Document:

Exhibit 4.32 - Call Option Deed Relating to Shares in HC International, Inc.,
      dated May 24, 2006, between Trade Media Holdings Limited and other parties
      thereto

    

      Exhibit
        4.32

       

      

        HERBERT
          SMITH                                                                                                                                                                                            
Execution
          Copy

         

        24th
          May 2006

         

        

        THE
          PERSONS NAMED IN SCHEDULE 1

         

        and

         

        TRADE
          MEDIA HOLDINGS LIMITED

         

        _________________________________________

         

        CALL
          OPTIONS DEED

         

        RELATING
          TO

         

        SHARES
          IN

         

        HC
          INTERNATIONAL, INC.

        _________________________________________

         

        

        

         

        

         

        

         

        

         

        Herbert
          Smith LLP

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        

        THIS
          DEED is
          made
          on 24th
          May
          2006

         

        BETWEEN

         

        
          	
                  1.

                	
                  The
                    persons named in Schedule 1 hereof whose respective addresses
                    are set out
                    in Schedule 1 (the “Grantors”);
                    and

                

        

         

        
          	
                  2.

                	
                  TRADE
                    MEDIA HOLDINGS LIMITED,
                    a
                    company incorporated in the Cayman Islands and having its registered
                    address at P.O. Box 219 GT, Strathvale House, North Church Street,
                    George
                    Town, Grand Cayman, Cayman Islands (the “Grantee”).

                

        

         

        WHEREAS

         

        
          	
                  (A)

                	
                  Reference
                    is made to the sale and purchase agreement in relation to the
                    Shares dated
                    the same date of this Deed made between IDG Technology Venture
                    Investment,
                    Inc. and the Grantee (the “Sale
                    and Purchase Agreement”).

                

        

         

        
          	
                  (B)

                	
                  Each
                    Grantor is the legal and beneficial owner of the relevant Option
                    Shares
                    (as defined below) set out in Schedule
                    1.

                

        

         

        
          	
                  (C)

                	
                  In
                    consideration of the Grantee agreeing to enter into the Sale
                    and Purchase
                    Agreement, the Grantors have agreed to grant options over the
                    Option
                    Shares to the Grantee on the terms and conditions set out in
                    this
                    Deed.

                

        

         

        IT
          IS HEREBY AGREED:

         

        	1.  	
                INTERPRETATION

              

         

        	1.1  	
                In
                  this Deed, unless the context requires otherwise, terms used herein
                  shall
                  have the same meaning as those used in the Sale and Purchase Agreement
                  save that:

              

         

        
          	
                  “Accounts” 

                   

                	
                  means
                    the latest audited consolidated balance sheet and profit and
                    loss account
                    of the Company and its subsidiaries in respect of the accounting
                    reference
                    period ended on the Accounts Date;

                   

                
	
                  “Accounts
                    Date” 

                   

                	
                  means
                    31 December 2005;

                   

                
	
                  “Acquisition
                    Price”

                   

                	
                  means
                    HK$2.2592 per Option Share;

                   

                
	
                  “Beijing
                    Huicong”

                   

                	
                  means
                    北京慧羖国榻犼瑑有榰公司(Beijing
                    Huicong International Information Co., Ltd.), a sino-foreign
                    cooperative
                    joint venture company incorporated in the PRC;

                   

                

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

        

        
          	
                  “Beijing
                    Huicong Option 

                	 
	
                  Equity
                    Interests”

                   

                	
                  means
                    the entire equity interest of the Grantor in the registered capital
                    of
                    Beijing Huicong (representing 18% of the entire registered capital
                    of
                    Beijing Huicong) and any Equity Interests for the time being
                    representing
                    the same by reason of any alteration in the registered capital
                    of Beijing
                    Huicong or any amalgamation, reorganisation or reconstruction
                    of Beijing
                    Huicong, provided that the Beijing Huicong Option Equity Interests
                    shall
                    represent not less than 18% of the total Equity Interests as
                    at the date
                    of completion of the sale and purchase of all the Beijing Huicong
                    Option
                    Equity Interests;

                   

                
	
                  “Business
                    Day” 

                   

                	
                  means
                    a day (other than a Saturday or Sunday) on which banks in Hong
                    Kong are
                    generally open for business;

                   

                
	
                  “Company”

                   

                	
                  means
                    HC International, Inc, a company incorporated in Cayman
                    Islands;

                   

                
	
                  “Completion”

                   

                	
                  means
                    completion of the sale and purchase of the Option Shares upon
                    each
                    exercise of the Options in accordance with Clause 6.2;

                   

                
	
                  “Equity
                    Interests” 

                   

                	
                  means
                    equity interests in the registered capital of Beijing
                    Huicong;

                   

                
	
                  “Exercise
                    Notice”

                   

                	
                  means
                    a notice to exercise the Option(s) in the form set out in Schedule
                    3;

                   

                
	
                  “Exercise
                    Price”

                   

                	
                  means
                    HK$2.2592 per Option Share which shall be payable in cash, subject
                    to
                    adjustment as provided for in Clause 3;

                   

                
	
                  “Group”

                   

                	
                  means
                    the Company and its subsidiaries as at the date of this Deed;

                   

                
	
                  “HC
                    Construction”

                   

                	
                  means
                    HC Construction Co., Ltd., a company incorporated in the PRC;

                   

                
	
                  “HC
                    Construction Option”

                   

                	
                  means
                    the option granted by HC Construction to the Grantee whereby
                    the Grantee
                    has the right to request HC Construction to sell or to procure
                    the sale of
                    all of HC Construction's Equity Interests in Beijing Huicong
                    pursuant to
                    the terms of the HC Construction Option Deed entered into between
                    HC
                    Construction and the Grantee dated the same date as this
                    Deed;

                   

                

        

        
          
             

          

          
            -2-

            
              

            

          

          
             

          

        

        

        
          	
                  “HC
                    Construction Option 

                	 
	
                  Deed”

                   

                	
                  means
                    the option deed entered into by HC Construction and the Grantee
                    dated the
                    same date of this Deed in relation to the HC Construction
                    Option;

                   

                
	
                  “Individual
                    Grantors”

                   

                	
                  means
                    Grantors other than IDG Technology Venture Investment, Inc.,
                    [*
                    Material omitted and filed separately with the Securities and
                    Exchange
                    Commission pursuant to a request for confidential treatment under
                    Rule
                    14-b2 of the Securities Exchange Act of 1934, as amended.];

                   

                
	
                  “Options”

                   

                	
                  means
                    the options granted by the Grantors to the Grantee whereby the
                    Grantee has
                    the right to request the Grantors to sell or to procure the sale
                    of Option
                    Shares pursuant to Clauses 2.1.1
                    of
                    this Deed;

                   

                
	
                  “Option
                    Period”

                   

                	
                  means
                    the period commencing on the date of completion of the Sale and
                    Purchase
                    Agreement and ending on the expiry of the 12-month period from
                    the date of
                    the completion of the Sale and Purchase Agreement;

                   

                
	
                  “Option
                    Shares”

                   

                	
                  means
                    the issued Shares (details of which are set out in the third
                    column (from
                    the left) of the table in Schedule 1) which are legally and beneficially
                    owned by the relevant Grantors and any Shares issued to [*
                    Material omitted and filed separately with the Securities and
                    Exchange
                    Commission pursuant to a request for confidential treatment under
                    Rule
                    14-b2 of the Securities Exchange Act of 1934, as amended.]
                    under the options granted as set out in the fourth column of
                    Schedule 1
                    during the Option Period, together with any further shares, stock
                    or other
                    securities in the Company which are derived from the Option Shares
                    or
                    which are distributed by the Company in respect of the Option
                    Shares and
                    any shares, stock or other securities for the time being representing
                    the
                    same by reason of any alteration in the share capital of the
                    Company or
                    any amalgamation, reorganisation or reconstruction of the Company
                    up to
                    and including Completion;

                   

                

        

        
          
             

          

          
            -3-

            
              

            

          

          
             

          

        

        

        
          	
                  “Pre-IPO
                    Share Option 

                	 
	
                  Scheme”

                   

                	
                  means
                    the pre-IPO share option scheme adopted by the shareholders of
                    the Company
                    on 30 November 2003;

                   

                
	
                  “PRC”

                   

                	
                  means
                    the People’s Republic of China;

                   

                
	
                  “Shares” 

                   

                	
                  means
                    ordinary shares of HK$0.10 each in the share capital of the
                    Company;

                   

                
	
                  “Share
                    Option Scheme”

                   

                	
                  means
                    the post-IPO share option scheme adopted by the shareholders
                    of the
                    Company on 30 November 2003;

                   

                
	
                  “Shareholders”

                   

                	
                  means
                    holders of Shares;

                   

                
	
                  “Takeovers
                    Code”

                   

                	
                  means
                    the Codes or Takeovers and Mergers and Share Repurchases;

                   

                
	
                  “Taxation”

                   

                	
                  means
                    all forms of tax, duty, rate, levy, charge or other imposition
                    or
                    withholding whenever and by whatever authority, and whether of
                    the PRC or
                    elsewhere, including (without limitation) profits tax, provisional
                    profits
                    tax, salaries tax, provisional salaries tax, property tax, provisional
                    property tax, interest tax, estate duty, customs and other import
                    duties,
                    excise duties, rates, stamp duty, capital duty, fees payable
                    on any
                    increase of the authorised or issued share capital of a company
                    or on the
                    allotment of any shares in a company, and any other taxes, duties,
                    rates,
                    levies, charges, imposts or withholdings corresponding to, similar
                    to,
                    replaced by or replacing any of them together with any interest,
                    penalty,
                    fine or additional sum in connection with any Taxation, and any
                    liability
                    to make a payment by way of reimbursement, recharge, indemnity,
                    damages or
                    management charge connected in any way with any Taxation and
                    regardless of
                    whether any such taxes, duties, rates, levies, charges, imposts,
                    withholdings, interest, penalties or fines are chargeable directly
                    or
                    primarily against or attributable directly or primarily to the
                    Company,
                    any of the subsidiaries or any other person, whether any amount
                    in respect
                    of any of them is recoverable from any other person and “Tax”
                    shall be construed accordingly;

                   

                
	
                  “Warranties”

                   

                	
                  means
                    the warranties set out in Schedule 2; and

                   

                

        

        
          
             

          

          
            -4-

            
              

            

          

          
             

          

        

        

        
          	
                  “Warrantors”

                   

                	
                  means
                    IDG Technology Venture Investment Inc, [*
                    Material omitted and filed separately with the Securities and
                    Exchange
                    Commission pursuant to a request for confidential treatment under
                    Rule
                    14-b2 of the Securities Exchange Act of 1934, as amended.]
                    and Mr. Guo Fansheng.

