Document:

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                                                                   Exhibit 10.44

               Beijing Cool Young Information Technology Co., Ltd.

                CONTRACT RELATING TO EXCLUSIVE PURCHASE RIGHT OF
                                EQUITY INTEREST

                             Dated as of May 5, 2004

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                              CONTRACT RELATING TO
               THE EXCLUSIVE PURCHASE RIGHT OF AN EQUITY INTEREST

The Contract Relating to the Exclusive Purchase Right of An Equity Interest,
dated as of May 5, 2004 (this "Contract"), is made in Beijing by and among:

     (1)  Hurray! Holding Co., Ltd. (the "Lender"), a limited company
          established and registered in Cayman Islands, with the address at
          Century Yard, Cricket Square, Hutchins Drive, P.O. Box 2681GT, George
          Town, Grand Cayman, British West Indies (the "Party A");

     (2)  Hurray! Solutions Ltd., a limited liability company established and
          registered according to the laws of PRC, with the registered address
          at Room 318, Floor 3, No.12 Fuxing Road, Haidian District, Beijing
          (the "Party B"); and

     (3)  Beijing Cool Young Information Technology Co., Ltd., a limited
          liability company organized and existing under the laws of the PRC,
          with the registered address at 9E Block 3, Huaao Center, No.31
          Zizhuyuan Road, Haidian District, Beijing (the "Party C").

     As used in this Contract, Party A, Party B, and Party C is "the Party"
     respectively, and "Parties to the Contract" in all.

     WHEREAS,

     1.   Party B has the ownership of 95% equity interest in Party C.

     2.   Party C and Hurray! Times Communications (Beijing) Ltd., a 100% owned
          subsidiary company of Party A within PRC, entered into a series of
          contracts such as Exclusive Technical Consulting and Services
          Agreement Contracts.

NOW, THEREFORE, the parties to this Contract hereby agree as follows:

1.   Purchase and Sale of Equity Interest
     ------------------------------------

Section 1.1 Authorization
            -------------

Party B hereby irrevocably delivers to Party A, under the laws of the PRC, an
irrevocable sole authority ("Purchase Right of Equity Interest") for Party A or
one or more persons designated by Party A (the "Designated Persons") to purchase
(in accordance with steps decided by Party A and at the price specified in
Section 1.3 hereof) at any time from Party B all or part of Party B's equity
interest in Party C. Except for Party A and the Designated Persons, Party B
shall not grant such right to any other party. Party C hereby

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agrees to the delivery of Purchase Right of Equity Interest from Party B to
Party A. As specified in this Section and this Contract, "person" has the
meaning of Person, Corporation, Joint Venture, Partnership, Enterprise, Trust or
Non-Corporation Organization.

Section 1.2 Steps
            -----

     The performance of Purchase Right of Equity Interest of Party A shall be
upon and subject to the laws and regulations of PRC. Party A shall send a
written notice (the "Notice of Purchase of Equity Interest") to Party B upon its
performance of Purchase Right of Equity Interest, the Notice of Purchase of
Equity Interest shall have in it the following contents:

     (a)  Party A's decision of the performance of purchase right;

     (b)  The Equity Interest to be purchased by Party A from Party B (the
          "Purchased Equity Interest");

     (c)  Purchase Date/Equity Interest Transferring Date.

Section 1.3 Purchase Price
            --------------

Except as required by law to evaluate, the price of the Purchased Equity
Interest ("Purchase Price") shall be an equivalent of the actual amount of the
Purchased Equity Interest contributed by Party B.

The Purchase Price is subject to applicable laws and regulations of PRC.

Section 1.4 Transfer of the Purchased Equity Interest
            -----------------------------------------

Every time upon Party A's performance of the Purchase Right of Equity Interest:

(a)  Party B shall urge Party C to convene the shareholders meeting, and during
     the meeting, to pass the decision or resolution to transfer the equity
     interest from Party B to Party A and/or the Designated Persons;

(b)  Party B shall, upon the terms and conditions of this Contract and the
     Notice of Purchase of Equity Interest, enter into Equity Interest Transfer
     Contract with Party A (or, in applicable situation, the Designated
     Persons);

