Document:

ex10_29.htm

    
      

    

    Exhibit
      10.29

     

    
      	
               

            	
              Bill
                To:

            
	
              Mike
                Richardson

            
	
              Shop
                Rite

            
	
              55
                Hannah Way

            
	
              Rossville,
                GA 30741

            
	
              706-861-3347

            

    

    

    
      	 	
              Ship
                To:

            
	
              IBM
                SurePOS 720 ACE V6 Bundle

            	
              Shop
                Rite #4

            
	
              5
                Lane Pricing IR-V2-SSB w/ BR Data

            	
              315
                West Patton Avenue

            
	
              February
                5, 2008

            	
              Brookwood
                Sq Shop Ctr

            
	 	
              LaFayette,
                GA  30728

            
	 	
              706-638-3811

            

    

     

    
      	
              Description

            	 	
              List
                Price

            	 	 	
              Discounted

            	 
	 	 	 	 	 	
              Price
                to

            	 
	 	 	 	 	 	
              Retailer

            	 
	 	 	 	 	 	 	 
	
              IBM
                SurePOS 72O IR V2 SSB

            	 	$	32,025	 	 	$	21,192	 
	
              POS
                Peripherals, Programming, Installation and Training

            	 	$	24,333	 	 	$	17,580	 
	 	 	 	 	 	 	 	 	 
	
              Total
                Front End System:

            	 	$	56,358	 	 	$	38,772	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              Back
                Office System

            	 	$	21,281	 	 	$	18,361	 
	 	 	 	 	 	 	 	 	 
	
              EPS
                Firewall System

            	 	$	5,260	 	 	$	5,260	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              Total
                Investment without
                Bundled
                Discounts to Retailer

            	 	$	82,899	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              Total
                Investment including
                Bundled Discounts to Retailer

            	 	 	 	 	 	$	62,393	 
	 	 	 	 	 	 	 	 	 
	
              Total
                Savings on Investment by Purchasing Bundle

            	 	$	(20,506	)	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              Less
                NCR Hardware Trade-in:

            	 	$	(7,500	)	 	$	(7,500	)
	 	 	 	 	 	 	 	 	 
	
              NET
                INVESTMENT:

            	 	 	 	 	 	$	54,893	 

    

    
 

    *One
      Year Warranty on IBM SurePOS ACE System

    *Applicable
      Sales Tax not included

    *50%
      Deposit/50% Balance due on Delivery

    Standard
      Lead Times are 4-6 Weeks from receipt of signed order and
      deposit/PO

    
 

    
      
        	
                /s/
                  Paul R.
                  Cook    VP

              	 	
                2/5/08

              	 
	
                Retailers
                  Signature of Purchase Approval

              	 	
                Date

              	 

      

       

    

    Pricing
      Valid for 30 Days

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      
        	
                

              	
                SALES
                  CONTRACT

              	
                Postec,
                  Inc

              
	 	
                Roswell,
                  GA

              

      

    

    

    THIS
      SALES CONTRACT IS SUBJECT TO THE FOLLOWING TERMS AND CONDITIONS:

    

    
      	
              1.

            	
              This
                Sales Contract shall be effective only when accepted by an officer
                of
                POSTEC, and executed by both parties.

            

    

     

    
      	
              2.

            	
              Assent
                of Customer to the terms and conditions of sale set forth below and
                on the
                reverse side hereof shall be conclusively presumed from failure of
                Customer reasonably to object in writing and from acceptance by Customer
                of all or any part of the material ordered.

            

    

     

    
      	
              3.

            	
              The
                down payment amount listed on the reverse side represents a non-refundable
                payment as reimbursement for systems consultation services associated
                with
                site evaluation, system presentation and/or programming documentation
                of
                the equipment and order processing costs.

            

    

     

    
      	
              4.

            	
              Title,
                ownership and right to possession of the equipment listed on the
                reverse
                side shall remain with POSTEC until all sums due under this contract
                are
                paid. If payment is not made when due, then POSTEC shall have the
                immediate right to enter any premises where the equipment is located
                and
                to take possession the equipment without notice or demand and without
                legal proceedings and Customer agrees to pay on demand a reasonable
                equipment rental fee and all expenses which have been reasonably
                incurred
                by POSTEC including, but not limited to, unreimbursed training and
                installation expenses, attorney's fees and court cost.
                

            

    

     

    
      	
              5.

            	
              Any
                financing documents executed in connection with this contract, including,
                but not limited to, any promissory note, security agreement or financing
                statement shall be deemed to be a part of this contract.
                

            

    

     

    
      	
              6.

            	
              POSTEC
                will endeavor in good faith to deliver products purchased by Customer
                pursuant to this Agreement within the time specified in POSTEC’s order
                acceptance, but POSTEC shall not be liable for any delay in delivery
                or
                failure to deliver caused by unavailability of materials, strike
                or other
                labor related difficulties, interruption of production due to mechanical
                or technical reasons, government interfaces or major force.
                

            

    

     

    
      	
              7.

            	
              All
                claims for shortage or damage prior to delivery shall be deemed waived
                unless made in writing and delivered to POSTEC within ten days after
                delivery of the equipment to the Customer.

            

    

     

    
      	
              8.

            	
              Upon
                delivery, all risk of loss or damage to the equipment from any cause
                whatsoever shall be borne by Customer.

            

    

     

    
      	
              9.

            	
              The
                price listed on the reverse side may include initial programming
                and
                training of personnel in the use and operation of the equipment.
                POSTEC
                and Customer agree that POSTEC’s sole obligation for training is to supply
                a qualified instructor for the designated number of training
                hours.  POSTEC neither warrants nor represents that after such
                training time any specific individual or individuals designated by
                Customer will be able to properly use and operate the
                equipment.  Any additional training time will be billed by
                POSTEC at its prevailing rates. 

            

    

     

    
      	
              10.

            	
              The
                price listed on the reverse side includes installation of the equipment,
                except that it is expressly understood that installation of the requisite
                AC power lines is the sole responsibility of the Customer. Customer
                acknowledges receipt of documentation concerning the requirements
                for
                dedicated, isolated and insulated AC power line for all POSTEC equipment.
                POSTEC shall not be responsible for the inspection of such electrical
                installation. Customer acknowledges and agrees that POSTEC's warranty
                is
                conditioned upon Customers providing conditions conforming to POSTEC’s
                specifications including a dedicated telephone/modem line.
                

            

    

     

    
      	
              11.

            	
              POSTEC
                warrants that upon delivery, the equipment shall be in good working
                order.
                After delivery, should any part of the equipment prove to be defective
                in
                material or workmanship, POSTEC will repair or replace such part
                at no
                charge to Customer for a period of one year including parts and labor.
                This warranty is available Monday through Friday from 9:00 AM to
                5 00 PM,
                excluding holidays. Labor charges for warranty service performed
                outside
                of this time period will be billed, including travel, at the prevailing
                rate. THIS IS THE ONLY WARRANTY MADE AS TO THE EQUIPMENT AND IS IN
                LIEU OF
                ALL OTHER WARRANTIES, EXPRESSED, IMPLIED, OR STATUTORY, INCLUDING
                THE
                WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
                POSTEC'S
                SOLE OBLIGATION UNDER THIS WARRANTY IS LIMITED TO THE REPAIR OR
                REPLACEMENT OF THE EQUIPMENT OR PARTS THEREOF. IN NO EVENT SHALL
                POSTEC OR
                ITS EMPLOYEES BE LIABLE FOR ANY LOSS OF PROFITS, LOSS OF USE OR OTHER
                INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES.

            

    

     

    
      	
              12.

            	
              Warranty
                coverage will not be extended for repairs made necessary by damages
                due to
                fire, water, storm, burglary, power line fluctuations, spillage,
                accident,
                negligence, or abuse. The warranty specifically excludes damages
                to the
                printer heads or printer motors caused by paper jams or insertion
                of
                foreign objects between the printer head and the print surface. Any
                repair
                resulting from such causes or events will be performed only after
                Customer
                approval of estimated costs to repair.

            

    

     

    
      	
              13.

            	
              This
                contract constitutes the entire contract between Customer and POSTEC
                and
                may not be amended except by a writing signed by both Customer and
                POSTEC.
                Customer expressly represents to POSTEC that no officer, employee,
                representative or agent of POSTEC has made or entered into any oral
                agreement, promise or understanding which conflicts with any of the
                terms
                set forth in this contract. 

            

    

     

    
      	
              14.

            	
              This
                contract shall be governed by and construed according to the laws
                of the
                state of Georgia. 

            

    

     

    
      	
              15.

            	
              This
                contract shall be binding upon and insure to the benefit of POSTEC
                and
                Customer and to the successor or assigns of the entire business and
                assets
                of either of them or of that part of the business and assets of either
                used in the performance of this contract. It is anticipated and understood
                that POSTEC will subcontract certain of its obligations under contract
                to
                POSTEC service representatives. This contract is not otherwise assignable
                without the written consent of the other party.

            

    

     

    
      	
              16.

            	
              The
                lack of enforcement, the invalidity for unenforceability of a provision
                in
                this contract shall not render any other portion or term of the contract
                invalid or unenforceable. 

            

    

     

    
      	
              17.

            	
              POSTEC
                shall have the right to terminate any order, or to delay the shipment
                thereof, by reason of the filing of bankruptcy or insolvency proceedings
                relating to the Customer, breach of any of the terms of this contract,
                assignment without advance written approval, the tendency of any
                proceedings against Customer of the Customer's failure to meet any
                other
                reasonable requirements established by POSTEC. 20% Restocking on
                all
                returned items. 

            

    

     

    
      	 	
              Customer
                Initials

            	/s/
              PRC

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    
      
        	
                

              	
                SALES
                  CONTRACT

              	
                Postec,
                  Inc

              
	 	
                Roswell,
                  GA

              

      

    

     

    THIS
      SALES CONTRACT IS SUBJECT TO THE FOLLOWING TERMS AND CONDITIONS:

    

    
      	
              18.

            	
              POSTEC
                will not be liable for any loss or damage resulting from any data
                loss,
                virus, and/or network security issue which affects customer hardware
                or
                software. POSTEC will, at customer’s sole expense, make available backup
                and restoration, anti-virus, or network security hardware/software
                but
                makes no warranties in relation thereto.

            

    

     

    
      	
              19.

            	
              Viruses
                and Security. It is Customer’s responsibility to have and maintain in
                place virus protection software and security for all of its systems
                and
                data, which such security includes firewalls, passwords, physical
                security, and access control policies.  If Customer’s systems
                have persistent connections to the Internet, or transmit credit card
                or
                gift card transactions over the internet, or use SSL to transmit
                credit
                card or gift card transactions, or otherwise have persistent connections
                to any network where there is potential for unauthorized access,
                Customer
                acknowledges that the security and protection of the network and
                the data
                and applications on that network, including protections against
                unauthorized access, is solely and entirely Customer’s
                responsibility.  A properly configured firewall is required for
                each site using a persistent connection to the public internet or
                any
                private network where there is a potential for unauthorized access
                to the
                point of sale network.  Customer acknowledges that, to be
                effective, virus protection software, system passwords, and other
                security
                software require periodic and routine updates, which Customer must
                obtain
                from its supplier or the manufacturer, as appropriate.
                

            

    

     

    
      	
              20.