                   

                
	 	 

        

        	1.2  	
                In
                  this Deed, save where the context otherwise
                  requires:

              

         

        	1.2.1  	
                a
                  reference to a statute or statutory provision shall include a reference
                  to
                  that statute or provision as from time to time consolidated, modified,
                  re-enacted or replaced by any statute or statutory provision; to
                  any
                  repealed statute or statutory provision which it re-enacts (with
                  or
                  without modification); and any subordinate legislation made under
                  the
                  relevant statute;

              

         

        	1.2.2  	
                words
                  in the singular shall include the plural, and vice
                  versa;

              

         

        	1.2.3  	
                the
                  masculine gender shall include the feminine and neutral and vice
                  versa;

              

         

        	1.2.4  	
                a
                  reference to a person shall include a reference to a firm, a body
                  corporate, an unincorporated association or to a person's executors
                  or
                  administrators;

              

         

        	1.2.5  	
                a
                  reference to a Clause, paragraph or Schedule (other than to a schedule
                  to
                  a statutory provision) shall be a reference to a Clause, paragraph,
                  or
                  Schedule (as the case may be) of or to this
                  Deed;

              

         

        	1.2.6  	
                if
                  a period of time is specified and commences from a given day or
                  the day of
                  an act or event, it shall be calculated exclusive of that
                  day;

              

         

        	1.2.7  	
                references
                  to any legal term for any action, remedy, method or judicial proceeding,
                  legal document, legal status, court, official or any legal concept
                  or
                  thing shall in respect of any jurisdiction other than Hong Kong
                  be deemed
                  to include what most nearly approximates in that jurisdiction to
                  the Hong
                  Kong legal term;

              

         

        	1.2.8  	
                references
                  to writing shall include any modes of reproducing words in a legible
                  and
                  non-transitory form; and

              

         

        	1.2.9  	
                the
                  headings in this Deed are for convenience only and shall not affect
                  the
                  interpretation of any provision of this
                  Deed.

              

         

        	1.3  	
                The
                  designations adopted in the recitals and introductory statements
                  preceding
                  this Clause apply throughout this Deed and the
                  Schedules.

              

         

        	1.4  	
                Where
                  any obligation in this Deed is expressed to be made, undertaken
                  or given
                  by two or more parties, they shall be jointly and severally liable
                  in
                  respect of it.

              

         

        	1.5  	
                Where
                  any reference to “Completion” is made in this Deed, it shall be construed
                  as “Completion in relation to each exercise of the
                  Option”.

              

         

        
          
             

          

          
            -5-

            
              

            

          

          
             

          

        

        

         

        	2.  	
                GRANT
                  OF THE OPTIONS

              

         

        	2.1  	
                In
                  consideration of the Grantee agreeing to enter into the Sale and
                  Purchase
                  Agreement and, subject to the completion of the Sale and Purchase
                  Agreement in accordance with its terms,

              

         

        	2.1.1  	
                the
                  Grantors hereby grant to the Grantee an irrevocable and, subject
                  to the
                  terms of this Deed, unconditional right to purchase all (but not
                  part
                  only) of the Option Shares at the Exercise Price (subject to adjustment
                  in
                  Clause 3)
                  at any time during the Option Period; or

              

         

        	2.1.2  	
                if
                  the Grantee, whether by itself or through other entities, makes
                  a general
                  offer for the Shares under the Takeovers Code at a price not less
                  than the
                  Acquisition Price during the Option
                  Period,

              

         

        	(i)  	
                each
                  of the Grantors shall, if required by the Grantee, accept such
                  general
                  offer in relation to the Option Shares, and shall, if required
                  by the
                  Grantee, enter into irrevocable undertakings in the form set out
                  in
                  Schedule 4 (the “Irrevocable Undertaking”) hereof to accept such general
                  offer;

              

         

        	(ii)  	
                if
                  the general offer becomes unconditional, the Grantors shall receive
                  the
                  final offer price in accordance with the terms of the general
                  offer;

              

         

        	(iii)  	
                the
                  Options granted under Clause 2.1.1
                  shall not be exercised; and

              

         

        	(iv)  	
                subject
                  to Clause 4.4,
                  the Grantee shall exercise the HC Construction Option at the same
                  time,

              

         

        provided
          that:

         

        
          	 	
                  (i)

                	
                  the
                    Grantors shall not be required to execute any Irrevocable Undertaking
                    unless the Grantee shall have fulfilled its obligations under
                    Clause 4.4;
                    and

                

        

         

        
          	 	
                  (ii)

                	
                  if
                    such general offer does not become wholly unconditional, the
                    Grantee shall
                    have no obligation to purchase any of the Option Shares or the
                    Beijing
                    Huicong Option Equity Interests, notwithstanding any prior exercise
                    of
                    such options; and

                

        

         

        	2.1.3  	
                each
                  of the Grantors irrevocably and unconditionally undertakes not
                  to sell,
                  transfer, dispose of, charge, encumber or otherwise deal with in
                  any way
                  the relevant Option Shares (or any interest therein) which are
                  legally
                  and/or beneficially owned by them during the Option Period, save
                  with the
                  prior written consent of the Grantee.

              

         

        	2.2  	
                Subject
                  to the terms and conditions of this Deed, the Grantors shall, on
                  exercise
                  of the Options, sell or procure the sale of the Option Shares and
                  the
                  Grantee shall purchase the Option Shares, free from any claim,
                  options,
                  charge, lien, equity, encumbrance, rights of

              

         

        
          
             

          

          
            -6-

            
              

            

          

          
             

          

        

        pre-emption
          or any other third party rights of whatsoever nature together with all
          rights
          attached or accruing thereto on and after date of such exercise.

         

        	2.3  	
                All
                  rights (save for the voting rights) attached to the Option Shares
                  shall
                  accrue to the Grantee on and from the date of service of an Exercise
                  Notice on each of the Grantors and, following Completion, the Grantors
                  shall account to the Grantee for all dividends or other distributions
                  of
                  the Company declared or paid subsequent to the date of service
                  of the
                  Exercise Notices and shall exercise all voting and other rights
                  at the
                  direction of the Grantee.

              

         

        	2.4  	
                The
                  Grantors shall use reasonable endeavours to procure that, until
                  the
                  exercise or expiry of the Options, the Company shall not, save
                  pursuant to
                  any outstanding undertaking, options granted or given by the Company
                  prior
                  to the date of this Deed (including but not limited to options
                  granted
                  under the Pre-IPO Share Option Scheme and the Share Option Scheme
                  as at
                  the date of this Deed [*
                  Material omitted and filed separately with the Securities and Exchange
                  Commission pursuant to a request for confidential treatment under
                  Rule
                  14-b2 of the Securities Exchange Act of 1934, as amended.]),
                  issue any shares, stock or securities or make any alteration in
                  its share
                  capital.

              

         

        	2.5  	
                The
                  Grantors waive and agree to procure the waiver of any restrictions
                  on
                  transfer (including pre-emption rights) which may exist in relation
                  to the
                  Option Shares under the memorandum and/or articles of association
                  of the
                  Company or otherwise.

              

         

        	2.6  	
                The
                  Grantee shall not be obliged to complete the purchase of the Option
                  Shares
                  unless all Grantors complete the sale of all the Option Shares
                  set out in
                  an Exercise Notice simultaneously and unless (save as provided
                  in Clause
                  4.4)
                  the sale of the Beijing Huicong Option Equity Interests pursuant
                  to
                  exercise of the HC Construction Option is completed simultaneously
                  with
                  Completion.

              

         

        	2.7  	
                The
                  Grantee shall not make a general offer under the Takeovers Code
                  at an
                  offer price less than the Acquisition Price at any time during
                  the Option
                  Period. The Options under Clause 2.1.1 and the right under Clause
                  2.1.2
                  shall lapse and cease to have any effect if the Grantee, whether
                  by itself
                  or through other entities, makes a general offer for the Shares
                  at a price
                  less than the Acquisition Price during the Option
                  Period.

              

         

        	3.  	
                ADJUSTMENT
                  TO EXERCISE
                  PRICE

              

         

        	3.1  	
                The
                  Exercise Price shall from time to time be adjusted as
                  follows:

              

         

        	3.1.1  	
                Consolidation
                  or Subdivision:

              

         

        If
          and
          whenever there shall be an alteration to the nominal value of the Shares
          as a
          result of consolidation or subdivision, the Exercise Price shall be adjusted
          by
          multiplying it by the following fraction:

         

        A

        B

         

        
          
             

          

          
            -7-

            
              

            

          

          
             

          

        

        

         

        where

         

        A
          = the
          nominal amount of one Share immediately after such alteration; and

         

        B
          = the
          nominal amount of one Share immediately before such alteration.

         

        Such
          adjustment shall become effective from the day following the record date
          of such
          consolidation or subdivision.

         

        	3.1.2  	
                Bonus
                  issue of Shares:

              

         

        If
          and
          whenever the Company shall issue any Shares credited as fully paid to the
          Shareholders by way of capitalisation of profits or reserves (including
          any
          share premium account and/or capital redemption reserve and including any
          bonus
          issue), other than Shares issued in lieu of a cash dividend, the Exercise
          Price
          shall be adjusted by multiplying it by the following fraction:

         

        A

        B

         

        where

         

        
          	 	
                  A
                    =

                	
                  the
                    aggregate nominal amount of the Shares in issue immediately before
                    such
                    issue; and

                

        

         

        
          	 	
                  B
                    =

                	
                  the
                    aggregate nominal amount of the Shares in issue immediately after
                    such
                    issue.

                

        

         

        Such
          adjustment shall become effective from the day following the record date
          of such
          issue of Shares.

         

        	3.1.3  	
                Capital
                  distribution:

              

         

        If
          and
          whenever the Company shall pay or make any capital distribution to the
          Shareholders, or shall grant to Shareholders rights to acquire for cash
          assets
          of the Company, the Exercise Price shall be adjusted by multiplying it
          by the
          following fraction:

         

        A
          -
          B

        A

         

        where:

         

        
          	 	
                  A
                    =

                	
                  the
                    Acquisition Price per Share

                

        

         

        
          	 	
                  B
                    =

                	
                  the
                    fair market value on the record date of such capital distribution,
                    as
                    determined in good faith by a financial adviser appointed by
                    the Grantee
                    (the “Financial
                    Adviser”),
                    of the portion of the capital distribution or of such rights
                    which is
                    attributable to per Share.

                

        

         

        
          
             

          

          
            -8-

            
              

            

          

          
             

          

        

        

         

        Such
          adjustment shall become effective from the day following the record date
          of such
          capital distribution or grant.

         

        	3.1.4  	
                Rights
                  Issues of Shares:

              

         

        If
          and
          whenever the Company shall issue Shares to all or substantially all Shareholders
          as a class by way of rights in each case at less than the Acquisition Price
          per
          Share of such issue or grant to Shareholders, the Exercise Price shall
          be
          calculated by using the following formula:

         

        (A
          x
          B) + (C x D)

        (B
          +
          D)

         

        where:

         

        A
          =
 the
          Acquisition Price per Share

         

        B
          =
 the
          total
          number of Shares in issue immediately before such rights issue

         

        C
          =
 the
          subscription price per Share of the rights issue

         

        D
          =
 the
          number of new Shares issued immediately after the rights issue

         

        Such
          adjustment shall become effective from the day following the record date
          of the
          issue of such Shares or issue or grant of such options, warrants or other
          rights
          (as the case may be).