(c)  The related parties shall execute all other requisite contracts, agreements
     or documents, acquire all requisite approval and consent of the government,
     and, without any security interest, perform all requisite action to
     transfer the valid ownership of the Purchased Equity Interest to Party A
     and/or the Designated Person, and to cause Party A and/or the Designated
     Person to be the registered owner of the Purchased Equity Interest. For
     this Section and this Contract, "Security Interest" has

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     the meaning of security, mortgage, right or interest of the third party,
     any purchase right of equity interest, right of acquisition, prior purchase
     right, right of set-off, ownership detainment or other security
     arrangements. To further define the meaning, it does not include any
     security interest subject to this Contract or the equity interest pledge
     contract of Party B. As described in this Section and this Contract, "the
     Equity Interest Pledge Contract of Party B" has the meaning of the Equity
     Interest Pledge Contract entered into by Hurray! Times Communications
     (Beijing) Ltd. and Party B dated as of the execution date of this Contract.
     According to the said Contract, to secure Party C to perform the
     obligations subject to the Exclusive Technology Consulting and Service
     Agreement entered into between Party C and Hurray! Times Communications
     (Beijing) Ltd., Party B pledges all its equity interest in Party C to
     Hurray! Times Communications (Beijing) Ltd.

Section 1.5 Payment
            -------

The purchase price at the time when Party A excersizes its purchase right of
equity interests should be determined in a way that meets the relevant
requirements of PRC law.

2.   Promises Relating to Equity Interest
     ------------------------------------

Section 2.1 Promises of Party C
            -------------------

Party C hereby promises:

(a)  Without prior written consent by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, not, in any form, to
     complement, change or renew the Articles of the Association of Party C, to
     increase or decrease registered capital of the corporation, or to change
     the structure of the registered capital in any other forms;

(b)  Following kind finance and business standard and tradition, to maintain the
     existence of the corporation and prudently and effectively operate business
     and process affairs;

(c)  Without prior written consent by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, not, dated from the execution
     date of this Contract, to sell, transfer, mortgage or dispose in any other
     form any assets, legitimate or beneficial interest of the business or
     income of Party C, or to approve any other security interest set on it;

(d)  Without prior written notice by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, no debt shall take place, be
     inherited, be guaranteed, or be allowed to exist, with the exception of:
     (i) debt from normal or daily business but not from borrowing; (ii) debt
     having been disclosed to Party A or having gained written consent from
     Party A;

(e)  To normally operate all business to maintain the asset value of Party C,
     without doing or otherwise taking any action that sufficiently adversely
     affects the operation and

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     asset value;

(f)  Without prior written consent by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, not to enter into any material
     contract, with the exception of the contract entered into during the normal
     business (As in this paragraph, a contract with a value more than One
     Million Yuan (RMB 1,000,000) shall be seemed as a material contract);

(g)  Without prior written consent by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, not to provide loan or credit
     loan to anyone;

(h)  Upon the request of Party A, to provide all operation and finance materials
     relevant to Party C;

(i)  Party C purchases and holds all insurance from the insurance company
     accepted by Party A, the insurance amount and category shall be the same
     with those held by the companies in the same area, operating the similar
     business and owning the similar properties and assets;

(j)  Without prior written consent by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, not to merge or associate with
     any person, or purchase any Person or invest in any Person;

(k)  To immediately notify Party A the occurrence or the probable occurrence of
     the litigation, arbitration or administrative procedure related to the
     assets, business and income of Party C;

(l)  In order to keep the ownership of Party C to all its assets, to execute all
     requisite or appropriate documents, do all requisite or appropriate action,
     and advance all requisite or appropriate accusation, or make requisite or
     appropriate plea for all claims;

(m)  Without prior written notice by Party A, not to assign stock interests to
     shareholders in any form, but upon the request of Party A, to assign all or
     part of its assignable profits to their own shareholders; and

(n)  Upon the request of Hurray! Times Communications (Beijing) Ltd., Party A's
     Affiliate in PRC, to commission any person designated by Hurray! Times
     Communications (Beijing) Ltd. to be the member of the Board of Directors of
     Party C.

