Document:

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                                                                       Ex. 10.20

                                     LEI LIU

                                    YONG SHI

                SHANGHAI FRAMEDIA INVESTMENT CONSULTANCY CO., LTD

                                       AND

                GUANGDONG CENTURY SHENGHUO ADVERTISEMENT CO., LTD

                                   ----------

                             EQUITY PLEDGE AGREEMENT

                                   ----------

                                JANUARY 13, 2006

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                             EQUITY PLEDGE AGREEMENT

This EQUITY PLEDGE AGREEMENT (hereinafter, this "AGREEMENT") is entered into in
the People's Republic of China (hereinafter, "PRC") as of January 13, 2006 by
and among the following Parties:

(1)  LEI LIU
     ID NO: 620102197307205816
     CONTACT ADDRESS: Room 208, 4 Building, Eastern Yumin Lane, Beijing

(2)  YONG SHI
     ID NO: 622301731219001
     CONTACT ADDRESS: Beijing Water Pump Factory, Tongzhou District, Beijing

(3)  SHANGHAI FREMEDIA INVESTMENT CONSULTANCY CO., LTD (HEREINAFTER "PLEDGEE")
     REGISTERED ADDRESS: Room 1, 17 Lan, Hengshan Rd., Shanghai
     LEGAL REPRESENTATIVE: Jason Nanchun Jiang

(4)  GUANGDONG CENTURY SHENGHUO ADVERTISEMENT CO., LTD (HEREINAFTER "CENTURY
     SHENGHUO")
     REGISTERED ADDRESS: Room 2007, 175 Northern Tianhe Rd., Guangzhou
     LEGAL REPRESENTATIVE: Lei LIU

(The above Parties hereinafter each referred to as a "PARTY" individually, and
collectively, the "PARTIES". Among them, Lei LIU and Yong SHI hereinafter
referred to as a "PLEDGOR" individually, and collectively, the "PLEDGORS".)

WHEREAS:

(1)  Shareholders are the enrolled shareholders of Century Shenghuo, legally
     holding all the equity of Century Shenghuo as of the execution date of this
     Agreement; among which, Lei LIU holds 90% equity interest in Century
     Shenghuo while Yong SHI holds 10%.

(2)  Pursuant to the Call Option Agreement dated as of January 13 2006 among the
     Pledgees, the Pledgors and Century Shenghuo (hereinafter, the "CALL OPTION

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     AGREEMENT"), the Plegors shall transfer part or all of the equity interest
     of the Century Shenghuo to the Pledgees and/or any other entity or
     individual designated by the Pledgees at the request of the Pledgees.

(3)  Pursuant to the Shareholders' Voting Right Proxy Agreement dated as of
     January 13, 2006 among the Pledgeees, Century Shenghuo and the Pledgors
     (hereinafter, the "PROXY AGREEMENT"), Pledgors have already entrusted the
     person designated by the Pledgees with full power to exercise on their
     behalf all of their shareholders' voting rights in respect of Century
     Shenghuo.

(4)  As security for performance by the Pledgors of the Contract Obligations (as
     defined below) and repayment of the Guaranteed Liabilities (as defined
     below), the Pledgors agree to pledge all of their Century Shenghuo Equity
     to the Pledgees and grant the Pledgees the right to request for repayment
     in first priority and Century Shenghuo agree such equity pledge
     arrangement.

THEREFORE, the Parties hereby have reached the following agreement upon mutual
consultations:

                              ARTICLE 1 DEFINITION

1.1  Except as otherwise construed in the context, the following terms in this
     Agreement shall be interpreted to have the following meanings:

"CONTRACT OBLIGATIONS" shall mean all contractual obligations of a Pledgor under
the Call Option Agreement and Proxy Agreement; all contractual obligations of a
Century Shenghuo under the Call Option Agreement, Proxy Agreement, Technology
Permission and Service Agreement; all contractual obligations of an Individual
Pledgor under the Loan Agreement; and all contractual obligations of a Pledgor
under this Agreement.

"CENTURY SHENGHUO" shall mean any and all companies listed in Appendix I.

"GUARANTEED LIABILITIES" shall mean all direct, indirect and consequential
losses and losses of foreseeable profits suffered by Pledgees due to any
Breaching Event (as defined below) a Pledgor and/or a Century Shenghuo, and all
fees incurred by Pledgees for the enforcement of the Contractual Obligations of
a Pledgor and/or a Century

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Shenghuo.

"TRANSACTION AGREEMENTS" shall mean the Call Option Agreement and the Proxy
Agreement.

"BREACHING EVENT" shall mean any breach by either Pledgor of its Contract
Obligations under the Proxy Agreement, Call Option Agreement and/or this
Agreement; any breach by a Century Shenghuo of its Contract Obligations under
the Call Option Agreement, Proxy Agreement, Technology Permission and Service
Agreement; and any breach by an Individual Pledgor of its Contractual
Obligations under the Loan Agreement.

"PLEDGED PROPERTY" shall mean all of the equity interest in the Century Shenghuo
which is legally owned by the Pledgor as of the effective date hereof and is to
be pledged to the Pledgees by it according to provisions hereof as the security
for the performance of the Contractual Obligations by it and the Century
Shenghuo (for details of such equity interest, see Appendix I), and the
increased capital contribution and equity interest described in Articles 2.6 and
2.7 hereof.

"PRC LAW" shall mean the then valid laws, administrative regulations,
administrative rules, local regulations, judicial interpretations and other
binding regulatory documents of the People's Republic of China.

"OTHER CONTRACT" shall mean the Equity Transfer Agreement among the Pledgors,
Shanghai Focus Media Advertisement Co., Ltd. (with its registered address at F
Room 1003, No.1027, Changning Road, Changning District, Shanghai) and Shanghai
Focus Media Co., Ltd. (with its registered address at Room A65, 28 Floor,
No.369, Jiangsu Road, Changning District, Shanghai); according to such
contract, Pledgors agree to transfer the equity interest they hold in Century
Shenghuo to Shanghai Focus Media Advertisement Co., Ltd and Shanghai Focus Media
Co., Ltd.

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

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

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          after the formation of this Agreement; and

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

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

                             ARTICLE 2 EQUITY PLEDGE

2.1  Each Pledgor hereby agrees to pledge the Pledged Property, which it legally
     owns and has the right to dispose of, to Pledgees according to the
     provisions hereof as the security for the performance of the Contract
     Obligations and the repayment of the Guaranteed Liabilities. Century
     Shenghuo hereby agrees that the Pledgors legally holding equity interest in
     it to pledge the Pledged Property to the Pledgees according to the
     provisions hereof.

2.2  Each Pledgor hereby undertakes that it will be responsible for, recording
     the arrangement of the equity pledge hereunder (hereinafter, the "EQUITY
     PLEDGE") on the shareholder register of Century Shenghuo on the date
     hereof, and will do its best endeavor to make registration with
     registration authorities of industry and commerce of Century Shenghuo.
     Century Shenghuo respectively undertakes that it will do its best to
     cooperate with the Pledgors to complete the registration with authorities
     of industry and commerce under this Article.