         

        	3.1.5  	
                Issues
                  at less than Acquisition Price:

              

         

        If
          and
          whenever the Company shall issue any Shares or issues or grants options,
          warrants or other rights to subscribe for or purchase Shares (save for
          those to
          be issued upon the exercise of options granted as at the date of this Deed
          in
          accordance with the Pre-IPO Share Option Scheme and the Share Option Scheme
          [* Material
          omitted and filed separately with the Securities and Exchange Commission
          pursuant to a request for confidential treatment under Rule 14-b2 of the
          Securities Exchange Act of 1934, as amended.],
          in
          each case at a price per Share which is less than the Acquisition Price,
          the
          Exercise Price shall be calculated by using the following formula:

         

        A
          +
          B

        C

         

        where:

         

        
          	 	
                  A
                    =
                    

                	
                  the
                    total market capitalisation of the Company based on the Acquisition
                    Price

                

        

         

        
          	 	
                  B
                    =
                    

                	
                  the
                    total consideration to be received from such
                    issues

                

        

         

        
          
             

          

          
            -9-

            
              

            

          

          
             

          

        

        

         

        
          	 	
                  C
                    =
                    

                	
                  the
                    total number of Shares in issue immediately after such
                    issues

                

        

         

        Such
          adjustment shall become effective on the day following the record date
          of the
          issue of such Shares or, as the case may be, the issue or grant of such
          options,
          warrants or other rights.

         

        	3.1.6  	
                Issues
                  of Convertible Securities:

              

         

        if
          and
          whenever the Company or any Subsidiary shall issue any securities which
          are
          converted or exchangeable into Shares at a consideration per Share which
          is less
          than the Acquisition Price per Share, the Exercise Price shall be adjusted
          by
          multiplying it by the following fraction:

         

        (A
          +
          B)

        C

         

        Where:

         

        
          	 	
                  A
                    =
                    

                	
                  the
                    total market capitalisation of the Company based on Acquisition
                    Price

                

        

         

        
          	 	
                  B
                    =
                    

                	
                  the
                    total consideration to be received from issue of convertible
                    securities

                

        

         

        
          	 	
                  C
                    =
                    

                	
                  the
                    total number of Shares in issue immediately after full conversion
                    of the
                    convertible securities

                

        

         

        Such
          adjustment shall become effective on the day following the Record date
          of the
          issue or grant of such securities.

         

        	3.1.7  	
                Other
                  Events:

              

         

        
          	 	
                  (a)

                	
                  If
                    the Grantee determines that an adjustment should be made to the
                    Exercise
                    Price as a result of one or more events or circumstances not
                    referred to
                    in this Clause, the Grantee shall at its own expense, request
                    the
                    Financial Adviser to determine (acting as expert) as soon as
                    practicable
                    what adjustment (if any) to the Exercise Price is fair and reasonable
                    to
                    take account thereof and the date on which such adjustment should
                    take
                    effect and upon such determination such adjustment (provided
                    that the
                    adjustment would result in a reduction in the Exercise Price)
                    shall be
                    made and shall take effect in accordance with such determination,
                    such
                    modification (if any) shall be made to the operation of the provisions
                    of
                    this Clause as may be advised by the Financial Adviser to be
                    in their
                    opinion appropriate to give the intended result;
                    and

                

        

         

        	3.2  	
                Any
                  adjustment to the Exercise Price shall not involve an increase
                  in the
                  Exercise Price (except upon any consolidation of the Shares pursuant
                  to
                  this Clause).

              

         

        	3.3  	
                Every
                  adjustment to the Exercise Price shall be certified in writing
                  by the
                  Financial Adviser. Notice of any adjustments, including the new
                  Exercise
                  Price and the effective date 

              

         

        
          
             

          

          
            -10-

            
              

            

          

          
             

          

        

        thereof,
          shall be given to the Grantee as soon as practicable after the determination
          thereof. In giving any certificate or making any adjustment hereunder,
          the
          Financial Adviser shall be deemed to be acting as experts and not as arbitrators
          and, in the absence of manifest error, their decision shall be conclusive
          and
          binding on the Grantee and all persons claiming through or under them
          respectively.

         

        	4.  	
                EXERCISE
                  OF THE OPTIONS

              

         

        	4.1  	
                The
                  Grantee may exercise the Options by giving an Exercise Notice to
                  each of
                  the Grantors. The Exercise Notices may be given by the Grantee
                  at any time
                  during the Option Period in respect of all (but not part only)
                  of the
                  Option Shares.

              

         

        	4.2  	
                Subject
                  to Clause 4.4
                  hereof, the Options shall be exercised and completed simultaneously
                  with
                  the exercise of the HC Construction
                  Option.

              

         

        	4.3  	
                At
                  any time after the completion of the Sale and Purchase Agreement
                  and prior
                  to the giving of the Exercise Notice, the Grantee (and any person
                  authorised by it) shall be entitled to conduct such enquiries,
                  investigations and due diligence reviews of the business, affairs,
                  operations and financial position of the Group as the Grantee in
                  its
                  absolute discretion deems necessary, desirable or appropriate and
                  the
                  Grantors shall use their reasonable endeavours to, subject to Clause
                  7.1
                  hereof and the Grantee executing a confidentiality undertaking
                  in favour
                  of the Company (if required by the Company) on substantially the
                  same
                  terms set out in Clause 7.1, procure that the Grantee and any persons
                  authorised by it shall on giving reasonable prior notice and during
                  normal
                  office hours be given full access to the employees, premises, plant,
                  machinery, books of account, records and documents of the Company
                  and each
                  of its subsidiaries as the Grantee may reasonably
                  request.

              

         

        	4.4  	
                Prior
                  to exercise of the Options or exercise of the Purchaser's right
                  to require
                  the Grantors to accept a general offer for the Shares under Clause
                  2.1.2(i) as the case may be , the Grantee shall use its reasonable
                  endeavours to obtain from the SFC a ruling (the “SFC
                  Ruling”)
                  under the Takeovers Code as to whether exercise of the HC Construction
                  Option is subject to Rule 25 of the Takeovers Code and if applicable,
                  to
                  apply for SFC consent under Rule 25 of the Takeovers Code;
                  and

              

         

        	4.4.1  	
                if
                  the SFC Ruling is that the HC Construction Option will not breach
                  Rule 25 of the Takeovers Code, the Options (and the right under
                  Clause
                  2.1(i)) may only be exercised if the HC Construction Option is
                  exercised
                  and completed simultaneously;

              

         

        	4.4.2  	
                if
                  the SFC Ruling is that the exercise of the HC Construction Option
                  will breach Rule 25 of the Takeovers Code (or if there are conditions
                  to
                  consent specified in the SFC Ruling ), the Options and the right
                  under
                  Clause 2.1.2(i) shall cease to be conditional upon exercise or
                  completion
                  of the HC Construction Option and accordingly may be exercised
                  and
                  completed independently of the HC Construction
                  Option.

              

         

        
          
             

          

          
            -11-

            
              

            

          

          
             

          

        

        

         

        	4.5  	
                The
                  Grantee shall use its reasonable endeavours to keep the Warrantors
                  notified of the progress of the SFC Ruling before applying for
                  and after
                  obtaining the SFC Ruling.

              

         

        	4.6  	
                The
                  fee payable to the SFC in obtaining the SFC Ruling shall be shared
                  as to
                  half by the Grantee and as to half by the
                  Warrantors.

              

         

        	4.7  	
                The
                  Grantee has the right, but not the obligation, to give the Exercise
                  Notice
                  and/or to complete the sale and purchase of the Option
                  Shares.

              

         

        	4.8  	
                After
                  the giving of any Exercise Notice, the Grantee and the relevant
                  Grantor(s)
                  shall enter into formal sale and purchase agreement(s) containing
                  such
                  terms as the Grantor(s) and the Grantee may mutually agree within
                  15 days
                  of the date of the Exercise Notice. If the said parties fail to
                  execute
                  formal sale and purchase agreement(s) in respect of the relevant
                  Option
                  Shares, the Grantee shall have the right at its absolute discretion
                  (but
                  not the obligation) to proceed with the purchase of the Option
                  Shares upon
                  the remaining terms of this Deed, and the Grantors shall be obliged
                  to
                  sell the Option Shares in accordance with Clause
                  6.

              

         

        	4.9  	
                [*
                  Material
                  omitted and filed separately with the Securities and Exchange Commission
                  pursuant to a request for confidential treatment under Rule 14-b2
                  of the
                  Securities Exchange Act of 1934, as amended.]

              

         

        	5.  	
                WARRANTIES
                  AND UNDERTAKINGS

              

         

        	5.1  	
                Each
                  Individual Grantor warrants and represents that he or she has full
                  power
                  and authority to execute and deliver this Deed and to consummate
                  the
                  transactions contemplated under this
                  Deed.

              

         

        	5.2  	
                Each
                  Grantor (other than the Individual Grantors) warrants and represents
                  to
                  the Grantee in the terms of the Warranties in paragraph 1 of Schedule
                  2
                  severally to the extent relating to the Option Shares owned by
                  it as set
                  out in Schedule 1.

              

         

        	5.3  	
                Each
                  Grantor warrants and represents to the Grantee in the terms of
                  the
                  Warranties in paragraph 2 of Schedule 2 (and in respect of paragraphs
                  2.1
                  and 2.2, severally and only to the extent relating to the Option
                  Shares
                  owned by it as set out in Schedule 1).

              

         

        	5.4  	
                Each
                  Warrantor warrants and represents to the Grantee in the terms of
                  the
                  Warranties in paragraphs 3 to 5 in Schedule
                  2.

              

         

        	5.5  	
                The
                  Grantors shall procure that the Warranties (save for the Warranties
                  in
                  paragraph 5 of Schedule 2, where relates only to the date of this
                  Deed,)
                  are true and accurate at all times up to and including Completion
                  by
                  reference to the facts and circumstances then subsisting and, for
                  this
                  purpose, such Warranties shall be deemed to be repeated at all
                  times up to
                  and including Completion as if any express or implied reference
                  therein to
                  the date of this Deed shall be replaced by a reference to the time
                  at
                  which such Warranty is deemed to be
                  repeated.

              

         

        
          
             

          

          
            -12-

            
              

            

          

          
             

          

        

        

         

        	5.6  	
                The
                  Grantee shall be entitled to claim both before and after Completion
                  that
                  any of the Warranties is or was untrue or misleading or has or
                  had been
                  breached even if the Grantee discovered or could have discovered
                  on or
                  before entering into this Deed and before Completion that the Warranty
                  in
                  question was untrue or misleading or had been breached and Completion
                  shall not in any way constitute a waiver of any of the Grantee's
                  rights.

              

         

        	5.7  	
                The
                  Grantee shall not, prior to the exercise or expiry of the Option
                  Period
                  and (if appropriate) Completion, transfer, dispose of, charge,
                  pledge or
                  encumber in any way its interests in any of the Option
                  Shares.

              

         

        	5.8  	
                The
                  Warrantors shall use reasonable endeavours to procure that until
                  the
                  exercise or expiry of the Options and (if appropriate) Completion
                  and save
                  with the prior consent of the Grantee (which consent shall not
                  be
                  unreasonably withheld or delayed):

              

         

        
          	 	
                  (A)

                	
                  no
                    alterations will be made to the memorandum and/or articles of
                    association
                    of the Company and no regulations or resolutions inconsistent
                    with them
                    will be adopted;

                

        

         

        
          	 	
                  (B)

                	
                  the
                    Company will not make any substantial change in the nature of
                    its
                    business, which shall continue to be carried on in the ordinary
                    course;

                

        

         

        
          	 	
                  (C)

                	
                  the
                    Company will not enter into any transaction that is not in the
                    normal and
                    ordinary course of conducting its business nor enter into any
                    transaction
                    which is not on arm's length terms;
                    and

                

        

         

        
          	 	
                  (D)

                	
                  no
                    resolution will be passed for the voluntary winding-up of the
                    Company.