Section 2.2 Promises of Party B
            -------------------

Party B promises:

(a)  Without prior written consent by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, not, from the execution date of
     this Contract, to sell,

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     transfer, mortgage or dispose in any other form any legitimate or
     beneficial interest of equity interest, or to approve any other security
     interest set on it, with the exception of the pledge set on the equity
     interest of Party B subject to Equity Interest Pledge Contract of Party B;

(b)  To cause the authorized representative(s) commissioned by it not to approve
     at the Board of Shareholders to, with no prior written notice by Party A or
     Hurray! Times Communications (Beijing) Ltd., Party A's Affiliate in PRC,
     sale, transfer, mortgage or dispose in any other form any legitimate or
     beneficial interest of equity interest, or to approve any other security
     interest set on it, with the exception of the pledge set on the equity
     interest of Party B subject to Equity Interest Pledge Contract of Party B;

(c)  To cause the authorized representative(s) commissioned by it not to approve
     at the Board of Shareholders Party C to, with no prior written notice by
     Party A or Hurray! Times Communications (Beijing) Ltd., Party A's Affiliate
     in PRC, merger or associate with any person, or purchase any person or
     invest in any person;

(d)  To immediately notify Party A the occurrence or the probable occurrence of
     the litigation, arbitration or administrative procedure related to the
     equity interest owned by it;

(e)  To cause the authorized representative(s) commissioned by it to vote to
     approve at Board of Shareholders the transfer of the Purchased Equity
     Interest subject to this Contract;

(f)  In order to keep its ownership of the equity interest, to execute all
     requisite or appropriate documents, do all requisite or appropriate action,
     and advance all requisite or appropriate accusation, or make requisite or
     appropriate plea for all claims;

(g)  Upon the request of Hurray! Times Communications (Beijing) Ltd., Party A's
     Affiliate in PRC, to commission any person designated by Hurray! Times
     Communications (Beijing) Ltd. to be the member of the Board of Directors of
     Party C;

(h)  Upon the request of Party A at any time, to immediately transfer its equity
     interest to the representative designated by Party A unconditionally and at
     any time, and abandon its prior purchase right of such equity interest
     transferring to another available shareholder; and

(i)  To prudently comply with the terms and conditions of this Contract and
     other contracts entered into totally or respectively by Party B, Party C
     and Party A and Hurray! Times Communications (Beijing) Ltd., to actually
     perform all obligations under these contracts, without doing or otherwise
     any action that sufficiently affects the validity and enforceability of
     these contracts.

3.   Representations and Warranties
     ------------------------------

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Representations and Warranties of Party B and Party C
-----------------------------------------------------

Dated as of the execution date of this Contract and every transferring date,
Party B and Party C hereby represents and warrants together and respectively to
-------------------
Party A as follows:

(a)  It has the power and ability to enter into and deliver this Contract, and
     any equity interest transferring contract ("Transferring Contract",
     respectively) having it as a party, for every single transfer of the
     purchased equity interest according to this Contract, and to perform its
     obligations under this Contract and any Transferring Contract. Upon
     execution, this Contract and the Transferring Contracts having it as a
     party constitute a legal, valid and binding obligation of it enforceable
     against it in accordance with its terms;

(b)  The execution, delivery of this Contract and any Transferring Contract and
     performance of the obligations under this Contract and any Transferring
     Contract do not: (i) cause to violate any relevant laws of PRC; (ii)
     constitute a conflict with its Articles of Association or other
     organizational documents; (iii) cause to breach any contract or instruments
     to which it is a party or having binding obligation on it, or cause to
     breach any contract or instruments to which it is a party or having binding
     obligation on it; (iv) cause to violate relevant authorization of any
     consent or approval to it and/or any continuing valid condition; or (v)
     cause any consent or approval authorized to it to be suspended, removed, or
     into which other requests be added;

(c)  Party C bears the kind and sellable ownership of its equity interest in
     Party C. Party C does not set any security interest on the said assets,
     with the exception of the pledge of equity interests agreed by Party A and
     Hurray! Times Communications (Beijing) Ltd., Party A's Affiliate in PRC;

(d)  Party C does not have any undischarged debt, with the exception of (i) debt
     from its normal business; and (ii) debt having been disclosed to Party A
     and having gained written consent from Party A;

(e)  Party C abides by all laws and regulations applicable to the purchase of
     assets; and

(f)  No litigation, arbitration or administrative procedure relating to equity
     interest, assets of Party C or the corporation is underway or to be decided
     or to probably take place.

4.   Effective Date
     --------------

     This Contract shall be effectively dated from the execution date, with the
     term of effect as 10 years, and can be extended to another 10 years by the
     choice of Party A.

