Document:

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                                                                    EXHIBIT 10.1

                             ASIAINFO HOLDINGS, INC.

                             2000 STOCK OPTION PLAN

AsiaInfo Holdings, Inc. , a Delaware corporation, wishes to attract key
employees, directors and consultants to the Company and its Subsidiaries and
induce key employees, directors and consultants to remain with the Company and
its Subsidiaries, and encourage them to increase their efforts to make the
Company's business more successful whether directly or through its Subsidiaries.
In furtherance thereof, the Asialnfo Holdings, Inc. 2000 Stock Option Plan is
designed to provide equity-based incentives to key employees, directors and
consultants of the Company and its Subsidiaries.

1.    DEFINITIONS.

      Whenever used herein, the following terms shall have the meanings set
      forth below:

      "AWARD AGREEMENT" means a written agreement in a form approved by the
      Committee to be entered into by the Company and the Optionee of an option,
      as provided in Section 4.

      "BOARD" means the Board of Directors of the Company.

      "CAUSE" means, unless otherwise provided in the Optionee's Award
      Agreement, (i) engaging in (A) willful or gross misconduct or (B) willful
      or gross neglect, (ii) repeatedly failing to adhere to the directions of
      superiors or the Board or the written policies and practices of the
      Company or its Subsidiaries or its affiliates, (iii) the commission of a
      felony or a crime of moral turpitude, or any crime involving the Company
      or its Subsidiaries, or any affiliate thereof, (iv) fraud,
      misappropriation or embezzlement, (v) a material breach of the Optionee's
      employment agreement (if any) with the Company or its Subsidiaries or its
      affiliates, or (vi) any illegal act detrimental to the Company or its
      Subsidiaries or its affiliates.

      "CHANGE IN CONTROL" shall mean the happening of any of the following:

1.1   any "person," including a "group" (as such terms are used in Sections 13
      (d) and 14 (d) of the Exchange Act, but excluding the Company, any entity
      controlling, controlled by or under common control with the Company, any
      employee benefit plan of the Company or any such entity, and, with respect
      to any particular Optionee, the Optionee and any "group" (as such term is
      used in Section 13(d)(3) of the Exchange Act) of which the Optionee is a
      member), is or becomes the "beneficial owner" (as defined in Rule 13(d)(3)
      under the Exchange Act), directly or indirectly, of securities of the
      Company representing 25% or more of either (A) the combined voting power
      of the Company's then outstanding securities or (B) the then outstanding
      Shares (in either such case other than as a result of an acquisition of
      securities directly from the Company); or

1.2   any consolidation or merger of the Company where the stockholders of the
      Company, immediately prior to the consolidation or merger, would not,
      immediately after the consolidation or merger, beneficially own (as such
      term is defined in Rule 13d-3 under the Exchange Act), directly or
      indirectly, shares representing in the aggregate 50% or more of the
      combined voting power of the securities of the corporation issuing cash or
      securities in the consolidation or merger (or of its ultimate parent
      corporation, if any); or

1.3   there shall occur (A) any sale, lease, exchange or other transfer (in one
      transaction or a series of transactions contemplated or arranged by any
      party as a single plan) of all or substantially all of the assets of the
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      Company, other than a sale or disposition by the Company of all or
      substantially all of the Company's assets to an entity, at least 50% of
      the combined voting power of the voting securities of which are owned by
      Persons in substantially the same proportion as their ownership of the
      Company immediately prior to such sale or (B) the approval by stockholders
      of the Company of any plan or proposal for the liquidation or dissolution
      of the Company; or

1.4   the members of the Board at the beginning of any consecutive 24
      calendar-month period (the "Incumbent Directors") cease for any reason
      other than due to death to constitute at least a majority of the members
      of the Board; provided that any director whose election, or nomination for
      election by the Company's stockholders, was approved by a vote of at least
      a majority of the members of the Board then still in office who were
      members of the Board at the beginning of such 24-calendar-month period,
      shall be deemed to be an Incumbent Director.

      "CODE" means the Internal Revenue Code of 1986, as amended.

      "COMMITTEE" means the Stock Option Committee of the Board, or such other
      committee of the Board designated by the Board to administer the Plan.

      "COMMON STOCK" means the Company's Common Stock, par value $.01, either
      currently existing or authorized hereafter.

      "COMPANY" means AsiaInfo Holdings, Inc., a Delaware corporation.

      "DISABILITY" means the occurrence of an event which would entitle an
      employee of the Company to the payment of disability income under one of
      the Company's approved long-term disability income plans, or as such term
      is defined under Section 22 (e) of the Code.

      "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

      "FAIR MARKET VALUE" per Share as of a particular date means (i) if Shares
      are then listed on a national stock exchange, the closing sales price per
      Share on the exchange for the last preceding date on which there was a
      sale of Shares on such exchange, as determined by the Committee, (ii) if
      Shares are not then listed on a national stock exchange but are then
      traded on an over-the-counter market, the average of the closing bid and
      asked prices for the Shares in such over-the-counter market for the last
      preceding date on which there was a sale of such Shares in such market, as
      determined by the Committee, or (iii) if Shares are not then listed on a
      national stock exchange or traded on an over-the-counter market, such
      value as may be determined by the Committee in its discretion or as may be
      determined in accordance with such methodologies, procedures or other
      rules (which may provide, without limitation, that determinations of Fair
      Market Value shall be made by an independent third party) as may be
      established by the Committee in its discretion; provided that, where the
      Shares are so listed or traded, the Committee may make discretionary
      determinations, or implement such methodologies, procedures or other
      rules, where the Shares have not been traded for 10 trading days.

      "INCENTIVE STOCK OPTION" means an "incentive stock option" within the
      meaning of Section 422 (b) of the Code.

      "NON-QUALIFIED STOCK OPTION" means an option which is not an incentive
      Stock Option.

      "OPTION" means the right to purchase, at a price and for the term fixed by
      the Committee in accordance with the Plan, and subject to such other
      limitations and restrictions in the Plan and the applicable Award
      Agreement, a number of Shares determined by the Committee.
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      "OPTIONEE" means an employee or director of, or key consultant to, the
      Company to whom an Option is granted, or the Successors of the Optionee,
      as the context so requires.

      "OPTION PRICE" means the exercise price per Share.

      "PLAN" means this AsiaInfo Holdings, Inc. 2000 Stock option Plan, as set
      forth herein and as the same may from time to time be amended.

      "RETIREMENT" means, unless otherwise provided by the Committee in the
      Optionee's Award Agreement, the termination (other than for Cause) of
      employment (or other termination of service, in the case of key
      consultants or directors) of an Optionee on or after the Optionee's
      attainment of age 65 or on or after the Optionee's attainment of age 55
      with five consecutive years of service with the Company and or its
      Subsidiaries or its affiliates.

      "SECURITIES ACT" means the Securities Act of 1933, as amended.

      "SHARES" means shares of Common Stock of the Company.

      "SUBSIDIARY" means any corporation (other than the Company) that is a
      "subsidiary corporation" with respect to the Company under Section 424 (f)
      of the Code. In the event the Company becomes a subsidiary of another
      company, the provisions hereof applicable to subsidiaries shall, unless
      otherwise determined by the Committee, also be applicable to any company
      that is a "parent corporation" with respect to the Company under Section
      424 (e) of the Code.

      "Successor of the Optionee" means the legal representative of the estate
      of a deceased Optionee or the person or persons who shall acquire the
      right to exercise an option by bequest or inheritance or by reason of the
      death of the Optionee.

2.    EFFECTIVE DATE AND TERMINATION OF PLAN.

      The effective date of the Plan is expected to be October 18, 2000. The
      Plan shall not become effective unless and until it is approved by the
      stockholders of the Company. The Plan shall terminate on, and no option
      shall be granted hereunder on or after, the 10-year anniversary of the
      earlier of the approval of the Plan by (i) the Board or (ii) the
      stockholders of the Company; provided, however, that the Board may at any
      time prior to that date terminate the Plan.

3.    ADMINISTRATION OF PLAN.

      The Plan shall be administered by the Committee appointed by the Board.
      The Committee shall consist of at least two individuals, each of whom
      shall be a "nonemployee director" as defined in Rule 16b-3 as promulgated
      by the Securities and Exchange Commission ("Rule 16b-3") under the
      Exchange Act and shall, at such times as the Company is subject to Section
      162 (m) of the Code (to the extent relief from the limitation of Section
      162 (m) of the Code is sought with respect to Options), qualify as
      "outside directors" for purposes of Section 162 (m) of the Code. The acts
      of a majority of the members present at any meeting of the Committee at
      which a quorum is present, or acts approved in writing by a majority of
      the entire Committee, shall be the acts of the Committee for purposes of
      the Plan. If and to the extent applicable, no member of the Committee may
      act as to matters under the Plan specifically relating to such member. If
      no Committee is designated by the Board to act for these purposes, the
      Board shall have the rights and responsibilities of the Committee
      hereunder and under the Award Agreements.