                

        

         

        	5.9  	
                The
                  Warrantors undertake to indemnify and keep indemnified at any time
                  and
                  from time to time the Grantee on demand from and against all claims,
                  liabilities, losses, costs and expenses which the Grantee may suffer
                  or
                  incur or which may be made against the Grantee either before or
                  after
                  Completion in respect of any breach of the undertakings or indemnities
                  in
                  this Clause 5.

              

         

        	5.10  	
                The
                  total liability of each of the Grantors under this Deed shall not
                  exceed
                  the aggregate price for the Option Shares to be received by the
                  respective
                  Grantors .

              

         

        	5.11  	
                Each
                  of the Grantors shall have no liability under this
                  Deed:

              

         

        	5.11.1  	
                unless,
                  in the case of any particular claim, the amount thereof shall exceed
                  HK$1,000,000; or

              

         

        	5.11.2  	
                until
                  the aggregate amount of all valid claims which could otherwise
                  be made
                  under this Deed shall exceed
                  HK$3,000,000,

              

         

        at
          which
          time all such valid claims shall become payable.

         

        	5.12  	
                The
                  liability of each of the Grantors to the Grantee hereunder
                  shall:

              

         

        
          
             

          

          
            -13-

            
              

            

          

          
             

          

        

        

         

        	5.12.1  	
                in
                  relation to any of the Warranties on Taxation, cease upon expiry
                  of 7
                  years from the date of Completion; and

              

         

        	5.12.2  	
                in
                  relation to any of the other Warranties or other indemnities, cease
                  upon
                  the earlier of the expiry of 2 years from the date of
                  Completion.

              

         

        	6.  	
                COMPLETION

              

         

        	6.1  	
                Completion
                  of the sale and purchase of the relevant Option Shares in relation
                  to the
                  exercise of the Options in full shall, subject to Clause 4.4,
                  take place simultaneously with the completion of the sale and purchase
                  of
                  the Beijing Huicong Option Equity Interests under the HC Construction
                  Option Deed at such time not later than 30 days after the date
                  of the
                  Exercise Notice or 5 Business Days after the exercise of the HC
                  Construction Option becomes unconditional (excluding such conditions
                  relating to the sale and purchase of the Option Shares), whichever
                  is the
                  later, and at such place in Hong Kong as may be specified in the
                  Exercise
                  Notice or otherwise notified by the
                  Grantee.

              

         

        	6.2  	
                At
                  Completion, the following business shall be
                  transacted:

              

         

        	6.2.1  	
                the
                  relevant Grantor(s) shall deliver or cause to be delivered to the
                  Grantee
                  duly executed instrument of transfer(s) and sold notes in respect
                  of the
                  relevant Option Shares as set out in the Exercise Notice in favour
                  of the
                  Grantee or its specified nominee accompanied by the share certificate(s)
                  for the relevant Option Shares or, where applicable, procure its
                  designated CCASS Participant to give irrevocable delivery instruction
                  to
                  effect a book entry settlement of the Option Shares in accordance
                  with the
                  General Rules and the Operational Procedures to the credit of the
                  stock
                  accounts of the CCASS Participants of the Grantee in accordance
                  with the
                  instructions provided to the Grantor by the Grantee prior to
                  Completion;

              

         

        	6.2.2  	
                the
                  Grantee shall pay to the Grantors by electronic funds transfer
                  to the
                  Grantors’ respective bank accounts (as notified to the Grantee prior to
                  such payment) an amount equal to the aggregate Exercise Price for
                  such
                  Option Shares; and

              

         

        	6.2.3  	
                the
                  Grantors shall procure that the directors of the Company shall
                  approve the
                  transfers of the Option Shares for registration and the entry of
                  the
                  transferee(s) in the register of members of the Company, in each
                  case
                  subject only to the transfers being subsequently presented duly
                  stamped.

              

         

        	6.3  	
                If
                  any of the Grantors defaults (“Defaulting
                  Grantor”)
                  in transferring the relevant Option
                  Shares:

              

         

        	6.3.1  	
                the
                  Grantee shall be deemed to be the duly appointed agent and attorney
                  of the
                  Defaulting Grantor with full irrevocable power to execute, complete
                  and
                  deliver in the name of and on behalf of the Defaulting Grantor
                  a sale and
                  transfer of the relevant Option Shares to the Grantee or its
                  nominee;

              

         

        
          
             

          

          
            -14-

            
              

            

          

          
             

          

        

        

         

        	6.3.2  	
                the
                  Grantee may request the Company to enter the name of the Grantee
                  or its
                  nominee in the register of members as the holder of the relevant
                  Option
                  Shares; and

              

         

        	6.3.3  	
                the
                  Grantee shall forthwith pay the aggregate Exercise Price into a
                  separate
                  bank account in the Grantee's name and, when the Defaulting Grantor
                  shall
                  deliver up its certificate or certificates for the relevant Option
                  Shares
                  to the Grantee, the Grantors shall thereupon be paid the aggregate
                  Exercise Price, without interest and less any sums owed to the
                  Grantee by
                  the Grantors.

              

         

        	7.  	
                GENERAL

              

         

        	7.1  	
                Each
                  party (including their representatives and authorised persons)
                  shall, and
                  shall use their reasonable endeavours to procure the Company that
                  it
                  shall, at all times keep confidential and not directly or indirectly
                  make
                  or allow any disclosure or use to be made of any information in
                  its
                  possession or otherwise obtained pursuant to this Deed relating
                  to any
                  other party, the Company and each of its subsidiaries or to the
                  existence
                  or subject matter of this Deed, except:

              

         

        	7.1.1  	
                to
                  the extent required by law or any regulatory
                  body;

              

         

        	7.1.2  	
                where
                  the information is already disclosed in the public domain otherwise
                  than
                  pursuant to or arising from a breach by the Grantee or any Grantor
                  (including their representatives and authorised persons) of its
                  confidentiality undertaking under this Clause;
                  or

              

         

        	7.1.3  	
                with
                  the consent of the other party (which consent shall not be unreasonably
                  withheld).

              

         

        	7.2  	
                Any
                  announcement or circular required to be disclosed or issued by
                  law or any
                  regulatory body (including the SFC and the Stock Exchange) shall
                  only be
                  made or issued after consultation with the other parties and after
                  taking
                  into account the reasonable requirements of the other parties as
                  to the
                  contents of such announcement or circular.
                  No
                  party may assign (whether absolutely or by way of security and
                  whether in
                  whole or in part), transfer, mortgage, charge or otherwise dispose
                  in any
                  manner whatsoever of the benefit of this Deed and no party may
                  sub-contract or delegate in any manner whatsoever its performance under
                  this Deed except with the prior written consent of the other
                  parties.

              

         

        	7.3  	
                In
                  the event of an assignment pursuant to Clause 7.2, the original
                  contracting party remains liable to procure the performance of
                  the
                  obligations under the agreement by the
                  assignee.

              

         

        	7.4  	
                Each
                  of the parties confirms that this Deed, represents the entire
                  understanding, and constitutes the whole agreement, in relation
                  to its
                  subject matter and supersedes any previous agreement between the
                  parties
                  with respect thereto and, without prejudice to the generality of
                  the
                  foregoing, excludes any warranty, condition or other undertaking
                  implied
                  at law or by custom.

              

         

        
          
             

          

          
            -15-

            
              

            

          

          
             

          

        

        

         

        	7.5  	
                If
                  any provision or part of this Deed is void or unenforceable due
                  to any
                  applicable law, it shall be deemed to be deleted and the remaining
                  provisions of this Deed shall continue in full force and
                  effect.

              

         

        	7.6  	
                The
                  Grantors shall after exercise of the Options execute all such deeds
                  and
                  documents and do all such things as the Grantee may reasonably
                  require for
                  perfecting the transactions intended to be effected under or pursuant
                  to
                  this Deed and for giving the Grantee the full benefit of the provisions
                  of
                  this Deed, including vesting in the Grantee the legal and beneficial
                  title
                  to the Option Shares.

              

         

        	7.7  	
                The
                  rights and remedies of the parties shall not be affected by the
                  giving of
                  any indulgence by any other party or by anything whatsoever except
                  a
                  specific waiver or release in writing and any such waiver or release
                  shall
                  not prejudice or affect any other rights or remedies of the
                  parties.

              

         

        	7.8  	
                This
                  Deed may be executed in any number of counterparts and by the parties
                  to
                  it on separate counterparts, each of which when executed and delivered
                  shall be an original but all the counterparts together constitute
                  one
                  instrument.

              

         

        	7.9  	
                No
                  variation of this Deed (or any of the documents referred to in
                  it) shall
                  be valid unless it is in writing (which, for this purpose, does
                  not
                  include e-mail) and signed by or on behalf of each of the parties
                  to this
                  Deed.

              

         

        	7.10  	
                The
                  parties shall pay their own costs in connection with the preparation
                  and
                  negotiation of this Deed and any matter contemplated by it (including
                  but
                  not limited to their respective stamp duty, SFC transaction levy
                  and Stock
                  Exchange trading fee, if any).

              

         

        	7.11  	
                No
                  delay or failure by a party to exercise or enforce (in whole or
                  in part)
                  any right provided by this Deed or by law shall operate as a release
                  or
                  waiver, or in any way limit that party's ability to further exercise
                  or
                  enforce that, or any other, right. A waiver of any breach of any
                  provision
                  of this Deed shall not be effective, or implied, unless that waiver
                  is in
                  writing and is signed by the party against whom that waiver is
                  claimed.

              

         

        	7.12  	
                The
                  parties acknowledge and agree that in the event of a default by
                  any party
                  in the performance of their respective obligations under this Deed,
                  the
                  non-defaulting parties shall have the right to obtain specific
                  performance
                  of the defaulting party's obligations. Such remedy to be in addition
                  to
                  any other remedies provided under this Deed or at
                  law.

              

         

        	8.  	
                NOTICES

              

         

        	8.1  	
                A
                  notice (including any approval, consent or other communication)
                  in
                  connection with this Deed and the documents referred to in
                  it:

              

         

        	8.1.1  	
                must
                  be in writing;

              

         

        	8.1.2  	
                must
                  be left at the address of the addressee or sent by pre-paid first
                  class
                  post (airmail if posted to or from a place outside Hong Kong) to
                  the
                  address of the addressee or sent by facsimile to the facsimile
                  number of
                  the addressee in each case 

              

         

        
          
             

          

          
            -16-

            
              

            

          

          
             

          

        

        which
          is
          specified in this Clause in relation to the party to whom the notice is
          addressed, and marked for the attention of the person so specified, or
          to such
          other address or facsimile number in Hong Kong and/or marked for the attention
          of such other person, as the relevant party may from time to time specify
          by
          notice given in accordance with this Clause.

         

        	8.1.3  	
                The
                  relevant details of each party at the date of this Deed
                  are:

              

         

        Grantors

         

        [*
          Material
          omitted and filed separately with the Securities and Exchange Commission
          pursuant to a request for confidential treatment under Rule 14-b2 of the
          Securities Exchange Act of 1934, as amended.]

         

        Grantee

         

        Address:
          c/o 22nd Floor, Vita Tower, 29 Wong Chuk Hang Road, Aberdeen, Hong
          Kong

         

        Fax:
          (852) 2552 5925 

         

        Attention:
          Legal Department

         

        	8.1.4  	
                for
                  the avoidance of doubt, must not be sent by electronic
                  mail.