5.   Applicable Law and Dispute Resolution
     -------------------------------------

Section 5.1 Applicable Law
            --------------

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The execution, validity, construing and performance of this Contract, and
resolution of the disputes under this Contract, shall be governed by the laws of
PRC.

Section 5.2 Dispute Resolution
            ------------------

Any dispute arising from the construing and performance of this Contract shall
be settled through friendly consultation between the parties of this Contract.
If no settlement can be reached through such consultation within thirty (30)
days after the date of the written notice sent by one party to the other
requesting to settle the dispute, then each of the parties shall have the right
to refer the matter to China International Economic and Trade Arbitration
Commission, for settlement by arbitration according to the its valid arbitration
rules at the appointed time. The arbitration shall take place in Beijing. The
arbitration result is final, and is binding to both parties of this Contract.

6.   Taxes and Expenses
     ------------------

Every party shall, according to laws of PRC, bear any and all transferring and
registering taxes, costs and expenses for the preparation and execution of this
Contract and all Transferring Contracts, and those arising from or imposed on
the party, to complete the transactions of this Contract and all Transferring
Contracts.

7.   Notices
     -------

This Contract requires that notices or other communications sent by any party or
corporation shall be written in Chinese, and be delivered in person, by mail or
telecopy to other parties at the following addresses or other specified
addresses noticed by other parties to the party. The date deemed to be duly
given or made shall be confirmed as follows: (a) for notices delivered in
person, the date of delivery shall be deemed as having been duly given or made;
(b) for notices delivered by mail, the tenth day of the delivery date of air
certified mail with postage prepaid (as shown on stamp) shall be deemed as
having been duly given or made; and (c) for notices by telecopy, the receipt
date showed on the delivery confirming paper of the relevant document shall be
deemed as having been duly given or made.

Party A: Hurray! Holding Co., Ltd.
Address: Century Yard, Cricket Square, Hutchins Drive, P.O. Box 2681GT, George
         Town, Grand Cayman, British West Indies, Cayman Islands, British West
         Indies

Party B: Hurray! Solutions Ltd.,
Address: Room 318, Floor 3, No.12 Fuxing Road, Haidian District, Beijing

Party C: Beijing Cool Young Information Technology Co., Ltd.
Address: 9E Block 3, Huaao Center, No.31 Zizhuyuan Road, Haidian District,
         Beijing

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8.   Confidentiality
     ---------------

Both the parties admit and confirm any oral or written materials exchanged by
the parties relating to this Contract are confidential. Both parties shall
maintain the secrecy and confidentiality of all such materials. Without written
approval by the other party, the party shall not disclose to ay third party any
relevant materials, but with the exception of the following: (a) the public know
or may know such materials (but not disclosed by the party accepting the
materials); (b) materials needed to be disclosed subject to applicable
ordinances; or (c) any party necessarily discloses materials to its legal or
financial consultant relating the transaction of this Contract, and this legal
or financial consultant shall have the obligation of confidentiality similar to
that set forth in this Section. The breach of the obligation of confidentiality
by staff or employed institution of any party shall be deemed as the breach of
such obligation by that party, and by whom the liabilities for breach shall be
bored. No matter this Contract may terminate by any reason, this Section shall
continue in force and effect.

9.   Further Warranties
     ------------------

The Parties to the Contract agree to promptly execute documents reasonably
requisite to the performance of the provisions and the aim of this Contract or
documents beneficial to it, and to take actions reasonably requisite to the
performance of the provisions and the aim of this Contract or actions beneficial
to it.

10.  Miscellaneous
     -------------

Section 10.1 Amendment, Modification and Supplement
             --------------------------------------

Amendment, modification and supplement of this Contract shall be subject to the
written agreement executed by each party.

Section 10.2 Observance of Laws and Regulations
             ----------------------------------

The parties of the contract shall observe and make sure the operation of each
party fully observe all laws and regulations of PRC officially published and
publicly gainable.

Section 10.3 Entire Contract
             ---------------

Except for a written amendment, supplement and modification of this Contract
following the date of execution, this contract constitutes the entire contract
of the parties hereto with respect to the object hereof and supersedes all prior
oral or written agreements, representation and contracts with respect to the
object hereof.

Section 10.4 Headings
             --------

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The headings contained in this Contract are for convenience of reference only
and shall not affect the interpretation, explanation or in any other way the
meaning of the provisions of this Contract.

