A may transfer or assign his all or any rights and obligations under the Service
      Agreement to any person (natural person or legal entity) at any time. In this
      case, the assignee shall enjoy and undertake the same rights and obligations
      herein of Party A as if the assignee is a party hereto. To the extent Party
      A
      transfers or assigns the rights and obligations under the Service Agreement,
      at
      the request of Party A, each of Party
      B-1
      and Party B-2 shall execute the relevant agreements and/or documents with
      respect to such transfer or assignment.

    

    (d)
      Upon
      Party A’s transfer or assignment, the new parties to the Pledge shall re-execute
      a Pledge contract.

    

    ARTICLE
      X

    

    TERMINATION

    

    This
      Agreement shall not be terminated until the consulting and service fees under
      the Service Agreement are paid in full and Sino-Global shall no longer undertake
      any obligations under the Service Agreement. 

    

    ARTICLE
      XI

    

    FORMALITIES
      FEES AND OTHER EXPENSES

    

    (a)
      Party
      B-1
      and Party B-2, jointly and severally, shall be responsible for all fees and
      actual expenditures in relation to this Agreement, including, but not limited
      to, legal fees, cost of production, stamp tax and any other taxes and charges.
      If Party A pays the relevant taxes in accordance with the laws, Party
      B-1
      and Party B-2, jointly and severally, shall fully indemnity such taxes paid
      by
      the Pledge.

    

    (b)
      Party
      B-1
      and Party B-2 shall be responsible for all fees (including, but not limited
      to,
      any taxes, formalities fees, management fees, litigation fees, attorney’s fees,
      and various insurance premiums in connection with disposition of the Pledge)
      incurred by Party
      B-1
      and Party B-2 as a result of the failure of Party
      B-1
      or Party B-2 to pay any payable taxes, fees or charges in accordance with this
      Agreement, or as a result of the fact that Party A has recourse to any foregoing
      taxes, charges or fees by any means for other reasons. 

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      XII

    

    FORCE
      MAJEURE

    

    (a) If
      the fulfillment of this Agreement is delayed or blocked due to a Force Majeure
      Event (as defined below), the Party affected by such a Force Majeure Event
      shall
      be free from any obligation to the extent of such delay or holdback. As used
      herein, the term “Force
      Majeure Event”
      shall mean any event which is out of control of each Party, and which is
      unavoidable or insurmountable even if the Party affected by such event has
      paid
      reasonable attention to it. A Force Majeure Event shall include, but not be
      limited to, government actions, nature disaster, fire, explosion, typhoons,
      floods, earthquakes, tide, lightning or war. However, any lack of credit, assets
      or financing shall not be deemed as a Force Majeure Event. The Party B-2laiming
      the occurrence of a Force Majeure Event shall provide the other Party with
      the
      steps of fulfilling the obligations of this Agreement. 

    

    (b) The
      Party
      affected by such a
      Force Majeure Event shall
      be
      free from any obligation under this Agreement so long as the Party affected
      by
      such a
      Force Majeure Event has
      made
      reasonable endeavors to perform the Agreement and request the exemption from
      the
      other Party. Upon termination of the Force Majeure Event, the Parties agree
      to
      use reasonable best efforts to complete the transactions contemplated by this
      Agreement.

    

    ARTICLE
      XIII

    

    DISPUTE
      SETTLEMENT

    

    (a)
      This
      Agreement shall be governed by and construed in all respects in accordance
      with
      the PRC laws.

    

    (b)
      The
      Parties shall strive to settle any dispute arising from the interpretation
      or
      performance, or in connection with this Agreement through friendly consultation.
      In case no settlement can be reached through consultation within sixty (60)
      days
      of notice thereof, each Party may submit such matter to the China International
      Economic and Trade Arbitration Committee for arbitration. The arbitration shall
      be held in Beijing. The arbitration proceedings shall be conducted in Chinese.
      The arbitration award shall be final and binding upon the Parties. The
      arbitration award may be submitted to the applicable People’s Court for
      enforcement. 