            	
              POSTEC
                DISCLAIMS ANY WARRANTY, EXPRESS OR IMPLIED, THAT, AFTER THE INITIAL
                INSTALLATION BY POSTEC OF ANY POSTEC INSTALLED SOFTWARE, THE SOFTWARE
                OR
                CUSTOMER’S DATA WILL REMAIN VIRUS-FREE.  SUPPORT OR SERVICES
                HEREUNDER NECESSITATED BY COMPUTER VIRUSES, OR BY ANY FAILURE OR
                BREACH OF
                CUSTOMER’S SECURITY FOR ITS SYSTEMS OR DATA, INCLUDING, WITHOUT
                LIMITATION, DAMAGED CAUSED BY PERSONS LACKING AUTHORIZED ACCESS,
                ARE NOT
                COVERED UNDER THIS AGREEMENT, AND WILL BE SUPPLIED ONLY UPON CUSTOMER
                REQUEST AND ON A REASONABLE EFFORTS BASIS. CUSTOMER WAIVES ANY CLAIMS
                HEREUNDER AGAINST POSTEC TO THE EXTENT ARISING FROM CUSTOMER’S FAILURE TO
                HAVE OR MAINTAIN CURRENT VIRUS PROTECTION, OR TO THE EXTENT ARISING
                AS A
                RESULT OF A FAILURE OR BREACH OF CUSTOMER’S SECURITY FOR ITS SYSTEMS OR
                DATA, OR AS A RESULT OF ANY UNAUTHORIZED ACCESS TO CUSTOMER’S SYSTEMS,
                WHICH SUCH UNAUTHORIZED ACCESS CUSTOMER ACKNOWLEDGES CANNOT IN ALL
                CASES
                BE PREVENTED EVEN IF REASONABLE STEPS HAVE BEEN TAKEN.  IF
                REQUESTED BY CUSTOMER, POSTEC SHALL PROVIDE, ON A RESONABLE EFFORTS
                AND ON
                A TIME AND MATERIAL BASIS, SUPPORT OR SERVICES TO ADDRESS DAMAGE
                CAUSED
                BY, BUT NOT LIMITED TO, ANY OF THE FOLLOWNG:  CUSTOMER’S FAILURE
                TO HAVE CURRENT VIRUS PROTECTION; CUSTOMER’S FAILURE TO MAINTAIN VIRUS
                PROTECTION; DAMAGE ARISING AS A RESULT OF A FAILURE OF CUSTOMER’S SECURITY
                FOR ITS SYSTEMS OR DATA; DAMAGE ARISING AS A RESULT OF A BREACH OF
                CUSTOMER’S SECURITY FOR ITS SYSTEMS OR DATA; OR DAMAGE AS A RESULT OF ANY
                UNAUTHORIZED ACCESS TO COMPUTER SYSTEMS.  SUCH SUPPORT AND
                SERVICES SHALL BE BILLED AT THE PREVAILING STANDARD POSTEC RATE.
                

            

    

     

    When
      the
      customer maintains an annual hardware and software services contract, POSTEC
      will cleanup any viruses and restore any lost data from the last
      backup.  Backups are writtne nightly to the  2nd hard drive
      on the BR Data computer.  It is also recommended that the stores
      backup to a USB thumb drive (not provided by POSTEC) weekly and store backup
      data off site.

     

    
      
        	 	
                Customer
                  Initials

              	/s/
                PRCEXHIBIT
      4.1

     

    SECURITIES
      PURCHASE AGREEMENT

     

    This
      Securities Purchase Agreement (this “Agreement”) is dated as of October 24,
      2006, among Asian Financial, Inc., a Wyoming corporation (the “Company”) and the
      investors identified on the signature pages hereto (each, an “Investor” and
      collectively, the “Investors”).

     

    WHEREAS,
      subject to the terms and conditions set forth in this Agreement and pursuant
      to
      Section 4(2) of the Securities Act (as defined below) and Rule 506 promulgated
      thereunder, the Company desires to issue and sell to each Investor, and each
      Investor, severally and not jointly, desires to purchase from the Company
      certain securities of the Company, as more fully described in this
      Agreement.

     

    NOW,
      THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement,
      and for other good and valuable consideration the receipt and adequacy of which
      are hereby acknowledged, the Company and the Investors agree as
      follows:

     

    ARTICLE
      1.

    DEFINITIONS

     

    1.1.  Definitions.
      In
      addition to the terms defined elsewhere in this Agreement, for all purposes
      of
      this Agreement, the following terms shall have the meanings indicated in this
      Section 1.1:

     

    “2006
      Make Good Shares” has the meaning set forth in Section 4.10(a).

     

    “2007
      ATNI” has the meaning set forth in Section 4.10(b).

     

    “2007
      EPS” has the meaning set forth in Section 4.10(b).

     

    “2007
      Make Good Shares” has the meaning set forth in Section 4.10(b).

     

    “2008
      ATNI” has the meaning set forth in Section 4.10(b).

     

    “2008
      EPS” has the meaning set forth in Section 4.10(b).

     

    “2008
      Make Good Shares” has the meaning set forth in Section 4.10(b).

     

    “Action”
      means any action, suit, inquiry, notice of violation, proceeding (including
      any
      partial proceeding such as a deposition) or investigation pending or threatened
      in writing against or affecting the Company, any Subsidiary or any of their
      respective properties before or by any court, arbitrator, governmental or
      administrative agency, regulatory authority (federal, state, county, local
      or
      foreign), stock market, stock exchange or trading facility.

     

    “Additional
      Shares” has the meaning set forth in Section 4.16. 

    

    “Adjusted
      Unaudited Working Capital Amount” has the meaning set forth in Section
      4.16.

     

    “Affiliate”
      means any Person that, directly or indirectly through one or more
      intermediaries, controls or is controlled by or is under common control with
      a
      Person, as such terms are used in and construed under Rule 144.

     

    “Business
      Day” means any day except Saturday, Sunday and any day which is a federal legal
      holiday or a day on which banking institutions in the State of New York or
      the
      State of California are authorized or required by law or other governmental
      action to close.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Buy-In”
      has the meaning set forth in Section 4.1(c).

     

    “Closing”
      means the closing of the purchase and sale of the Shares pursuant to Article
      II.

     

    “Closing
      Date” means the Business Day on which all of the conditions set forth in
      Sections 5.1 and 5.2 hereof are satisfied, or such other date as the parties
      may
      agree.

     

    “Commission”
      means the Securities and Exchange Commission.

     

    “Common
      Stock” means the common stock of the Company, par value $0.001 per share, and
      any securities into which such common stock may hereafter be
      reclassified.

     

    “Common
      Stock Equivalents” means any securities of the Company or any Subsidiary which
      entitle the holder thereof to acquire Common Stock at any time, including
      without limitation, any debt, preferred stock, rights, options, warrants or
      other instrument that is at any time convertible into or exchangeable for,
      or
      otherwise entitles the holder thereof to receive, Common Stock or other
      securities that entitle the holder to receive, directly or indirectly, Common
      Stock.

     

    “Company
      Deliverables” has the meaning set forth in Section 2.2(a).

     

    “Current
      Assets” means the current assets of the Company, as determined in accordance
      with GAAP applying consistent principles, practices, methodologies and policies,
      as set forth in the audited consolidated financial statements of the Company
      for
      the fiscal year ended June 30, 2006.

     

    “Current
      Liabilities” means the current Liabilities of the Company, as determined in
      accordance with GAAP applying consistent principles, practices, methodologies
      and policies, as set forth in the audited consolidated financial statements
      of
      the Company for the fiscal year ended June 30, 2006.

     

    “Disclosure
      Materials” has the meaning set forth in Section 3.1(h).

     

    “Effective
      Date” means the date that the Registration Statement required by Section 2(a) of
      the Registration Rights Agreement is first declared effective by the
      Commission.

     

    "Escrow
      Agreement" means the Escrow Agreement, dated as of the date hereof, between
      the
      Company and the escrow agent (the “Escrow Agent”) set forth therein, in the form
      of Exhibit
      A
      hereto.

     

    “Event
      Date” has the meaning set forth in Section 4.11.

     

    “Exchange
      Act” means the Securities Exchange Act of 1934, as amended.

     

    “GAAP”
      means U.S. generally accepted accounting principles.

     

    “Guaranteed
      NI” has the meaning set forth in Section 4.10(a).

     

    “Intellectual
      Property Rights” has the meaning set forth in Section 3.1(n).

     

    “Investment
      Amount” means, with respect to each Investor, the Investment Amount indicated on
      such Investor’s signature page to this Agreement.

     

    “Investor
      Deliverables” has the meaning set forth in Section 2.2(b).

     

    “Investor
      Party” has the meaning set forth in Section 4.6.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    “June
      30th
      Audited
      Working Capital Amount” means the dollar amount of Current Assets minus Current
      Liabilities, as reflected in the audited consolidated financial statements
      of
      the Company for the fiscal year ended June 30, 2006.

     

    “Liabilities”
      means any and all debts, liabilities, commitments and obligations of any kind
      of
      the Company, whether fixed, contingent or absolute, matured or unmatured,
      liquidated or unliquidated, accrued or not accrued, asserted or not asserted,
      known or unknown, determined, determinable or otherwise, whenever or however
      arising (including, whether arising out of any contract or tort based on
      negligence or strict liability) and whether or not the same would be required
      by
      GAAP to be reflected in financial statements or disclosed in the notes
      thereto.

     

    “Lien”
      means any lien, charge, encumbrance, security interest, right of first refusal
      or other restrictions of any kind.

     

    “Make
      Good Escrow Agreement” means the Make Good Escrow Agreement, dated as of the
      date hereof, among the Company, Roth Capital Partners, LLC, as agent, the escrow
      agent (the “Make Good Escrow Agent”) set forth therein and Wenhua Guo, in the
      form of Exhibit
      B
      hereto.

     

    “Material
      Adverse Effect” means any of (i) a material and adverse effect on the legality,
      validity or enforceability of any Transaction Document, (ii) a material and
      adverse effect on the results of operations, assets, prospects, business or
      condition (financial or otherwise) of the Company and the Subsidiaries, taken
      as
      a whole, or (iii) a material and adverse impairment to the Company’s ability to
      perform on a timely basis its material obligations under any Transaction
      Document.

     

    “New
      York
      Courts” means the state and federal courts sitting in the City of New York,
      Borough of Manhattan.

     

    “Outside
      Date” means November 17, 2006.

     

    “Per
      Share Purchase Price” equals $1.43182.

     

    “Person”
      means an individual or corporation, partnership, trust, incorporated or
      unincorporated association, joint venture, limited liability company, joint
      stock company, government (or an agency or subdivision thereof) or other entity
      of any kind.

     

    “Proceeding”
      means an action, claim, suit, investigation or proceeding (including, without
      limitation, an investigation or partial proceeding, such as a deposition),
      whether commenced or to the knowledge of the Company threatened.

     

    “Registration
      Rights Agreement” means the Registration Rights Agreement, dated as of the date
      of this Agreement, among the Company and the Investors, in the form of
Exhibit
      C
      hereto.

     

    “Registration
      Statement” means a registration statement meeting the requirements set forth in
      the Registration Rights Agreement and covering the resale by the Investors
      of
      the Shares.

     

    “Reorganization”
      means the transfer by Duoyuan Investments Limited, a British Virgin Islands
      company (“DIL”) of all of its equity interest in Duoyuan Digital Printing
      Technology Industry (China) Co., Ltd. (“Duoyuan China”) to the Company pursuant
      to the Equity Transfer Agreement, dated August 31, 2006, entered into by and
      among the Company (for purposes hereof, including the predecessor of the
      Company) and DIL, as a result of which Duoyuan China and its subsidiaries became
      a wholly-owned subsidiary of the Company, and Wenhua Guo, the sole shareholder
      of DIL, became the controlling shareholder of the Company.

     

    “Rule
      144” means Rule 144 promulgated by the Commission pursuant to the Securities
      Act, as such Rule may be amended from time to time, or any similar rule or
      regulation hereafter adopted by the Commission having substantially the same
      effect as such Rule.

     

    “SEC
      Reports” has the meaning set forth in Section 3.1(h).

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “Securities
      Act” means the Securities Act of 1933, as amended.

     

    “Share
      Delivery Date” has the meaning set forth in Section 4.1(c).

     

    “Shares”
      means the shares of Common Stock issued or issuable to the Investors pursuant
      to
      this Agreement.