2.3  During the valid term of this Agreement, except for the willful misconduct
     or gross negligence of Pledgees which has direct cause and effect
     relationship the reduction in value of the Pledged Property, Pledgees shall
     not be liable in any way to, nor shall Pledgors have any right to claim in
     any way or propose any demands on Pledgee, in respect of the said reduction
     in value of the Pledged Property.

2.4  To the extent not violating provision of Article 2.3 above, in case of any
     possibility of obvious reduction in value of the Pledged Property which is
     sufficient to jeopardize Pledgee's rights, Pledgees may at any time auction
     or sell off the Pledged Property on behalf of Pledgors, and discuss with
     Pledgors to use the proceeds from such auction or sale-off as pre-repayment
     of the Guaranteed

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     Liabilities, or may submit such proceeds to the local notary institution
     where Pledgees are domiciled (any fees incurred in relation thereto shall
     be borne by Pledgors).

2.5  The Pledgees as Pledgee shall be deemed to have created the encumbrance of
     first order in priority on the Pledged Property, and in case of any
     Breaching Event, the Pledgees shall have the right to dispose of the
     Pledged Property in the way set out in Article 4 hereof.

2.6  Only upon prior consent by Pledgees shall Pledgors be able to increase
     their capital contribution to any or all of the Century Shenghuo. Further
     capital contribution made by Pledgor (s) in the Century Shenghuo shall also
     be part of the Pledged Property.

2.7  Only upon prior consent by Pledgees shall Pledgors be able to receive
     dividends or share profits from the Pledged Property. The dividends or the
     profits received by Pledgors from the Pledged Property shall be deposited
     into Pledgees's bank account designated by Pledgees respectively, to be
     under the supervision of Pledgees and used as the Pledged Property to repay
     in priority the Guaranteed Liabilities.

                           ARTICLE 3 RELEASE OF PLEDGE

In respect of equity interest of any Century Shenghuo, upon full and complete
performance by relevant Pledgors of all of their Contractual Obligations,
Pledgees shall, at the request of relevant Pledgors, release the pledge created
on such Century Shenghuo under this Agreement, and shall cooperate with relevant
Pledgors to go through the formalities to cancel the record of the Equity Pledge
in the shareholder register of the relevant Century Shenghuo; in case of the
Equity Pledge having been recorded at the registration department of
Administration of Industry and Commerce of the Century Shenghuo, the relevant
Parties shall cooperate with each other to go through the formalities to cancel
such record of the Equity Pledge. The reasonable fees incurred in connection
with such release to be borne by Pledgees.

                   ARTICLE 4 DISPOSAL OF THE PLEDGED PROPERTY

4.1  Pledgors, Century Shenghuo and Pledgees hereby agree that, in case of any

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     Breaching Event, the Pledgees shall have the right to exercise, upon giving
     written notice to Pledgors, all of the remedial rights and powers enjoyable
     by them under PRC Law, Transaction Agreements and the terms hereof,
     including but not limited to being repayment in priority with proceeds from
     auctions or sale-offs of the Pledged Property. Pledgees shall not be liable
     for any loss as the result of their reasonable exercise of such rights and
     powers.

4.2  Pledgees shall have the right to designate in writing its legal counsel or
     other agents to exercise on their respective behalf any and all rights and
     powers set out above, and neither Pledgors nor Century Shenghuo shall not
     oppose thereto.

4.3  The reasonable costs incurred by Pledgees in connection with their exercise
     of any and all rights and powers set out above shall be borne by Pledgors,
     and Pledgees shall have the right to deduct the costs actually incurred
     from the proceeds that they acquire from the exercise of the rights and
     powers.

4.4  The proceeds that Pledgees acquire from the exercise of their respective
     rights and powers shall be used in the priority order as follows:

     -    First, to pay any cost incurred in connection with the disposal of the
          Pledged Property and the exercise by Pledgees of their respective
          rights and powers (including remuneration paid to their respective
          legal counsels and agents);

     -    Second, to pay any taxes and levies payable for the disposal of the
          Pledged Property; and

     -    Third, to repay Pledgees for the Guaranteed Liabilities.

     In case of any balance after payment of the above amounts, Pledgees shall
     return the same to Pledgors or other persons entitled thereto according to
     the relevant laws and rules or submit the same to the local notary
     institution where Pledgees are domiciled (any fees incurred in relation
     thereto shall be borne by Pledgors).

4.5  Pledgees shall have the option to exercise, simultaneously or in certain
     sequence, any of the remedies at breaching that it is entitled to in
     respect of the equity interest of any Century Shenghuo holding by any
     Pledgor; Pledgees shall not be

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     obliged to exercise other remedies at breaching before their exercise of
     the right to the auctions or sale-offs of the Pledged Property hereunder.
     Pledgors or Century Shenghuo shall not oppose to whether Pledgees exercise
     any part of the right to the pledge or the sequence of exercising the
     pledge interest.

                            ARTICLE 5 FEES AND COSTS

All costs actually incurred in connection with the establishment of the Equity
Pledge hereunder, including but not limited to stamp duties, any other taxes,
all legal fees, etc shall be borne by Pledgees.

                        ARTICLE 6 CONTINUITY AND NO WAIVE

The Equity Pledge hereunder is a continuous guarantee, with its validity to
continue until the full performance of the Contractual Obligations or the full
repayment of the Guaranteed Liabilities. Neither exemption or grace period
granted by Pledgees to Pledgors in respect of their breach, nor delay by
Pledgees in exercising any of their rights under the Transaction Agreements and
this Agreement shall affect the rights of Pledgee under this Agreement, relevant
PRC Law and the Transaction Agreements, the rights of Pledgees to demand at any
time thereafter the strict performance of the Transaction Agreements and this
Agreement by Pledgors or the rights Pledgee may be entitled to due to subsequent
breach by Pledgors of the obligations under the Transaction Agreements and/or
this Agreement.

              ARTICLE 7 REPRESENTATIONS AND WARRANTIES BY PLEDGORS

Each of Pledgor hereby, in respect of itself and Century Shenghuo in which it
holds equity interest, represents and warrants to Pledgees as follows:

7.1  Each of the Pledgor is a Chinese citizen with full capacity and is a person
     with full and independent legal status and legal capacity to execute,
     deliver and perform this Agreement, and may act independently as a litigant
     party..

7.2  Century Shenghuo is a limited liability corporation duly incorporated and
     validly existing under PRC Law, it has independent status as a legal
     person; it has full and independent legal status and capacity to execute,
     deliver and perform this Agreement and can independently be a subject of
     actions. It has full right and

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     authorization to execute and deliver this Agreement and other documents
     relating to the transaction as stipulated in this Agreement and to be
     executed by them. It also has full right and authorization to complete the
     transaction stipulated in this Agreement.