    

    ARTICLE
      XIV

    

    NOTICES

    

    Any
      notice to which is given by the both Parties hereto for the purpose of
      performing the rights and obligations hereunder shall be in writing. Where
      such
      notice is delivered personally, the time of notice shall be the time when such
      notice actually reaches the addressee. Where such notice is transmitted by
      telex
      or facsimile, the notice time shall be the time when such notice is transmitted.
      If such notice does not reach the addressee on business date or reaches the
      addressee after the business time, the date of notice shall be the next business
      day. The delivery place shall be the address first written above of each Party
      hereto or any other address provided to the other Parties in writing from time
      to time. 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      XV

    

    APPENDIX

    

    The
      Appendix of this Agreement as attached hereto is part of this
      Agreement.

    

    ARTICLE
      XVI

    

    EFFECTIVENESS

    

    (a) This
      Agreement and any amendments, supplements and modifications shall be in writing
      and come into effect upon execution by the Parties hereto.

    

    (b) This
      Agreement is executed both in Chinese and English with two copies for each
      language. The Chinese version will prevail in the event of any inconsistency
      between the English and any Chinese translations thereof. 

    

    IN
      WITNESS WHEREOF,
      the undersigned have executed this Agreement effective as of the date first
      set
      forth above written.

     

    
      	 	
              Party
                A: Trans
                Pacific Shipping Ltd..

            
	 	 	 
	
              (seal)

            	/s/
              Cao Lei
	
            	Legal
              Representative
	 	
              Date:

            	November
              14, 2007
	 	 	 
	 	                          
              
	 	
              Party
                B-1: CAO Lei

            
	 	 	 
	 	/s/
              Cao Lei
	 	
              CAO
                Lei

            
	 	
              Date:

            	November
              14, 2007
	 	 	 
	 	 	 
	 	
              Party
                B-2: ZHANG Mingwei

            
	 	 	 
	 	/s/ Zhang
              Mingwei
	 	
              ZHANG
                Mingwei

            
	 	
              Date:

            	November
              14,
              2007

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    APPENDIX

    

    
      	
              1.

            	
              The
                register of the shareholders of Sino-Global

            

    

    

    
      	
              2.

            	
              The
                Contribution Certificate of
                Sino-Global

            

    

    

    
      	3.	
              The
                Exclusive Technical Consulting and Service
                Agreement.

            

    

    

    
      
        
        

      

      
        9EXCLUSIVE
      EQUITY INTEREST PURCHASE AGREEMENT

    

    This
      Exclusive Equity Interest Purchase Agreement (the
      “Agreement”)
      is
      entered into by and among the following parties effective as of November 14,
      2007.

    

    
      	
              Party
                A: 

            	
              Sino-Global
                Shipping America, Ltd., a
                limited liability company duly established and validly existing under
                the
                laws of the Commonwealth of Virginia, with its registered address
                at 36-09
                Main Street, Suite 9C-2, Flushing, New York, 11354,
                USA.

            

    

    

    
      	Party
              B-1:	
              CAO
                Lei, a
                citizen of the People’s Republic of China (the “PRC”).

            

    

    ID
      No. 110101196402032035

    Address:
      Room 5-A-602, Fangchengyuanyiqu, Fengtai District, Beijing.

    

    
      	Party
              B-2:	
              ZHANG
                Mingwei,
                a citizen of the PRC.

            

    

    ID
      No. 120106195311010016

    Address:
      Room
      21-304,707 Suo, the Third Avenue, Dingzigu, Hongqiao District,
      Tianjin.

    

    
      	Party
              C:	
              Sino-Global
                Shipping Agency Ltd.,
                a limited liability company duly established and valid existing under
                the
                PRC laws, with its registered address at Building 9 Rm.1208,
                Wangjingbeilu, Chaoyang District,
                Beijing.

            

    

    

    WHEREAS,
      Party B-1 and Party B-2 collectively hold a 100% equity interest in Party C
      (collectively, the “Equity
      Interest”);

    

    WHEREAS,
      Party C and Trans
      Pacific Shipping Ltd., a
      foreign invested company wholly-owned by Party A (“WFOE”),
      have entered into exclusive consulting, service and other
      agreements.