     

    “Short
      Sales” include, without limitation, all “short sales” as defined in Rule 200
      promulgated under Regulation SHO under the Exchange Act and all types of direct
      and indirect stock pledges, forward sale contracts, options, puts, calls, swaps
      and similar arrangements (including on a total return basis), and sales and
      other transactions through non-US broker dealers or foreign regulated
      brokers.

     

    “Subsidiary”
      means any “significant subsidiary” as defined in Rule 1-02(w) of the Regulation
      S-X promulgated by the Commission under the Exchange Act.

     

    “Trading
      Day” means (i) a day on which the Common Stock is traded on a Trading Market
      (other than the OTC Bulletin Board), or (ii) if the Common Stock is not listed
      on a Trading Market (other than the OTC Bulletin Board), a day on which the
      Common Stock is traded in the over-the-counter market, as reported by the OTC
      Bulletin Board, or (iii) if the Common Stock is not quoted on any Trading
      Market, a day on which the Common Stock is quoted in the over-the-counter market
      as reported by the Pink Sheets LLC (or any similar organization or agency
      succeeding to its functions of reporting prices); provided, that in the event
      that the Common Stock is not listed or quoted as set forth in (i), (ii) and
      (iii) hereof, then Trading Day shall mean a Business Day.

     

    “Trading
      Market” means whichever of the New York Stock Exchange, the American Stock
      Exchange, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ
      Capital Market or OTC Bulletin Board on which the Common Stock is listed or
      quoted for trading on the date in question.

     

    “Transaction
      Documents” means this Agreement, the Registration Rights Agreement, the Escrow
      Agreement, the Make Good Escrow Agreement and any other documents or agreements
      executed in connection with the transactions contemplated
      hereunder.

     

    ARTICLE
      2.

    PURCHASE
      AND SALE

     

    2.1.  Closing.
      Subject
      to the terms and conditions set forth in this Agreement, at the Closing the
      Company shall issue and sell to each Investor, and each Investor shall,
      severally and not jointly, purchase from the Company, the Shares representing
      such Investor’s Investment Amount. The Closing shall take place at the offices
      of Bryan Cave LLP, 1290 Avenue of the Americas, New York, NY 10104 on the
      Closing Date or at such other location or time as the parties may
      agree.

     

    2.2.  Closing
      Deliveries.
      (a) At
      the Closing, the Company shall deliver or cause to be delivered to each Investor
      the following (the “Company Deliverables”):

     

    (i)  a
      certificate evidencing a number of Shares equal to such Investor’s Investment
      Amount divided by the Per Share Purchase Price, registered in the name of such
      Investor;

     

    (ii)  the
      legal opinions, in agreed form, addressed to the Investors (which will include
      opinions reasonably acceptable to the Investors with respect to the
      Reorganization);

     

    (iii)  the
      Registration Rights Agreement, duly executed by the Company;

     

    (iv) the
      Make Good Escrow Agreement, duly executed by the Company; and

     

    (v) the
      Escrow Agreement, duly executed by the Company.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (b)  At
      the Closing, each Investor shall deliver or cause to be delivered to the Company
      the following (the “Investor Deliverables”):

     

    (i)  the
      Registration Rights Agreement, duly executed by such Investor; and

     

    (ii) a
      completed Investor Questionnaire in the form attached to this Agreement as
      Exhibit
      D.

     

    (c)  Within
      one Business Day following the date of this Agreement, each Investor shall
      cause
      to be delivered to the Escrow Agent, its Investment Amount, in United States
      dollars and in immediately available funds, by wire transfer to an account
      designated in writing by the Company for such purpose in accordance with the
      terms of the Escrow Agreement.

     

    ARTICLE
      3.

    REPRESENTATIONS
      AND WARRANTIES

     

    3.1.  Representations
      and Warranties of the Company.
      The
      Company hereby makes the following representations and warranties to each
      Investor:

     

    (a)  Subsidiaries.
      The
      Company has no direct or indirect Subsidiaries other than as disclosed in the
      SEC Reports. Except as disclosed in the SEC Reports, the Company owns, directly
      or indirectly, all of the capital stock of each Subsidiary free and clear of
      any
      and all Liens, and all the issued and outstanding shares of capital stock of
      each Subsidiary are validly issued and are fully paid, non-assessable and free
      of preemptive and similar rights.

     

    (b)  Organization
      and Qualification.
      The
      Company and each Subsidiary are duly incorporated or otherwise organized,
      validly existing and in good standing under the laws of the jurisdiction of
      its
      incorporation or organization (as applicable), with the requisite power and
      authority to own and use its properties and assets and to carry on its business
      as currently conducted. Neither the Company nor any Subsidiary is in violation
      of any of the provisions of its respective certificate or articles of
      incorporation, bylaws or other organizational or charter documents. The Company
      and each Subsidiary are duly qualified to conduct its respective businesses
      and
      are in good standing as a foreign corporation or other entity in each
      jurisdiction in which the nature of the business conducted or property owned
      by
      it makes such qualification necessary, except where the failure to be so
      qualified or in good standing, as the case may be, could not, individually
      or in
      the aggregate, have or reasonably be expected to result in a Material Adverse
      Effect.

     

    (c)  Authorization;
      Enforcement.
      The
      Company has the requisite corporate power and authority to enter into and to
      consummate the transactions contemplated by each of the Transaction Documents
      and otherwise to carry out its obligations thereunder. The execution and
      delivery of each of the Transaction Documents by the Company and the
      consummation by it of the transactions contemplated thereby have been duly
      authorized by all necessary action on the part of the Company and no further
      action is required by the Company in connection therewith. Each Transaction
      Document has been (or upon delivery will have been) duly executed by the Company
      and, when delivered in accordance with the terms hereof, will constitute the
      valid and binding obligation of the Company enforceable against the Company
      in
      accordance with its terms, except as such enforceability may be limited by
      applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
      or
      similar laws relating to, or affecting generally the enforcement of, creditors’
rights and remedies or by other equitable principles of general
      application. 

    

    (d)  No
      Conflicts.
      The
      execution, delivery and performance of the Transaction Documents by the Company
      and the consummation by the Company of the transactions contemplated thereby
      do
      not and will not (i) conflict with or violate any provision of the Company’s or
      any Subsidiary’s certificate or articles of incorporation, bylaws or other
      organizational or charter documents, or (ii) conflict with, or constitute a
      default (or an event that with notice or lapse of time or both would become
      a
      default) under, or give to others any rights of termination, amendment,
      acceleration or cancellation (with or without notice, lapse of time or both)
      of,
      any agreement, credit facility, debt or other instrument (evidencing a Company
      or Subsidiary debt or otherwise) or other understanding to which the Company
      or
      any Subsidiary is a party or by which any property or asset of the Company
      or
      any Subsidiary is bound or affected and which is filed as an exhibit to the
      SEC
      Reports, or (iii) result in a violation of any law, rule, regulation, order,
      judgment, injunction, decree or other restriction of any court or governmental
      authority to which the Company or a Subsidiary is subject (including federal
      and
      state securities laws and regulations), or by which any property or asset of
      the
      Company or a Subsidiary is bound or affected; except in the case of each of
      clauses (ii) and (iii), such as could not, individually or in the aggregate,
      have or reasonably be expected to result in a Material Adverse
      Effect.

     

    
      
        
        

      

      
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    (e)  Filings,
      Consents and Approvals.
      Neither
      the Company nor any Subsidiary is required to obtain any consent, waiver,
      authorization or order of, give any notice to, or make any filing or
      registration with, any court or other federal, state, local or other
      governmental authority or other Person in connection with the execution,
      delivery and performance by the Company of the Transaction Documents, other
      than
      (i) the filing by the Company with the Commission of one or more Registration
      Statements in accordance with the requirements of the Registration Rights
      Agreement, (ii) filings required by state securities laws, (iii) the filing
      by
      the Company of a Notice of Sale of Securities on Form D with the Commission
      under Regulation D of the Securities Act, (iv) the filings required in
      accordance with Section 4.5, (v) those that have been made or obtained prior
      to
      the date of this Agreement, (vi) registrations, notices or filings required
      to
      be made in order to comply with the currency and exchange control requirements
      imposed by the Chinese government and/or Chinese law, if any, and (vii)
      post-closing securities filings or notifications required to be made under
      federal or state securities laws. Duoyuan China and the Company (as applicable)
      have made all filings and received all approvals required under the laws of
      the
      People’s Republic of China to duly effect the Reorganization. 

     

    (f)  Issuance
      of the Shares.
      The
      Shares have been duly authorized and, when issued and paid for in accordance
      with the Transaction Documents, will be duly and validly issued, fully paid
      and
      nonassessable, free and clear of all Liens. As of the Closing, the Company
      has
      reserved from its duly authorized capital stock the shares of Common Stock
      issuable pursuant to this Agreement in order to issue the Shares.

     

    (g)  Capitalization.
      The
      number of shares and type of all authorized, issued and outstanding capital
      stock of the Company, and all shares of Common Stock reserved for issuance
      under
      the Company’s various option and incentive plans, is specified in the SEC
      Reports. Except as specified in the SEC Reports, no securities of the Company
      are entitled to preemptive or similar rights, and no Person has any right of
      first refusal, preemptive right, right of participation, or any similar right
      to
      participate in the transactions contemplated by the Transaction Documents.
      Except as specified in the SEC Reports, there are no outstanding options,
      warrants, scrip rights to subscribe to, calls or commitments of any character
      whatsoever relating to, or securities, rights or obligations convertible into
      or
      exchangeable for, or giving any Person any right to subscribe for or acquire,
      any shares of Common Stock, or contracts, commitments, understandings or
      arrangements by which the Company or any Subsidiary is or may become bound
      to
      issue additional shares of Common Stock, or securities or rights convertible
      or
      exchangeable into shares of Common Stock. The issue and sale of the Shares
      will
      not, immediately or with the passage of time, obligate the Company to issue
      shares of Common Stock or other securities to any Person (other than the
      Investors) and will not result in a right of any holder of Company securities
      to
      adjust the exercise, conversion, exchange or reset price under such
      securities.

     

    (h)  SEC
      Reports; Financial Statements.
      Except
      as disclosed in the SEC Reports, the Company has filed all reports required
      to
      be filed by it under the Securities Act and the Exchange Act, including pursuant
      to Section 13(a) or 15(d) thereof, for the twelve months preceding the date
      hereof (or such shorter period as the Company was required by law to file such
      reports) (the foregoing materials being collectively referred to herein as
      the
“SEC Reports” and, together with the Schedules to this Agreement (if any), the
“Disclosure Materials”) on a timely basis or has timely filed a valid extension
      of such time of filing and has filed any such SEC Reports prior to the
      expiration of any such extension. As of their respective dates, to the knowledge
      of the Company, the SEC Reports complied in all material respects with the
      requirements of the Securities Act and the Exchange Act and the rules and
      regulations of the Commission promulgated thereunder, and none of the SEC
      Reports, when filed, contained any untrue statement of a material fact or
      omitted to state a material fact required to be stated therein or necessary
      in
      order to make the statements therein, in light of the circumstances under which
      they were made, not misleading in connection with the Subsidiaries. The
      financial statements of the Company and the Subsidiaries included in the SEC
      Reports comply in all material respects with applicable accounting requirements
      and the rules and regulations of the Commission with respect thereto as in
      effect at the time of filing. Such financial statements have been prepared
      in
      accordance with GAAP applied on a consistent basis during the periods involved,
      except as may be otherwise specified in such financial statements or the notes
      thereto, and fairly present in all material respects the financial position
      of
      the Company and its Subsidiaries as of and for the dates thereof and the results
      of operations and cash flows for the periods then ended, subject, in the case
      of
      unaudited statements, to normal, immaterial, year-end audit
      adjustments. 