              

         

        	8.2  	
                In
                  the absence of evidence of earlier receipt, any notice shall take
                  effect
                  from the time that it is deemed to be received in accordance with
                  Clause
                  8.3
                  below.

              

         

        	8.3  	
                Subject
                  to Clause 8.4
                  below, a notice is deemed to be received:

              

         

        	8.3.1  	
                in
                  the case of a notice left at the address of the addressee, upon
                  delivery
                  at that address;

              

         

        	8.3.2  	
                in
                  the case of a posted letter, on the third day after posting or,
                  if posted
                  to or from a place outside Hong Kong, the seventh day after posting;
                  and

              

         

        	8.3.3  	
                in
                  the case of a facsimile, on production of a transmission report
                  from the
                  machine from which the facsimile was sent which indicates that
                  the
                  facsimile was sent in its entirety to the facsimile number of the
                  recipient.

              

         

        	8.4  	
                A
                  notice received or deemed to be received in accordance with Clause
                  8.3
                  above on a day which is not a Business Day or after 5 p.m. on any
                  Business
                  Day, according to local time in the place of receipt, shall be
                  deemed to
                  be received on the next following Business
                  Day.

              

         

        	8.5  	
                A
                  notice given or document supplied to [*
                  Material omitted and filed separately with the Securities and Exchange
                  Commission pursuant to a request for confidential treatment under
                  Rule
                  14-b2 of the Securities Exchange Act of 1934, as amended.]
                  in accordance 

              

         

        
          
             

          

          
            -17-

            
              

            

          

          
             

          

        

        with
          the
          details specified for the Grantors above shall be deemed to have been given
          or
          supplied to all the Grantors to whom such notice is addressed.

         

        	8.6  	
                Each
                  party undertakes to notify the other parties by notice served in
                  accordance with this Clause if the address specified herein is
                  no longer
                  an appropriate address for the service of
                  notices.

              

         

        	9.  	
                GOVERNING
                  LAW

              

         

        	9.1  	
                This
                  Deed shall be governed by, and construed in accordance with, Hong
                  Kong
                  law.

              

         

        	9.2  	
                Each
                  party irrevocably agrees for the benefit of the Grantee that the
                  Courts of
                  Hong Kong shall have non-exclusive jurisdiction in relation to
                  any claim,
                  dispute or difference concerning this Deed and any matter arising
                  therefrom.

              

         

        	9.3  	
                Each
                  party irrevocably waives any right that it may have to object to
                  an action
                  being brought in those Courts, to claim that the action has been
                  brought
                  in an inconvenient forum, or to claim that those Courts do not
                  have
                  jurisdiction.

              

         

        	9.4  	
                The
                  submission to the jurisdiction of the Courts of Hong Kong shall
                  not (and
                  shall not be construed so as to) limit the right of the Grantee
                  to bring
                  legal proceedings in any other court of competent jurisdiction
                  including
                  without limitation the courts having jurisdiction by reason of
                  the
                  Grantee's domicile. Legal proceedings by the Grantee in any one
                  or more
                  jurisdictions shall not preclude legal proceedings by it in any
                  other
                  jurisdiction, whether by way of substantive action, ancillary relief,
                  enforcement or otherwise.

              

         

        	9.5  	
                The Grantee
                  hereby appoints Publishers Representatives Limited, with correspondence
                  address at c/o 22nd
                  Floor, Vita Tower, 29 Wong Chuk Hang Road, Aberdeen, Hong Kong
                  (Attention:
                  Legal Department), as its agent to accept service of legal process
                  on its
                  behalf. The Grantee hereby irrevocably agrees that if its
                  process agent ceases to have an address in Hong Kong or ceases
                  to act as
                  its process agent, it shall appoint a new process agent acceptable
                  to the
                  other Parties and will deliver to each of the other parties to
                  this
                  Agreement within 14 days a copy of written acceptance of appointment
                  by
                  the new process agent. 

              

         

        	9.6  	
                Each
                  Grantor hereby irrevocably appoints [* Material
                  omitted and filed separately with the Securities and Exchange Commission
                  pursuant to a request for confidential treatment under Rule 14-b2
                  of the
                  Securities Exchange Act of 1934, as amended.]
                  as its/her/his agent to accept service of legal process on its/her/his
                  behalf. Each Grantor irrevocably agrees that if its/her/his process
                  agent
                  ceases to have an address in Hong Kong or ceases to act as its/her/his
                  process agent, it/she/he shall appoint a new process agent acceptable
                  to
                  the other Parties and will deliver each of the other parties to
                  this Deed
                  within 14 days a copy of written acceptance of appointment by the
                  new
                  process agent.

              

         

        	9.7  	
                Subject
                  to Clauses 9.5
                  and 9.6,
                  each party agrees that without preventing any other mode of service,
                  any
                  document in an action (including, but not limited to, any writ
                  of summons
                  or other originating process or any third or other party notice)
                  may be
                  served on any party by being delivered to or left for that party
                  at its
                  address for service of notices under 

              

         

        
          
             

          

          
            -18-

            
              

            

          

          
             

          

        

        Clause
          8
          and each
          party undertakes to maintain such an address at all times in Hong Kong
          and to
          notify the other party in advance of any change from time to time of the
          details
          of such address in accordance with the manner prescribed for service of
          notices
          under Clause 8.

         

        IN
          WITNESS
          of which
          the parties have executed this document as a Deed on the date first mentioned
          above.

         

        
          
             

          

          
            -19-

            
              

            

          

          
             

          

        

        EXECUTION
          PAGE

         

        [*
          Material
          omitted and filed separately with the Securities and Exchange Commission
          pursuant to a request for confidential treatment under Rule 14-b2 of the
          Securities Exchange Act of 1934, as amended.]

         

        SIGNED
          SEALED and DELIVERED
          by           
)

                                                                                         )

        漓凡生GUO
          FANSHENG                                  
)

        

         

        [*
          Material
          omitted and filed separately with the Securities and Exchange Commission
          pursuant to a request for confidential treatment under Rule 14-b2 of the
          Securities Exchange Act of 1934, as amended.]

         

        
          	
                  SEALED
                    with the Common Seal of 

                	
                  )

                
	
                  and
                    SIGNED
                    by
                    

                	
                  )

                
	
                  for
                    and on behalf of

                	
                  )

                
	
                  IDG
                    TECHNOLOGY VENTURE

                	
                  )

                
	
                   INVESTMENT,
                    INC.

                	
                  )

                
	
                  in
                    the presence of:

                	
                  )

                

        

        

        

        [*
          Material
          omitted and filed separately with the Securities and Exchange Commission
          pursuant to a request for confidential treatment under Rule 14-b2 of the
          Securities Exchange Act of 1934, as amended.]

         

        

        
          	
                  SEALED
                    with the Common Seal of 

                	
                  )

                
	
                  and
                    SIGNED
                    by
                    

                	
                  )

                
	
                  for
                    and on behalf of

                	
                  )

                
	
                  TRADE
                    MEDIA HOLDINGS LIMITED

                	
                  )

                
	
                  in
                    the presence of:

                	
                  )

                

        

        
 

         

         

        -20-Exhibit 4.33 - Call Option Deed Relating to Equity Interest in Beijing Huicong
      International Information Co., Ltd., dated May 24, 2006, between Trade Media
      Holdings

     

    Exhibit
      4.33

     

    Herbert
      Smith

    
      Execution
        Copy

      

      

      

      

      

      

      ......24th
        May.. 2006

       

      

      

      

      HC
        CONSTRUCTION CO., LTD

       

      and

       

      TRADE
        MEDIA HOLDINGS LIMITED

       

      

      

      

      

                                                                                    

      

      CALL
        OPTION DEED

       

      RELATING
        TO

       

      EQUITY
        INTERESTS IN

       

      北京慧羖国榻犼瑑有榰公司

       

      BEIJING
        HUICONG INTERNATIONAL

      INFORMATION
        CO., LTD.)

                                                                                    

      

      

      

      

      

      

      

      

      Herbert
        Smith LLP

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      THIS
        DEED is
        made
        on 24th
        May
        2006

       

      BETWEEN

       

       

      	1.  	
              北京慧羖建瑂信息咨琞有榰公司(HUICONG
                CONSTRUCTION CO., LTD), a
                limited liability company incorporated in the People's Republic of
                China
                (“China”
                or the “PRC”)
                and having its registered address at No.9 Chaoqian Road Science Park
                Changping District, Beijing (the “Grantor”);
                and

            

       

       

      	2.  	
              TRADE
                MEDIA HOLDINGS LIMITED,
                a
                company incorporated in the Cayman Islands and having its registered
                address at P.O. Box 219 GT, Strathvale House, North Church Street,
                George
                Town, Grand Cayman, Cayman Islands (the “Grantee”).

            

       

      

      

      WHEREAS

       

       

      	(A)  	
              Reference
                is made to the sale and purchase agreement in relation to the shares
                of HC
                International, Inc. (“HC
                International”)
                dated the same date of this Deed made between IDG Technology Venture
                Investment, Inc. and the Grantee (the “Sale
                and Purchase Agreement”).

            

       

       

      	(A)  	
              As
                at the date of this Deed, the Grantor is the registered owner of
                18% of
                the equity interest in the entire registered capital of the
                Company.

            

       

       

      	(B)  	
              In
                consideration of the Grantee agreeing to enter into the Sale and
                Purchase
                Agreement, the Grantor has agreed to grant an option over the Beijing
                Huicong Option Equity Interests (as defined below) to the Grantee
                on the
                terms and conditions set out in this
                Deed.

            

       

       

      	(C)  	
              Hong
                Kong Huicong International Group Limited (“HKHC”),
                which is the registered owner of 82% of the equity interest of the
                entire
                registered capital of the of the Company, has given its consent in
                relation to the sale of the Beijing Huicong Option Equity Interests
                by the
                Grantor required under the Joint Venture Contract (as defined below)
                and/or the Articles of Association (as defined below) or otherwise
                upon
                the exercise of the Option by the Grantee hereunder and has undertaken
                to
                the Grantee that it will enter into such amendment contract to the
                Joint
                Venture Contract and/or the Articles of Association as shall be
                appropriate and necessary to reflect the change in the investors
                of the
                Company as a result of the transfer of the Beijing Huicong Option
                Equity
                Interests, in each case on or before Completion. A copy of such letter
                signed by HKHC (“HKHC
                Letter”)
                is attached as Appendix “A”.