7.3  All reports, documents and information concerning Pledgors and all matters
     as required by this Agreement which are provided by Pledgors to Pledgee
     before this Agreement comes into effect are true, correct and effective in
     all material aspects as of the execution hereof.

7.5  At the time of the effectiveness of this Agreement, Pledgors are the sole
     legal owner of the Pledged Property, with no existing dispute whatever
     concerning the ownership of the Pledged Property. Pledgors have the right
     to dispose of the Pledged Property or any part thereof.

7.6  Except for the encumbrance set on the Pledged Property hereunder and the
     rights set under the Transaction Agreements, there is no other encumbrance
     or third party interest set on the Pledged Property.

7.7  The Pledged Property is capable of being pledged or transferred according
     to the laws, and Pledgors have the full right and power to pledge the
     Pledged Property to Pledgee according to this Agreement.

7.8  This Agreement constitutes the legal, valid and binding obligations on
     Pledgors when it is duly executed by Pledgors.

7.9  Any consent, permission, waive or authorization by any third person, or any
     approval, permission or exemption by any government authority, or any
     registration or filing formalities (if required by laws) with any
     government authority to be handled or obtained in respect of the execution
     and performance hereof and the Equity Pledge hereunder have already been
     handled or obtained, and will be fully effective during the valid term of
     this Agreement.

7.10 The execution and performance by Pledgors of this Agreement are not in
     violation of or conflict with any laws applicable to them, or any agreement
     to which they are a party or which has binding effect on their assets, any
     court

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     judgment, any arbitration award, or any administration authority decision.

7.11 The pledge hereunder constitutes the encumbrance of first order in priority
     on the Pledged Property.

7.12 All taxes and fees payable in connection with acquisition of the Pledged
     Property have already been paid in full amount by Pledgors.

7.13 There is no pending or, to the knowledge of Pledgors, threatened
     litigation, legal process or demand by any court or any arbitral tribunal
     against Pledgors, or their property, or the Pledged Property, nor is there
     any pending or, to the knowledge of Pledgors, threatened litigation, legal
     process or demand by any government authority or any administration
     authority against Pledgors, or their property, or the Pledged Property,
     which is of material or detrimental effect on the economic status of
     Pledgors or their capability to perform the obligations hereunder and the
     Guaranteed Liabilities.

7.14 Pledgors hereby warrant to Pledgee that the above representations and
     warranties will remain true, correct and effective at any time and under
     any circumstance before the Contractual Obligations are fully performed or
     the Guaranteed Liabilities are fully repaid, and will be fully complied
     with.

         ARTICLE 8 - REPRESENTATIONS AND WARRANTIES BY CENTURY SHENGHUO

Century Shenghuo hereby individually represents and warrants to Pledgee as
follows:

8.1  Century Shenghuo is a limited liability corporation duly incorporated and
     validly existing under PRC Law, with full capacity of disposition and has
     obtained due authorization to execute, deliver and perform this Agreement
     and can independently be a subject of actions.

8.2  All reports, documents and information concerning Pledged Property and all
     matters as required by this Agreement which are provided by Century
     Shenghuo to Pledgee before this Agreement comes into effect are true,
     correct and effective in all material aspects as of the execution hereof.

8.3  All reports, documents and information concerning Pledged Property and all

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     matters as required by this Agreement which are provided by Century
     Shenghuo to Pledgee after this Agreement comes into effect are true,
     correct and effective in all material aspects upon provision.

8.4  This Agreement constitutes the legal, valid and binding obligations on
     Century Shenghuo when it is duly executed by Century Shenghuo.

8.5  It has full right and authorization to execute and deliver this Agreement
     and other documents relating to the transaction as stipulated in this
     Agreement and to be executed by them. It also has full right and
     authorization to complete the transaction stipulated in this Agreement.

8.6  There is no pending or, to the knowledge of Century Shenghuo, threatened
     litigation, legal process or demand by any court or any arbitral tribunal
     against Century Shenghuo, or their property (including but are not limited
     to the Pledged Property), nor is there any pending or, to the knowledge of
     Century Shenghuo, threatened litigation, legal process or demand by any
     government authority or any administration authority against Century
     Shenghuo, or their property (including but are not limited to the Pledged
     Property), which is of material or detrimental effect on the economic
     status of Century Shenghuo or their capability to perform the obligations
     hereunder and the Guaranteed Liabilities.

8.7  Each of Century Shenghuo hereby agree to bear joint responsibilities to
     Pledgees in respect of the representations and Warranties made by its
     relevant Plegor according to Article 7.5, Article 7.6, Article 7.7, Article
     7.9 and Article 7.11 hereof.

8.8  Century Shenghuo hereby warrant to Pledgee that the above representations
     and warranties will remain true, correct and effective at any time and
     under any circumstance before the Contractual Obligations are fully
     performed or the Guaranteed Liabilities are fully repaid, and will be fully
     complied with.

                      ARTICLE 9 - UNDERTAKINGS BY PLEDGORS

Each of Pledgors hereby individually undertakes to Pledgee in respect of it and
Century Shenghuo of which it holds equity as follows:

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9.1  Without the prior written consent by Pledgee, Pledgors shall not establish
     or permit to establish any new pledge or any other encumbrance on the
     Pledged Property.

9.2  Without first giving written notice to Pledgee and having Pledgee's prior
     written consent, Pledgors shall not transfer the Pledged Property, and any
     attempt by Pledgors to transfer the Pledged Property shall be null and
     void. The proceeds from transfer of the Pledged Property by Pledgors shall
     be used to repay to Pledgee in advance the Guaranteed Liabilities or submit
     the same to the third party agreed with Pledgee.

9.3  In case of any litigation, arbitration or other demand which may affect
     detrimentally the interest of Pledgors or Pledgee under the Transaction
     Agreements and hereunder or the Pledged Property, Pledgors undertake to
     notify Pledgee thereof in writing as soon as possible and promptly and
     shall take, at the reasonable request of Pledgee, all necessary measures to
     ensure the pledge interest of Pledgee in the Pledged Property.

9.4  Pledgors shall not carry on or permit any act or action which may affect
     detrimentally the interest of Pledgee under the Transaction Agreements and
     hereunder or the Pledged Property.

9.5  Pledgors guarantee that they shall, at the reasonable request of Pledgee,
     take all necessary measures and execute all necessary documents (including
     but not limited to supplementary agreement hereof) in respect of ensuring
     the pledge interest of Pledgee in the Pledged Property and the exercise and
     realization of the rights thereof.

9.6  In case of assignment of any Pledged Property as the result of the exercise
     of the right to the pledge hereunder, Pledgors guarantee that they will
     take all necessary measures to realize such assignment.

9.7  In case of the expiration of term of operation of the Century Shenghuo
     during the term of this Agreement, without prior written consent from the
     Pledgees, the Pledgor shall take all necessary measure to extend the term
     of operation of the Century Shenghuo until the expiration of this
     Agreement.