     

    
      
        
        

      

      
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    (i)  Litigation.
      There
      is no Action which (i) adversely affects or challenges the legality, validity
      or
      enforceability of any of the Transaction Documents or the Shares or (ii) except
      as specifically disclosed in the SEC Reports, could, if there were an
      unfavorable decision, individually or in the aggregate, have or reasonably
      be
      expected to result in a Material Adverse Effect. Neither the Company nor any
      Subsidiary, nor any director or officer thereof (in his or her capacity as
      such), is or has been the subject of any Action involving a claim of violation
      of or liability under federal or state securities laws or a claim of breach
      of
      fiduciary duty, except as specifically disclosed in the SEC Reports. There
      has
      not been, and to the knowledge of the Company, there is not pending any
      investigation by the Commission involving the Company or any Subsidiary or
      any
      current or former director or officer of the Company or any Subsidiary (in
      his
      or her capacity as such).

     

    (j)  Labor
      Relations.
      No
      material labor dispute exists or, to the knowledge of the Company, is imminent
      with respect to any of the employees of the Company or any
      Subsidiary.

     

    (k)  Compliance.
      Neither
      the Company nor any Subsidiary (i) is in default under or in violation of (and
      no event has occurred that has not been waived that, with notice or lapse of
      time or both, would result in a default by the Company or any Subsidiary under),
      nor has the Company or any Subsidiary received notice of a claim that it is
      in
      default under or that it is in violation of, any indenture, loan or credit
      agreement or any other agreement or instrument to which it is a party or by
      which it or any of its properties is bound (whether or not such default or
      violation has been waived), (ii) is in violation of any order of any court,
      arbitrator or governmental body, or (iii) is or has been in violation of any
      statute, rule or regulation of any governmental authority, including without
      limitation all foreign, federal, state and local laws relating to taxes,
      environmental protection, occupational health and safety, product quality and
      safety and employment and labor matters, except in each case as could not,
      individually or in the aggregate, have or reasonably be expected to result
      in a
      Material Adverse Effect.

     

    (l)  Regulatory
      Permits.
      The
      Company and the Subsidiaries possess all certificates, authorizations and
      permits issued by the appropriate federal, state, local or foreign regulatory
      authorities necessary to conduct their respective businesses as described in
      the
      SEC Reports, except where the failure to possess such permits could not,
      individually or in the aggregate, have or reasonably be expected to result
      in a
      Material Adverse Effect, and neither the Company nor any Subsidiary has received
      any notice of proceedings relating to the revocation or modification of any
      such
      permits.

     

    (m)  Title
      to Assets.
      The
      Company and the Subsidiaries have good and marketable title to all real property
      owned by them that is material to their respective businesses and good and
      marketable title in all personal property owned by them that is material to
      their respective businesses, in each case free and clear of all Liens, except
      for Liens as do not materially affect the value of such property and do not
      materially interfere with the use made and proposed to be made of such property
      by the Company and the Subsidiaries. Any real property and facilities held
      under
      lease by the Company and the Subsidiaries are held by them under valid,
      subsisting and enforceable leases of which the Company and the Subsidiaries
      are
      in compliance, except as could not, individually or in the aggregate, have
      or
      reasonably be expected to result in a Material Adverse Effect.

     

    (n)  Patents
      and Trademarks.
      The
      Company and the Subsidiaries have, or have rights to use, all patents, patent
      applications, trademarks, trademark applications, service marks, trade names,
      copyrights, licenses and other similar rights that are necessary or material
      for
      use in connection with their respective businesses as described in the SEC
      Reports and which the failure to so have could, individually or in the
      aggregate, have or reasonably be expected to result in a Material Adverse Effect
      (collectively, the “Intellectual Property Rights”). Neither the Company nor any
      Subsidiary has received a written notice that the Intellectual Property Rights
      used by the Company or any Subsidiary violates or infringes upon the rights
      of
      any Person. To the knowledge of the Company, all such Intellectual Property
      Rights are enforceable and there is no existing infringement by another Person
      of any of the Intellectual Property Rights.

     

    
      
        
        

      

      
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    (o)  Insurance.
      The
      Company and the Subsidiaries are insured by insurers of recognized financial
      responsibility against such losses and risks and in such amounts as are prudent
      and customary in the businesses and in the country in which the Company and
      the
      Subsidiaries operate. The Company has no reason to believe that it will not
      be
      able to renew its and the Subsidiaries’ existing insurance coverage as and when
      such coverage expires or to obtain similar coverage from similar insurers as
      may
      be necessary to continue its business on terms consistent with market for the
      Company’s and such Subsidiaries’ respective lines of business.

     

    (p)  Transactions
      With Affiliates and Employees.
      Except
      as set forth on Schedule
      3.1(p),
      none of
      the officers or directors of the Company or any Subsidiary and, to the knowledge
      of the Company, none of the employees of the Company or any Subsidiary is
      presently a party to any transaction with the Company or any Subsidiary (other
      than for services as employees, officers and directors), including any contract,
      agreement or other arrangement providing for the furnishing of services to
      or
      by, providing for rental of real or personal property to or from, or otherwise
      requiring payments to or from any officer, director or such employee or, to
      the
      knowledge of the Company or any Subsidiary, any entity in which any officer,
      director, or any such employee has a substantial interest or is an officer,
      director, trustee or partner.

     

    (q)  Internal
      Accounting Controls.
      The
      Company and the Subsidiaries maintain a system of internal accounting controls
      sufficient to provide reasonable assurance that (i) transactions are executed
      in
      accordance with management’s general or specific authorizations, (ii)
      transactions are recorded as necessary to permit preparation of financial
      statements in conformity with GAAP and to maintain asset accountability, (iii)
      access to assets is permitted only in accordance with management’s general or
      specific authorization, and (iv) the recorded accountability for assets is
      compared with the existing assets at reasonable intervals and appropriate action
      is taken with respect to any differences. The Company is establishing disclosure
      controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
      15d-15(e)) for the Company and is designing such disclosure controls and
      procedures to ensure that material information relating to the Company,
      including its Subsidiaries, is made known to the certifying officers by others
      within those entities, particularly during the period in which the Company’s
      Form 10-KSB or 10-QSB, as the case may be, is being prepared.

     

    (r)  Solvency.
      Based
      on the financial condition of the Company as of the Closing Date (and assuming
      that the Closing shall have occurred), (i) the Company’s assets do not
      constitute unreasonably small capital to carry on its business for the current
      fiscal year as now conducted and as proposed to be conducted including its
      capital needs taking into account the particular capital requirements of the
      business conducted by the Company, and projected capital requirements and
      capital availability thereof, and (ii) the current cash flow of the Company,
      together with the proceeds the Company would receive, were it to liquidate
      all
      of its assets, after taking into account all anticipated uses of the cash,
      would
      generally be sufficient to pay the amounts on or in respect of its debt. The
      Company does not intend to incur debts beyond its ability to pay such debts
      as
      they mature (taking into account the timing and amounts of cash to be payable
      on
      or in respect of its debt).

     

    (s)  Certain
      Fees.
      Except
      as described in Schedule
      3.1(s),
      no
      brokerage or finder’s fees or commissions are or will be payable by the Company
      to any broker, financial advisor or consultant, finder, placement agent,
      investment banker, bank or other Person with respect to the transactions
      contemplated by this Agreement. The Investors shall have no obligation with
      respect to any fees or with respect to any claims (other than such fees or
      commissions owed by an Investor pursuant to written agreements executed by
      such
      Investor which fees or commissions shall be the sole responsibility of such
      Investor) made by or on behalf of other Persons for fees of a type contemplated
      in this Section that may be due in connection with the transactions contemplated
      by this Agreement.

     

    (t)  Certain
      Registration Matters.
      Assuming the accuracy of the Investors’ representations and warranties set forth
      in Section 3.2(b)-(e), no registration under the Securities Act is required
      for
      the offer and sale of the Shares by the Company to the Investors under the
      Transaction Documents. The Company is eligible to register its Common Stock
      for
      resale by the Investors under Form SB-2 promulgated under the Securities Act.
      Except as specified in Schedule
      3.1(t),
      the
      Company has not granted or agreed to grant to any Person any rights (including
      “piggy-back” registration rights) to have any securities of the Company
      registered with the Commission or any other governmental authority that have
      not
      been satisfied.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (u)  Investment
      Company.
      The
      Company is not, and is not an Affiliate of, and immediately following the
      Closing will not have become, an “investment company” within the meaning of the
      Investment Company Act of 1940, as amended.

     

    (v)  Application
      of Takeover Protections.
      The
      Company has taken all necessary action, if any, in order to render inapplicable
      any control share acquisition, business combination, poison pill (including
      any
      distribution under a rights agreement) or other similar anti-takeover provision
      under the Company’s Articles of Incorporation (or similar charter documents) or
      the laws of its state of incorporation that is or could become applicable to
      the
      Investors as a result of the Investors and the Company fulfilling their
      obligations or exercising their rights under the Transaction Documents,
      including without limitation the Company’s issuance of the Shares and the
      Investors’ ownership of the Shares.

     

    (w)  No
      Additional Agreements.
      The
      Company does not have any agreement or understanding with any Investor with
      respect to the transactions contemplated by the Transaction Documents other
      than
      as specified in the Transaction Documents.

     

    (x)  Consultation
      with Auditors.
      The
      Company has consulted its independent auditors concerning the accounting
      treatment of the transactions contemplated by the Transaction Documents, and
      in
      connection therewith has furnished such auditors complete copies of the
      Transaction Documents.

     

    (y)  Disclosure.
      The
      Company confirms that neither it nor any Person acting on its behalf has
      provided any Investor or its respective agents or counsel with any information
      that the Company believes constitutes material, non-public information, except
      insofar as the existence and terms of the proposed transactions contemplated
      hereunder may constitute such information. The Company understands and confirms
      that the Investors will rely on the foregoing representations and covenants
      in
      effecting transactions in securities of the Company. All disclosure provided
      to
      the Investors regarding the Company, its business and the transactions
      contemplated hereby, furnished by or on behalf of the Company (including the
      Company’s representations and warranties set forth in this Agreement) are true
      and correct and do not contain any untrue statement of a material fact or omit
      to state any material fact necessary in order to make the statements made
      therein, in light of the circumstances under which they were made, not
      misleading.

     

    3.2.  Representations
      and Warranties of the Investors.
      Each
      Investor hereby, for itself and for no other Investor, represents and warrants
      to the Company as follows:

     

    (a)  Organization;
      Authority.
      Such
      Investor is an entity duly organized, validly existing and in good standing
      under the laws of the jurisdiction of its organization with the requisite
      corporate or partnership power and authority to enter into and to consummate
      the
      transactions contemplated by the applicable Transaction Documents and otherwise
      to carry out its obligations thereunder. The execution, delivery and performance
      by such Investor of the transactions contemplated by this Agreement has been
      duly authorized by all necessary corporate or, if such Investor is not a
      corporation, such partnership, limited liability company or other applicable
      like action, on the part of such Investor. Each of this Agreement and the
      Registration Rights Agreement has been duly executed by such Investor, and
      when
      delivered by such Investor in accordance with the terms hereof, will constitute
      the valid and legally binding obligation of such Investor, enforceable against
      it in accordance with its terms, except as such enforceability may be limited
      by
      applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
      or
      similar laws relating to, or affecting generally the enforcement of, creditors’
rights and remedies or by other equitable principles of general
      application.

     

    (b)  Investment
      Intent.
      Such
      Investor is acquiring the Shares as principal for its own account for investment
      purposes only and not with a view to or for distributing or reselling such
      Shares or any part thereof, without prejudice, however, to such Investor’s right
      at all times to sell or otherwise dispose of all or any part of such Shares
      in
      compliance with applicable federal and state securities laws. Subject to the
      immediately preceding sentence, nothing contained herein shall be deemed a
      representation or warranty by such Investor to hold the Shares for any period
      of
      time. Such Investor is acquiring the Shares hereunder in the ordinary course
      of
      its business. Such Investor does not have any agreement or understanding,
      directly or indirectly, with any Person to distribute any of the
      Shares.