Section 10.5 Language
             --------

This Agreement is executed by Chinese in three copies.

Section 10.6 Severability
             ------------

If any one or more provisions of this Contract are judged as invalid, illegal or
non-enforceable in any way according to any laws or regulations, the validity,
legality and enforceability of other provisions hereof shall not be affected or
impaired in any way. All parties shall, through sincere consultation, urge to
replace those invalid, illegal or non-enforceable provisions with valid ones,
and from such valid provisions, similar economic effects shall be tried to reach
as from those invalid, illegal or non-enforceable provisions.

Section 10.7 Successor
             ---------

This Contract shall bind and benefit the successor of each party and the
transferee allowed by each party.

Section 10.8 Survival
             --------

(a)  Any obligation taking place or at term hereof prior to the end or
     termination ahead of the end of this Contract shall continue in force and
     effect notwithstanding the occurrence of the end or termination ahead of
     the end of the Contract.
(b)  Section 5, Section 8 and Section 10.8 hereof shall continue in force and
     effect after the termination of this Contract.

Section 10.9 Waiver
             ------

Any party to this Contract may waive the terms and conditions of this Contract.
Such waiver shall be valid only if set forth in an instrument in writing signed
by the party or parties to be bound thereby. Any waiver by a party to the breach
hereof by other parties in certain situation shall not be construed as a waiver
to any similar breach by other parties in other situation.

IN WITNESS THEREFORE, the parties hereof have caused the Contract Relating to
the Exclusive Purchase Right of An Equity Interest to be executed by their duly
authorized representatives as of the date first written above.

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By: /s/ Wang Qindai
    ---------------------------------
Party A: Hurray! Holding Co., Ltd.

By: /s/ Xiang Songzuo
    ---------------------------------
Party B: Hurray! Solutions Ltd.

By: /s/ Wei Hongbin
    ---------------------------------
Party C: Beijing Cool Young Information Technology Co., Ltd.

                                       11<PAGE>

                                                                   Exhibit 10.45

                        Equity Interests Pledge Agreement

This Equity Interests Pledge Agreement (the "Agreement") is entered into on the
day of May 5, 2004 by and between the following parties:

Pledgee:       Hurray! Times Communications (Beijing) Ltd.
Address:
Pledgor:       Wang Qindai
ID Card No.:   110102641107155
Address:       No.50, Dajue Hutong, Xicheng District, Beijing

WHEREAS,

1.   Wang Qindai, the Pledgor, is a citizen of the People's Republic of China
     ("PRC"). The Pledgor owns 5% of the equity interest in Beijing Cool Young
     Information Technology Co., Ltd. Beijing Cool Young Information Technology
     Co., Ltd. is a limited liability company registered in Beijing carrying on
     value added telecommunication business.

2.   The Pledgee, a wholly foreign-owned company registered in Beijing, PRC, has
     been licensed by the PRC relevant government authority to carry on the
     business of technical service on software development, software prodcution,
     and system integration. The Pledgee and the Pledgor-owned Beijing Cool
     Young Information Technology Co., Ltd. enter into Exclusive Technical
     Consulting and Services Agreement (the "Service Agreement") on May 5,
     2004.

3.   In order to make sure that the Pledgee collects technical service fees as
     normal from Beijing Cool Young Information Technology Co., Ltd., the
     Pledgor is willing to pledge all its equity interest in Beijing Cool Young
     Information Technology Co., Ltd. to the Pledgee as a security for the
     Pledgee to collect technical consulting and service fees under the Service
     Agreement.

     In order to define each Party's rights and obligations, the Pledgee and the
     Pledgor through mutual negotiations hereby enter into this Agreement based
     upon the following terms:

1.   Definitions and Interpretations

Unless otherwise provided in this Agreement, the following terms shall have the
following meanings:

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     1.1  Pledge means the entire content of Article 2 hereunder

     1.2  Equity Interest means all its 5% equity interests in Beijing Cool
          Young Information Technology Co., Ltd. legally held by the Pledgor.

     1.3  Rate of Pledge means the ratio between the value of the pledge under
          this Agreement and the technical consulting fees under the Service
          Agreement.

     1.4  Term of Pledge means the period provided for under Article 3.2
          hereunder.

     1.5  Service Agreement means the Exclusive Technical Consulting and Service
          Agreement entered into by and between Beijing Cool Young Information
          Technology Co., Ltd. and the Pledgee.