            

       

      

       

      IT
        IS HEREBY AGREED:

       

      	1.  	
              INTERPRETATION

            

       

      	1.1  	
              In
                this Deed, unless the context requires otherwise, terms used herein
                shall
                have the same meaning as
                those used in the Sale and Purchase Agreement save
                that:

            

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      
        	
                “Accounts”

              	
                means
                  the latest audited consolidated balance sheet and profits and loss
                  account
                  of the Company and its subsidiaries in respect of the accounting
                  reference
                  period ended on the Accounts Date;

              
	
                “Accounts
                  Date”

              	
                means
                  31 December 2005;

              
	
                “Articles
                  of Association”

              	
                means
                  the articles of association of the Company as amended and supplemented
                  from time to time;

              
	
                “Beijing
                  Huicong Option Equity Interests”

              	
                means
                  the entire equity interest of the Grantor in the registered capital
                  of the
                  Company (representing 18% of the entire registered capital of the
                  Company)
                  and any Equity Interests for the time being representing the same
                  by
                  reason of any alteration in the registered capital of the Company
                  or any
                  amalgamation, reorganisation or reconstruction of the Company,
                  provided
                  that the Beijing Huicong Option Equity Interests shall represent
                  not less
                  than 18% of the total Equity Interests as at
                  Completion;

              
	
                “Business
                  Day” 

              	
                means
                  a day (other than a Saturday or Sunday) on which banks in Hong
                  Kong and
                  China are generally open for business;

              
	
                “Company”

              	
                means
                  北京慧羖国榻犼瑑有榰公司(Beijing
                  Huicong International Information Co., Ltd.), a sino-foreign cooperative
                  joint venture company incorporated in the PRC;

              
	
                “Completion”

              	
                means
                  completion of the sale and purchase of the Beijing Huicong Option
                  Equity
                  Interests upon the exercise of the Option in accordance with clause
                  5.2;

              
	
                “Equity
                  Interests” 

              	
                means
                  equity interests in the registered capital of the
                  Company;

              
	
                “Exercise
                  Notice”

              	
                means
                  a notice to exercise the Option in the form set out in Schedule
                  1;

              
	
                “Exercise
                  Price”

              	
                means
                  HK$248,944,924 for the entire Beijing Huicong Option Equity Interests
                  and
                  the ICP Licence and all other licences, contracts and business
                  undertakings referred to in Clause 2.1.2
                  which shall be payable in cash;

              

      

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

      

      
        	
                “HC
                  International”

              	
                means
                  HC International, Inc., a company incorporated in the Cayman
                  Islands;

              
	
                “HC
                  Options”

              	
                means
                  the options granted by various grantors, being existing shareholders
                  of HC
                  International, to the Grantee in relation to a certain percentage
                  of the
                  equity interests in HC International in accordance with an option
                  deed
                  entered into between the grantors and the Grantee dated the same
                  date as
                  this Deed;

              
	
                “HC
                  Options Deed”

              	
                means
                  the option deed entered into by various grantors and the Grantee
                  dated the
                  same date of this Deed in relation to the HC Options;

              
	
                “ICP
                  Licence”

              	
                means
                  the licence held by the Grantor to provide internet information
                  services
                  and/or content in the PRC;

              
	
                “Joint
                  Venture 

                Contract”

              	
                means
                  the joint venture contract entered into between HKHC and the Grantor
                  in
                  relation to the establishment of the Company as amended from time
                  to
                  time;

              
	
                “Option”

              	
                means
                  the option granted by the Grantor to the Grantee whereby the Grantee
                  has
                  the right to require the Grantor to sell or to procure the sale
                  of the
                  Beijing Huicong Option Equity Interests pursuant to the terms of
                  this
                  Deed;

              
	
                “Option
                  Period”

              	
                means
                  the period commencing on the date of completion of the Sale and
                  Purchase
                  Agreement and ending on the expiry of the 12-month period from
                  the date of
                  the completion of the Sale and Purchase Agreement;

              
	
                “PRC
                  Approval 

                Authority”

              	
                means
                  the Beijing Municipal Commerce Bureau (previously known as the
                  Beijing
                  Municipal Commission of Foreign Trade and Economic Commission)
                  which
                  approved the formation of the Company;

              
	
                “Shares”

              	
                means
                  ordinary shares of HK$0.10 each in the share capital of HC
                  International;

              

      

      
        
           

        

        
          -3-

          
            

          

        

        
           

        

      

      

      
        	
                “Taxation”

              	
                means
                  all forms of tax, duty, rate, levy, charge or other imposition
                  or
                  withholding whenever and by whatever authority, and whether of
                  the PRC or
                  elsewhere, including (without limitation) profits tax, provisional
                  profits
                  tax, salaries tax, provisional salaries tax, property tax, provisional
                  property tax, interest tax, estate duty, customs and other import
                  duties,
                  excise duties, rates, stamp duty, capital duty, fees payable on
                  any
                  increase of the authorised or issued share capital of a company
                  or on the
                  allotment of any shares in a company, and any other taxes, duties,
                  rates,
                  levies, charges, imposts or withholdings corresponding to, similar
                  to,
                  replaced by or replacing any of them together with any interest,
                  penalty,
                  fine or additional sum in connection with any Taxation, and any
                  liability
                  to make a payment by way of reimbursement, recharge, indemnity,
                  damages or
                  management charge connected in any way with any Taxation and regardless
                  of
                  whether any such taxes, duties, rates, levies, charges, imposts,
                  withholdings, interest, penalties or fines are chargeable directly
                  or
                  primarily against or attributable directly or primarily to the
                  Company,
                  any of the Subsidiaries or any other person, whether any amount
                  in respect
                  of any of them is recoverable from any other person and “Tax”
                  shall be construed accordingly.

              

      

      

      	1.2  	
              In
                this Deed, save where the context otherwise
                requires:

            

       

      	1.2.1  	
              a
                reference to a statute or statutory provision shall include a reference
                to
                that statute or provision
                as
                from time to time consolidated, modified, re-enacted or replaced
                by any
                statute or statutory provision; to any repealed statute or statutory
                provision which it re-enacts (with or without modification); and
                any
                subordinate legislation made under the relevant
                statute;

            

       

      	1.2.2  	
              words
                in the singular shall include the plural, and vice
                versa;

            

       

      	1.2.3  	
              the
                masculine gender shall include the feminine and neutral and vice
                versa;

            

       

      	1.2.4  	
              a
                reference to a person shall include a reference to a firm, a body
                corporate, an unincorporated association or to a person's executors
                or
                administrators;

            

       

      	1.2.5  	
              a
                reference to a clause, paragraph, Schedule or Appendix (other than
                to a
                schedule to a statutory provision) shall be a reference to a clause,
                paragraph, Schedule or Appendix (as the case may be) of or to this
                Deed;

            

       

      	1.2.6  	
              if
                a period of time is specified and commences from a given day or the
                day of
                an act or event, it shall be calculated exclusive of that
                day;

            

       

      	1.2.7  	
              references
                to any legal term for any action, remedy, method or judicial proceeding,
                legal document, legal status, court, official or any legal concept
                or
                thing shall 

            

       

      
        
           

        

        
          -4-

          
            

          

        

        
           

        

      

      in
        respect of any jurisdiction other than Hong Kong be deemed to include what
        most
        nearly approximates in that jurisdiction to the Hong Kong legal
        term;

       

      	1.2.8  	
              references
                to writing shall include any modes of reproducing words in a legible
                and
                non-transitory form; 

            

       

      	1.2.9  	
              the
                headings in this Deed are for convenience only and shall not affect
                the
                interpretation of any provision of this Deed;
                and

            

       

      	1.3  	
              The
                designations adopted in the recitals and introductory statements
                preceding
                this clause apply throughout this Deed and the
                Schedules.

            

       

      	1.4  	
              Where
                any obligation in this Deed is expressed to be made, undertaken or
                given
                by two or more parties, they shall be jointly and severally liable
                in
                respect of it.

            

       

      	1.5  	
              Where
                any reference to “Completion” is made in this Deed, such reference shall
                be construed as “Completion in relation to each exercise of the
                Option(s)”.

            

       

      	2.  	
              GRANT
                OF THE OPTION

            

       

      	2.1  	
              In
                consideration of the Grantee agreeing to enter into and, subject
                to the
                completion of the Sale and Purchase Agreement in accordance with
                its
                terms,

            

       

      	2.1.1  	
              the
                Grantor hereby grants to the Grantee an irrevocable and, subject
                to the
                terms of this Deed, an unconditional right to (i) purchase from the
                Grantor all (but not part only) of the Beijing Huicong Option Equity
                Interests or (ii) to nominate a subsidiary of the Grantee which would
                be
                an entity established under the laws of the PRC (if required under
                the
                laws of the PRC) (the “Designated
                Subsidiary”)
                to purchase the Beijing Huicong Option Equity Interests at the Exercise
                Price (subject to adjustment in clauses 2.4) at any time during the
                Option
                Period;

            

       

      	2.1.2  	
              conditional
                upon the exercise of the Option in accordance with this Deed, and
                subject
                to Completion, the Grantor hereby further grants to the Grantee an
                irrevocable and unconditional right to require the Grantor to transfer
                or
                assign to the extent permitted by applicable PRC laws to the Grantee
                or to
                a company nominated by the Grantee which is established under the
                laws of
                the PRC (if this is required under the laws of the PRC) (the “Designated
                Grantee”)
                upon or as soon as practicable after
                Completion:-

            

       

      	(a)  	
              the
                licence held by the Grantor to provide internet information services
                and/or content in the PRC (the “ICP
                Licence”);
                provided,
                however,
                that if such transfer is not permissible under applicable laws, then
                at
                the Grantee's and Designated Grantee’s request, the Grantor shall render
                all reasonable cooperation and assistance to the Grantee and the
                Designated Grantee in connection with the Designated Grantee obtaining
                its
                own ICP Licence and/or other relevant business licences required
                for the
                Designated Grantee to operate internet information services and/or
                content
                in the PRC; and

            

       

      
        
           

        

        
          -5-

          
            

          

        

        
           

        

      

      

       

      	(b)  	
              all
                other licences and intellectual property owned by the Grantor used
                solely
                by HC International, the Company and/or other Subsidiaries of HC
                International, in connection with their business operations;
                and

            

       

      	(c)  	
              all
                relevant contracts and business undertakings of the Grantor with
                HC
                International, the Company and/or other subsidiaries of HC International,
                in connection with their business operations which are set out in
                Schedule 3,

            

       

      	2.1.3  	
              the
                Grantor irrevocably and unconditionally undertakes not to sell, transfer,
                dispose of, charge, encumber or otherwise deal with in any way the
                Beijing
                Huicong Option Equity Interests (or any interest therein) which are
                legally and/or beneficially owned by it during the Option Period,
                save
                with the prior written consent of the
                Grantee.

            

       

      	2.2  	
              The
                Grantor agrees that, in the event the Grantee makes a general offer
                to the
                shareholders of HC International under the Takeovers Code made pursuant
                to
                Clause 2.1.2
                of
                the HC Options Deed during the Option Period and if the general offer
                does
                not become unconditional or lapses, the Grantee shall have no obligation
                to purchase any of the Beijing Huicong Option Equity
                Interests.

            

       

      	2.3  	
              Subject
                to the terms and conditions of this Deed, the Grantor shall, on exercise
                of the Option, sell or procure the sale of the Beijing Huicong Option
                Equity Interests and the Grantee or the Designated Subsidiary (as
                the case
                may be) shall purchase the Beijing Huicong Option Equity Interests,
                free
                from any claim, option, charge, lien, equity, encumbrance, rights
                of
                pre-emption or any other third party rights of whatsoever nature
                and with
                all rights attached or accruing thereto on and after date of such
                exercise.

            

       

      	2.4  	
              All
                rights (save for the voting rights) attached to the Beijing Huicong
                Option
                Equity Interests shall accrue to the Grantee on and from the date
                of
                service of an Exercise Notice on the Grantor and, following the
                Completion, the Grantor shall account to the Grantee for all dividends
                or
                other distributions of the Company declared or paid subsequent to
                the date
                of service of the Exercise Notice and shall exercise all voting and
                other
                rights at the direction of the Grantee.