     

    
      
        
        

      

      
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    (c)  Investor
      Status.
      At the
      time such Investor was offered the Shares, it was, and at the date hereof it
      is,
      an “accredited investor” as defined in Rule 501(a) under the Securities Act.
      Such Investor is not a registered broker-dealer under Section 15 of the Exchange
      Act. Such Investor has such experience in business and financial matters that
      it
      is capable of evaluating the merits and risks of an investment in the Shares.
      Such Investor acknowledges that an investment in the Shares is speculative
      and
      involves a high degree of risk.

      

    (d)  General
      Solicitation.
      Such
      Investor is not purchasing the Shares as a result of any advertisement, article,
      notice, meeting or other communication regarding the Shares published in any
      newspaper, magazine or similar media or broadcast over television or radio
      or
      presented at any seminar or any other general solicitation or general
      advertisement.

     

    (e)  Access
      to Information.
      Such
      Investor acknowledges that it has reviewed the Disclosure Materials and has
      been
      afforded (i) the opportunity to ask such questions as it has deemed necessary
      of, and to receive answers from, representatives of the Company concerning
      the
      terms and conditions of the offering of the Shares and the merits and risks
      of
      investing in the Shares; (ii) access to information about the Company and the
      Subsidiaries and their respective financial condition, results of operations,
      business, properties, management and prospects sufficient to enable it to
      evaluate its investment; and (iii) the opportunity to obtain such additional
      information that the Company possesses or can acquire without unreasonable
      effort or expense that is necessary to make an informed investment decision
      with
      respect to the investment. Neither such inquiries nor any other investigation
      conducted by or on behalf of such Investor or its representatives or counsel
      shall modify, amend or affect such Investor’s right to rely on the truth,
      accuracy and completeness of the Disclosure Materials and the Company’s
      representations and warranties contained in the Transaction
      Documents.

     

    (f)  Certain
      Trading Activities.
      Such
      Investor has not directly or indirectly, nor has any Person acting on behalf
      of
      or pursuant to any understanding with such Investor, engaged in any transactions
      in the securities of the Company (including, without limitations, any Short
      Sales involving the Company’s securities) since the earlier to occur of (1) the
      time that such Investor was first contacted by the Company or Roth Capital
      Partners, LLC regarding an investment in the Company and (2) the 30th
      day
      prior to the date of this Agreement. Such Investor covenants that neither it
      nor
      any Person acting on its behalf or pursuant to any understanding with it will
      engage in any transactions in the securities of the Company (including Short
      Sales) prior to the time that the transactions contemplated by this Agreement
      are publicly disclosed.

     

    (g)  Independent
      Investment Decision.
      Such
      Investor has independently evaluated the merits of its decision to purchase
      the
      Shares pursuant to the Transaction Documents, and such Investor confirms that
      it
      has not relied on the advice of any other Investor’s business and/or legal
      counsel in making such decision. Such Investor has not relied on the business
      or
      legal advice of Roth Capital Partners, LLC or any of its agents, counsel or
      Affiliates in making its investment decision hereunder, and confirms that none
      of such Persons has made any representations or warranties to such Investor
      in
      connection with the transactions contemplated by the Transaction
      Documents.

     

    (h)  Rule
      144.
      Such
      Investor understands that the Shares (including the Additional Shares) must
      be
      held indefinitely unless such Shares and/or Additional Shares are registered
      under the Securities Act or an exemption from registration is available. Such
      Investor acknowledges that it is familiar with Rule 144 and that such Investor
      has been advised that Rule 144 permits resales only under certain circumstances.
      Such Investor understands that to the extent that Rule 144 is not available,
      such Investor will be unable to sell any Shares and/or Additional Shares without
      either registration under the Securities Act or the existence of another
      exemption from such registration requirement.

     

    (i)  General.
      Such
      Investor understands that the Shares are being offered and sold in reliance
      on a
      transactional exemption from the registration requirements of federal and state
      securities laws and the Company is relying upon the truth and accuracy of the
      representations, warranties, agreements, acknowledgments and understandings
      of
      such Investor set forth herein in order to determine the applicability of such
      exemptions and the suitability of such Investor to acquire the Shares. Such
      Investor understands that no United States federal or state agency or any
      government or governmental agency has passed upon or made any recommendation
      or
      endorsement of the Shares.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    The
      Company acknowledges and agrees that no Investor has made or makes any
      representations or warranties with respect to the transactions contemplated
      hereby other than those specifically set forth in this Section 3.2.

     

    ARTICLE
      4.

    OTHER
      AGREEMENTS OF THE PARTIES

     

    4.1.  Transferability;
      Certificate. Shares
      may only be disposed of in compliance with state and federal securities laws.
      In
      connection with any transfer of the Shares other than pursuant to an effective
      registration statement, to the Company, to an Affiliate of an Investor or in
      connection with a pledge as contemplated in Section 4.1(b), the Company may
      require the transferor thereof to provide to the Company an opinion of counsel
      selected by the transferor, the form and substance of which opinion shall be
      reasonably satisfactory to the Company, to the effect that such transfer does
      not require registration of such transferred Shares under the Securities Act.
      Certificates evidencing the Shares will contain the following legend, until
      such
      time as they are not required under Section 4.1(c):

     

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED WITH THE
      SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE
      IN
      RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933,
      AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
      EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
      ACT
      OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
      TO,
      THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
      APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL
      TO
      THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
      ACCEPTABLE TO THE COMPANY. THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH
      A
      BONA FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

     

    The
      Company acknowledges and agrees that an Investor may from time to time pledge,
      and/or grant a security interest in some or all of the Shares pursuant to a
      bona
      fide margin agreement in connection with a bona fide margin account and, if
      required under the terms of such agreement or account, such Investor may
      transfer pledged or secured Shares to the pledgees or secured parties. Such
      a
      pledge or transfer would not be subject to approval or consent of the Company
      and no legal opinion of legal counsel to the pledgee, secured party or pledgor
      shall be required in connection with the pledge, but such legal opinion may
      be
      required in connection with a subsequent transfer following default by the
      Investor transferee of the pledge. No notice shall be required of such pledge.
      At the appropriate Investor’s expense, the Company will execute and deliver such
      reasonable documentation as a pledgee or secured party of Shares may reasonably
      request in connection with a pledge or transfer of the Shares including the
      preparation and filing of any required prospectus supplement under Rule
      424(b)(3) of the Securities Act or other applicable provision of the Securities
      Act to appropriately amend the list of Selling Stockholders thereunder. Except
      as otherwise provided in Section 4.1(c), any Shares subject to a pledge or
      security interest as contemplated by this Section 4.1(b) shall continue to
      bear
      the legend set forth in this Section 4.1(b) and be subject to the restrictions
      on transfer set forth in Section 4.1(a).

     

    (c)  Certificates
      evidencing Shares shall not contain any legend (including the legend set forth
      in Section 4.1(b)): (i) following a sale or transfer of such Shares pursuant
      to
      an effective registration statement (including a Registration Statement), or
      (ii) following a sale or transfer of such Shares pursuant to Rule 144 (assuming
      the transferee is not an Affiliate of the Company), or (iii) while such Shares
      are eligible for sale under Rule 144(k). If an Investor shall make a sale or
      transfer of Shares either (x) pursuant to Rule 144 or (y) pursuant to a
      registration statement and in each case shall have delivered to the Company
      or
      the Company’s transfer agent the certificate representing Shares containing a
      restrictive legend which are the subject of such sale or transfer and a
      representation letter in customary form (the date of such sale or transfer
      and Share delivery being the “Share Delivery Date”) and (1) the Company shall
      fail to deliver or cause to be delivered to such Investor a certificate
      representing such Shares that is free from all restrictive or other legends
      by
      the fifth Trading Day following the Share Delivery Date and (2) following such
      fifth Trading Day after the Share Delivery Date and prior to the time such
      Shares are received free from restrictive legends, the Investor, or any third
      party on behalf of such Investor, purchases (in an open market transaction
      or
      otherwise) shares of Common Stock to deliver in satisfaction of a sale by the
      Investor of such Shares (a "Buy-In"), then the Company shall pay in cash to
      the
      Investor (for costs incurred either directly by such Investor or on behalf
      of a
      third party) the amount by which the total purchase price paid for Common Stock
      as a result of the Buy-In (including brokerage commissions, if any) exceed
      the
      proceeds received by such Investor as a result of the sale to which such Buy-In
      relates. The Investor shall provide the Company written notice indicating the
      amounts payable to the Investor in respect of the Buy-In.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    4.2.  Furnishing
      of Information.
      As long
      as any Investor owns the Shares, the Company covenants to timely file (or obtain
      extensions in respect thereof and file within the applicable grace period)
      all
      reports required to be filed by the Company after the date hereof pursuant
      to
      the Exchange Act. As long as any Investor owns Shares, if the Company is not
      required to file reports pursuant to such laws, it will prepare and furnish
      to
      the Investors and make publicly available in accordance with Rule 144(c) such
      information as is required for the Investors to sell the Shares under Rule
      144.
      The Company further covenants that it will take such further action as any
      holder of Shares may reasonably request, all to the extent required from time
      to
      time to enable such Person to sell the Shares without registration under the
      Securities Act within the limitation of the exemptions provided by Rule
      144.

     

    4.3.  Integration.
      The
      Company shall not, and shall use its best efforts to ensure that no Affiliate
      of
      the Company shall, sell, offer for sale or solicit offers to buy or otherwise
      negotiate in respect of any security (as defined in Section 2 of the Securities
      Act) that would be integrated with the offer or sale of the Shares in a manner
      that would require the registration under the Securities Act of the sale of
      the
      Shares to the Investors, or that would be integrated with the offer or sale
      of
      the Shares for purposes of the rules and regulations of any Trading Market
      in a
      manner that would require stockholder approval of the sale of the Shares to
      the
      Investors.

     

    4.4.  Subsequent
      Registrations.
      Other
      than pursuant to the Registration Statement, prior to the Effective Date, the
      Company may not file any registration statement (other than on Form S-8) with
      the Commission with respect to any securities of the Company.

     

    4.5.  Securities
      Laws Disclosure; Publicity.
      By 9:00
      a.m. (New York time) on the Trading Day following the execution of this
      Agreement, and by 9:00 a.m. (New York time) on the Trading Day following the
      Closing Date, the Company shall issue press releases disclosing the transactions
      contemplated hereby and the Closing. On the Trading Day following the execution
      of this Agreement the Company will file a Current Report on Form 8-K disclosing
      the material terms of the Transaction Documents (and attach as exhibits thereto
      the Transaction Documents), and on the Trading Day following the Closing Date
      the Company will file an additional Current Report on Form 8-K to disclose
      the
      Closing. In addition, the Company will make such other filings and notices
      in
      the manner and time required by the Commission and the Trading Market on which
      the Common Stock is listed. Notwithstanding the foregoing, the Company shall
      not
      publicly disclose the name of any Investor, or include the name of any Investor
      in any filing with the Commission (other than the Registration Statement and
      any
      exhibits to filings made in respect of this transaction in accordance with
      periodic filing requirements under the Exchange Act) or any regulatory agency
      or
      Trading Market, without the prior written consent of such Investor, except
      to
      the extent such disclosure is required by law or Trading Market
      regulations.