    

    NOW
      THEREFORE, through
      mutual negotiations, the Parties hereto agree as follows:

    

    ARTICLE
      I

    

    TRANSFER
      OF EQUITY INTEREST

    

    
      
        (a)
          Grant
          of Purchase Right

      

    

    

    Each
      of
Party
      B-1
      and
Party
      B-2
      hereby
      irrevocably grants Party A the exclusive right to purchase or designate one
      or
      more persons (the “Specified
      Person”)
      to
      purchase all or any portion of the Equity Interest from Party
      B-1
      and
Party
      B-2,
      subject
      to compliance with legal restriction under applicable PRC laws (the “Purchase
      Right”).
      Neither Party
      B-1
      nor
Party
      B-2
      shall
      sell all or any portion of the Equity Interest to any party other than Party
      A
      and/or the Specified Person. Party
      C
      hereby
      acknowledges that Party
      B-1
      and
Party
      B-2
      may
      grant the Purchase Right to Party A. As used in this Agreement, the term
“person”
      refers
      to an individual, corporation, joint enterprise, partnership, enterprise, trust
      or non-corporation organization. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        (b)
          Steps
          for Exercise of the Purchase Right

      

    

    

    Compliance
      with PRC laws and regulations are conditions precedent to exercise of the
      Purchase Right by Party A. To the extent Party A wishes to exercise the Purchase
      Right, it shall issue a written notice (the “Purchase
      Notice”)
      to
Party
      B-1
      and
Party
      B-2,
      which
      such Purchase Notice shall state: (A) that Party A intends to exercise the
      Purchase Right; (B) the percentage of the equity interest to be purchased
      therewith; and (C) the effective date or transfer date. 

    

    (c) Consideration
      of the Equity Interest

    

    The
      transfer fee (“Transfer
      Fee”)
      payable
      by Party A shall be negotiated by and between Party A, Party
      B-1
      and
Party
      B-2
      through
      negotiation according to the evaluation of the equity interest by a qualified
      investment banking firm, and such amount shall be the lowest price allowable
      by
      PRC law and regulations. 

    

    (d) Transfer
      of the Equity Interest

    

    Each
      time
      Party A exercises the Purchase Right: 

    

    (i) Party
      B-1
      and
Party
      B-2
      shall
      ensure that (A) Party
      C
      timely
      convenes a shareholders’ meeting and (B) the shareholders of Party
      C
      shall
      pass resolutions providing that Party
      B-1
      and
Party
      B-2
      may
      transfer the Equity Interest to Party A or the Specified Person.

    

    (ii) Each
      of
Party
      B-1
      and
Party
      B-2
      shall
      enter into equity transfer contract relating to the Equity Interest pursuant
      to
      this Agreement and the Purchase Notice (an “Equity
      Transfer Contract”).
      

    

    (iii) The
      Parties shall execute all other necessary agreements or documents, obtain all
      necessary government approvals and consents, and take all necessary actions
      to
      (A) legally transfer the ownership of the Equity Interest to Party A or the
      Specified Person and (B) ensure that Party A or the Specified Person will be
      the
      registered owner of the Equity Interest. The Equity Interest shall be free
      from
      any security interest. For the purpose of this Agreement, the term “security
      interest”
      shall
      include any guarantee, mortgage, third party right or interest, purchase right,
      preemption right, offset right, ownership withholding right or other security
      arrangement. A security interest shall not include any security interest
      incurred pursuant to this Agreement or the Equity Interest Pledge Agreement.
      The
      term “Equity
      Interest Pledge Agreement”
      shall
      refer to the agreement entered into by and between Party
      B-1,
      Party
      B-2
      and
WFOE
      effective as of November 14, 2007. Pursuant
      to the Equity Interest
      Pledge
      Agreement, Party
      B-1
      and
Party
      B-2
      pledged
      the Equity Interest to WFOE
      as
      security payment of fees pursuant to the Exclusive Technical Consulting and
      Service Agreement which is entered into by and between Party
      C
      and
WFOE
      effective as of November 14, 2007 (the “Service
      Agreement”).
      

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (e) Payment
      for the Equity Interest

    

    Party
      A
      shall pay the Transfer Fee to Party
      B-1
      and
Party
      B-2
      in
      accordance with the provision of Article 1(c). 

    

    ARTICLE
      II

    

    COVENANTS
      RELATING TO THE EQUITY INTEREST

    

    
      
        (a)
          Covenants
          of Party C

      

    

    

    (i) Without
      the written consent of Party A or WFOE,
      Party C
      will not supplement, amend or modify any provisions of the constitutional
      documents of Party
      C,
      and
      will not increase or reduce its registered capital or change to equity structure
      in any way.