4.    ELIGIBILITY AND GRANT OF OPTIONS; COMMITTEE AUTHORITY.

      Subject to the provisions of the Plan, the Committee shall, in its
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      discretion as reflected by the terms of the Award Agreements: (i)
      authorize the granting of Options to key employees, directors and key
      consultants of the Company and its Subsidiaries; (ii) determine and
      designate from time to time those key employees, directors and key
      consultants of the Company and its Subsidiaries to whom Options are to
      be granted and the number of Shares to be optioned to each employee,
      director and key consultant; (iii) determine whether to grant Options
      intended to be Incentive Stock Options, or to grant Non-Qualified Stock
      Options, or both (to the extent that any Option does not qualify as an
      Incentive Stock Option, it shall constitute a separate Non-Qualified
      Stock Option); provided that Incentive Stock Options may only be
      granted to employees; (iv) determine the time or times when and the
      manner and condition in which each Option shall be exercisable and the
      duration of the exercise period; and (v) determine or impose other
      conditions to the grant or exercise of Options under the Plan as it may
      deem appropriate. In determining the eligibility of an employee,
      director or key consultant to receive an Option, as well as in
      determining the number of Shares to be optioned to any employee,
      director and key consultant, the Committee may consider the position
      and responsibilities of the employee, director or key consultant, the
      nature and value to the Company of the employee's, director's or key
      consultant's services and accomplishments whether directly or through
      its Subsidiaries, the employee's, director's or key consultant's
      present and potential contribution to the success of the Company
      whether directly or through its Subsidiaries and such other factors as
      the Committee may deem relevant. The Award Agreement shall contain such
      other terms, provisions and conditions not inconsistent herewith as
      shall be determined by the Committee. The Optionee shall take whatever
      additional actions and execute whatever additional documents the
      Committee may in its reasonable judgment deem necessary or advisable in
      order to carry out or effect one or more of the obligations or
      restrictions imposed on the Optionee pursuant to the express provisions
      of the Plan and the Award Agreement. The Committee shall designate each
      option as one intended to be an Incentive Stock Option or as a
      Non-Qualified Stock Option.

5.    NUMBER OF SHARES SUBJECT TO OPTIONS.

      Subject to adjustments pursuant to Section 18, Options with respect to an
      aggregate of no more than 4,000,000 Shares may be granted under the Plan
      in any calendar year. Notwithstanding the foregoing provisions of this
      Section 5, Shares as to which an Option is granted under the Plan that
      remains unexercised at the expiration, forfeiture or other termination of
      such Option may be the subject of the grant of further Options. Subject to
      adjustments pursuant to Section 18, in no event may any Optionee receive
      in the aggregate Options for more than 1,000,000 Shares of Common Stock in
      any calendar year. Shares of Common Stock issued hereunder may consist, in
      whole or in part, of authorized and unissued shares or treasury shares.
      The certificates for Shares issued hereunder may include any legend which
      the Committee deems appropriate to reflect any restrictions on transfer
      hereunder or under the Award Agreement, or as the Committee may otherwise
      deem appropriate.

      The aggregate Fair Market Value, determined as of the date an Option is
      granted, of the Common Stock for which any Optionee may be awarded
      Incentive Stock options which are first exercisable by the Optionee during
      any calendar year under the Plan (or any other stock option plan required
      to be taken into account under Section 422 (d) of the Code) shall not
      exceed $100,000.

6.    OPTION PRICE.

      The Option Price shall be determined by the Committee on the date the
      Option is granted and reflected in the Award Agreement, as the same may be
      amended from time to time. Any particular Award Agreement may provide for
      different exercise prices for specified amounts of Shares subject to the
      Option. The Option Price with respect to each Incentive Stock Option shall
      not be less than 100 (or 110, in the case of an individual described in
      Section
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      422(b)(6) of the Code (relating to certain 10% owners)) of the Fair Market
      Value of a Share on the day the Option is granted.

7.    PERIOD OF OPTION AND VESTING.

7.1   Unless earlier expired, forfeited or otherwise terminated, each Option
      shall expire in its entirety upon the 10th anniversary of the date of
      grant or shall have such other term as is set forth in the applicable
      Award Agreement (except that, in the case of an individual described in
      Section 422(b)(6) of the Code (relating to certain 10% owners) who is
      granted an incentive Stock Option, the term of such Option shall be no
      more than five years from the date of grant). The Option shall also
      expire, be forfeited and terminate at such times and in such circumstances
      as otherwise provided hereunder or under the Award Agreement.

7.2   Each Option, to the extent that there has been no termination of the
      Optionee's employment (or other service, if applicable) and the Option has
      not otherwise lapsed, expired, terminated or been forfeited, shall first
      become exercisable according to the terms and conditions set forth in the
      Award Agreement, as determined by the Committee at the time of grant.
      Unless otherwise provided in the Award Agreement or herein, no option (or
      portion thereof) shall ever be exercisable if the Optionee's employment or
      other service with the Company and its Subsidiaries has terminated before
      the time at which such option would otherwise have become exercisable, and
      any Option that would otherwise become exercisable after such termination
      shall not become exercisable and shall be forfeited upon such termination.
      Notwithstanding the foregoing provisions of this Section 7(b), Options
      exercisable pursuant to the schedule set forth by the Committee at the
      time of grant may be fully or more rapidly exercisable or otherwise vested
      at any time in the discretion of the Committee. Upon and after the death
      of an Optionee, such Optionee's Options, if and to the extent otherwise
      exercisable hereunder or under the applicable Award Agreement after the
      Optionee's death, may be exercised by the Successors of the Optionee.

8.    EXERCISABILITY UPON AND AFTER TERMINATION OF OPTIONEE.

8.1   Unless otherwise provided in the Award Agreement, if the Optionee's
      employment (or other service, if applicable) with the Company and its
      Subsidiaries is terminated other than by termination by the Company for
      Cause, or termination by reason of death, Retirement or Disability, no
      exercise of an Option may occur after the expiration of the three-month
      period to follow the termination, or if earlier, the expiration of the
      term of the Option as provided under Section 7; provided that, if the
      Optionee should die after termination of employment (or other service, if
      applicable), such termination being for a reason other than Disability or
      Retirement, but while the option is still in effect, the option (if and to
      the extent otherwise exercisable by the Optionee at the time of death) may
      be exercised until the earlier of (i) one year from the date of
      termination of employment (or other service, if applicable) of the
      Optionee, or (ii) the date on which the term of the option expires in
      accordance with Section 7.

8.2   Unless otherwise provided in the Award Agreement, if the Optionee's
      employment with the Company and its Subsidiaries terminates due to the
      death, Retirement or Disability of the Optionee, the option may be
      exercised until the earlier of (i) one-year from the date of termination
      of employment (or other service, if applicable) of the Optionee, or (ii)
      the date on which the term of the Option expires in accordance with
      Section 7.

8.3   Notwithstanding any other provision hereof, unless otherwise provided in
      the Award Agreement, if the Optionee's employment is terminated by the
      Company and its Subsidiaries for Cause, the Optionee's Options, to the
      extent then unexercised, shall thereupon cease to be exercisable and shall
      be forfeited forthwith.
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8.4   Except as may otherwise be expressly set forth in this Section B, and
      except as may otherwise be expressly provided under the Award Agreement,
      no provision of this Section 8 is intended to or shall permit the exercise
      of the Option to the extent the Option was not exercisable upon cessation
      of employment or other service.

9.    EXERCISE OF OPTIONS.

9.1   Subject to vesting, restrictions on exercisability and other restrictions
      provided for hereunder or otherwise imposed in accordance herewith, an
      Option may be exercised, and payment in full of the aggregate Option Price
      made, by an Optionee only by written notice (in the form prescribed by the
      Committee) to the Company specifying the number of Shares to be purchased.

9.2   Without limiting the scope of the Committee's discretion hereunder, the
      Committee may impose such other restrictions on the exercise of Incentive
      Stock Options (whether or not in the nature of the foregoing restrictions)
      as it may deem necessary or appropriate.

9.3   If Shares acquired upon exercise of an Incentive Stock Option are disposed
      of in a disqualifying disposition within the meaning of Section 422 of the
      Code by an Optionee prior to the expiration of either two years from the
      date of grant of such Option or one year from the transfer of Shares to
      the Optionee pursuant to the exercise of such option, or in any other
      disqualifying disposition within the meaning of Section 422 of the Code,
      such Optionee shall notify the Company in writing as soon as practicable
      thereafter of the date and terms of such disposition and, if the Company
      (or any affiliate thereof) thereupon has a tax-withholding obligation,
      shall pay to the Company (or such affiliate) an amount equal to any
      withholding tax the Company (or affiliate) is required to pay as a result
      of the disqualifying disposition.