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                  ARTICLE 10 - UNDERTAKINGS BY CENTURY SHENGHUO

10.1 Any consent, permission, waive or authorization by any third person, or any
     approval, permission or exemption by any government authority, or any
     registration or filing formalities (if required by laws) with any
     government authority to be handled or obtained in respect of the execution
     and performance hereof and the Equity Pledge hereunder will be cooperated
     to handle or obtain by Century Shenghuo to their best and will be ensured
     to remain full effective during the valid term of this Agreement.

10.2 Without the prior written consent by Pledgee, Century Shenghuo shall not
     cooperate to establish or permit to establish any new pledge or any other
     encumbrance on the Pledged Property.

10.3 Without having Pledgee's prior written consent, Century Shenghuo shall not
     cooperate to transfer or permit to transfer the Pledged Property.

10.4 In case of any litigation, arbitration or other demand which may affect
     detrimentally the interest of Century Shenghuo or Pledgee under the
     Transaction Agreements and hereunder or the equity of Century Shenghuo as
     the Pledged Property, Century Shenghuo undertake to notify Pledgee thereof
     in writing as soon as possible and promptly and shall take, at the
     reasonable request of Pledgee, all necessary measures to ensure the pledge
     interest of Pledgee in the Pledged Property.

10.5 Century Shenghuo shall not carry on or permit any act or action which may
     affect detrimentally the interest of Pledgee under the Transaction
     Agreements and hereunder or the Pledged Property.

10.6 Century Shenghuo shall provide Pledgees with the financial statement of the
     last calendar season within the first month of each calendar season,
     including but are not limited to the balance sheet, the income statement
     and the statement of cash flow.

10.7 Century Shenghuo guarantee that they shall, at the reasonable request of
     Pledgee, take all necessary measures and execute all necessary documents
     (including but

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     not limited to supplementary agreement hereof) in respect of ensuring the
     pledge interest of Pledgee in the Pledged Property and the exercise and
     realization of the rights thereof.

10.8 In case of assignment of any Pledged Property as the result of the exercise
     of the right to the pledge hereunder, Century Shenghuo guarantee that they
     will take all necessary measures to realize such assignment.

                      ARTICLE 11 - CHANGE OF CIRCUMSTANCES

11.1 As supplement and subject to compliance with other terms of the Transaction
     Agreements and this Agreement, in case that at any time the promulgation or
     change of any PRC Law, regulations or rules, or change in interpretation or
     application of such laws, regulations and rules, or the change of the
     relevant registration procedures enables Pledgee to believe that it will be
     illegal or in conflict with such laws, regulations or rules to further
     maintain the effectiveness of this Agreement and/or dispose of the Pledged
     Property in the way provided herein, Pledgors and Century Shenghuo shall,
     at the written direction of Pledgee and in accordance with the reasonable
     request of Pledgee, promptly take actions and/or execute any agreement or
     other document, in order to:

     (1)  keep this Agreement remain in effect;

     (2)  facilitate the disposal of the Pledged Property in the way provided
          herein; and/or

     (3)  maintain or realize the intention or the guarantee established
          hereunder.

              ARTICLE 12 - EFFECTIVENESS AND TERM OF THIS AGREEMENT

12.1 This Agreement shall become effective upon the satisfaction of all of the
     following conditions in respect of any Century Shenghuo and any Pledgor who
     holds the equity of the Century Shenghuo:

     (1)  this Agreement is duly executed by Pledgors, the Century Shenghuo and
          the Pledgors who pledge the equity of the Century Shenghuo; and

     (2)  the Equity Pledge hereunder has been legally recorded in the
          shareholders' register of the Century Shenghuo.

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     Pledgors shall provide the registration certification of the Equity Pledge
     being recorded in the shareholders' register as mentioned above to Pledgee
     in a way satisfactory to Pledgee.

12.2 This Agreement shall have its valid term until the full performance of the
     Contractual Obligations or the full repayment of the Guaranteed
     Liabilities.

                               ARTICLE 13 - NOTICE

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

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

                           ARTICLE 14 - MISCELLANEOUS

14.1 Pledgee may, upon notice to Pledgors but not necessarily with Pledgors'
     consent, assign Pledgee's rights and/or obligations hereunder to any third
     party; provided that Pledgors may not, without Pledgee's prior written
     consent, assign Pledgors' rights, obligations and/or liabilities hereunder
     to any third party. Successors or permitted assignees (if any) of Pledgors
     shall continue to perform the obligations of Pledgors under this Agreement.

14.2 Regardless otherwise stipulated in this Agreement, the event that Pledgors
     transfer the equity interest they hold in Century Shenghuo to Shanghai
     Focus Media Advertisement Co., Ltd (with its registered address at F Room
     1003, No.1027, Changning Road, Changning District, Shanghai) and Shanghai
     Focus Media Co., Ltd (with its registered address at Room A65, 28 Floor,
     No.369, Jiangsu Road, Changning District, Shanghai) shall not constitute a
     breach to this Agreement, provided that the Pledgors cause Shanghai Focus
     Media Advertisement Co., Ltd and Shanghai Focus Media Co., Ltd to
     simultaneously execute an agreement with

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     Framedia and Century Shenghuo in the same content and form with this
     Agreement upon the completion of the above transfer.

14.3 This Agreement shall be prepared in the Chinese language in six (6)
     original copies, with each involved Party holding one (1) copy.

14.4 The formation, validity, execution, amendment, interpretation and
     termination of this Agreement shall be subject to PRC Law.

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

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

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

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

14.9 Each provision contained herein shall be severable and independent from
     each of other provisions, and if at any time any one or more articles
     herein become invalid, illegal or unenforceable, the validity, legality or
     enforceability of the

                                       15

<PAGE>

     remaining provisions herein shall not be affected as a result thereof.

14.10 This Agreement shall substitute any other documents on the same subject
     executed by relevant Parties hereof once duly executed.

14.11 Any amendments or supplements to this Agreement shall be made in writing.
     Except for assignment by Pledgee of its rights hereunder according to
     Article 15.1 of this Agreement, the amendments or supplements to this
     Agreement shall take effect only when properly signed by the Parties to
     this Agreement. Notwithstanding the preceding sentence, considering the
     rights and obligations of Century Shenghuo and Pledgors are severable and
     independent, in case the amendment or supplement is intended to have impact
     upon one Party of the Century Shenghuo and part of the Pledgors who hold
     the equity interest, the amendment or supplement requires the consent by
     the Century Shenghuo and the part of the Pledgors only and it is not
     required to obtain the consent of other Century Shenghuo and other Pledgors
     (to the extent the amendment or supplement does not have impact upon such
     Pledgor).

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

14.13 At the time of execution hereof, each of Pledgors shall sign respectively
     a power of attorney (as set out in Appendix II hereto, hereinafter, the
     "POWER OF ATTORNEY") to authorize any person designated by Pledgee to sign
     on its behalf according to this Agreement any and all legal documents
     necessary for the exercise by Pledgee's rights hereunder. Such Power of
     Attorney shall be delivered to Pledgee to keep in custody and, when
     necessary, Pledgee may at any time submit the Power of Attorney to the
     relevant government authority.