            

       

      	2.5  	
              The
                Grantor shall use reasonable endeavours to procure that, until the
                exercise or expiry of the Option, the Company shall not, save pursuant
                to
                any outstanding undertaking, options granted or given by the Company
                on
                the date of this Deed, make any alteration in its registered
                capital.

            

       

      	2.6  	
              The
                Grantor waives and agrees to procure the waiver of any restrictions
                on
                transfer (including pre-emption rights) which may exist in relation
                to the
                Beijing Huicong Option Equity Interests under the Joint Venture Contract,
                the Articles of Association or otherwise.

            

       

      	2.7  	
              The
                Grantee shall not be obliged to complete the purchase of the Beijing
                Huicong Option Equity Interests unless the Grantor completes the
                sale of
                the Beijing Huicong Option Equity Interests set out in any Exercise
                Notice
                simultaneously.

            

       

      
        
           

        

        
          -6-

          
            

          

        

        
           

        

      

      

       

      	2.8  	
              The
                Option shall lapse and cease to have any effect if the HC Options
                lapse in
                accordance with the HC Options Deed.

            

       

      	3.  	
              EXERCISE
                OF THE OPTION

            

       

      	3.1  	
              Subject
                to Clause 4.4
                of
                the HC Options Deed, the exercise of the Option is conditional
                upon:

            

       

      	(a)  	
              the
                Grantee exercising the HC Options; or

            

       

      	(b)  	
              the
                Grantee exercising its right under Clause 2.1.2 of the HC Options
                Deed.

            

       

      	3.2  	
              An
                Exercise Notice may be given by the Grantee at any time during the
                Option
                Period in respect of all (but not part only) of the Beijing Huicong
                Option
                Equity Interests.

            

       

      	3.3  	
              At
                any time after the completion of the Sale and Purchase Agreement
                and prior
                to the giving of the Exercise Notice, the Grantee (and any person
                authorised by it) shall be entitled to conduct such enquiries,
                investigations and due diligence reviews of the business, affairs,
                operations and financial position of the Company as the Grantee in
                its
                absolute discretion deems necessary, desirable or appropriate and
                the
                Grantor shall use its reasonable endeavours to, subject to Clause
                6.1
                hereof and the Grantee executing a confidentiality undertaking in
                favour
                of the Company (if required by the Company) on substantially the
                same
                terms set out in Clause 6.1, procure that the Grantee and any persons
                authorised by it shall on giving reasonable prior notice and during
                normal
                office hours be given full access to the employees, premises, plant,
                machinery, books of account, records and documents of the Company
                and each
                of its subsidiaries as the Grantee may reasonably
                request.

            

       

      	3.4  	
              The
                Grantee has the right, but not the obligation, to give the Exercise
                Notice
                and/or to complete the sale and purchase of the Beijing Huicong Option
                Equity Interests.

            

       

      	3.5  	
              After
                the giving of any Exercise Notice,

            

       

      	3.5.1  	
              the
                Grantee and the Grantor shall enter into a formal equity transfer
                agreement in substantially the form as set out in Schedule 4 on or
                before
                Completion;

            

       

      	3.5.2  	
              the
                Grantor shall procure HKHC to enter into agreements with the Designated
                Subsidiary and/or the Grantee (as the case may be) to make such amendments
                to the Joint Venture Contract and the Articles of Association as
                shall be
                appropriate and necessary to reflect the change in the investors
                of the
                Company as a result of the transfer of the Beijing Huicong Option
                Equity
                Interests, in each case on or before
                Completion.

            

       

      	3.6  	
              After
                the giving of any Exercise Notice by the Grantor, the Grantor shall
                procure the directors of the Company to approve the transfer of the
                relevant Beijing Huicong Option Equity
                Interests.

            

       

      
        
           

        

        
          -7-

          
            

          

        

        
           

        

      

      

       

      	4.  	
              WARRANTIES
                AND UNDERTAKINGS

            

       

      	4.1  	
              The
                Grantor warrants and represents to the Grantee in the terms of the
                Warranties set out in Schedule 2.

            

       

      	4.2  	
              The
                Grantor shall procure that the Warranties (save for the Warranties
                in
                paragraphs 5 and 6.1 of Schedule 2, which relate only to the date
                of this
                Deed) are true and accurate at all times up to and including Completion
                by
                reference to the facts and circumstances then subsisting and, for
                this
                purpose, such Warranties shall be deemed to be repeated at all times
                up to
                and including Completion as if any express or implied reference therein
                to
                the date of this Deed shall be replaced by a reference to the time
                at
                which such Warranty is deemed to be
                repeated.

            

       

      	4.3  	
              The
                Grantee shall be entitled to claim both before and after Completion
                that
                any of the Warranties is or was untrue or misleading or has or had
                been
                breached even if the Grantee discovered or could have discovered
                on or
                before entering into this Deed and before Completion that the Warranty
                in
                question was untrue or misleading or had been breached and Completion
                shall not in any way constitute a waiver of any of the Grantee's
                rights.

            

       

      	4.4  	
              The
                Grantee shall not, prior to the exercise or expiry of the Option
                Period
                and (if appropriate) Completion, transfer, dispose of, charge, pledge
                or
                encumber in any way its interests in any of the Beijing Huicong Option
                Equity Interests.

            

       

      	4.5  	
              The
                Grantor shall use all reasonable endeavours to procure that until
                the
                exercise or expiry of the Option and (if appropriate) Completion
                and save
                with the prior consent of the Grantee (which consent shall not be
                unreasonably withheld or delayed):

            

       

      	(A)  	
              no
                alterations will be made to the Joint Venture Contract and Articles
                of
                Association and no regulations or resolutions inconsistent with them
                will
                be adopted;

            

       

      	(B)  	
              the
                Company will not make any substantial change in the nature of its
                business, which shall continue to be carried on in the ordinary
                course;

            

       

      	(C)  	
              the
                Company will not enter into any transaction that is not in the normal
                and
                ordinary course of conducting its business nor enter into any transaction
                which is not on arm's length terms; and

            

       

      	(D)  	
              no
                resolution will be passed for the voluntary winding-up of the
                Company.

            

       

      	4.6  	
              The
                Grantor undertakes to the Grantee that:

            

       

      	4.6.1  	
              Subject
                to Clause 4.6.2, it shall at any time before the ICP Licence, all
                other
                licences and contracts and business undertakings of the Grantor with
                HC
                International are transferred to the Grantee or to the Designated
                Grantee
                in accordance with Clause 2.1.2
                offer to continue to provide internet information services, content
                services and other services to the Company in the same manner and
                on the
                same terms as carried on as at the date of this
                Deed;

            

       

      
        
           

        

        
          -8-

          
            

          

        

        
           

        

      

      

       

      	4.6.2  	
              [*
                Material
                omitted and filed separately with the Securities and Exchange Commission
                pursuant to a request for confidential treatment under Rule 14-b2
                of the
                Securities Exchange Act of 1934, as amended.]

            

       

      	4.6.3  	
              [*
                Material
                omitted and filed separately with the Securities and Exchange Commission
                pursuant to a request for confidential treatment under Rule 14-b2
                of the
                Securities Exchange Act of 1934, as amended.]

            

       

      	4.7  	
              The
                Grantor undertakes to indemnify and keep indemnified at any time
                and from
                time to time the Grantee on demand from and against all claims,
                liabilities, losses, costs and expenses which the Grantee may suffer
                or
                incur or which may be made against the Grantee either before or after
                Completion in respect of any breach of any of the warranties, undertakings
                or indemnities in this clause 4.

            

       

      	4.8  	
              The
                total liability of the Grantor under this Deed shall not exceed the
                aggregate Exercise Price for the Beijing Huicong Option Equity Interests
                to be received by the Grantor.

            

       

      	4.9  	
              The
                Grantor shall have no liability under this
                Deed:

            

       

      	4.9.1  	
              unless,
                in the case of any particular claim, the amount thereof shall exceed
                HK$1,000,000; or

            

       

      	4.9.2  	
              until
                the aggregate amount of all valid claims which could otherwise be
                made
                under this Deed shall exceed
                HK$3,000,000,

            

       

      at
        which
        time all such valid claims shall become payable.

       

      	4.10  	
              The
                liability of the Grantor to the Grantee hereunder
                shall:

            

       

      	4.10.1  	
              in
                relation to any of the Warranties on Taxation, cease upon expiry
                of 7
                years from the date of Completion; and

            

       

      	4.10.2  	
              in
                relation to any of the other Warranties or other indemnities, cease
                upon
                the earlier of the expiry of 2 years from the date of
                Completion.

            

       

      	5.  	
              COMPLETION

            

       

      	5.1  	
              Completion
                of the sale and purchase of the Beijing Huicong Option Equity Interests
                is
                conditional upon:

            

       

      	5.1.1  	
              the
                obtaining of the approval of the PRC Approval Authority in relation
                to the
                change in ownership of the Beijing Huicong Option Equity Interests
                pursuant to the exercise of the option and the transactions set out
                in
                Clause 2.1.2
                by
                the Grantor, including the obtaining an amended “Foreign Investment
                Enterprises Approval Certificate” by the PRC Approval Authority in respect
                of the transfer of the relevant Beijing Huicong Option Equity Interests
                (“Approval
                Certificate”);
                and

            

       

      
        
           

        

        
          -9-

          
            

          

        

        
           

        

      

      

       

      	5.1.2  	
              the
                sale and purchase of the Shares under the HC Options Deed, whether
                by way
                of exercising the HC Options or by exercising the right under clause
                2.1.2
                of the HC Options Deed, becoming unconditional (excluding any condition
                relating to the sale and purchase of the Beijing Huicong Option Equity
                Interests under this Deed).

            

       

      	5.2  	
              Subject
                to clause 4.4 of the HC Options Deed, completion shall take place
                simultaneously with the completion of the sale and purchase of the
                Shares
                under the HC Options Deed at such time (within 30 days after the
                sale and
                purchase of the Shares under the HC Options Deed becomes unconditional
                or
                5 Business Days after the condition in 5.1.1
                above has been fulfilled, whichever is the later) and at such place
                in
                Hong Kong as may be specified in the Exercise Notice or otherwise
                notified
                by the Grantee.

            

       

      	5.3  	
              At
                Completion of the exercise of the Option, the following business
                shall be
                transacted:

            

       

      	5.3.1  	
              the
                Grantor shall deliver or cause to be delivered to the Grantee (or
                as the
                Grantee may direct) certified true copies of (1) the Approval Certificate;
                and (2) documentary evidence that the Company has completed the necessary
                formalities for registration of change of investors in the Company
                with
                the relevant PRC authorities (including and without limitation to
                the
                business registration, tax, foreign exchange and finance, etc.
                authorities); and

            

       

      	5.3.2  	
              the
                Grantee shall pay to the Grantor by electronic funds transfer to
                the
                Grantor’s bank account (as notified to the Grantee prior to such payment)
                an amount equal to the aggregate Exercise Price for such Beijing
                Huicong
                Option Equity Interests.

            

       

      	5.4  	
              The
                Grantor shall use its all reasonable endeavours to obtain the Approval
                Certificate.