10.   PAYMENT.

10.1  The aggregate Option Price shall be paid in full upon the exercise of the
      Option. Payment must be made by one of the following methods:

      (i)   a certified or bank cashier's check;

      (ii)  the proceeds of a Company loan program or third-party sale program
            or a notice acceptable to the Committee given as consideration under
            such a program, in each case if permitted by the Committee in its
            discretion, if such a program has been established and the Optionee
            is eligible to participate therein;

      (iii) if approved by the Committee in its discretion, Shares of previously
            owned Common Stock having an aggregate Fair Market Value on the date
            of exercise equal to the aggregate Option Price;

      (iv)  if approved by the Committee in its discretion, through the written
            election of the Optionee to have Shares withheld by the Company from
            the Shares otherwise to be received, with such withheld Shares
            having an aggregate Fair Market Value on the date of exercise equal
            to the aggregate Option Price; or

      by any combination of such methods of payment or any other method
      acceptable to the Committee in its discretion.

10.2  The Committee, in its discretion, may also permit the Optionee to elect to
      exercise an Option by receiving a combination of Shares and cash, or, in
      the discretion of the Committee, either Shares or solely in cash, with an
      aggregate Fair Market Value (or, to the extent of payment in cash, in an
      amount) equal to the excess of the Fair Market Value of the Shares with
      respect to which the Option is being exercised over the aggregate Option
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      Price, as determined as of the day the option is exercised.

10.3  Except in the case of Options exercised by certified or bank cashier's
      check, the Committee may impose limitations and prohibitions on the
      exercise of options as it deems appropriate, including, without
      limitation, any limitation or prohibition designed to avoid accounting
      consequences which may result from the use of Common Stock as payment upon
      exercise of an Option.

10.4  The Committee may provide that no option may be exercised with respect to
      any fractional Share. Any fractional Shares resulting from an Optionee's
      exercise that is accepted by the Company shall in the discretion of the
      Committee be paid in cash.

11.   TAX WITHHOLDING.

      The Committee may, in its discretion, require the Optionee to pay to the
      Company at the time of exercise of any Option the amount that the
      Committee deems necessary to satisfy the Company's obligation to withhold
      federal, state or local income or other taxes incurred by reason of the
      exercise. Upon exercise of the Option, the Optionee may, if approved by
      the Committee in its discretion, make a written election to have Shares
      then issued withheld by the Company from the Shares otherwise to be
      received, or to deliver previously owned Shares, in order to satisfy the
      liability for such withholding taxes. In the event that the Optionee
      makes, and the Committee permits, such an election, the number of Shares
      so withheld or delivered shall have an aggregate Fair Market Value on the
      date of exercise sufficient to satisfy the applicable withholding taxes.
      Where the exercise of an Option does not give rise to an obligation by the
      Company to withhold federal, state or local income or other taxes on the
      date of exercise, but may give rise to such an obligation in the future,
      the Committee may, in its discretion, make such arrangements and impose
      such requirements as it deems necessary or appropriate. Notwithstanding
      anything contained in the Plan or the Award Agreement to the contrary, the
      Optionee's satisfaction of any tax-withholding requirements imposed by the
      Committee shall be a condition precedent to the Company's obligation as
      may otherwise be provided hereunder to provide Shares to the Optionee, and
      the failure of the Optionee to satisfy such requirements with respect to
      the exercise of an option shall cause such Option to be forfeited.

12.   EXERCISE BY SUCCESSORS.

      An Option may be exercised, and payment in full of the aggregate Option
      Price made, by the Successors of the Optionee only by written notice (in
      the form prescribed by the Committee) to the Company specifying the number
      of Shares to be purchased. Such notice shall state that the aggregate
      Option Price will be paid in full, or that the Option will be exercised as
      otherwise provided hereunder, in the discretion of the Company or the
      Committee, if and as applicable.

13.   NONTRANSFERABILITY OF OPTION.

      Each Option granted under the Plan shall be nontransferable by the
      Optionee except by will or the laws of descent and distribution of the
      state wherein the Optionee is domiciled at the time of his death;
      provided, however, that the Committee may (but need not) permit other
      transfers, where the Committee concludes that such transferability (i)
      does not result in accelerated income taxation, (ii) does not cause any
      option intended to be an Incentive Stock option to fail to be described in
      Section 422 (b) of the Code, and (iii) is otherwise appropriate and
      desirable.

14.   RIGHT OF FIRST REFUSAL; RIGHT OF REPURCHASE.

      At the time of grant, the Committee may provide in connection with any
      grant made under the Plan that Shares received in connection with options
      shall be
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      subject to a right of first refusal pursuant to which the Company shall be
      entitled to purchase such Shares in the event of a prospective sale of the
      Shares, subject to such terms and conditions as the Committee may specify
      at the time of grant or (if permitted by the Award Agreement) thereafter,
      and to a right of repurchase, pursuant to which the Company shall be
      entitled to purchase such Shares at a price determined by, or under a
      formula set by, the Committee at the time of grant or (if permitted by the
      Award Agreement) thereafter, subject to such other terms and conditions as
      the Committee may specify at the time of grant.

15.   REGULATIONS AND APPROVALS.

15.1  The obligation of the Company to sell Shares with respect to Options
      granted under the Plan shall be subject to all applicable laws, rules and
      regulations, including all applicable federal and state securities laws,
      and the obtaining of all such approvals by governmental agencies as may be
      deemed necessary or appropriate by the Committee.

15.2  The Committee may make such changes to the Plan as may be necessary or
      appropriate to comply with the rules and regulations of any government
      authority or to obtain tax benefits applicable to stock options.

15.3  Each option is subject to the requirement that, if at any time the
      Committee determines, in its discretion, that the listing, registration or
      qualification of Shares issuable pursuant to the Plan is required by any
      securities exchange or under any state or federal law, or the consent or
      approval of any governmental regulatory body is necessary or desirable as
      a condition of, or in connection with, the grant of an Option or the
      issuance of Shares, no Options shall be granted or payment made or Shares
      issued, in whole or in part, unless listing, registration, qualification,
      consent or approval has been effected or obtained free of any conditions
      in a manner acceptable to the Committee.

15.4  In the event that the disposition of stock acquired pursuant to the Plan
      is not covered by a then current registration statement under the
      Securities Act, and is not otherwise exempt from such registration, such
      Shares shall be restricted against transfer to the extent required under
      the Securities Act, and the Committee may require any individual receiving
      Shares pursuant to the Plan, as a condition precedent to receipt of such
      Shares, to represent to the Company in writing that the Shares acquired by
      such individual are acquired for investment only and not with a view to
      distribution and that such Shares will be disposed of only if registered
      for sale under the Securities Act or if there is an available exemption
      for such disposition.

16.   ADMINISTRATIVE RULES; INTERPRETATION.

      The Committee may make such rules and regulations and establish such
      procedures for the administration of the Plan as it deems appropriate.
      Without limiting the generality of the foregoing, the Committee may (i)
      determine (A) the conditions under which an Optionee will be considered to
      have retired or become disabled and (B) whether any Optionee has done so;
      (ii) establish or assist in the establishment of a program (which need not
      be administered in a nondiscriminatory or uniform manner) under which the
      Company or a third party may make bona-fide loans on arm's-length terms to
      any or all Optionees to assist such Optionees with the satisfaction of any
      or all of the obligations that such Optionees may have hereunder or under
      which third-party sales may be made for such purpose (including, without
      limitation, a loan program under which the Company or a third party would
      advance the aggregate Option Price to the Optionee and be repaid with
      Option stock or the proceeds thereof and a sale program under which funds
      to pay for option stock are delivered by a third party upon the third
      party's receipt from the Company of stock certificates); (iii) determine
      the extent, if any, to which Options or Shares shall be forfeited (whether
      or not such forfeiture is expressly contemplated hereunder); (iv)
      interpret the Plan and
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      the Award Agreements hereunder, with such interpretations to be conclusive
      and binding on all persons and otherwise accorded the maximum deference
      permitted by law, provided that the Committee's interpretation shall not
      be entitled to deference on and after a Change in Control except to the
      extent that such interpretations are made exclusively by members of the
      Committee who are individuals who served as Committee members before the
      Change in Control, and (v) take any other actions and make any other
      determinations or decisions that it deems necessary or appropriate in
      connection with the Plan or the administration or interpretation thereof.
      In the event of any dispute or disagreement as to the interpretation of
      the Plan or of any rule, regulation or procedure, or as to any question,
      right or obligation arising from or related to the Plan, the decision of
      the Committee shall be final and binding upon all persons. Unless
      otherwise expressly provided hereunder, the Committee, with respect to any
      Option, except as provided in clause (iv) of the foregoing sentence, may
      exercise its discretion hereunder at the time of the award or thereafter.