                   [The remainder of this page is left blank]

                                       16

<PAGE>

IN WITNESS HEREOF, the following Parties have caused this Equity Pledge
Agreement to be executed as of the date and in the place first here above
mentioned.

LEI LIU

Signature: /s/ Lei Liu
           -----------------------------

YONG SHI

Signature: /s/ Yong Shi
           -----------------------------

SHANGHAI FRAMEDIA INVESTMENT CONSULTANCY
CO., LTD
(chop)

Signature by: /s/ Zhi Tan
              --------------------------
Name: Zhi Tan
Position: Legal Representative

GUANGDONG CENTURY SHENGHUO ADVERTISEMENT
CO., LTD
(chop)

Signature by: /s/ Lei Liu
              --------------------------
Name: Lei Liu
Position: Legal Representative

                                       17

<PAGE>

APPENDIX I:

                         FORMAT OF THE POWER OF ATTORNEY

I, ____________, hereby entrusts ____________, [with his/her identity card
number ____________,] to be the my authorized trustee to sign on the my behalf
all legal documents necessary or desirous for Shanghai Framedia Investment
Consultancy Co., Ltd. to exercise its rights under the Equity Pledge Agreement
January 13 2006 between it, me, Guangdong Century Shenghuo Advertisement Co.,
Ltd. and other relevant parties.

                                        Signature:
                                                   -----------------------------
                                        Date:
                                              ----------------------------------

                                       18<PAGE>
                                                                       Ex. 10.21

                              CALL OPTION AGREEMENT

                                      AMONG

                                     LEI LIU

                                    YONG SHI

                SHANGHAI FRAMEDIA INVESTMENT CONSULTANCY CO., LTD

                                       AND

                GUANGDONG CENTURY SHENGHUO ADVERTISEMENT CO., LTD

<PAGE>

                              CALL OPTION AGREEMENT

This CALL OPTION AGREEMENT (this "AGREEMENT") is entered into in Shanghai of the
People's Republic of China (the "PRC") as of January 13, 2006 by and among the
following Parties:

(1)  LEI LIU
     ID NO: 620102197307205816
     CONTACT ADDRESS: Room 208, 4 Building, Eastern Yumin Lane, Beijing

(2)  YONG SHI
     ID NO: 622301731219001
     CONTACT ADDRESS: Beijing Water Pump Factory, Tongzhou District, Beijing

(3)  SHANGHAI FREMEDIA INVESTMENT CONSULTANCY CO., LTD (hereinafter "FRAMEDIA
     INVESTMENT")
     REGISTERED ADDRESS: Room 1, 17 Lan, Hengshan Rd., Shanghai
     LEGAL REPRESENTATIVE: Jason Nanchun Jiang

(4)  GUANGDONG CENTURY SHENGHUO ADVERTISEMENT CO., LTD (hereinafter "CENTURY
     SHENGHUO")
     REGISTERED ADDRESS: Room 2007, 175 Northern Tianhe Rd., Guangzhou
     LEGAL REPRESENTATIVE: Lei LIU

     (Lei LIU and Yong SHI hereinafter individually referred to as a
     "SHAREHOLDER" and collectively, the "SHAREHOLDERS". The Shareholders,
     Framedia Investment and Century Shenghuo hereinafter shall be individually
     referred to as a "PARTY" and collectively referred to as the "PARTIES".)

WHEREAS:

(1)  Shareholders are the enrolled shareholders of Century Shenghuo, legally
     holding all the equity of Century Shenghuo as of the execution date of this
     Agreement; among which, Lei LIU holds 90% equity interest in Century
     Shenghuo while Yong SHI holds 10%.

(2)  The Shareholders intend to transfer to Framedia Investment, and Framedia
     Investment is willing to accept, all their respective equity interest in
     the Century Shenghuo (as defined below), to the extent not violating PRC
     Law.

(3)  In order to conduct the above equity transfer, the Shareholders agree to
     jointly grant Framedia Investment an irrevocable call option for equity
     transfer (hereinafter the "Call Option"), under which and to the extent
     permitted by PRC Law, the

                                       2

<PAGE>

     Shareholders shall on demand of Framedia Investment transfer the Option
     Equity (as defined below) to Framedia Investment and/or any other entity or
     individual designated by it in accordance with the provisions contained
     herein.

THEREFORE, the Parties hereby have reached the following agreement upon mutual
consultations:

                             ARTICLE 1 - DEFINITION

1.1  Except as otherwise construed in the context, the following terms in this
     Agreement shall be interpreted to have the following meanings:

"PRC LAW" shall mean the then valid laws, administrative regulations,
administrative rules, local regulations, judicial interpretations and other
binding regulatory documents of the People's Republic of China.

"OPTION EQUITY" shall mean, in respect of each of the Shareholders, all of the
equity interest held thereby in the Century Shenghuo Registered Capital (as
defined below).

"CENTURY SHENGHUO REGISTERED CAPITAL" shall mean as of the execution date of
this Agreement, and the registered capital of Century Shenghuo, which shall
include any expanded registered capital as the result of any capital increase
within the term of this Agreement.

"TRANSFERRED EQUITY" shall mean the equity of Century Shenghuo which Framedia
Investment has the right to require the Shareholders to transfer to it or its
designated entity or individual when Framedia Investment exercises its Call
Option (hereinafter the "EXERCISE OF OPTION") in accordance with Article 3.2
herein, the amount of which may be all or part of the Option Equity and the
details of which shall be determined by Framedia Investment at its sole
discretion in accordance with the then valid PRC Law and from its commercial
consideration.

"TRANSFER PRICE" shall mean all the consideration that Framedia Investment or
its designated entity or individual is required to pay to the Shareholders in
order to obtain the Transferred Equity upon each Exercise of Option. Upon each
Exercise of Option of any Century Shenghuo by Framedia Investment, all the
Transfer Price that Framedia Investment or its designated entity or individual
shall pay to the Shareholders shall be calculated by multiplying the ratio of
such Option Equity to the registered capital of such Century Shenghuo with the
total amount of the registered capital of such Century Shenghuo. If there exists
any regulatory provision with respect to Transfer Price under the then PRC Law,
Framedia Investment or its designated entity or individual shall be entitled to
determine the lowest price permitted by PRC Law as the Transfer Price.

"BUSINESS PERMITS" shall mean any approvals, permits, filings, registrations
etc. which Century Shenghuo is required to have for legally and validly
operating its

                                       3

<PAGE>

advertisement designing, producing, agency, publishing and all such other
businesses, including but not limited to the Business License of the Corporate
Legal Person, the Tax Registration Certificate and such other relevant licenses
and permits as required by the then PRC Law.