     

    4.6.  Indemnification
      of Investors.
      In
      addition to the indemnity provided in the Registration Rights Agreement, the
      Company will indemnify and hold the Investors and their directors, officers,
      shareholders, partners, employees and agents (each, an “Investor Party”)
      harmless from any and all losses, liabilities, obligations, claims,
      contingencies, damages, costs and expenses, including all judgments, amounts
      paid in settlements, court costs and reasonable attorneys’ fees and costs of
      investigation (in respect thereof, only those that lead to an allegation of
      indemnity hereunder) (collectively, “Losses”) that any such Investor Party may
      suffer or incur as a result of or relating to any misrepresentation, breach
      or
      inaccuracy of any representation, warranty, covenant or agreement made by the
      Company in any Transaction Document. In addition to the indemnity contained
      herein, the Company will reimburse each Investor Party for its reasonable legal
      and other expenses (including the cost of any investigation, preparation and
      travel in connection therewith if an allegation for indemnity hereunder follows)
      incurred in connection therewith, as such expenses are incurred. Except as
      otherwise set forth herein, the mechanics and procedures with respect to the
      rights and obligations under this Section 4.6 shall be the same as those set
      forth in Section 5 of the Registration Rights Agreement.

     

    4.7.  Non-Public
      Information.
      The
      Company covenants and agrees that neither it nor any other Person acting on
      its
      behalf will provide any Investor or its agents or counsel with any information
      that the Company believes constitutes material non-public information, unless
      prior thereto such Investor shall have executed a written agreement regarding
      the confidentiality and use of such information. The Company understands and
      confirms that each Investor shall be relying on the foregoing representations
      in
      effecting transactions in securities of the Company.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    4.8.  Listing
      of Securities.
      The
      Company shall apply to have the Common Stock, including the Shares, traded
      on a
      Trading Market, and will take such other action as is necessary or desirable
      to
      cause the Shares to be listed on such Trading Market as promptly as possible,
      but in no event later than the Effective Date. The Company further covenants
      and
      agrees that following the time that the Common Stock, including the Shares,
      is
      traded on a Trading Market and before all the Shares are sold pursuant to a
      Registration Statement or applicable exemption under securities law, the Company
      will take all action reasonably necessary to continue the listing and trading
      of
      its Common Stock on a Trading Market and will comply in all material respects
      with the Company’s reporting, filing and other obligations under the bylaws or
      rules of such Trading Market.

     

    4.9.  Use
      of
      Proceeds.
      The
      Company will use the net proceeds from the sale of the Shares hereunder for
      working capital purposes and not for the satisfaction of any portion of the
      Company’s debt (other than payment of trade payables and accrued expenses in the
      ordinary course of the Company’s business and consistent with prior practices),
      or to redeem any Common Stock or Common Stock Equivalents.

     

    4.10.    
      Make
      Good Shares.
      (a)
      Wenhua Guo agrees that in the event the consolidated financial statements of
      the
      Company reflect less than $12,000,000.00 of After-Tax Net Income for the fiscal
      year ended June 30, 2006 (the “Guaranteed NI”), he will transfer to the
      Investors (through the Make Good Escrow Agent) on a pro rata basis for no
      consideration other than their part of their respective Investment Amount at
      Closing 37.5% of the number of Shares issued at Closing (the “2006 Make Good
      Shares”). In the event the audited consolidated financial statements of the
      Company reflect $12,000,000 or more of After-Tax Net Income for the fiscal
      year
      ended June 30, 2006, no transfer of the 2006 Make Good Shares shall be required
      by Wenhua Guo (through the Make Good Escrow Agent) to the Investors under this
      Section and such 2006 Make Good Shares shall be returned to Wenhua Guo in
      accordance with the Make Good Escrow Agreement. Any such transfer of the
      2006 Make Good Shares under this Section shall be made to an Investor within
      10
      Business Days after the date which the 2006 audit report for the Company is
      filed with the Commission and otherwise in accordance with the Make Good Escrow
      Agreement.

     

    (b) Wenhua
      Guo agrees that in the event that either (i) the earnings per share reported
      in
      the Annual Report on Form 10-KSB of the Company for the fiscal year ending
      June
      30, 2007, as filed with the Commission, is less than $0.60 on a fully diluted
      basis (the “2007 EPS”) or (ii) the after tax net income reported in the Annual
      Report on Form 10-KSB of the Company for the fiscal year ending June 30, 2007,
      as filed with the Commission, is less than $16,000,000.00 (the “2007 ATNI”), he
      will transfer to the Investors (through the Make Good Escrow Agent) on a pro
      rata basis for no consideration other than their part of their respective
      Investment Amount at Closing 37.5% of the number of Shares issued at Closing
      (the “2007 Make Good Shares”). In the event that either (i) the earnings per
      share reported in the Annual Report on Form 10-KSB of the Company for the fiscal
      year ending June 30, 2008, as filed with the Commission, is less than $0.89
      on a
      fully diluted basis (the “2008 EPS”) or (ii) the after tax net income reported
      in the Annual Report on Form 10-KSB of the Company for the fiscal year ending
      June 30, 2008, as filed with the Commission, is less than $23,900,000.00 (the
      “2008 ATNI”), Wenhua Guo agrees to transfer to the Investors (through the Make
      Good Escrow Agent) on a pro rata basis for no consideration other than their
      part of their respective Investment Amount at Closing 37.5% of the number of
      Shares issued at Closing (the “2008 Make Good Shares”). In the event that both
      the earnings per share reported in the Annual Report on Form 10-KSB of the
      Company for the fiscal year ending June 30, 2007, as filed with the Commission,
      is equal to or greater than the 2007 EPS and the after tax net income reported
      in the Annual Report on Form 10-KSB of the Company for the fiscal year ending
      June 30, 2007, as filed with the Commission, is equal to or greater than the
      2007 ATNI, no transfer of the 2007 Make Good Shares shall be required by Wenhua
      Guo (through the Make Good Escrow Agent) to the Investors under this Section
      and
      such 2007 Make Good Shares shall be returned to Wenhua Guo in accordance with
      the Make Good Escrow Agreement. In the event that both the earnings per
      share reported in the Annual Report on Form 10-KSB of the Company for the fiscal
      year ending June 30, 2008, as filed with the Commission, is equal to or greater
      than the 2008 EPS and the after tax net income reported in the Annual Report
      on
      Form 10-KSB of the Company for the fiscal year ending June 30, 2008, as filed
      with the Commission, is equal to or greater than the 2008 ATNI, no transfer
      of
      the 2008 Make Good Shares shall be required by Wenhua Guo (through the Make
      Good
      Escrow Agent) to the Investors under this Section and such 2008 Make Good Shares
      shall be returned to Wenhua Guo in accordance with the Make Good Escrow
      Agreement. Any such transfer of the 2007 Make Good Shares or the 2008 Make
      Good
      Shares under this Section shall be made to an Investor within 10 Business Days
      after the date which the 2007, or 2008, as applicable, Annual Report on Form
      10-KSB for the Company is filed with the Commission and otherwise in accordance
      with the Make Good Escrow Agreement.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    (c) In
      connection with the foregoing, Wenhua Guo agrees that prior to the Closing,
      Wenhua Guo will deposit all potential 2006 Make Good Shares, 2007 Make Good
      Shares and 2008 Make Good Shares into escrow in accordance with the Make Good
      Escrow Agreement and the handling and disposition of the 2006 Make Good Shares,
      2007 Make Good Shares and 2008 Make Good Shares shall be governed by this
      Section 4.10 and such Make Good Escrow Agreement.

     

    4.11.  Related
      Party Transactions.
      By 9:00
      a.m. (New York time) on the first Trading Day following December 31, 2006 (the
      “Event Date”), the Company shall issue a press release disclosing that any
      receivables and/or payables which are owing or owed to the Company by any
      related parties as of the date hereof shall have been satisfied in full.
      Following the Event Date, the Company shall no longer be a party to, or take
      part in, any related party transactions except those which (i) may be existing
      on the date hereof and (ii) which are set forth on Schedule 4.11. In the event
      of a failure to comply with the terms of this Section 4.11, then in addition
      to
      any other rights the Investors may have hereunder or under applicable law:
      on
      each monthly anniversary of the Event Date (if not cured by such date) until
      the
      Company is in compliance with this Section 4.11, the Company shall pay to each
      Investor an amount in cash, as partial liquidated damages and not as a penalty,
      equal to 1.0% of the aggregate Investment Amount paid by such Investor for
      Shares pursuant to this Agreement; provided, however, that the total amount
      of
      partial liquidated damages payable by the Company pursuant to this Section
      4.11
      shall be capped at an aggregate of 4% of the aggregate Investment Amount paid
      by
      the Investors under this Agreement. In no event will the Company be liable
      for
      liquidated damages under this Agreement in excess of 1.0% of the aggregate
      Investment Amount of the Investors in any 30-day period.

     

    4.12.  Independent
      Board of Directors.
      The
      Company covenants and agrees that no later than (i) 180 days following the
      Closing Date and (ii) 30 days following the Effective Date, the Board of
      Directors of the Company shall be comprised of a majority of “independent
      directors” as such term is defined in NASDAQ Marketplace Rule
      4200(a)(15).

     

    4.13.  Chief
      Financial Officer.
      No
      later than 120 days following the Closing Date, the Company will hire a chief
      financial officer who is an expert in (i) United States generally accepted
      accounting principles and (ii) auditing procedures and compliance for United
      States public companies who has either previously acted as chief financial
      officer of a United States public company or been a partner in a United States
      accounting firm including its’ overseas offices and in such capacity was an
      audit partner for United States public companies. Such chief financial officer
      shall be entitled to an annual salary of no less than $130,000.00. By 9:00
      a.m.
      (New York time) on the first Trading Day following the hiring of such chief
      financial officer, the Company will file a Current Report on Form 8-K disclosing
      the information required by Item 5.02 of Form 8-K.

     

    4.14.  Investor
      Relations Firm.
      The
      Company will use commercially reasonable efforts to retain, by the
      90th
      day
      following the Closing Date, a nationally recognized investor relations firm,
      including its’ overseas offices or subsidiaries.

     

    4.15.  Dividends.
      Prior
      to the Closing Date, the Company shall not issue dividends on any of its capital
      stock.

     

    4.16.  Additional
      Shares.
      If the
      June 30th
      Audited
      Working Capital Amount is less than $3,500,000 (the “Adjusted Unaudited Working
      Capital Amount”) then the Company shall immediately issue additional shares of
      Common Stock (the “Additional Shares”) to each Investor for no additional
      consideration, determined as follows: (a) the amount by which the Adjusted
      Unaudited Working Capital Amount exceeds the June 30th
      Audited
      Working Capital Amount, divided by (b) the Per Share Purchase Price.
      The number of Additional Shares issuable to each Investor shall be determined
      on
      a pro rata basis based on such Investor's Investment Amount. The Company shall
      notify the Investors in writing, no later than the Trading Day following the
      date on which the audit yielding the June 30th
      Audited
      Working Capital Amount has been completed, indicating therein the June
      30th
      Audited
      Working Capital Amount and the amount, if any, of Additional Shares resulting
      therefrom.  The Additional Shares shall be entitled to the registration and
      other rights set forth in the Registration Rights Agreement and any Additional
      Shares not registered for resale shall also be afforded piggyback registration
      rights pursuant to Section 6(e) of the Registration Rights Agreement such that
      such Additional Shares may be included in any registration statement (other
      than
      on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their
      then equivalents relating to equity securities to be issued solely in connection
      with any acquisition of any entity or business or equity securities issuable
      in
      connection with stock option or other employee benefit plans) filed by the
      Company.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      5.