17.   AMENDMENTS.

      The Board may amend the Plan as it shall deem advisable, except that no
      amendment may adversely affect an Optionee with respect to Options
      previously granted unless such amendments are in connection with
      compliance with applicable laws; provided that the Board may not make any
      amendment in the Plan that would, if such amendment were not approved by
      the holders of the Common Stock, cause the Plan to fail to comply with any
      requirement of applicable law or regulation, unless and until the approval
      of the holders of such Common Stock is obtained. Without limiting the
      generality of the foregoing, the Committee may (subject to such
      considerations as may arise under Section 16 of the Exchange Act, or under
      other corporate, securities or tax laws) take any steps it deems
      appropriate, that are not inconsistent with the purposes and intent of the
      Plan, to take into account the provisions of Section 162 (m) of the Code.

18.   CHANGES IN CAPITAL STRUCTURE.

      If (i) the Company shall at any time be involved in a merger,
      consolidation, dissolution, liquidation, reorganization, exchange of
      shares, sale of all or substantially all of the assets or stock of the
      Company or a transaction similar thereto, (ii) any stock dividend, stock
      split, reverse stock split, stock combination, reclassification,
      recapitalization or other similar change in the capital structure of the
      Company, or any distribution to holders of Common Stock other than cash
      dividends, shall occur or (iii) any other event shall occur which in the
      judgment of the Committee necessitates action by way of adjusting the
      terms of the outstanding Options, then the Committee shall forthwith take
      any such action as in its judgment shall be necessary to preserve to the
      Optionees rights substantially proportionate to the rights existing prior
      to such event, and to maintain the continuing availability of Shares under
      Section 5 (if Shares are otherwise then available) in a manner consistent
      with the intent hereof, including, without limitation, adjustments in (x)
      the number and kind of shares or other property subject to Options, (y)
      the Option Price, and (z) the number and kind of shares available under
      Section 5. To the extent that such action shall include an increase or
      decrease in the number of Shares (or units of other property then
      available) subject to outstanding Options, the number of Shares (or units)
      available under Section 5 shall be increased or decreased, as the case may
      be, proportionately, as may be provided by Committee in its discretion.

      If a Change in Control shall occur, then the Committee as constituted
      immediately before the Change in Control may make such adjustments as it,
      in its discretion, determines are necessary or appropriate in light of the
      Change in Control (including, without limitation, the substitution of
      stock other than stock of the Company as the stock optioned hereunder, and
      the acceleration of the exercisability of the Options), provided that the
<PAGE>   10
      Committee determines that such adjustments do not have a substantial
      adverse economic impact on the Optionee as determined at the time of the
      adjustments; provided that this provision shall not be effective to the
      extent that the Company or the Committee determines that the accelerated
      exercisability of the Options upon the occurrence of a Change in Control
      as contemplated hereby would adversely affect the ability of the Company
      or acquiror (in the case of a Change in Control in connection with which
      the Company is not the surviving corporation) to use the pooling method of
      accounting in connection with a Change in Control transaction, if such
      method of accounting would otherwise be available and desired by the
      Company or acquiror.

      The judgment of the Committee with respect to any matter referred to in
      this Section 18 shall be conclusive and binding upon each Optionee without
      the need for any amendment to the Plan.

19.   NOTICES.

      All notices under the Plan shall be in writing, and if to the Company,
      shall be delivered to the Board or mailed to its principal office,
      addressed to the attention of the Board; and if to the Optionee, shall be
      delivered personally, sent by facsimile transmission or mailed to the
      Optionee at the address appearing in the records of the Company. Such
      addresses may be changed at any time by written notice to the other party
      given in accordance with this Section 19.

20.   RIGHTS AS STOCKHOLDER.

      Neither the Optionee nor any person entitled to exercise the Optionee's
      rights in the event of death shall have any rights of a stockholder with
      respect to the Shares subject to an Option, except to the extent that a
      certificate for such Shares shall have been issued upon the exercise of
      the Option as provided for herein.

21.   RIGHTS TO EMPLOYMENT.

      Nothing in the Plan or in any option granted pursuant to the Plan shall
      confer on any individual any right to continue in the employ or other
      service of the Company or its Subsidiaries or interfere in any way with
      the right of the Company or its Subsidiaries and its stockholders to
      terminate the individual's employment or other service at any time.

22.   SUBSTITUTE OPTIONS.

      Options may be granted under the Plan from time to time in substitution
      for options held by employees of a corporation who become or are about to
      become employees of the Company or its Subsidiaries as the result of a
      merger or consolidation of the employing entity with the Company or the
      acquisition by the Company of stock of the employing entity. The terms and
      conditions set forth in this Plan to such extent as the Board as the time
      of grant may deem appropriate to conform, in whole or in part, to the
      provisions of the options in substitution for which they are granted, and,
      if applicable pursuant to Section 424 of the Code.

23.   INVESTMENT INTENT.

      The Company may require that there be presented to and filed with it by
      any Optionee under the Plan, such evidence as it may deem necessary to
      establish that the Options granted or the Shares to be purchased or
      transferred are being acquired for investment and not with a view to their
      distribution.

24.   EXCULPATION AND INDEMNIFICATION.

      The Company shall indemnify and hold harmless the members of the Board and
<PAGE>   11
      the members of the Committee from and against any and all liabilities,
      costs and expenses incurred by such persons as a result of any act or
      omission to act in connection with the performance of such person's
      duties, responsibilities and obligations under the Plan, if such person
      acts in good faith and in a manner that he or she reasonably believes to
      be in, or not opposed to, the best interests of the Company, to the
      maximum extent permitted by law.

25.   CAPTIONS.

      The use of captions in this Plan is for convenience. The captions are not
      intended to and do not provide substantive rights.

26.   SEVERABILITY.

      The invalidity or unenforceability of any provision of the Plan shall not
      affect the validity or enforceability of any other provision of the Plan,
      which shall remain in full force and effect.

27.   GOVERNING LAW.

      THE PLAN SHALL BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE, WITHOUT
      REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS.<PAGE>   1
                                                                    Exhibit 10.3

                              MARSEC HOLDINGS, INC.

                           (a Cayman Islands Company)

                             SHAREHOLDERS' AGREEMENT

                         Dated as of September 15, 2000
<PAGE>   2
                             SHAREHOLDERS AGREEMENT

            This SHAREHOLDERS' AGREEMENT, dated as of September 15, 2000, (the
"Agreement"), is entered into by and among MARSEC Holdings, Inc., a Cayman
Islands company (the "Company"), the individuals set forth on the signature page
hereof (collectively, the "Founders," and each a "Founder") and AsiaInfo
Holdings, Inc., a Delaware corporation (the "Parent"). The Founders and the
Parent may individually be referred to herein as "Shareholder" or collectively
as the "Shareholders."

            WHEREAS, the authorized capital of the Company consists of 3,000,000
shares, of which 2,000,000 are ordinary shares, par value US$0.01 per share (the
"Ordinary Shares"), and 1,000,000 are series a preferred shares, par value
US$0.01 per share (the "Preferred Shares");

            WHEREAS, in consideration of services they have rendered and will
render to the Company pursuant to the terms of those certain employment
agreements to be entered into by and between the Company and each of the
Founders (the "Employment Agreements"), the Company has issued an aggregate of
250,000 Ordinary Shares to the Founders pursuant to the terms of the Employment
Agreements, representing 25% of the currently issued and outstanding Shares (as
defined below) of the Company;

            WHEREAS, in consideration of US$2,000,000 the Company has issued
750,000 Preferred Shares to the Parent, representing 75% of the currently issued
and outstanding Shares of the Company, together with a warrant dated as of
September 15, 2000 (the "Warrant") to purchase an additional 200,000 Preferred
Shares;

            NOW, THEREFORE, in consideration of the mutual covenants and
agreements herein contained and intending to be legally bound hereby, the
parties hereto agree as follows:

      Section 1.  Defined Terms.  As used in this Agreement, and unless the
context requires a different meaning, the following terms have the meanings
indicated:

      "Agreement" shall mean this Agreement, as the same may be amended,
supplemented or modified in accordance with the terms hereof.

      "Board" shall have the meaning given to such term in Section 5.01 hereof.

      "Bona Fide Offer" shall have the meaning given to such term in Section
3.07 hereof.

      "Business Day" shall mean any calendar day on which banks in Beijing are
open for business.