"CENTURY SHENGHUO ASSETS" shall mean, in respect of any Century Shenghuo, all
the tangible and intangible assets which such Century Shenghuo owns or has the
right to use during the term of this Agreement, including but not limited to any
immoveable and moveable assets, and such intellectual property rights as
trademarks, copyrights, patents, proprietary know-how, domain names and software
use rights.

"MATERIAL AGREEMENT" shall mean an agreement to which any Century Shenghuo is a
party and which has a material impact on the businesses or assets of the Century
Shenghuo, including but not limited to Technology Permission and Service
Agreement and other agreements regarding the Century Shenghuo's advertising
business.

"OTHER CONTRACT" shall mean the Equity Transfer Agreement among the
Shareholders, Shanghai Focus Media Advertisement Co., Ltd. (with its registered
address at F Room 1003, No.1027, Changning Road, Changning District, Shanghai)
and Shanghai Focus Media Co., Ltd. (with its registered address at Room A65, 28
Floor, No.369, Jiangsu Road, Changning District, Shanghai); according to such
contract, Shareholders agree to transfer the equity interest they hold in
Century Shenghuo to Shanghai Focus Media Advertisement Co., Ltd and Shanghai
Focus Media Co., Ltd.

1.2  The references to any PRC Law herein shall be deemed

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

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

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

                        ARTICLE 2 - GRANT OF CALL OPTION

     The Parties agree to exclusively grant Framedia Investment hereby
     irrevocably and without any additional conditions with a Call Option, under
     which Framedia Investment shall have the right to require the Shareholders
     to transfer the Option Equity to Framedia Investment or its designated
     entity or individual in such method as set out herein and as permitted by
     PRC Law. Framedia Investment also agrees to accept such Call Option.

                                       4

<PAGE>

                    ARTICLE 3 - METHOD OF EXERCISE OF OPTION

3.1  To the extent permitted by PRC Law, Framedia Investment shall have the sole
     discretion to determine the specific time, method and times of its Exercise
     of Option.

3.2  If the then PRC Law permits Framedia Investment and/or other entity or
     individual designated by it to hold all the equity interest of Century
     Shenghuo, then Framedia Investment shall have the right to elect to
     exercise all of its Call Option at once, where Framedia Investment and/or
     other entity or individual designated by it shall accept all the Option
     Equity from the Shareholders at once; if the then PRC Law permits Framedia
     Investment and/or other entity or individual designated by it to hold only
     part of the equity in Century Shenghuo, Framedia Investment shall have the
     right to determine the amount of the Transferred Equity within the extent
     not exceeding the upper limit of shareholding ratio set out by the then PRC
     Law (hereinafter the "SHAREHOLDING LIMIT"), where Framedia Investment
     and/or other entity or individual designated by it shall accept such amount
     of the Transferred Equity from the Shareholders. In the latter case,
     Framedia Investment shall have the right to exercise its Call Option at
     multiple times in line with the gradual deregulation of PRC Law on the
     permitted Shareholding Limit, with a view to ultimately acquiring all the
     Option Equity.

3.3  At each Exercise of Option by Framedia Investment, each of the Shareholders
     shall transfer their respective equity in the Century Shenghuo to Framedia
     Investment and/or other entity or individual designated by it respectively
     in accordance with the amount required in the Exercise Notice stipulated in
     Article 3.5. Framedia Investment and other entity or individual designated
     by it shall pay the Transfer Price to each of the Shareholders who have
     transferred the Transferred Equity for the Transferred Equity accepted in
     each Exercise of Option. Framedia Investment shall have the right to elect
     to pay the purchase price by settlement of certain credits held by it or
     its affiliates to the shareholders.

3.4  In each Exercise of Option, Framedia Investment may accept the Transferred
     Equity by itself or designate any third party to accept all or part of the
     Transferred Equity.

3.5  On deciding each Exercise of Option, Framedia Investment shall issue to the
     Shareholders a notice for exercising the Call Option (hereinafter the
     "EXERCISE NOTICE", the form of which is set out as Appendix II hereto). The
     Shareholders shall, upon receipt of the Exercise Notice, forthwith transfer
     all the Transferred Equity in accordance with the Exercise Notice to
     Framedia Investment and/or other entity or individual designated by
     Framedia Investment in such method as described in Article 3.3 herein.

                                       5

<PAGE>

3.6  The Shareholders hereby severally undertake and guarantee that once
     Framedia Investment issues the Exercise Notice in respect to the specific
     Transferred Equity of the Century Shenghuo held by it:

     (1)  it shall immediately hold or request to hold a shareholders' meeting
          of the Century Shenghuo and adopt a resolution through the
          shareholders' meeting, and take all other necessary actions to agree
          to the transfer of all the Call Option to Framedia Investment and/or
          other entity or individual designated by it at the Transfer Price and
          waive the possible preemption;

     (2)  it shall immediately enter into an equity transfer agreement with
          Framedia Investment and/or other entity or individual designated by it
          for transfer of all the Transferred Equity to Framedia Investment
          and/or other entity or individual designated by it at the Transfer
          Price; and

     (3)  it shall provide Framedia Investment with necessary support (including
          providing and executing all the relevant legal documents, processing
          all the procedures for government approvals and registrations and
          bearing all the relevant obligations) in accordance with the
          requirements of Framedia Investment and of the laws and regulations,
          in order that Framedia Investment and/or other entity or individual
          designated by it may take all the Transferred Equity free from any
          legal defect.

3.7  At the meantime of this Agreement, the Shareholders shall respectively
     enter into a power of attorney (hereinafter the "POWER OF ATTORNEY", the
     form of which is set out as Appendix III hereto), authorizing in writing
     any person designated by Framedia Investment to, on behalf of such
     Shareholder, to enter into any and all of the legal documents in accordance
     with this Agreement so as to ensure that Framedia Investment and/or other
     entity or individual designated by it take all the Transferred Equity free
     from any legal defect. Such Power of Attorney shall be delivered for
     custody by Framedia Investment and Framedia Investment may, at any time if
     necessary, require the Shareholders to enter into multiple copies of the
     Power of Attorney respectively and deliver the same to the relevant
     government department.

                   ARTICLE 4 - REPRESENTATIONS AND WARRANTIES

4.1  Each of the Shareholders hereby severally represents and warrants in
     respect to it self and the Century Shenghuo in which he holds equity as
     follows:

     4.1.1 Each of the Shareholders is Chinese citizen with full capacity and is
          a person with full and independent legal status and legal capacity to
          execute, deliver and perform this Agreement, and may act independently
          as a litigant party.

                                       6

<PAGE>

     4.1.2 This Agreement is executed and delivered by the Shareholders legally
          and properly. This Agreement constitutes the legal and binding
          obligations on the Shareholders and is enforceable on it in accordance
          with its terms and conditions.