    

    (ii) Party
      C
      shall
      remain in good standing, and prudently and efficiently operate its business
      and
      corporate affairs in accordance with commercial standards and
      practice.

    

    (iii) Without
      the prior written consent of Party A or WFOE,
      Party
      C
      shall
      not sell, transfer, mortgage or dispose of any of its assets, business or
      beneficial rights, or allow the creation of any security interest upon its
      assets.

    

    (iv) Without
      the prior written consent of Party A or WFOE,
      Party
      C
      shall
      not incur or guaranty any debt, or permit the existence of any debt, other
      than
      (A) debt that is incurred during the course of normal business operations
      (excluding business loans) and (B) debt that has been previously disclosed
      to
      Party A and to which Party A has provided prior written consent.

    

    (v) Party
      C
      shall
      operate in the normal course of business and maintain the value of its assets,
      shall not take any action which adversely influences its business operations
      or
      the value of its assets. 

    

    (vi) Without
      the prior written consent of Party A or WFOE,
      Party
      C
      shall
      not enter into any material agreement except in the normal course of business.
      (For the purpose of this subsection, an agreement representing an amount in
      excess of RMB100,000 shall be deemed as a material agreement).

    

    (vii) Without
      the prior written consent of Party A or WFOE,
      Party
      C
      shall
      not provide any loans or credit to any third party. 

    

    (viii) At
      the
      request of Party A, Party
      C
      shall
      provide Party A with any and all materials relating to the business operation
      and financial status of Party
      C.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (ix) Party
      C
      shall
      purchase business insurance from an insurance company acceptable to Party A
      and
      shall maintain such insurance. The amount and kind of such insurance shall
      be
      similar to insurance carried by other companies which operate similar businesses
      and possess similar assets. 

    

    (x) Without
      the prior written consent of Party A or WFOE,
      Party
      C
      shall
      not merge with, make an investment in, combine with or purchase the equity
      or
      substantially all the assets of any other entity. 

    

    (xi) Party
      C
      shall
      inform Party A of actual or threatened litigation, arbitration, or
      administrative procedures relating to the assets, business and beneficial rights
      of Party
      C.

    

    (xii) Party
      C
      shall
      execute all necessary or proper documents, take all necessary or proper actions,
      substitute all necessary or proper claims, and make all necessary or proper
      answer to all compensation claims.

    

    (xiii) Without
      the prior written consent of Party A, Party
      C
      shall
      not grant any dividend to its shareholders.

    

    (b) Covenants
      of Party B-1 and Party B-2

    

    (i) Without
      the prior written consent of Party A or WFOE,
      neither
Party
      B-1
      nor
Party
      B-2
      shall
      sell, transfer, mortgage or dispose of any rights or interest relating to the
      Equity Interest, or allow any creation of other security interest on the Equity
      Interest (excluding the security interest under this Agreement and the Equity
      Interest Pledge Agreement).

     

    (ii) Without
      the prior written consent of Party A or WFOE,
      each of
Party
      B-1
      and
Party
      B-2
      shall
      use his best efforts to prevent the shareholders of Party
      C
      from
      adopting resolutions relating to the sale, transfer, mortgage, disposal of
      any
      rights or interests relating to the Equity Interest, or allowing any creation
      of
      other security interest on the Equity Interest (excluding the security interest
      under this Agreement and the Equity Interest Pledge Agreement).

    

    (iii) Without
      the prior written consent from Party A or WFOE,
      each of
Party
      B-1
      and
Party
      B-2
      shall
      use his best efforts to prevent the other shareholders of Party
      C,
      if any,
      from approving resolutions relating to (A) Party
      C’s
      merger
      with, combination with or purchase of any person or (B) Party
      C’s
      investment in any person. 

    

    (iv) Each
      of
Party
      B-1
      and
Party
      B-2
      shall
      inform Party A of any actual or threatened litigation, arbitration, or
      administrative procedure.

    

    (v) Each
      of
Party
      B-1
      and
Party
      B-2
      shall
      take all reasonable efforts to ensure that the other shareholders of
Party
      C,
      if any,
      approve the transfer of the Equity Interest as set out in this
      Agreement.