            

       

      	6.  	
              GENERAL

            

       

      	6.1  	
              Each
                party (including their representatives and authorised persons) shall,
                and
                the Grantor shall use its reasonable endeavours to procure that the
                Company shall, at all times keep confidential and not directly or
                indirectly make or allow any disclosure or use to be made of any
                information in its possession or otherwise obtained pursuant to this
                Deed
                relating to any other party, the Company and each of its subsidiaries
                or
                to the existence or subject matter of this Deed,
                except:

            

       

      	6.1.1  	
              to
                the extent required by law or any regulatory
                body;

            

       

      	6.1.2  	
              where
                the information is already disclosed in the public domain otherwise
                than
                pursuant to or arising from a breach by the Grantor or the Grantee
                (including their representatives and authorised persons) on its
                confidentiality undertaking under this Clause;
                or

            

       

      	6.1.3  	
              with
                the consent of the other party (which consent shall not be unreasonably
                withheld).

            

       

      
        
           

        

        
          -10-

          
            

          

        

        
           

        

      

      

       

      	6.2  	
              Any
                announcement or circular required to be made or issued by law or
                any
                regulatory body (including the SFC and the Stock Exchange) shall
                only be
                made or issued after consultation with the other parties and after
                taking
                into account the reasonable requirements of the other parties as
                to the
                contents of such announcement or circular.
                No
                party may assign (whether absolutely or by way of security and whether
                in
                whole or in part), transfer, mortgage, charge or otherwise dispose
                in any
                manner whatsoever of the benefit of this Deed and no party may
                sub-contract or delegate in any manner whatsoever its performance
                under
                this Deed except with the prior written consent of the other
                parties.

            

       

      	6.3  	
              In
                the event of an assignment pursuant to clause 6.2,
                the original contracting party remains liable to procure the performance
                of the obligations under the agreement by the
                assignee.

            

       

      	6.4  	
              Each
                of the parties confirms that this Deed, represents the entire
                understanding, and constitutes the whole agreement, in relation to
                its
                subject matter and supersedes any previous agreement between the
                parties
                with respect thereto and, without prejudice to the generality of
                the
                foregoing, excludes any warranty, condition or other undertaking
                implied
                at law or by custom.

            

       

      	6.5  	
              If
                any provision or part of this Deed is void or unenforceable due to
                any
                applicable law, it shall be deemed to be deleted and the remaining
                provisions of this Deed shall continue in full force and
                effect.

            

       

      	6.6  	
              The
                Grantor shall after exercise of the Option execute all such deeds
                and
                documents and do all such things as the Grantee may reasonably require
                for
                perfecting the transactions intended to be effected under or pursuant
                to
                this Deed and for giving the Grantee the full benefit of the provisions
                of
                this Deed, including vesting in the Grantee the legal and beneficial
                title
                to the Beijing Huicong Option Equity
                Interests.

            

       

      	6.7  	
              The
                rights and remedies of the parties shall not be affected by the giving
                of
                any indulgence by any other party or by anything whatsoever except
                a
                specific waiver or release in writing and any such waiver or release
                shall
                not prejudice or affect any other rights or remedies of the
                parties.

            

       

      	6.8  	
              This
                Deed may be executed in any number of counterparts and by the parties
                to
                it on separate counterparts, each of which when executed and delivered
                shall be an original but all the counterparts together constitute
                one
                instrument.

            

       

      	6.9  	
              No
                variation of this Deed (or any of the documents referred to in it)
                shall
                be valid unless it is in writing (which, for this purpose, does not
                include e-mail) and signed by or on behalf of each of the parties
                to this
                Deed.

            

       

      	6.10  	
              The
                parties shall pay their own costs in connection with the preparation
                and
                negotiation of this Deed and any matter contemplated by it (including
                but
                not limited to their respective stamp duty, if
                any).

            

       

      	6.11  	
              The
                parties shall pay their own taxes in connection with the execution
                and
                performance of this Deed in accordance with the applicable tax laws
                and
                regulations.

            

       

      
        
           

        

        
          -11-

          
            

          

        

        
           

        

      

      

       

      	6.12  	
              No
                delay or failure by a party to exercise or enforce (in whole or in
                part)
                any right provided by this Deed or by law shall operate as a release
                or
                waiver, or in any way limit that party's ability to further exercise
                or
                enforce that, or any other, right. A waiver of any breach of any
                provision
                of this Deed shall not be effective, or implied, unless that waiver
                is in
                writing and is signed by the party against whom that waiver is
                claimed.

            

       

      	6.13  	
              The
                parties acknowledge and agree that in the event of a default by any
                party
                in the performance of their respective obligations under this Deed,
                the
                non-defaulting parties shall have the right to obtain specific performance
                of the defaulting party's obligations. Such remedy to be in addition
                to
                any other remedies provided under this Deed or at
                law.

            

       

      	7.  	
              NOTICES

            

       

      	7.1  	
              A
                notice (including any approval, consent or other communication) in
                connection with this Deed and the documents referred to in
                it:

            

       

      	7.1.1  	
              must
                be in writing;

            

       

      	7.1.2  	
              must
                be left at the address of the addressee or sent by pre-paid first
                class
                post (airmail if posted to or from a place outside Hong Kong) to
                the
                address of the addressee or sent by facsimile to the facsimile number
                of
                the addressee in each case which is specified in this clause in relation
                to the party to whom the notice is addressed, and marked for the
                attention
                of the person so specified, or to such other address or facsimile
                number
                and/or marked for the attention of such other person, as the relevant
                party may from time to time specify by notice given in accordance
                with
                this clause.

            

       

      	7.1.3  	
              The
                relevant details of each party at the date of this Deed
                are:

            

       

      Grantor

       

      [*
        Material
        omitted and filed separately with the Securities and Exchange Commission
        pursuant to a request for confidential treatment under Rule 14-b2 of the
        Securities Exchange Act of 1934, as amended.]

       

      Grantee

       

      Address: c/o
        22nd
        Floor, Vita Tower, 29 Wong Chuk Hang Road, Aberdeen, Hong Kong

       

      Facsimile: (852)
        2552 5925

       

      Attention:
         Legal
        Department

       

      	7.1.4  	
              for
                the avoidance of doubt, must not be sent by electronic
                mail.

            

       

      	7.2  	
              In
                the absence of evidence of earlier receipt, any notice shall take
                effect
                from the time that it is deemed to be received in accordance with
                clause
                7.3 below.

            

       

      
        
           

        

        
          -12-

          
            

          

        

        
           

        

      

      

       

      	7.3  	
              Subject
                to clause 7.4 below, a notice is deemed to be
                received:

            

       

      	7.3.1  	
              in
                the case of a notice left at the address of the addressee, upon delivery
                at that address;

            

       

      	7.3.2  	
              in
                the case of a posted letter, on the third day after posting or, if
                posted
                to or from a place outside Hong Kong, the seventh day after posting;
                and

            

       

      	7.3.3  	
              in
                the case of a facsimile, on production of a transmission report from
                the
                machine from which the facsimile was sent which indicates that the
                facsimile was sent in its entirety to the facsimile number of the
                recipient.

            

       

      	7.4  	
              A
                notice received or deemed to be received in accordance with clause
                7.3
                above on a day which is not a Business Day or after 5p.m. on any
                Business
                Day, according to local time in the place of receipt, shall be deemed
                to
                be received on the next following Business
                Day.

            

       

      	7.5  	
              Each
                party undertakes to notify the other parties by notice served in
                accordance with this clause if the address specified herein is no
                longer
                an appropriate address for the service of
                notices.

            

       

      	8.  	
              GOVERNING
                LAW

            

       

      	8.1  	
              This
                Deed shall be governed by, and construed in accordance with, Hong
                Kong
                law.

            

       

      	8.2  	
              Each
                party irrevocably agrees for the benefit of the Grantee that the
                Courts of
                Hong Kong shall have non-exclusive jurisdiction in relation to any
                claim,
                dispute or difference concerning this Deed and any matter arising
                therefrom.

            

       

      	8.3  	
              Each
                party irrevocably waives any right that it may have to object to
                an action
                being brought in those Courts, to claim that the action has been
                brought
                in an inconvenient forum, or to claim that those Courts do not have
                jurisdiction.

            

       

      	8.4  	
              The
                submission to the jurisdiction of the Courts of Hong Kong shall not
                (and
                shall not be construed so as to) limit the right of the Grantee to
                bring
                legal proceedings in any other court of competent jurisdiction including
                without limitation the courts having jurisdiction by reason of the
                Grantee's domicile. Legal proceedings by the Grantee in any one or
                more
                jurisdictions shall not preclude legal proceedings by it in any other
                jurisdiction, whether by way of substantive action, ancillary relief,
                enforcement or otherwise.

            

       

      	8.5  	
              The
                Grantee hereby appoints Publishers Representatives Limited, with
                correspondence address at 22nd Floor, Vita Tower, 29 Wong Chuk Hang
                Road,
                Aberdeen, Hong Kong (Attention: Legal Department), as its agent to
                accept
                service of legal process on its behalf. The Grantee
                hereby irrevocably agrees that if its process agent ceases to have an
                address in Hong Kong or ceases to act as its process agent, it shall
                appoint a new process agent acceptable to the Grantor and will deliver
                to
                the Grantor within 14 days a copy of written acceptance of appointment
                by
                the new process agent.

            

       

      
        
           

        

        
          -13-

          
            

          

        

        
           

        

      

      

       

      	8.6  	
              The
                Grantor hereby irrevocably appoints [*
                Material omitted and filed separately with the Securities and Exchange
                Commission pursuant to a request for confidential treatment under
                Rule
                14-b2 of the Securities Exchange Act of 1934, as
                amended.]
                as
                its agent to accept service of legal process on its behalf. The Grantor
                irrevocably agrees that if its process agent ceases to have an address
                in
                Hong Kong or ceases to act as its process agent, it shall appoint
                a new
                process agent acceptable to the Grantee and will deliver to the other
                party to this Deed within 14 days a copy of written acceptance of
                appointment by the new process agent.

            

       

      	8.7  	
              Subject
                to clauses 8.5 and 8.6, each party agrees that without preventing
                any
                other mode of service, any document in an action (including, but
                not
                limited to, any writ of summons or other originating process or any
                third
                or other party notice) may be served on any party by being delivered
                to or
                left for that party at its address for service of notices under clause
                7
                and each party undertakes to maintain such an address at all times
                in Hong
                Kong and to notify the other party in advance of any change from
                time to
                time of the details of such address in accordance with the manner
                prescribed for service of notices under clause
                7.

            

       

      IN
        WITNESS
        of which
        the parties have executed this document as a Deed on the date first
        mentioned
        above.

      
        
           

        

        
          -14-

          
            

          

        

        
           

        

      

      EXECUTION
        PAGE

      

      

      

      

      

      
        	
                SEALED
                  with the Company Chop of 

              	
                )

              
	
                北京慧羖建瑂信息咨琞有榰公司

              	
                )

              
	
                (HUICONG
                  CONSTRUCTION CO., LTD)

              	
                )

              
	 	
                )

              
	
                and
                  SIGNED
                  by
                  

              	
                )

              
	
                for
                  and on behalf of

              	
                )

              
	
                in
                  the presence of:

              	
                )

              
	 	 

      

      

      

      

      

      

      

      

      
        	
                SEALED
                  with the Common Seal of 

              	
                )

              
	
                TRADE
                  MEDIA HOLDINGS LIMITED

              	
                )

              
	 	
                )

              
	
                and
                  SIGNED
                  by
                  

              	
                )

              
	
                for
                  and on behalf of

              	
                )

              
	
                in
                  the presence of:

              	
                )

              

      

      

       

       

      -15-

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