     4.1.3 The Shareholders are the enrolled legal owner of the Option Equity as
          of the effective date of this Agreement, and except the rights created
          by this Agreement, the Equity Pledge Agreement (the "EQUITY PLEDGE
          AGREEMENT") and the Shareholders' Voting Rights Proxy Agreement (the
          "PROXY AGREEMENT" entered into by the Shareholders, Century Shenghuo
          and Framedia Investment January 13 2006, there is no lien, pledge,
          claim and other encumbrances and third party rights on the Option
          Equity. In accordance with this Agreement, Framedia Investment and/or
          other entity or individual designated by it may, after the Exercise of
          Option, obtain the proper title to the Transferred Equity free from
          any lien, pledge, claim and other encumbrances and third party rights.

     4.1.4 Century Shenghuo shall obtain complete Business Permits as necessary
          for its operations upon this Agreement taking effect, and Century
          Shenghuo shall have sufficient rights and qualifications to operate
          within PRC the businesses of advertising and other business relating
          to its current business structure. Century Shenghuo has conducted its
          business legally since its establishment and has not incurred any
          cases which violate or may violate the regulations and requirements
          set forth by the departments of commerce and industry, tax, culture,
          news, quality technology supervision, labor and social security and
          other governmental departments or any disputes in respect of breach of
          contract.

                  ARTICLE 5 - UNDERTAKINGS BY THE SHAREHOLDERS

5.1  The Shareholders hereby individually undertake within the term of this
     Agreement that it must take all necessary measures to ensure that Century
     Shenghuo is able to obtain all the Business Permits necessary for its
     business in a timely manner and all the Business Permits remain in effect
     at any time. In case of the expiration of term of operation of the Century
     Shenghuo during the term of this Agreement, without prior written consent
     from Framedia Investment, the Shareholders shall take all necessary measure
     to extend the term of operation of the Century Shenghuo to and until the
     expiration of this Agreement.

5.2  Unless otherwise stipulated by PRC Law applicable during the term of the
     Agreement, the Shareholders hereby individually undertake within the term
     of this Agreement that without the prior written consent by Framedia
     Investment,

     5.2.1 no Shareholders shall transfer or otherwise dispose of any Option
          Equity or create any encumbrance or other third party rights on any
          Option

                                       7

<PAGE>

          Equity;

     5.2.2 it shall not increase or decrease the Century Shenghuo Registered
          Capital or cast affirmative vote regarding the aforesaid increase or
          decrease in registered capital;

     5.2.3 it shall not dispose of or cause the management of Century Shenghuo
          to dispose of any of the Century Shenghuo Assets (except as occurs
          during the arm's length operations);

     5.2.4 it shall not terminate or cause the management of Century Shenghuo to
          terminate any Material Agreements entered into by Century Shenghuo, or
          enter into any other Material Agreements in conflict with the existing
          Material Agreements;

     5.2.5 it shall not individually or collectively cause each Century Shenghuo
          to conduct any transactions that may substantively affect the asset,
          liability, business operation, equity structure, equity of a third
          party and other legal rights (except those occurring during the arm's
          length operations or daily operation, or having been disclosed to and
          approved by Framedia Investment in writing);

     5.2.6 it shall not appoint or cancel or replace any executive directors or
          members of board of directors (if any), supervisors or any other
          management personnel of Century Shenghuo to be appointed or dismissed
          by the Shareholders;

     5.2.7 it shall not announce the distribution of or in practice release any
          distributable profit, dividend or share profit or cast affirmative
          votes regarding the aforesaid distribution or release;

     5.2.8 it shall ensure that Century Shenghuo shall validly exist and prevent
          it from being terminated, liquidated or dissolved;

     5.2.9 it shall not amend the Articles of Association of Century Shenghuo or
          cast affirmative votes regarding such amendment;

     5.2.10 it shall ensure that Century Shenghuo shall not lend or borrow any
          money, or provide guarantee or engage in security activities in any
          other forms, or bear any substantial obligations other than on the
          arm's length basis; and

5.3  The Shareholders hereby individually undertake that it must make all its
     efforts during the term of this Agreement to develop the business of
     Century Shenghuo, and ensure that the operations of Century Shenghuo are
     legal and in compliance with the regulations and that it shall not engage
     in any actions or omissions which

                                       8

<PAGE>

     might harm the Century Shenghuo Assets or its credit standing or affect the
     validity of the Business Permits of Century Shenghuo.

5.4  The Century Shenghuo undertakes that, before Framedia Investment's Exercise
     of Option and acquire all equity of the Century Shenghuo, the Century
     Shenghuo shall not do the following:

     5.4.1 Sell, transfer, mortgage or dispose by other way any assets,
          business, revenue or other legal rights of its own or any Century
          Shenghuo, or permit creating any encumbrance or other third party's
          interest on such assets, business, revenue or other legal rights
          (except as occurs during the arm's length or operations or daily
          operation, or as is disclosed to Framedia Investment and approved by
          Framedia Investment in writing);

     5.4.2 conduct any transactions that may substantively affect the asset,
          liability, business operation, equity structure, equity of a third
          party and other legal rights (except those occurring during the arm's
          length operations or daily operation, or having been disclosed to
          Framedia Investment and approved by Framedia Investment in writing);

     5.4.3 release any dividend or share profit to the Personal Shareholders or
          cause the Century Shenghuo to do so in any form.

                           ARTICLE 6 - CONFIDENTIALITY

6.1  Notwithstanding the termination of this Agreement, the Shareholders shall
     be obligated to keep in confidence the following information (hereinafter
     collectively the "CONFIDENTIAL INFORMATION"):

     (i)  information on the execution, performance and the contents of this
          Agreement;

     (ii) the commercial secret, proprietary information and customer
          information in relation to Framedia Investment known to or received by
          it as the result of execution and performance of this Agreement; and

     (iii) the commercial secrets, proprietary information and customer
          information in relation to Century Shenghuo known to or received by it
          as the shareholder of Century Shenghuo.

     The Shareholders may use such Confidential Information only for the purpose
     of performing its obligations under this Agreement. No Shareholders shall
     disclose the above Confidential Information to any third parties without
     the written consent from Framedia Investment, or they shall bear the
     default liability and indemnify the losses.

                                       9

<PAGE>

6.2  Upon termination of this Agreement, both Shareholders shall, upon demand by
     Framedia Investment, return, destroy or otherwise dispose of all the
     documents, materials or software containing the Confidential Information
     and suspend using such Confidential Information.

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

                          ARTICLE 7 - TERM OF AGREEMENT

7.1  Limited by the Article 8.2 and 8.3 of this Agreement, this Agreement shall
     take effect as of the date of formal execution by the Parties with the term
     of twenty (20) years, unless the Parties terminate the Agreement with the
     written agreement in advance, or the Parties terminate the Agreement in
     accordance with section 10.1 of this Agreement. Upon the expiration of this
     Agreement, the Agreement will be automatically renewed for one (1) year,
     unless Framedia Investment gives the other Parties written notice of its
     intention not renew at least thirty (30) days prior to expiration.