    

    (vi) In
      order
      to keep the ownership of the Equity Interest, each of Party
      B-1
      and
Party
      B-2
      shall
      execute all necessary or proper documents, take all necessary or proper actions,
      substitute all necessary or proper claims, and make all necessary or proper
      responses to all compensation claims.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (vii) Upon
      the
      request of Party A from time to time, each of Party
      B-1
      and
Party
      B-2
      shall
      immediately transfer the Equity Interest to Party A or the Specified Person
      pursuant to the terms of this Agreement. 

    

    (viii) Each
      of
Party
      B-1
      and
Party
      B-2
      shall
      strictly comply with this Agreement and any other agreements which may be
      entered into by and among Party
      B-1,
      Party
      B-2,
      Party
      C,
      Party A
      and WFOE
      collectively or separately, and shall perform his obligations under this
      Agreement, and shall not make any actions which shall affect the validity and
      enforceability of this Agreement. 

    

    ARTICLE
      III

    

    REPRESENTATIONS
      AND WARRANTIES

    

    (a) Each
      of
      Party B-1, Party B-2 and Party C, severally and not jointly, make the following
      representations on the date of this Agreement and the date of each of Equity
      Transfer Contract:

     

    (i) Such
      party has the power to enter into and deliver this Agreement and/or the Equity
      Transfer Contract which will be executed by it for each transfer of the Equity
      Interest, and such Party has the power and capacity to perform its obligations
      under this Agreement and/or the Equity Transfer Contract. Upon the execution
      of
      this Agreement and/or the Equity Transfer Contract, such documents shall
      constitute valid and legally binding documents and may be enforceable in
      accordance therewith. 

     

    (ii) Neither
      the execution and delivery of this Agreement or any Equity Transfer Contract,
      nor performance of the obligations under this Agreement or any Equity Transfer
      Contract will: (A) violate applicable law; (B) conflict with such Party’s
      Articles of Association or other organizational documents; (C) breach any
      contract or document which such Party is a party or which is binding upon such
      Party; (D) violate any acquired permit, approval or any valid qualification;
      or
      (E) result in the termination or revocation or additional conditions to the
      acquired permit or approval. 

     

    (iii) Party
      C
      has no outstanding debt except for (A) debts, which were incurred in the normal
      business operations; and (B) debt that has been previously disclosed to Party
      A
      and to which Party A has provided written consent.

     

    (iv) Party
      C
      is in compliance with all applicable laws and regulations. 

     

    (v) There
      is
      no actual, pending or potential litigation, arbitration, or administrative
      procedures relating to the Equity Interest, the assets of Party C or any other
      matters of Party C.

     

    (b) Each
      of
      Party B-1 and Party B-2, severally and not jointly, make the following
      representation on the dates of this Agreement and on the date of each Equity
      Transfer Contract:

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    Each
      of
      Party B-1 and Party B-2 maintains full and transferable ownership on all of
      its
      assets and facilities. Except for the pledge incurred by this Agreement and
      the
      pledge of the Equity Interest incurred by the Equity Interests Pledge Agreement,
      there is no other pledge and/or mortgage on the Equity Interest.

     

    ARTICLE
      IV

    

    EFFECTIVE
      DATE

    

    (a) This
      Agreement shall be executed and come into effect as of the date first set forth
      above. This Agreement shall expire on the date that is twenty-five (25) years
      following the date hereof unless earlier terminated as set forth in this
      Agreement or upon mutual agreement of the Parties hereto. 

     

    (b) This
      Agreement may be extended prior to termination for one or more twenty-five
      (25)
      year terms upon written notice by Party A, provided such extension is permitted
      by law and subject to the approval of the registration administration for the
      extension of Party C’s business duration. The parties will cooperate to renew
      this Agreement if such renewal is legally permitted at the time.

    

    ARTICLE
      V

    

    GOVERNING
      LAW AND DISPUTE SETTLEMENT

    

    
      
        (a)
          Governing
          Law

      

    

    

    This
      Agreement shall be governed by and interpreted according to the laws of the
      PRC.