     1.6  Event of Default means any event in accordance with Article 7
          hereunder.

     1.7  Notice of Default means the notice of default issued by the Pledgee in
          accordance with this Agreement.

2.   Pledge

     2.1  The Pledgor agrees to pledge all its equity interest in Beijing Cool
          Young Information Technology Co., Ltd. to the Pledgee as guarantee for
          the technical consulting service fee payable to the Pledgee under the
          Service Agreement.

     2.2  Pledge under this Agreement refers to the rights owned by the Pledgee
          who shall be entitled to have priority in receiving payment by the
          evaluation or proceeds from the auction or sale of the equity
          interests pledged by the Pledgor to the Pledgee.

3.   Rate of Pledge and Term of Pledge

     3.1  The rate of Pledge

          3.1.1 The rate of pledge shall be 100%.

     3.2  The term of Pledge

          3.2.1 The Pledge of equity interests under this Agreement shall take
               effect as of the date when the equity interests under this
               Agreement are recorded

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               in the Register of Shareholder of Beijing Cool Young Information
               Technology Co., Ltd. and registered with the competent
               Administration for Industry and Commerce. The term of the Pledge
               is the same as the term of Service Agreement.

          3.2.2 During the term of the Pledge, the Pledgor shall be entitled to
               dispose of the Pledge in accordance with this Agreement in the
               event that Beijing Cool Young Information Technology Co., Ltd.
               fails to pay exclusive technical Consulting and service fee in
               accordance with the Service Agreement.

4.   Physical Possession of Documents

     4.1  The Pledgee shall be entitled to collect the dividends from the equity
          interests.

5.   Warranties and Representations of the Pledgor

     5.1  The Pledgor is the legal owner of the equity interests.

     5.2  Except as otherwise provided hereunder, The Pledgee shall not be
          interfered with by any parties at any time when the Pledgee exercises
          its rights in accordance with this Agreement.

     5.3  Except as otherwise provided hereunder, The Pledgee shall be entitled
          to dispose or assign the pledge in accordance with this Agreement.

     5.4  The Pledgor will not pledge or encumber the equity interests to any
          other person except for the Pledgee.

6.   Covenant of the Pledgor

     6.1  During the effective term of this Agreement, the Pledgor covenants to
          the Pledgee that the Pledgor shall:

          6.1.1 Except the transfer of equity interest by the Pledgor, as
               subject to the Exclusive Purchase Right Contract entered into
               among the Pledgor, Hurray! Holding Co., Ltd. and Beijing Cool
               Young Information Technology Co., Ltd., to Hurray! Holding Co.,
               Ltd. or the person designated by Hurray! Holding Co., Ltd., not
               transfer or assign the equity interests, create or permit to be
               created any pledges which may have an adverse effect on the
               rights or benefits of the Pledgee without

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               prior written consent from the Pledgee;

          6.1.2 Comply with and implement laws and regulations with respect to
               the pledge of rights, present to the Pledgee the notices, orders
               or suggestions with respect to the Pledge issued or made by the
               competent authority within five days upon receiving such notices,
               orders or suggestions and comply with such notices, orders or
               suggestions, or object to the foregoing matters at the reasonable
               request of the Pledgee or with consent from the Pledgee.

          6.1.3 Timely notify the Pledgee of any events or any received notices
               which may affect the Pledgor's equity interest or any part of its
               right, and any events or any received notices which may change
               the Pledgor's any covenant and obligation under this Agreement or
               which may affect the Pledgor's performance of its obligations
               under this Agreement.

     6.2  The Pledgor agrees that the Pledgee's right to exercise the Pledge
          obtained from this Agreement shall not be suspended or hampered
          through legal procedure by the Pledgor or any successors of the
          Pledgor or any person authorized by the Pledgor.

     6.3  The Pledgor warrants to the Pledgee that in order to protect or
          perfect the security over the payment of the technical consulting and
          service fees under the Service Agreement, the Pledgor shall execute in
          good faith and cause other parties who have interests in the pledge to
          execute all the title certificates, contracts, and or perform and
          cause other parties who have interests to take action as required by
          the Pledgee and make access to exercise the rights and authorization
          vested in the Pledgee under this Agreement, and execute all the
          documents with respect to the changes of certificate of equity
          interests with the Pledgee or the person (natural person or legal
          entity) designed by the Pledgee, and provides all the notices, orders
          and decisions regarded as necessary by the Pledgee with the Pledgee
          within the reasonable time.