      "Commission"  shall mean the United States Securities and Exchange
Commission.

      "Directors" shall have the meaning given to such term in Section 5.01
hereof.

      "Excluded Shares" shall have the meaning given to such term in Section
3.03 hereof.

      "First Offer Price" shall mean the price at which the Ordinary Shares or
the Preferred Shares were first offered pursuant to Section 3.06 hereof.

      "Initial Public Offering" shall mean the first time a registration
statement filed by the Company under the Securities Act, in respect of a firm
commitment underwritten public offering of Shares, is declared effective by the
Commission and the sale of such Shares by the Company in such offering is
consummated or any public
<PAGE>   3
offering of ordinary shares and/or preferred shares on an internationally
recognized stock exchange is completed.

      "Initial Public Offering Date" shall mean the date on which the Initial
Public Offering is consummated.

      "Memorandum of Association" shall mean the Company's Memorandum and
Articles of Association as filed with the Registrar of the Cayman Islands on
August 11, 2000, as the same may be amended from time to time.

      "Offered Securities" shall have the meaning given to such term in Section
3.06 hereof.

      "Offering Shareholder" shall have the meaning given to such term in
Section 3.06 hereof.

      "Person" shall mean any natural person, company, corporation, limited
liability company, association, partnership, organization, business, firm, joint
venture, trust, unincorporated organization or any other entity or organization,
including a government or any political subdivision, department or agency of any
government.

      "Preemptive Notice" shall have the meaning given to such term in Section
3.08 hereof.

      "Preemptive Shares" shall have the meaning given to such term in Section
3.08 hereof.

      "Proportionate Amount" shall have the meaning given to such term in
Section 3.08 hereof.

      "Reoffer Notice" shall have the meaning given to such term in Section 3.06
hereof.

      "Reoffer Price" shall have the meaning given to such term in Section 3.06
hereof.

      "Restricted Shares" shall have the meaning given to such term in Section
3.02 hereof.

      "Rule 144" shall mean Rule 144 promulgated by the Commission under the
Securities Act, or any successor federal statute, as the same shall be in effect
from time to time.

      "Section 3.06 Closing" shall have the meaning given to such term in
Section 3.06 hereof.

      "Section 3.06 Closing Date" shall have the meaning given to such term in
Section 3.06 hereof.

      "Securities Act" shall mean the Securities Act of 1933, as amended, and
the rules and regulations promulgated thereunder.

      "Shares" shall mean the Ordinary Shares and/or the Preferred Shares, as
applicable.

      "Shareholder" shall have the meaning given to such term in the recital
hereof.

      "Transfer" shall mean the making of any sale, exchange assignment or gift
of the granting of any security interest, pledge or other encumbrance in, or of
the creation of, any voting trust or other agreement or arrangement with respect
to the transfer of voting rights in, the Shares, or the creation of any other
claim thereof
<PAGE>   4
or any other transfer or disposition whatsoever, whether voluntary or
involuntary, affecting the right, title or interest or possession in or to the
Shares.

      "Transfer Notice" shall have the meaning given to such term in Section
3.06 hereof.

      Section 2. Representations and Warranties. Each Shareholder (in respect of
itself only and not in respect of any other Shareholder) represents and warrants
to the other Shareholders and the Company, and the Company represents and
warrants to each Shareholder, as follows:

            2.01. Good Standing.  If it is not a natural person, it is duly
incorporated and validly existing and in good standing under the laws of the
jurisdiction of its incorporation and has the corporate power to enter into
and perform its obligations under this Agreement.

            2.02. Authorization of Agreement. It has full power and authority to
execute, deliver and perform this Agreement and the documents contemplated
hereby. If it is not a natural person, the execution, delivery and performance
of this Agreement and the documents contemplated hereby and the consummation of
the transactions contemplated hereby and thereby have been duly and validly
authorized by it and no other action on its part is necessary. This Agreement
and the documents contemplated hereby to which it is a party have been duly
executed and delivered by it and constitutes its valid and binding obligation
and are enforceable against it in accordance with their respective terms.

            2.03. No Conflicts. The execution, delivery and performance of this
Agreement by such Shareholder or the Company (as the case may be) and the
consummation of the transactions contemplated hereby will not (with or without
the giving of notice, lapse of time, or both): (i) with respect to any
Shareholder which is not a natural person, violate or conflict with any of the
provisions of its governing documents; (ii) will not conflict with, result in a
breach of, or constitute a default under any applicable law, judgment, order,
ordinance, decree, rule, regulation, or ruling of any court or governmental
instrumentality applicable to such Shareholder; or (iii) conflict with,
constitute grounds for termination of, result in a breach of, constitute a
default under, or accelerate or permit the acceleration of any performance
required by the terms of any agreement, instrument, license, or permit to which
such Shareholder is a party or by which such Shareholder or any of its assets or
properties may be bound.

      Section 3.  Transfer of Shares.

            3.01. Legend.  (a) Each certificate evidencing the Shares (other
than Excluded Shares) shall be stamped or imprinted with a legend
substantially as follows:

            THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
            SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER
            THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE TRANSFER
            OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE
            CONDITIONS SPECIFIED IN THE SHAREHOLDERS AGREEMENT DATED AS OF
            SEPTEMBER 15, 2000. A COPY OF SUCH CONDITIONS WILL BE FURNISHED BY
            THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT
            CHARGE. THESE SECURITIES MAY BE RESOLD OR TRANSFERRED ONLY (1)
            PURSUANT TO THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
            SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, (2) OUTSIDE THE
            UNITED STATES IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES
            ACT, (3) IN RELIANCE UPON ANOTHER AVAILABLE EXEMPTION FROM THE
            REGISTRATION REQUIREMENTS OF THE SECURITIES ACT SUBJECT, IN EACH
            CASE DESCRIBED ABOVE, TO THE RECEIPT BY THE COMPANY OF ANY NECESSARY
            CERTIFICATIONS OR ENDORSEMENTS RELATING TO COMPLIANCE WITH THE
<PAGE>   5
            RESTRICTIONS ON TRANSFER APPLICABLE TO THE SECURITIES AND, IN THE
            CASE OF ANY TRANSFER PURSUANT TO CLAUSES (1) AND (3) ABOVE, AN
            OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM
            THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, OR (4) PURSUANT
            TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN
            EACH CASE IN ACCORDANCE WITH APPLICABLE STATE AND OTHER SECURITIES
            LAWS.

            3.02. Securities Act Compliance. Each Shareholder who is a holder of
a certificate evidencing Shares which bears the restrictive legend set forth in
Section 3.01 above (the "Restricted Shares"), and who proposes to Transfer any
Restricted Shares, shall give written notice (the "Sale Notice") to the Company
of such Shareholder's intention to effect such transfer. Each such notice shall
describe the manner and circumstances of the proposed sale or other disposition
in sufficient detail and may be accompanied by an opinion of legal counsel to
the Shareholder. Promptly upon receipt of the Sale Notice, the Company shall
present a copy thereof (together with any accompanying opinion of legal counsel
to the Shareholder) to its legal counsel, and, subject to the additional
restrictions on Transfer of the Shares set forth herein, the following
provisions shall apply:

            (a) If, in the opinion of legal counsel to such Shareholder, such
opinion to be reasonably satisfactory in form and substance to the Company and
its legal counsel, or if such notice was not accompanied by an opinion of legal
counsel to the Shareholder, then, if, in the opinion of legal counsel to the
Company, the proposed sale or other disposition may be effected without
registering the Restricted Shares involved under the Securities Act or under
state securities laws (or equivalent laws in any other jurisdiction outside the
United States), such Shareholder shall be entitled to Transfer such Restricted
Shares in accordance with the terms of the notice delivered to the Company. The
Company will advise the Shareholder, within 10 business days after submission of
such notice, whether such Shareholder is entitled to so transfer the Restricted
Shares. If the Shareholder is entitled to so Transfer, he shall submit the share
certificate or certificates evidencing the Restricted Shares to be Transferred
to the Company in proper form for transfer and accompanied by appropriate
instruments of Transfer. Restricted Shares thus Transferred (and each of the
certificates evidencing any untransferred balance of the Restricted Shares not
so Transferred) shall bear the restrictive legend set forth in Section 3.1,
unless, in the opinion of both such legal counsel (or legal counsel to the
Company if the Shareholder did not present an opinion of its legal counsel),
such legend is not required by the applicable provisions of the Securities Act
or state securities laws; and

            (b) If in the reasonable opinion of either of such legal counsel (or
legal counsel to the Company if the Shareholder did not present an opinion of
its legal counsel), the proposed Transfer cannot be effected without registering
the Restricted Shares involved under the Securities Act or state securities
laws, such Shareholder shall not offer to Transfer or Transfer such Restricted
Shares unless and until such Restricted Shares have been registered under the
Securities Act or state securities laws for such purpose.