    CONDITIONS
      PRECEDENT TO CLOSING

     

    5.1.  Conditions
      Precedent to the Obligations of the Investors to Purchase Shares.
      The
      obligation of each Investor to acquire Shares at the Closing is subject to
      the
      satisfaction or waiver by such Investor, at or before the Closing, of each
      of
      the following conditions:

     

    (a)  Representations
      and Warranties.
      The
      representations and warranties of the Company contained herein shall be true
      and
      correct in all material respects as of the date when made and as of the Closing
      as though made on and as of such date;

     

    (b)  Performance.
      The
      Company shall have performed, satisfied and complied in all material respects
      with all covenants, agreements and conditions required by the Transaction
      Documents to be performed, satisfied or complied with by it at or prior to
      the
      Closing;

     

    (c)  No
      Injunction.
      No
      statute, rule, regulation, executive order, decree, ruling or injunction shall
      have been enacted, entered, promulgated or endorsed by any court or governmental
      authority of competent jurisdiction that prohibits the consummation of any
      of
      the transactions contemplated by the Transaction Documents;

     

    (d)  Adverse
      Changes.
      Since
      the date of execution of this Agreement, no event or series of events shall
      have
      occurred that reasonably could have or result in a Material Adverse
      Effect;

     

    (e)  Company
      Deliverables.
      The
      Company shall have delivered the Company Deliverables in accordance with Section
      2.2(a);

     

    (f)  Termination.
      This
      Agreement shall not have been terminated as to such Investor in accordance
      with
      Section 6.5;

     

    (g)  Equity
      Transfer.
      The
      Company shall have publicly disclosed via Edgar in a Form 8-K that the equity
      transfer contemplated by that certain Equity Transfer Agreement, dated August
      31, 2006, by and between the Company (for purposes hereof, including the
      predecessor of the Company) and DIL, shall have occurred and the transactions
      contemplated by such Equity Transfer Agreement shall have closed;
      and

     

    (h) Make
      Good Shares.
      Wenhua
      Guo shall deliver, or cause to be delivered, (i) to the Make Good Escrow Agent
      a
      stock certificate evidencing 18,502,896 shares of the Company's Common Stock,
      along with a stock power executed in blank and (ii) to the Company, the Make
      Good Escrow Agreement, duly executed by Mr. Guo.

     

    5.2.  Conditions
      Precedent to the Obligations of the Company to sell Shares.
      The
      obligation of the Company to sell Shares at the Closing is subject to the
      satisfaction or waiver by the Company, at or before the Closing, of each of
      the
      following conditions:

     

    (a)  Representations
      and Warranties.
      The
      representations and warranties of each Investor contained herein shall be true
      and correct in all material respects as of the date when made and as of the
      Closing Date as though made on and as of such date;

     

    (b)  Performance.
      Each
      Investor shall have performed, satisfied and complied in all material respects
      with all covenants, agreements and conditions required by the Transaction
      Documents to be performed, satisfied or complied with by such Investor at or
      prior to the Closing;

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    (c)  No
      Injunction.
      No
      statute, rule, regulation, executive order, decree, ruling or injunction shall
      have been enacted, entered, promulgated or endorsed by any court or governmental
      authority of competent jurisdiction that prohibits the consummation of any
      of
      the transactions contemplated by the Transaction Documents;

     

    (d)  Investors
      Deliverables.
      Each
      Investor shall have delivered its Investors Deliverables in accordance with
      Section 2.2(b); and

     

    (e) Termination.
      This
      Agreement shall not have been terminated as to such Investor in accordance
      with
      Section 6.5.

     

    ARTICLE
      6.

    MISCELLANEOUS

     

    6.1.  Fees
      and Expenses.
      Each
      party shall pay the fees and expenses of its advisers, counsel, accountants
      and
      other experts, if any, and all other expenses incurred by such party incident
      to
      the negotiation, preparation, execution, delivery and performance of the
      Transaction Documents. The Company shall pay all stamp and other taxes and
      duties levied in connection with the sale of the Shares.

     

    6.2.  Entire
      Agreement.
      The
      Transaction Documents, together with the Exhibits and Schedules thereto, contain
      the entire understanding of the parties with respect to the subject matter
      hereof and supersede all prior agreements, understandings, discussions and
      representations, oral or written, with respect to such matters, which the
      parties acknowledge have been merged into such documents, exhibits and
      schedules.

     

    6.3.  Notices.
      Any and
      all notices or other communications or deliveries required or permitted to
      be
      provided hereunder shall be in writing and shall be deemed given and effective
      on the earliest of (a) the date of transmission, if such notice or communication
      is delivered via (i) facsimile (provided the sender receives a machine-generated
      confirmation of successful transmission) at the facsimile number specified
      in
      this Section or (ii) electronic mail (i.e., Email) prior to 6:30 p.m. (New
      York
      City time) on a Trading Day, (b) the next Trading Day after the date of
      transmission, if such notice or communication is delivered via (i) facsimile
      at
      the facsimile number specified in this Section or (ii) electronic mail (i.e.,
      Email) on a day that is not a Trading Day or later than 6:30 p.m. (New York
      City
      time) on any Trading Day, (c) the Trading Day following the date of mailing,
      if
      sent by U.S. nationally recognized overnight courier service, or (d) upon actual
      receipt by the party to whom such notice is required to be given. The address
      for such notices and communications shall be as follows:

     

    
      	
               

            	
              If
                to the Company:

            	
              Asian
                Financial, Inc.

              No.
                3 Jinyuan Road

              Daxing
                District Industrial Development Zone

              Beijing,
                China 102600

              Facsimile:
                861060216825

              Email:
                fionaicey@vip.sina.com

              Attn.:
                Fiona Feng

            
	
               

            	
               

            	
               

            
	
               

            	
              With
                a copy to:

            	
              Heller
                Ehrman LLP

              35th
                Floor

              One
                Exchange Square 

              8
                Connaught Place 

              Central

              Hong
                Kong

              Facsimile:
                852 2292-2200

              Email:
                Simon.Luk@hellerehrman.com

              Attn.:
                Simon Luk

            
	
               

            	
               

            	
               

            
	
               

            	
              If
                to an Investor:

            	
              To
                the address set forth under such Investor’s name on the signature pages
                hereof;

            

    

     

    or
      such
      other address as may be designated in writing hereafter, in the same manner,
      by
      such Person.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    6.4.  Amendments;
      Waivers; No Additional Consideration.
      No
      provision of this Agreement may be waived or amended except in a written
      instrument signed by the Company and the Investors holding a majority of the
      Shares. No waiver of any default with respect to any provision, condition or
      requirement of this Agreement shall be deemed to be a continuing waiver in
      the
      future or a waiver of any subsequent default or a waiver of any other provision,
      condition or requirement hereof, nor shall any delay or omission of either
      party
      to exercise any right hereunder in any manner impair the exercise of any such
      right. No consideration shall be offered or paid to any Investor to amend or
      consent to a waiver or modification of any provision of any Transaction Document
      unless the same consideration is also offered to all Investors who then hold
      Shares.

     

    6.5.  Termination.
      This
      Agreement may be terminated prior to Closing:

     

    (a)  by
      written agreement of the Investors and the Company, a copy of which shall be
      provided to the Escrow Agent; and

     

    (b)  by
      the Company or an Investor (as to itself but no other Investor) upon written
      notice to the other and to the Escrow Agent, if the Closing shall not have
      taken
      place by 6:30 p.m. Eastern time on the Outside Date; provided,
      that
      the right to terminate this Agreement under this Section 6.5(b) shall not
      be available to any Person whose failure to comply with its obligations under
      this Agreement has been the cause of or resulted in the failure of the Closing
      to occur on or before such time.

     

    In
      the
      event of a termination pursuant to this Section, the Company shall promptly
      notify all non-terminating Investors. Upon a termination in accordance with
      this
      Section 6.5, the Company and the terminating Investor(s) shall not have any
      further obligation or liability (including as arising from such termination)
      to
      the other and no Investor will have any liability to any other Investor under
      the Transaction Documents as a result therefrom.

     

    6.6.  Construction.
      The
      headings herein are for convenience only, do not constitute a part of this
      Agreement and shall not be deemed to limit or affect any of the provisions
      hereof. The language used in this Agreement will be deemed to be the language
      chosen by the parties to express their mutual intent, and no rules of strict
      construction will be applied against any party. This Agreement shall be
      construed as if drafted jointly by the parties, and no presumption or burden
      of
      proof shall arise favoring or disfavoring any party by virtue of the authorship
      of any provisions of this Agreement or any of the Transaction
      Documents.

     

    6.7.  Successors
      and Assigns.
      This
      Agreement shall be binding upon and inure to the benefit of the parties and
      their successors and permitted assigns. The Company may not assign this
      Agreement or any rights or obligations hereunder without the prior written
      consent of the Investors. Any Investor may assign any or all of its rights
      under
      this Agreement to any Person to whom such Investor assigns or transfers any
      Shares, provided such transferee agrees in writing to be bound, with respect
      to
      the transferred Shares, by the provisions hereof that apply to the
“Investors.”

     

    6.8.  No
      Third-Party Beneficiaries.
      This
      Agreement is intended for the benefit of the parties hereto and their respective
      successors and permitted assigns and is not for the benefit of, nor may any
      provision hereof be enforced by, any other Person, except as otherwise set
      forth
      in Section 4.6 (as to each Investor Party).

     

    6.9.  Governing
      Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by and construed and enforced in accordance
      with the internal laws of the State of New York, without regard to the
      principles of conflicts of law thereof. Each party agrees that all Proceedings
      concerning the interpretations, enforcement and defense of the transactions
      contemplated by this Agreement and any other Transaction Documents (whether
      brought against a party hereto or its respective Affiliates, employees or
      agents) shall be commenced exclusively in the New York Courts. Each party hereto
      hereby irrevocably submits to the exclusive jurisdiction of the New York Courts
      for the adjudication of any dispute hereunder or in connection herewith or
      with
      any transaction contemplated hereby or discussed herein (including with respect
      to the enforcement of the any of the Transaction Documents), and hereby
      irrevocably waives, and agrees not to assert in any Proceeding, any claim that
      it is not personally subject to the jurisdiction of any such New York Court,
      or
      that such Proceeding has been commenced in an improper or inconvenient forum.
      Each party hereto hereby irrevocably waives personal service of process and
      consents to process being served in any such Proceeding by mailing a copy
      thereof via registered or certified mail or overnight delivery (with evidence
      of
      delivery) to such party at the address in effect for notices to it under this
      Agreement and agrees that such service shall constitute good and sufficient
      service of process and notice thereof. Nothing contained herein shall be deemed
      to limit in any way any right to serve process in any manner permitted by law.
      Each party hereto hereby irrevocably waives, to the fullest extent permitted
      by
      applicable law, any and all right to trial by jury in any legal proceeding
      arising out of or relating to this Agreement or the transactions contemplated
      hereby. If either party shall commence a Proceeding to enforce any provisions
      of
      a Transaction Document, then the prevailing party in such Proceeding shall
      be
      reimbursed by the other party for its reasonable attorneys’ fees and other costs
      and expenses incurred with the investigation, preparation and prosecution of
      such Proceeding.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    6.10.  Survival.
      The
      representations, warranties, agreements and covenants contained herein shall
      survive the Closing and the delivery of the Shares.

     

    6.11.  Execution.
      This
      Agreement may be executed in two or more counterparts, all of which when taken
      together shall be considered one and the same agreement and shall become
      effective when counterparts have been signed by each party and delivered to
      the
      other party, it being understood that both parties need not sign the same
      counterpart. In the event that any signature is delivered by facsimile
      transmission, such signature shall create a valid and binding obligation of
      the
      party executing (or on whose behalf such signature is executed) with the same
      force and effect as if such facsimile signature page were an original
      thereof.

     

    6.12.  Severability.
      If any
      provision of this Agreement is held to be invalid or unenforceable in any
      respect, the validity and enforceability of the remaining terms and provisions
      of this Agreement shall not in any way be affected or impaired thereby and
      the
      parties will attempt to agree upon a valid and enforceable provision that is
      a
      reasonable substitute therefor, and upon so agreeing, shall incorporate such
      substitute provision in this Agreement.

     

    6.13.  Rescission
      and Withdrawal Right.
      Notwithstanding anything to the contrary contained in (and without limiting
      any
      similar provisions of) the Transaction Documents, whenever any Investor
      exercises a right, election, demand or option under a Transaction Document
      and
      the Company does not timely perform its related obligations within the periods
      therein provided, then such Investor may rescind or withdraw, in its sole
      discretion from time to time upon written notice to the Company, any relevant
      notice, demand or election in whole or in part without prejudice to its future
      actions and rights.