    

    
      
        (b)
          Dispute
          Settlement 

      

    

    

    The
      Parties shall negotiate in good faith to settle any dispute relating to the
      interpretation or implementation of this Agreement. To the extent such dispute
      cannot be settled within thirty (30) days from the first date a Party issues
      written notice requesting settlement of dispute through negotiation, each Party
      may submit the dispute to the China International Economic and Trade Arbitration
      Committee for arbitration according to the requisite arbitration rules. The
      arbitration shall be held in Beijing. The
      arbitration proceedings shall be conducted in Chinese. The
      arbitration award is final and binding on each party. 

     

    

    ARTICLE
      VI

    

    TAX
      AND EXPENSES

    

    Each
      Party shall bear any and all of its own tax, costs and expenses relating to
      preparing for and executing this Agreement and each Equity Transfer Contract.
      

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      VII

    

    NOTICE

    

    Any
      notice or other communication under this Agreement shall be in Chinese and
      be
      sent to the address listed below or other address as may be designated from
      time
      to time by hand delivery or mail or facsimile. Any notice required or given
      hereunder shall be deemed to have been served: (a) on the same date if sent
      by
      hand delivery; (b) on the tenth day if sent by air-mail, (c) on the fourth
      day
      if sent by the professional hand delivery which is acknowledged worldwide;
      and
      (d) the receipt date displayed on the transmission confirmation notice if sent
      by facsimile. 

    

    
      	
              Party
                A: 

            	
              Sino-Global
                Shipping America, Ltd.

            

    

    
      	 	
              36-09
                Main Street, Suite 9C-2, Flushing, New York, 11354,
                USA.

            

    

    

    
      	Party
              B-1:	
              CAO
                Lei

            

    

    Room
      5-A-602, Fangchengyuanyiqu, Fengtai District, Beijing.

    

    
      	Party
              B-2:	
              ZHANG
                Mingwei

            

    

    Room
      21-304,707 Suo, Third Avenue, Dingzigu, Hongqiao District, Tianjin.

    

    
      	Party
              C:	
              Sino-Global
                Shipping Agency Ltd.

            

    

    Building
      9 Rm.1208, Wangjingbeilu, Chaoyang District, Beijing.

    

    ARTICLE
      VIII

    

    CONFIDENTIALITY

    

    The
      Parties acknowledge and confirm that any oral or written information relating
      to
      this Agreement communicated among the Parties shall be deemed to be confidential
      information (“Confidential
      Information”).
      The
      Parties shall keep such Confidential Information confidential and shall not
      disclose it to any third party without written consent from the other Party.
      The
      provisions of this Section 8 shall not apply in the following situations: (a)
      such information is publicly available or will become publicly available (it
      is
      not disclosed by the Party receiving such Confidential Information); (b) such
      information is disclosed in accordance with applicable laws or regulations;
      or
      (c) a Party discloses Confidential Information to its attorney or financial
      advisor so long as such attorney or legal advisor needs to access such
      information and agrees to keep such information confidential. The disclosure
      by
      an employee or agent of a Party shall be deemed to be disclosed by the Party
      itself, and the Party shall undertake liability therefor. The Parties agree
      that
      the provisions of this Article shall survive notwithstanding the termination
      of
      this Agreement.

    

    ARTICLE
      IX

    

    FURTHER
      ASSURANCE

    

    The
      Parties agree that they will execute any and all necessary documents required
      for the purpose of performing or objective of this Agreement. The Parties will
      take all necessary actions for the purpose of performing or objective of this
      Agreement or take actions which are benefit for the purpose of this Agreement.
      

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      X

    

    MISCELLANEOUS

    

    (a) Amendment
      and supplementation

     

    Any
      revision to, amendment of or supplement to this Agreement must be in writing
      and
      be executed by each Party hereto. 

     

    (b) Compliance
      with laws and regulations

     

    The
      Parties shall comply with all applicable laws and regulations which have been
      formally issued. 

     

    (c) Entire
      agreement

     

    Unless
      it
      is otherwise revised, amended or supplemented, this Agreement and its appendices
      constitute the entire agreement among the Parties as to the subject matter,
      and
      supersede any prior oral or written negotiations, statements or agreement among
      the parties relating thereto.

     

    
      
        (d)
          Headings

      

    

     

    Headings
      in this Agreement are only used for reading convenience, and shall not be used
      to interpret, explain or otherwise influence the meaning of the provisions
      of
      this Agreement. 