            3.03. Restrictions on Transfer. Until the Initial Public Offering
Date, no Shareholder shall Transfer any Shares to any person unless such
Transfer is made: (i) to a Permissible Transferee as defined in and in
accordance with the terms and provisions of Section 3.04; or (ii) in accordance
with the terms and provisions of Sections 3.06, 3.07 and 3.08. Any transferee of
Shares who receives Shares without violation of this Agreement, other than a
transferee who receives Shares in a public offering pursuant to an effective
registration statement filed pursuant to the Securities Act or in a public sale
of such Shares pursuant to Rule 144 (such Shares being "Excluded Shares") shall
(i) take and hold such Shares subject to this Agreement and to all the
obligations and restrictions upon the transferor, (ii) observe and comply with
this Agreement and with such obligations and restrictions, and (iii) as a
condition of Transfer, execute and deliver to the Company and each other
Shareholder a Joinder Agreement substantially in the form of Exhibit A hereto.
Notwithstanding any of the terms herein, each Parent and the
<PAGE>   6
Founders acknowledges that it has acquired the Shares for its own account and
not with a view to any direct or indirect resale or distribution thereof.

            3.04. Permissible Transfers. Notwithstanding any provision (other
than Section 3.02) to the contrary contained in this Agreement, any Shareholder
(which term includes Permissible Transferees for the purposes of this
Agreement), may transfer Shares to: (i) a spouse or any lineal ancestor or
descendant of such Shareholder; (ii) the trustee or trustees of a trust or
trusts at any time established for the primary benefit of such Shareholder or
the spouse or any lineal ancestor or descendant of such Shareholder, provided
that each and every trustee who may vote any Shares shall be such Shareholder or
a person referred to in this Section 3.04 or a bank or trust Company; (iii) if
the Shareholder is a trust, to the beneficiaries of such trust, their spouses,
lineal descendants and trusts for the benefit of any of them or to any
Shareholder; (iv) a partnership, each general and limited partner of which is,
or a limited liability Company, each member of which is, a Shareholder and/or
one or more of the persons referred to in this Section 3.04 (other than a bank
or trust Company); provided, however, that any such trust, partnership or
limited liability Company shall have no terms inconsistent with the obligations
of the transferor Shareholder under this Agreement. Furthermore, notwithstanding
anything to the contrary herein, nothing in this Agreement shall restrict
transfers (i) to the personal representative of a Shareholder (A) upon the death
of such Shareholder for purposes of administration of such Shareholder's estate
or (B) upon the incompetency of such Shareholder for purposes of the protection
and management of such Shareholder's assets, but such personal representative
may not Transfer such Shares other than as permitted under this Agreement; or
(ii) that are required under law or judicial order. In addition, any Shareholder
may transfer Shares to any limited partnership with the same general partner, or
to any company that directly, or indirectly, controls or is controlled by or is
under ordinary control with the Shareholder, where ownership of 50% or more of
the voting securities of a company shall constitute control. Any person
receiving any Shares in a transaction pursuant to this Section 3.04 is herein
referred to as a "Permissible Transferee" with respect to such transaction, and
shall execute and deliver to the Company and each of the Shareholders a Joinder
Agreement substantially in the form of Exhibit A hereto.

            3.05. Failure to Comply.  Any purported Transfer of Shares in
violation of this Agreement shall be void and of no force or effect, and no
such Transfer shall be made or recorded on the books of the Company.

            3.06. Rights of First Offer.

            (a)   Right of First Offer.  Except as provided in Section 3.04,
no Shareholder shall Transfer or accept an offer to Transfer any Shares to
any person unless:

                  (i) If the proposed transferor Shareholder (hereinafter
referred to as the "Offering Shareholder") shall at any time desire to directly
or indirectly Transfer the Shares owned by the Offering Shareholder other than
to a Permissible Transferee pursuant to Section 3.04, such Offering Shareholder
shall first give written notice (the "Transfer Notice") to the Company, which
Transfer Notice shall state (x) such Offering Shareholder's desire to make such
Transfer, (y) the number of Shares proposed to be transferred (the "Offered
Securities"), and (z) the consideration and other material terms and conditions
(the "First Offer Price") which such Offering Shareholder proposes to be paid
for such Offered Securities. If the Offering Shareholder fails to give the
Transfer Notice with respect to any such proposed transfer of his Shares, then
any such purported transfer shall be void and shall not be made or recorded on
the books of the Company.

                  (ii) Subject to Section 3.06(a)(vii) and other relevant laws,
upon the giving of a Transfer Notice, the Company shall have the irrevocable and
exclusive option, but not the obligation, to purchase all, but not less than
all, of the Offered Securities at the First Offer Price. Such option shall be
exercised by so notifying the Offering Shareholder (with copies to all other
Shareholders) within 30 days of the delivery of the Transfer Notice failing
which, such option shall automatically lapse and terminate. Failure by the
Company to
<PAGE>   7
deliver the notice required by this Section 3.06(a)(ii) shall be deemed an
election not to purchase the Offered Securities.

                  (iii) If the Company exercises its option to purchase all, but
not less than all, of the Offered Securities at the First Offer Price or the
Reoffer Price (as defined below), the Company shall repurchase such Shares (a
"Section 3.06 Closing") not later than 60 days after the date of the notice
copy, or if later, the fifth Business Day after all applicable governmental and
third party permits, approvals and notices have been given or obtained, relevant
laws complied with, and all legally required waiting periods have expired (a
"Section 3.06 Closing Date"), and the Company shall pay to the Offering
Shareholder in accordance with the provisions of Section 3.06(b) the total
amount of the First Offer Price in respect of all of the Offered Securities so
repurchased. Upon such repurchase, the Offered Securities shall be cancelled.

                  (iv) If the Company does not exercise its option to repurchase
the Offered Securities at the First Offer Price, then the Offering Shareholder
shall give a Transfer Notice to the other Shareholders (any such recipient of a
Transfer Notice, an "Offeree Shareholder"), which Transfer Notice shall state
the information as set forth in paragraph (i) of this Section. If the Offering
Shareholder fails to give the Transfer Notice with respect to any such proposed
transfer of his shares, then any such proposed transfer shall be void and shall
not be made or recorded on the books of the Company.

                  (v) Subject to Section 3.06(a)(vii), upon the giving of a
Transfer Notice, each of the Offeree Shareholders, as a group, shall have the
irrevocable option, but not the obligation, to purchase all (but not less than
all) of the Offered Securities at the First Offer Price on a pro rata basis,
based on such Offeree Shareholder's percentage equity interest at such time.
Such option shall be exercised by so notifying the Offering Shareholder (with
copies to all other Shareholders) within 15 days of the delivery of the Transfer
Notice, failing which, such option shall automatically lapse and terminate in
respect of the relevant Offeree Shareholder. Failure by the applicable Offeree
Shareholder to deliver the notice required by this Section 3.06(a)(v) shall be
deemed an election not to purchase the Offered Securities and the other Offeree
Shareholders may then purchase the balance of such Offered Securities on a
first-come, first-serve basis.

                  (vi) If no Offeree Shareholders exercise their option to
purchase the Offered Securities at the First Offer Price or if options are
exercised in respect of any part of the Offered Securities, then the Offering
Shareholder who has duly given such Transfer Notice shall be entitled, for a
period of 60 days beginning on the earlier of (x) the third day after the last
date for the giving of a written notice of exercise by the Offeree Shareholders
pursuant to paragraph (v) of this Section or (y) the date such Offering
Shareholder shall have received written notices from the Offeree Shareholders
stating that the Offeree Shareholders do not intend to exercise the option
granted under this Section, to enter into definitive agreements to Transfer all
or less than all of the Offered Securities, at a price equal to or greater than
the First Offer Price and on the other terms and conditions set out in the
Transfer Notice.