     6.4  The Pledgor warrants to the Pledgee that the Pledgor will comply with
          and perform all the guarantees, covenants, agreements, representations
          and conditions for the benefits of the Pledgee. The Pledgor shall
          compensate all the losses suffered by the Pledgee for the reasons that
          the Pledgor does not perform or fully perform their guarantees,
          covenants, agreements, representations and conditions.

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7.   Events of Default

     7.1  The following events shall be regarded as the event of default:

          7.1.1 Beijing Cool Young Information Technology Co., Ltd. fails to
               make full payment of the exclusive technical consulting and
               service fees as scheduled under the Service Agreement;

          7.1.2 The Pledgor makes any material misleading or fraudulent
               representations or warranties under Article 5 herein, and/or the
               Pledgor is in violation of any warranties under Article 5 herein;

          7.1.3 The Pledgor violates the covenants under Article 6 herein;

          7.1.4 The Pledgor violates any terms and conditions herein;

          7.1.5 The Pledgor waives the pledged equity interests or transfers or
               assigns the pledged equity interests without prior written
               consent of the Pledgee, except as provided in Article 6.1.1 in
               this Agreement;

          7.1.6 The Pledgor's any external loan, security, compensation,
               covenants or any other compensation liabilities (1) are required
               to be repaid or performed prior to the scheduled date; or (2) are
               due but can not be repaid or performed as scheduled and thereby
               cause the Pledgee to deem that the Pledgor's capacity to perform
               the obligations herein is affected;

          7.1.7 The Pledgor is incapable of repaying the general debt or other
               debt;

          7.1.8 This Agreement is illegal for the reason of the promulgation of
               the related laws or the Pledgor's incapability of continuing to
               perform the obligations herein;

          7.1.9 Any approval, permits, licenses or authorization from the
               competent authority of the government needed to perform this
               Agreement or validate this Agreement are withdrawn, suspended,
               invalidated or materially amended;

          7.1.10 The property of the Pledgor is adversely changed and causes the
               Pledgee to deem that the capability of the Pledgor to perform the
               obligations herein is affected;

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          7.1.11 The successors or assignees of the Pledgor are only entitled to
               perform a portion of or refuse to perform the payment liability
               under the Service Agreement;

          7.1.12 Other circumstances whereby the Pledgee is incapable of
               exercising the right to dispose the Pledge in accordance with the
               related laws.

     7.2  The Pledgor shall immediately give a written notice to the Pledgee if
          the Pledgor is aware of or find that any event under Article 7.1
          herein or any events that may result in the foregoing events have
          happened or is going on.

     7.3  Unless the event of default under Article 7.1 herein has been solved
          to the Pledgee's satisfaction, the Pledgee, at any time when the event
          of default happens or thereafter, may give a written notice of default
          to the Pledgor and require the Pledgor to immediately make full
          payment of the outstanding service fees under the Service Agreement
          and other payables or dispose the Pledge in accordance with Article 8
          herein.

8.   Exercise of the Right of the Pledge

     8.1  The Pledgor shall not transfer or assign the equity interests without
          prior written approval from the Pledgee prior to the full repayment of
          the consulting and service fee under the Service Agreement.

     8.2  The Pledgee shall give a notice of default to the Pledgor when the
          Pledgee exercises the right of pledge.

     8.3  Subject to Article 7.3, the Pledgee may exercise the right to dispose
          the Pledge at any time when the Pledgee gives a notice of default in
          accordance with Article 7.3 or thereafter.

     8.4  The Pledgee is entitled to have priority in receiving payment by the
          evaluation or proceeds from the auction or sale of whole or part of
          the equity interests pledged herein in accordance with legal procedure
          until the outstanding technical consulting and service fees and all
          other payables under the Service Agreement are repaid.

     8.5  The Pledgor shall not hinder the Pledgee from disposing the Pledge in
          accordance with this Agreement and shall give necessary assistance so
          that the Pledgee could realize his Pledge.

                                        6

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9.   Transfer or Assignment

     9.1  The Pledgor shall not donate or transfer his rights and obligations
          herein without prior consent from the Pledgee.

     9.2  This Agreement shall be binding upon the Pledgor and his successors
          and be effective to the Pledgee and his each successor and assignee.