7.2  Regardless otherwise stipulated in this Agreement, the event that
     Shareholders transfer the equity interest they hold in Century Shenghuo to
     Shanghai Focus Media Advertisement Co., Ltd (with its registered address at
     F Room 1003, No.1027, Changning Road, Changning District, Shanghai) and
     Shanghai Focus Media Co., Ltd (with its registered address at Room A65, 28
     Floor, No.369, Jiangsu Road, Changning District, Shanghai) shall not
     constitute a breach to this Agreement, provided that the Shareholders cause
     Shanghai Focus Media Advertisement Co., Ltd and Shanghai Focus Media Co.,
     Ltd to simultaneously execute an agreement with Framedia and Century
     Shenghuo in the same content and form with this Agreement upon the
     completion of the above transfer.

7.3  During the term of this Agreement, should the term of operation of any
     Century Shenghuo terminate by any reason; this Agreement to such Century
     Shenghuo and its shareholders (to the extent that it acts as the
     shareholder of such Century Shenghuo) will be terminated.

                               ARTICLE 8 - NOTICE

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

8.2  The abovementioned notice or other correspondences shall be deemed to have
     been delivered when it is transmitted if transmitted by facsimile; it shall
     be

                                       10

<PAGE>

     deemed to have been delivered when it is delivered if delivered in person;
     it shall be deemed to have been delivered five (5) days after posting the
     same if posted by mail.

                  ARTICLE 9 - LIABILITY FOR BREACH OF CONTRACT

9.1  The Parties agree and confirm that, if any party (hereinafter the
     "DEFAULTING PARTY") breaches substantially any of the provisions herein or
     omits substantially to perform any of the obligations hereunder, or fails
     substantially to perform any of the obligations under this Agreement, such
     a breach or omission shall constitute a default under this Agreement
     (hereinafter a "DEFAULT"), then non-defaulting Party shall have the right
     to require the Defaulting Party to rectify such Default or take remedial
     measures within a reasonable period. If the Defaulting Party fails to
     rectify such Default or take remedial measures within such reasonable
     period or within ten (10) days of non-defaulting Party's notifying the
     Defaulting Party in writing and requiring it to rectify the Default, then
     non-defaulting Party shall have the right at its own discretion to select
     any of the following remedial measures:

     (1) to terminate this Agreement and require the Defaulting Party to
     indemnify it for all the damage; or

     (2) mandatory performance of the obligations of the Defaulting Party
     hereunder and require the Defaulting Party to indemnify it for all the
     damage.

9.2  The Parties agree and confirm that in no circumstances shall the
     Shareholders request the termination of this Agreement for any reason,
     except otherwise stipulated by law or this Agreement.

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

                           ARTICLE 10 - MISCELLANEOUS

10.1 This Agreement shall be prepared in the Chinese language in five (5)
     original copies, with each involved Party holding one (1) copy hereof.

10.2 The formation, validity, execution, amendment, interpretation and
     termination of this Agreement shall be subject to PRC Law.

10.3 Any disputes arising hereunder and in connection herewith shall be settled
     through consultations among the Parties to the dispute, and if the Parties
     to the dispute cannot reach an agreement regarding such disputes within
     [thirty (30)]

                                       11

<PAGE>

     days of their occurrence, such disputes shall be submitted to China
     International Economic and Trade Arbitration Commission Shanghai Branch for
     arbitration in Shanghai in accordance with the arbitration rules of such
     Commission, and the arbitration award shall be final and binding on all
     Parties to the dispute.

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

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

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

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

10.8 Upon execution, this Agreement shall substitute any other legal documents
     previously executed by the Parties on the same subject.

10.9 Any amendments or supplements to this Agreement shall be made in writing
     and shall take effect only when properly signed by the Parties to this
     Agreement. Notwithstanding the preceding sentence, considering that the
     rights and obligations of each of the Shareholders hereunder are
     independent and severable from each other, in case the amendment or
     supplement to this Agreement is intended to have impact upon one of the
     Shareholders, such amendment or supplement requires the approval of such
     Shareholder only and it is not required to obtain the approval from the
     other ones of the Shareholders (to the extent the amendment or supplement
     do not have impact upon such other Shareholders).

10.10 Without prior written consent by Framedia Investment, the Shareholders
     shall not transfer to any third party any of its right and/or obligation
     under this Agreement, Framedia Investment shall have the right to transfer
     to any third party designated by it any of its right and/or obligation
     under this Agreement after notice to the Shareholders.

                                       12

<PAGE>

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

                   [The remainder of this page is left blank]

                                       13

<PAGE>

IN WITNESS HEREOF, the following Parties have caused this Call Option Agreement
to be executed as of the date and in the place first here above mentioned.

LEI LIU

Signature: /s/ Lei Liu
           -----------------------------

YONG SHI

Signature: /s/ Yong Shi
           -----------------------------

SHANGHAI FRAMEDIA INVESTMENT CONSULTANCY
CO., LTD
(chop)

Signature by: /s/ Zhi Tan
              --------------------------
Name: Zhi Tan
Position: Legal Representative

GUANGDONG CENTURY SHENGHUO ADVERTISEMENT
CO., LTD
(chop)

Signature by: /s/ Lei Liu
              --------------------------
Name: Lei Liu
Position: Legal Representative

                                       14

<PAGE>

APPENDIX I:

                      FORMAT OF THE OPTION EXERCISE NOTICE

To: [Name of the Shareholder(s)]

As our company and you/your company signed an Call Option Agreement as of
January 13 2006, (hereinafter the "OPTION AGREEMENT"), and reached an agreement
that you/your company shall transfer the equity you/your company hold in
Guangdong Century Shenghuo Advertisement Co., Ltd (hereinafter the "CENTURY
SHENGHUO") to our company or any third parties designated by our company on
demand of our company to the extent as permitted by PRC Law and regulations,

Therefore, our company hereby gives this Notice to you as follows:

Our company hereby requires to exercise the Call Option under the Option
Agreement and [our company] / [name of company/individual] designated by our
company shall accept the equity you/your company hold accounting for ______% of
Century Shenghuo Registered Capital (hereinafter the "PROPOSED ACCEPTED
EQUITY"). You/Your company is required to forthwith transfer all the Proposed
Accepted Equity to [our company] / [name of designated company/individual] upon
receipt of this Notice in accordance with the agreed terms in the Option
Agreement.

Best regards,

                                        SHANGHAI FRAMEDIA INVESTMENT CONSULTANCY
                                        CO., LTD
                                        (Chop)

                                        Authorized Representative:
                                                                   -------------
                                        Date:
                                              ----------------------------------

                                       15

<PAGE>

APPENDIX III:

                         FORM OF THE POWER OF ATTORNEY

I, __________________, hereby irrevocably entrust __________________ [with
his/her identity card number of __________________], as the authorized
representative of mine, to sign the Equity Transfer Agreement and other relevant
legal documents between me and ______________ regarding the Equity Transfer of
Guangdong Century Shenghuo Advertisement Co., Ltd.

                                        Signature:
                                                   -----------------------------
                                        Date:
                                              ----------------------------------

                                       16

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