                  (vii) In the event that, prior to the expiration of the 60-day
period referred to in paragraph (vi) of this Section, an Offering Shareholder
wishes to Transfer any Offered Securities at a price that is less than the First
Offer Price specified by such Offering Shareholder, such Offering Shareholder
shall not Transfer any of the Offered Securities at such lesser price unless
such Offering Shareholder shall first reoffer such Offered Securities at such
lesser price to the Company by giving written notice (the "Reoffer Notice") to
the Company of such selling Offering Shareholder's intention to make such
Transfer at such lower price (the "Reoffer Price"). The Company shall then have
an irrevocable and exclusive option to purchase all of the Offered Securities at
the Reoffer Price, exercisable in the same manner as provided in paragraph (ii)
of this Section except that the Company's option under this paragraph (vii)
shall be exercisable for 15 days after the Reoffer Notice has been received by
the Company. If the Company does not then elect to repurchase all of the Offered
Securities, then the Offering Shareholders shall give the Reoffer Notice to the
Offeree Shareholders. The Offeree Shareholders
<PAGE>   8
shall then have an irrevocable and exclusive option to purchase all of the
Offered Securities at the Reoffer Price on a pro rata basis, exercisable in the
same manner as provided in paragraph (v) of the Section, except that the Offeree
Shareholder's option under this paragraph (vii) shall be exercisable for 15 days
after the Reoffer Notice has been received by the Purchasers. The Offering
Shareholder shall be entitled for a period beginning on the earlier of (x) the
third day after the last date for the giving of a written notice of exercise by
the Offeree Shareholders in response to the Reoffer Notice pursuant to this
paragraph (vii) or (y) the date such Offering Shareholder shall have received
written notice from the Offeree Shareholder stating that the Offeree Shareholder
does not intend to exercise the option granted under this Section, and ending on
the later of (x) 30 days thereafter or (y) the end of the period referred to in
paragraph (iv) of this Section to enter into a definitive agreement to Transfer
to any third party all or any part of the Offered Securities, at a price equal
to or greater than the Reoffer Price and on the other terms and conditions set
out in the Reoffer Notice or Transfer Notice.

                  (viii) If neither the Company nor any of the Offeree
Shareholders exercise their option to purchase all of the Offered Securities at
the First Offer Price or the Reoffer Price, and the Offering Shareholder
desiring to Transfer shall not have Transferred all of the Offered Securities
for any reason before the expiration of the period described in paragraph (vii)
of this Section in the event of a Reoffer, or, if no Reoffer Notice is given,
the 30-day period described in paragraph (vi) of this Section, then no Transfer
subject to this Section (including Transfers of any Shares that were previously
deemed Offered Securities) by such Offering Shareholder thereafter shall be
consummated unless all of the provisions of this Section are again complied
with.

                  (ix) If the Offeree Shareholders exercise their option to
purchase all of the Offered Securities at the First Offer Price or the Reoffer
Price, the Company shall record the transfer of those Shares to such exercising
Offeree Shareholders (a "Section 3.06 Closing") in the Company's register of
members, not later than 30 days after the date of the notice of exercise, and
the Offering Shareholder shall deliver to the Offeree Shareholder certificates
for those shares and duly executed instruments of transfer (a "Section 3.06
Closing Date").

                  (x) If the exercising Offeree Shareholders shall have elected
to purchase a number of the Offered Securities at the first Offer Price or the
Reoffer Price which, in the aggregate, exceeds the number of Offered Securities
available, such Offered Securities shall be allocated, pro rata, in the same
proportion that the number of Shares owned by each such exercising Offeree
Shareholder bears to the total number of Shares owned by all such exercising
Offeree Shareholders on the date of delivery of the Transfer Notice.

            (b)   Payment, Delivery of Certificates, etc.

                  (i) If any party hereto purchases any Shares pursuant to the
provisions of this Section 3.06, at the Section 3.06 Closing, such party shall
pay the purchase price in the manner set forth in the Transfer Notice.

                  (ii) At the Section 3.06 Closing, the transferor Shareholder
shall deliver to the party hereto, duly endorsed instrument of transfer and
original certificates for all of the Shares being purchased by such party and
sold at such Section 3.06 Closing and, in addition, such signature guarantees
and other documents as may be reasonably requested in order to confirm the
transferor Shareholder's title to such Shares and his authority to act in
connection with the sale thereof.

            3.07. Tag-Along. Until the Initial Public Offering Date, no
Shareholder shall voluntarily Transfer 10% or more of the Company's share
capital to any person pursuant to a bona fide offer to purchase Shares by a
third party (a "Bona Fide Offer") unless such Transfer is made in accordance
with this Section 3.07.

            (a) The proposed transferor Shareholder shall afford each other
Shareholder (the "Other Shareholders") the opportunity to sell, in the same
transaction contemplated by the Bona Fide Offer, at the same price and on the
same
<PAGE>   9
terms, the same proportion of the number of Shares being sold pursuant to the
Bona Fide Offer as the total number of Shares owned by such Other Shareholders
bears to the total number of Shares owned by all ordinary Shareholders on such
date.

            (b) Each Other Shareholder shall, within 15 days of the date of
delivery of the Transfer Notice pursuant to Section 3.06, notify the proposed
transferor Shareholder of its election to sell its Shares pursuant to Section
3.07(a). The failure by any Other Shareholder to deliver a notice pursuant to
this Section 3.07(b) shall be deemed an election by such Other Shareholder not
to sell the Shares owned by it pursuant to Section 3.07(a).

            3.08. Pre-emptive Rights. Except as otherwise provided herein, and
except for Shares to be made available for compensation purposes pursuant to the
Stock Option Plan (as defined in Section 4.01 below) and acquisitions approved
by the Board or which are otherwise permitted under that Section, the Company
shall not offer, issue or sell, or enter into any agreement or commitment to
offer, issue or sell any of its shares or any options, rights or other
securities to acquire any such shares (collectively, the "Preemptive Shares"),
unless the Company shall first offer in writing to sell to each of the
Shareholders, on the same terms and conditions and at the same equivalent price,
the number of shares equal to the Proportionate Amount (as defined below);
provided that in the event a Shareholder elects not to exercise its rights
pursuant to this Section 3.08, whether in full or in part, each other
Shareholder shall have the right to subscribe for such non-electing
Shareholder's Proportionate Amount. In the event the subscription by each other
Shareholder for the non-electing Shareholder's Proportionate Amount exceeds the
Proportionate Amount, each other Shareholder shall be entitled to subscribe for
the pro rata portion of such Proportionate Amount based on the number of Shares
held by each Shareholder on such date. The "Proportionate Amount" shall be equal
to the product of (x) all such shares and securities to be sold or issued and
(y) a fraction (i) the numerator of which shall be the number of Shares owned by
such Shareholder and (ii) the denominator of which shall be the aggregate number
of outstanding Shares. Such offer shall remain outstanding for at least 14 days
from the date of such written notice and shall be exercised by a Shareholder
giving written notice to the Company within such 14 day period (a "Preemptive
Notice"). Following the completion of such 14 day period, the Company shall have
the right, for a period of 60 days to sell any Preemptive Shares not purchased
by existing Shareholders, on substantially similar terms and at a price per
share not less than the per share price in respect of the Preemptive Shares
offered to such Shareholders. Thereafter, any offer, sale or issuance of
Preemptive Shares shall again be subject to the provisions of this Section 3.08.
The terms of this Section 3.08 shall terminate and be null and void on the date
that Initial Public Offering is completed.

      Section 4. Employee Stock Option Plan and Award Agreement. As a way to
incentivize employees of the Company, the Company shall implement an employee
share option plan (the "Stock Option Plan") to be approved by the Board. Unless
otherwise approved by the Board, the total number of option shares issuable
under such Stock Option Plan shall not exceed 200,000 Ordinary Shares (the
"Stock Option Plan Limit").

      Section 5.  Corporate Governance.

            5.01. Board of Directors. (a) The Board of Directors of the Company
(the "Board") shall initially consist of five directors (the "Directors"). The
Parent shall have the right to designate three Directors and the Founders shall
have the right to designate two Directors. The Board shall hold regular meetings
to be held at the Company's offices in Beijing or such other location as
determined by the Board, not less than quarterly.

            (b) As of the date hereof, the individuals designated in Schedule A
hereto are appointed as Directors of the Company.

            (c) The Board shall have two standing committees: (i) an audit
committee and (ii) a compensation committee, each of which shall initially be
comprised of such members as designated in Schedule A hereto.
<PAGE>   10
            5.02. Termination of Employee/Director. In the event the Board is
considering the termination of any employee of the Company for cause who is also
a member of the Board, the affected employee/Director shall not be entitled to
vote as a Board member during the consideration of his/her termination.

            5.03. Management.  The Parent shall have the right to appoint the
Chief Financial Officer and the Director of Human Resources of the Company.

            5.04 Independent Auditors. The Parent shall have the right to
appoint the independent auditors of the Company. As of the date hereof, the
independent auditors specified in Schedule A hereto are appointed as independent
auditors of the Company.

      Section 6. Confidentiality. Each Parent agrees that it will keep
confidential and will not disclose or divulge any confidential, proprietary or
secret information, including any plans of the Company to conduct the Initial
Public Offering, which such Parent may obtain from the Company about the Company
or any of its Subsidiaries pursuant to financial statements, reports and other
materials submitted to the Parent, unless such information is known, or until
such information becomes known, to the public.