     9.3  The Pledgee may transfer or assign his all or any rights and
          obligations under the Service Agreement to any individual (natural
          person or legal entity) at any time. In this case, the assignee shall
          enjoy and undertake the same rights and obligations herein of the
          Pledgee as if the assignee is a party hereto. When the Pledgee
          transfers or assigns the rights and obligations under the Service
          Agreement, at the request of the Pledgee, the Pledgor shall execute
          the relevant agreements and/or documents with respect to such transfer
          or assignment.

     9.4  After the Pledgee's change resulting from the transfer or assignment,
          the new parties to the pledge shall re-execute a pledge contract.

10.  Termination

This Agreement shall not be terminated until the consulting and service fees
under the Service Agreement are paid off and Beijing Cool Young Information
Technology Co., Ltd. will not undertake any obligations under the Service
Agreement any more, and the Pledgee shall cancel or terminate this Agreement
within reasonable time as soon as practicable.

11.  Formalities Fees And Other Charges

     11.1 The Pledgor shall be responsible for all the 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 the Pledgee pays the relevant taxes in accordance with the
          laws, the Pledgor shall fully indemnify such taxes paid by the
          Pledgee.

     11.2 The Pledgor shall be responsible for all the 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 Pledge) incurred by the Pledgor for the reason
          that (1) The Pledgor fails to pay any payable taxes, fees or charges
          in accordance with this Agreement; or (2) The

                                        7

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          Pledgee has recourse to any foregoing taxes, charges or fees by any
          means for other reasons.

12.  Force Majeure

     12.1 If this Agreement is delayed in or prevented from performing in the
          Event of Force Majeure ("Event of Force Majeure"), only within the
          limitation of such delay or prevention, the affected party is absolved
          from any liability under this Agreement. Force Majeure, which includes
          acts of governments, acts of nature, fire, explosion, typhoon, flood,
          earthquake, tide, lightning, war, means any unforeseen events beyond
          the prevented party's reasonable control and cannot be prevented with
          reasonable care. However, any shortage of credit, capital or finance
          shall not be regarded as an event beyond a Party's reasonable control.
          The Pledge effected by Force Majeure who claims for exemption from
          performing any obligations under this Agreement or under any Article
          herein shall notify the other party of such exemption promptly and
          advice him of the steps to be taken for completion of the performance.

     12.2 The party affected by Force Majeure shall not assume any liability
          under this Agreement. However, subject to the party affected by Force
          Majeure having taken its reasonable and practicable efforts to perform
          this Agreement, the Party claiming for exemption of the liabilities
          may only be exempted from performing such liability as within
          limitation of the part performance delayed or prevented by Force
          Majeure. Once causes for such exemption of liabilities are rectified
          and remedied, both parties agree to resume performance of this
          Agreement with their best efforts.

13.  Dispute Resolution

     13.1 This Agreement shall be governed by and construed in accordance with
          the PRC law.

     13.2 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, each party can submit such matter to China
          International Economic and Trade Arbitration Commission ("CIETAC") for
          arbitration. The arbitration shall follow the current rules of CIETAC,
          and the arbitration proceedings shall be conducted in Chinese and
          shall take place in Beijing. The arbitration award shall be final and
          binding upon the parties.

                                        8

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14.  Notice

     14.1 Any notice which is given by the parties hereto for the purpose of
          performing the rights, duties and obligations hereunder shall be in
          writing. Where such notice is delivered personally, the time of notice
          is the time when such notice actually reaches the addressee; where
          such notice is transmitted by telex or facsimile, the notice time is
          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 next business day following such day is the
          date of notice. The delivery place is the address first written above
          of the parties hereto or the address advised in writing including
          facsimile and telex from time to time.

15.  Effectiveness

     15.1 This agreement and any amendments, modification, supplements,
          additions or changes hereto shall be in writing and come into effect
          upon being executed and sealed by the parties hereto.

     15.2 This Agreement is executed in duplicate in Chinese.

                                        9

<PAGE>

     Equity Interests Pledge Agreement

     (No text on this page)

By: /s/ Xiang Songzuo
    ----------------------------------
The Pledgee: Hurray! Times Communications (Beijing) Ltd.

Authorized Representative: Xiang Songzuo

By: /s/ Wang Qindai
    --------------------
The Pledgor: Wang Qindai

                                       10

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