     

    (e) Language

     

    This
      Agreement is made in Chinese and English in three originals. The Chinese version
      will prevail in the event of any inconsistency between the English and any
      Chinese translations thereof.

     

    (f) Severability

     

    If
      any of
      the terms of this Agreement is declared invalid, illegal or unenforceable in
      accordance with any applicable laws or regulations, the validity and
      enforceability of the other terms hereof shall nevertheless remain unaffected.
      The Parties hereto agree to negotiate to restructure such invalid, illegal
      or
      unenforceable terms so as to maintain economic impact. 

     

    (g) Successor

     

    This
      Agreement shall bind the permitted transferee or successor of each Party and
      shall be interpreted for its benefit. 

     

    (h) Continue
      to be effective

     

    (i) Any
      duties occurred in relation to the Agreement prior to termination or expiration
      shall continue to be effective after expiration or termination of the Agreement.
      

     

    (ii) The
      provisions of Articles 5, 7, 8 and 10(h) shall survive the termination of this
      Agreement.

     

    (i) Waiver

     

    Each
      Party may waive the terms and conditions under this Agreement in writing. Such
      waiver must be duly signed. Any waiver relating to the breach of the other
      Party
      in certain circumstance shall not be deemed as that a waiver for the similar
      breach as in other circumstances. 

     

    [Remainder
      of Page Left Intentionally Blank - Signature Page
      Follows]

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      Parties have executed this Agreement on the date first above
      written.

    

    
      	 	
              Party
                A: Sino-Global
                Shipping America, Ltd.

            
	 	 	 
	 	 	 
	
              (seal)

            	/s/
              Cao Lei
	 	
              Legal
                Representative

            
	 	
              Date:

            	November
              14, 2007
	 	 	 
	 	 	 
	 	
              Party
                B-1: CAO Lei

            
	 	 	 
	 	 	 
	 	/s/
              Cao Lei
	 	
              CAO
                Lei

            
	 	
              Date:

            	November
              14, 2007
	 	 	 
	 	 	 
	 	Party
              B-2: ZHANG Mingwei
	 	 	 
	 	 	 
	 	/s/
              Zhang Mingwei
	 	
              ZHANG
                Mingwei

            
	 	
              Date:

            	November
              14, 2007
	 	 	 
	 	 	 
	 	Party
              Cw: Sino-Global Shipping Agency Ltd.
	 	 	 
	 	 	 
	
              (seal)

            	/s/
              Cao Lei
	 	
              Legal
                Representative

            
	 	
              Date:

            	November
              14,
              2007

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    Appendix

    

    Announcement
      Letter

    

    Sino-Global
      Shipping Agency Ltd. (“Sino-Global”)
      is a limited liability company established on June 6, 2001. I, as the
      shareholder of Sino-Global,
      hold 96.74% equity interest of Sino-Global.
      I, together with the other shareholder, ZHANG Mingwei, hold 100% equity interest
      of Sino-Global.
      I hereby irrevocably waive any pre-emptive right I may have upon the other
      3.26%
      equity interest held by ZHANG Mingwei, and will not encumber the transfer of
      the
      equity interest you proposed. 

    

    This
      Announcement Letter is effective from the date of signature. 

     

    
      	 	/s/
              Cao Lei
	 	
              CAO
                Lei

            

    

    

    Effective
      Date: November
      14, 2007

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    Announcement
      Letter

    

    Sino-Global
      Shipping Agency Ltd. (“Sino-Global”)
      is a limited liability company established on June 6, 2001. I, as the
      shareholder of Sino-Global,
      hold 3.26% equity interest of Sino-Global.
      I, together with the other shareholder, CAO Lei, hold 100% equity interest
      of
Sino-Global.
      I hereby irrevocably waive any pre-emptive right I may have upon the other
      96.74% equity interest held by CAO Lei, and will not encumber the transfer
      of
      the equity interest you proposed. 

    

    This
      Announcement Letter is effective from the date of signature. 

     

    
      	 	/s/
              Zhang Mingwei
	 	
              ZHANG
                Mingwei

            

    

    

    Effective
      Date: November 14, 2007

     

    
      
        
        

      

      
        11

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