      Section 7. Binding Effect, No Third Party Beneficiaries. This Agreement
and all of the provisions hereof shall be binding upon, and shall inure to the
benefit of, the parties hereto and their respective successors, heirs,
executors, administrators and permitted assigns, as the case may be, whether so
expressed or not, except as specifically otherwise provided. In addition,
whether or not any express assignment shall have been made, the provisions of
this Agreement shall also be binding upon, for the benefit of, and enforceable
by any subsequent holder of any of the Shares other than a holder who acquired
his Shares (i) in a transaction for which a registration statement under the
Securities Act was effective at the time or in a sale complying with Rule 144 or
(ii) in contravention of the provisions hereof.

      Section 8. Notices. All notices or other documents which are required or
contemplated by this Agreement shall be personally delivered, sent by certified
or registered first class mail, sent by reputable overnight delivery service, or
by facsimile (with confirmation copy sent by reputable overnight delivery
service unless receipt of the facsimile is confirmed), in all cases with postage
or charges prepaid, to the parties entitled to receive such notices at the
addresses set forth on the signature page hereof, or at such other address as
such party is directed to send notices by a notice given in conformity with the
requirements of this Section 8. Any such notice shall be deemed to have been
received (i) if mailed by certified or registered first class mail, on the
fourth business day after the post-marked date thereof, (ii) if sent by
overnight delivery service, on the business day following delivery of the notice
to the delivery service, (iii) if given by personal delivery, at the time it is
delivered, or (iv) if sent by facsimile, on the business day immediately
following the sending.

      Section 9. Entire Agreement; Amendment. This Agreement, the schedules and
exhibits hereto, represent the entire understanding of the parties with respect
to the subject matter hereof. No termination, revocation, waiver, modification,
amendment or supplement to this Agreement shall be binding unless (i) in writing
and signed by the Company, and (ii) consented to in writing by the holders of
75% of the Ordinary Shares and the Preferred Shares outstanding.

      Section 10. Governing Law. This Agreement shall be interpreted and
construed in accordance with the laws of New York without regard to its
conflicts of laws provisions to the extent such provisions would cause the laws
of another jurisdiction to apply.

      Section 11. Arbitration. Any dispute, claim or difference of any kind
whatsoever arising out of or in connection with this Agreement, including any
question in connection with the existence, construction, interpretation,
validity, termination or implementation of this Agreement, shall be referred to
and finally settled by arbitration by China International Economic and Trade
Arbitration
<PAGE>   11
Commission in Beijing ("CIETAC") in accordance with CIETAC's rules in effect at
the time of the application for arbitration.

      Section 12. Interpretation. As used in this Agreement, the masculine
gender shall include the feminine or neuter gender and the plural shall include
the singular wherever appropriate. The titles of the paragraphs and sections
have been inserted as a matter of convenience of reference only and shall not
control or affect the meaning or construction of any of the terms or provisions
hereof. Nothing herein shall be construed against or more favorably toward any
party by reason of any party having drafted this Agreement or any portion
hereof.

      Section 13. Severability. Any provision of this Agreement that is invalid,
illegal or unenforceable in any jurisdiction shall be automatically reformed and
construed so as to be valid, operative and enforceable to the maximum extent
permitted by law, or if no reformation is permissible, shall be ineffective to
the extent of such invalidity, illegality or unenforceability without
invalidating or rendering unenforceable the remaining provisions of this
Agreement, and any such invalidity, illegality or unenforceability shall not, of
itself, affect the validity, legality or enforceability of such provision in any
other jurisdiction.

      Section 14. Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall constitute one and the same instrument.

      Section 15. Specific Performance. Each of the parties hereto recognizes
and acknowledges that a breach of covenants or agreements contained in this
Agreement will cause the aggrieved party to sustain injury for which it would
not have an adequate remedy at law for money damages. Therefore each of the
parties hereto agrees that, in the event of any such breach, the aggrieved party
shall be entitled to the remedy of specific performance of such covenants and
agreements and preliminary and permanent injunctive and other equitable relief
in addition to any other remedy to which it may be entitled, at law or in
equity, and each of the parties hereto further agrees to waive any requirement
for the securing or posting of any bond in connection with the obtaining of any
such injunctive or other equitable relief.

      Section 16. No Waiver. No failure or delay on the part of any of the
parties in exercising any right or power hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power
preclude any other right or power.

      Section 17. Conflicts. To the extent the terms and conditions of this
Agreement are inconsistent with the Memorandum of Association or the terms and
conditions of any agreement among any shareholders of the Company which are also
parties to this Agreement, the terms and conditions of this Agreement shall
prevail.

      Section 18. Notice and Cure. Each of the Shareholders, and the Company
will notify the other parties to this Agreement in writing of, and
contemporaneously will provide the other parties to this Agreement with true and
complete copies of any and all information or documents relating to, and will
use all commercially reasonable efforts to cure within 30 days after the
effective receipt of such notices by the other parties, any event, transaction
or circumstance occurring after the date of this Agreement that causes or will
cause any covenant or agreement of the Founders, the Parent or the Company, as
the case may be, under this Agreement to be breached as if the same were made on
or as of the date of such event, transaction or circumstance. Each of the
Shareholders and the Company also will notify the other parties to the Agreement
in writing within 30 days of, and will use all commercially reasonable efforts
to cure within 30 days after the effective receipt of such notices by the other
parties, any violation or breach of any covenant or agreement made by the
Shareholders, Founders or the Company, as the case may be, in this Agreement
occurring or arising after the date of this Agreement. No notice given pursuant
to this Section shall have any effect on the covenants or agreements contained
in this Agreement for purposes of determining satisfaction of any condition
contained herein.
<PAGE>   12
      IN WITNESS WHEREOF, the parties hereto have duly executed this
Shareholders Agreement as of the day and year first above written.

                              MARSEC HOLDINGS, INC.

                              By:    /s/  Fan Bao
                                   --------------------------------------------
                                   Name:  Fan Bao
                                   Title: Chairman of the Board

                              ASIAINFO HOLDINGS, INC.

                              By:    /s/  Fan Bao
                                   --------------------------------------------
                                   Name:  Fan Bao
                                   Title: Vice President Business Development

                              YAN TING

                              /s/ Yan Ting
                              --------------------------------------------------

                              WANG WEIXUN

                              /s/ Wang Weixun
                              --------------------------------------------------

                              WU YUNKUN

                              /s/ Wu Yunkun
                              --------------------------------------------------

                              CHANG XIAOGUANG

                              /s/ Chang Xiaoguang
                              --------------------------------------------------
<PAGE>   13
                              ZHAO GUOFU

                              /s/ Zhao Guofu
                              --------------------------------------------------

                              WANG JIAN

                              /s/ Wang Jian
                              --------------------------------------------------

                              JIANG XIAOJUN

                              /s/ Jiang Xiaojun
                              --------------------------------------------------

                              GU MAOLIN

                              /s/ Gu Maolin
                              --------------------------------------------------

                              ZHANG GUANGLONG

                              /s/ Zhang Guanglong
                              --------------------------------------------------
<PAGE>   14
                                   SCHEDULE A

                        MEMBERS OF THE BOARD OF DIRECTORS

                              FAN BAO (CHAIRMAN)

                                     JI PING

                                     JOHN HO

                                    YAN TING

                                   WANG WEIXUN

                         MEMBERS OF THE AUDIT COMMITTEE

                                     FAN BAO

                                     JI PING

                                     JOHN HO

                      MEMBERS OF THE COMPENSATION COMMITTEE

                                     FAN BAO

                                     JI PING

                                     JOHN HO

                              INDEPENDENT AUDITORS

                            DELOITTE TOUCHE TOHMATSU
<PAGE>   15
                                    EXHIBIT A

                                JOINDER AGREEMENT

      WHEREAS, the undersigned is acquiring simultaneously with the execution of
this Agreement ________ Ordinary Shares, par value US$0.01 per share, (the
"Ordinary Shares"), of MARSEC Holdings, Inc., a Cayman Islands corporation (the
"Company"), from an existing Shareholder;

      WHEREAS, as a condition to the acquisition of the Ordinary Shares, the
undersigned has agreed to join in a certain Shareholders Agreement (the
"Shareholders Agreement") dated as of _______________, 2000 by and among the
Company and the Shareholders named therein;

      WHEREAS, the undersigned understands that execution of this Agreement is a
condition precedent to the acquisition of the Ordinary Shares;

      NOW, THEREFORE, the undersigned agrees to become a party to the
Shareholders Agreement and agrees to be bound by all of the terms and provisions
thereof as a Shareholder to the full extent that [the transferor] is bound
thereby and represents and warrants to the Company and the Shareholders as to
those matters set forth in Section 2 of the Shareholders Agreement.

      IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement
this _________ day of _______________, _______.

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