     

    6.14.  Replacement
      of Securities.
      If any
      certificate or instrument evidencing any Shares is mutilated, lost, stolen
      or
      destroyed, the Company shall issue or cause to be issued in exchange and
      substitution for and upon cancellation thereof, or in lieu of and substitution
      therefor, a new certificate or instrument, but only upon receipt of evidence
      reasonably satisfactory to the Company of such loss, theft or destruction and
      customary and reasonable indemnity, if requested. The applicants for a new
      certificate or instrument under such circumstances shall also pay any reasonable
      third-party costs associated with the issuance of such replacement Shares.
      If a
      replacement certificate or instrument evidencing any Shares is requested due
      to
      a mutilation thereof, the Company may require delivery of such mutilated
      certificate or instrument as a condition precedent to any issuance of a
      replacement.

      

    6.15.  Remedies.
      In
      addition to being entitled to exercise all rights provided herein or granted
      by
      law, including recovery of damages, each of the Investors and the Company will
      be entitled to specific performance under the Transaction Documents. The parties
      agree that monetary damages may not be adequate compensation for any loss
      incurred by reason of any breach of obligations described in the foregoing
      sentence and hereby agrees to waive in any action for specific performance
      of
      any such obligation the defense that a remedy at law would be
      adequate.

     

    6.16.  Payment
      Set Aside.
      To the
      extent that the Company makes a payment or payments to any Investor pursuant
      to
      any Transaction Document or an Investor enforces or exercises its rights
      thereunder, and such payment or payments or the proceeds of such enforcement
      or
      exercise or any part thereof are subsequently invalidated, declared to be
      fraudulent or preferential, set aside, recovered from, disgorged by or are
      required to be refunded, repaid or otherwise restored to the Company, a trustee,
      receiver or any other person under any law (including, without limitation,
      any
      bankruptcy law, state or federal law, common law or equitable cause of action),
      then to the extent of any such restoration the obligation or part thereof
      originally intended to be satisfied shall be revived and continued in full
      force
      and effect as if such payment had not been made or such enforcement or setoff
      had not occurred.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    6.17.  Independent
      Nature of Investors’ Obligations and Rights.
      The
      obligations of each Investor under any Transaction Document are several and not
      joint with the obligations of any other Investor, and no Investor shall be
      responsible in any way for the performance of the obligations of any other
      Investor under any Transaction Document. The decision of each Investor to
      purchase Shares pursuant to the Transaction Documents has been made by such
      Investor independently of any other Investor. Nothing contained herein or in
      any
      Transaction Document, and no action taken by any Investor pursuant thereto,
      shall be deemed to constitute the Investors as a partnership, an association,
      a
      joint venture or any other kind of entity, or create a presumption that the
      Investors are in any way acting in concert or as a group with respect to such
      obligations or the transactions contemplated by the Transaction Documents.
      Each
      Investor acknowledges that no other Investor has acted as agent for such
      Investor in connection with making its investment hereunder and that no Investor
      will be acting as agent of such Investor in connection with monitoring its
      investment in the Shares or enforcing its rights under the Transaction
      Documents. Each Investor shall be entitled to independently protect and enforce
      its rights, including without limitation the rights arising out of this
      Agreement or out of the other Transaction Documents, and it shall not be
      necessary for any other Investor to be joined as an additional party in any
      proceeding for such purpose. The Company acknowledges that each of the Investors
      has been provided with the same Transaction Documents for the purpose of closing
      a transaction with multiple Investors and not because it was required or
      requested to do so by any Investor.

     

    6.18.  Limitation
      of Liability.
      Notwithstanding anything herein to the contrary, the Company acknowledges and
      agrees that the liability of an Investor arising directly or indirectly, under
      any Transaction Document of any and every nature whatsoever shall be satisfied
      solely out of the assets of such Investor, and that no trustee, officer, other
      investment vehicle or any other Affiliate of such Investor or any investor,
      shareholder or holder of shares of beneficial interest of such a Investor shall
      be personally liable for any liabilities of such Investor.

    

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK

    SIGNATURE
      PAGES FOLLOW]

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    DISCLOSURE
      SCHEDULES

     

    TO
      THE 

     

    SECURITIES
      PURCHASE AGREEMENT

     

    BETWEEN

     

    ASIAN
      FINANCIAL, INC.

     

    AND

     

    THE
      INVESTORS IDENTIFIED ON

    THE
      SIGNATURE PAGES THERETO

     

    DATED
      AS OF OCTOBER 24, 2006

     

    These
      Disclosure Schedules are delivered pursuant to Article 3 and Article 4 of that
      certain Securities Purchase Agreement by and between Asian Financial, Inc.
      (the
“ Company ”) and the investors identified on the signature pages thereto (the “
Investors ”) dated as of October 24, 2006, (the “ Agreement
”).

     

    The
      section numbers in these Disclosure Schedules correspond to the section numbers
      in the Agreement; however, any information disclosed under any section number
      of
      these Disclosure Schedules shall be deemed to be disclosed and incorporated
      into
      any other sections under the Agreement to which it pertains, whether or not
      the
      specific section numbers are indicated below. Capitalized terms not otherwise
      defined in these Disclosure Schedules have the meanings assigned to them in
      the
      Agreement.

     

    Detailed
      descriptions of contracts, agreements, or other arrangements referred to herein
      (the “ Arrangements ”) have been made available to the Investors through the SEC
      Reports of the Company. The descriptions of the Arrangements contained in these
      Disclosure Schedules are intended to be summaries and are qualified by the
      detailed descriptions or exhibits contained in the SEC Reports.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    DISCLOSURE
      SCHEDULES

    TO
      THE

    SECURITIES
      PURCHASE AGREEMENT

    BETWEEN

    ASIAN
      FINANCIAL, INC.

    AND

    THE
      INVESTORS IDENTIFIED ON

    THE
      SIGNATURE PAGES THERETO

     

    DATED
      AS OF OCTOBER 24, 2006

    

    
      	
              Schedule:

            	
               

            	
              Description:

            
	
              Schedule
                3.1(p)

            	
               

            	
              Transactions
                with Affiliates and Employees

            
	
              Schedule
                3.1(s)

            	
               

            	
              Certain
                Fees

            
	
              Schedule
                3.1(t)

            	
               

            	
              Certain
                Registration Matters

            
	
              Schedule
                4.11

            	
               

            	
              Related
                Party Transactions

            

    

     

    
      
          

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      3.1(p) 

    TRANSACTIONS
      WITH AFFILIATES AND EMPLOYEES

     

    
      	
               1.

            	
              Duoyuan
                China leases 4,500 square meters of space, located at No. 3 Jinyuan
                Road, Daxing District Industrial Development Area, Beijing, China,
                from
                Duoyuan Water Environment Technology Co., Ltd., of which Wenhua Guo
                is a
                sole shareholder. The property is used as an office building and
                research
                and development center. The lease has a five-year term which runs
                from
                January 1, 2003 to December 31, 2007. The annual rent is
                $136,022.

            

    

     

    
      	
              2.

            	
              Duoyuan
                China uses the trademark “Duoyuan” under a license arrangement with
                Duoyuan Water Environment Company, of which Wenhua Guo is a sole
                shareholder. The trademark license does not have a term. The license
                is
                provided to Duoyuan China at no
                charge.

            

    

     

    
      	
              3.

            	
              Duoyuan
                China uses the patent, “an automatic offset press printing oil supply
                quick clearing devise” under a license arrangement with Huiyuan Duoyuan,
                of which Wenhua Guo is a sole shareholder. The patent license does
                not
                have a term. The license is provided to Duoyuan China at no
                charge.

            

    

     

    
      	
              4.

            	
              Duoyuan
                used to use Tianjin Automobile Water Pump Co., Ltd., of which Wenhua
                Guo
                is a sole shareholder, as supplier of certain key parts of the offset
                presses, such as frame panels and rollers. Duoyuan pre-paid Tianjin
                Water
                Pump Company for these key parts, and as at June 30, 2005, there
                were
                $445,751 left with Tianjin Water Pump Company as related party
                receivables. Tianjin Water Pump Company will continue to provide
                certain
                parts or goods worth $445,751 in the
                future.

            

    

     

    
      	
              5.

            	
              After
                Langfang Duoyuan built its plant, there were construction materials
                worth
                $442,019. When Duoyuan Langfang Water Recycle Equipment Manufacturing
                Co.,
                Ltd., of which Wenhua Guo is a sole shareholder, needed to build
                its own
                plants, Langfang Duoyuan gave these construction materials to it.
                Duoyuan
                Langfang Water Recycle Equipment Manufacturing Co., Ltd. has not
                paid
                Langfang Duoyuan and the money owed to Langfang Duoyuan became $422,019
                related party receivable.

            

    

     

    
      	
              6.

            	
              Duoyuan
                China rents an office building from Duoyuan China Water Recycle Technology
                Industry Co., Ltd., of which Wenhua Guo is a sole shareholder. During
                the
                term of the lease, Duoyuan China Water Recycle Technology Industry
                Co.,
                Ltd. paid Duoyuan China’s portion of electricity and water bill associated
                to the office lease. The amount of electricity and water bill became
                Duoyuan China’s payable to Duoyuan China Water Recycle Technology Industry
                Co., Ltd. Duoyuan China also transferred some of its employees to
                Duoyuan
                China Water Recycle Technology Industry Co., Ltd. Social welfare
                associated to these transferred employees occurred before their transfer
                became Duoyuan China’s payable to Duoyuan China Water Recycle Technology
                Industry Co., Ltd. As of March 31, 2006, Duoyuan China’s payment to
                Duoyuan China Water Recycle Technology Industry Co., Ltd. amounted
                to
                $1,041,001.

            

    

     

    
      	
              7.

            	
              When
                Langfang Duoyuan was established and was building its plants, Duoyuan
                China Information Technology Industry Co., Ltd., of which Wenhua
                Guo is a
                sole shareholder, helped Langfang Duoyuan pay the municipal infrastructure
                allocation fee and helped pay utilities bills such as electricity,
                water,
                heat steam, waster water treatment, etc. The total amount accumulated
                to
                $4,598,000, which became related-party payable by Duoyuan China to
                Duoyuan
                China Information Technology Industry Co.,
                Ltd.

            

    

     

    
      
          

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      3.1(s) 

     

    CERTAIN
      FEES

     

    
      	
               1.

            	
              The
                Company is required to pay Roth Capital Partners, LLC certain cash
                fees
                and warrants as compensation for its services as placement agent,
                pursuant
                to its engagement letter with the
                Company.

            

    

     

    
      	
              2.

            	
              The
                Company is required to pay Millennium Capital Partners certain fee
                as
                compensation for its advisory services pursuant to an arrangement
                between
                the Company and Millennium Capital
                Partners.

            

    

     

    
      
          

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      3.1(t)

     

    CERTAIN
      REGISTRATION MATTERS

     

    
      	
               1.

            	
              Pursuant
                to the Equity Transfer Agreement by and between the Company (the
                predecessor of the Company prior to the Reorganization) and DIL,
                if the
                Company proposes to register any of the Company’s stock for resale or
                otherwise under the Securities Act, other than a registration statement
                relating solely to the sale of securities of participants in a Company
                stock plan, a registration relating to a corporate reorganization
                or
                transaction under Rule 145 of the Securities Act, or a registration
                in
                which the only Common Stock being registered is Common Stock issuable
                upon
                conversion of debt securities which are also being registered, the
                Company
                shall, at such time, promptly give holders of an aggregate of 3,500,000
                shares of Common Stock of the Company notice of such registration.
                Upon
                the written request of each such holder, given within 20 days after
                mailing of such notice by the Company, the Company shall use all
                commercially reasonable efforts to cause to be registered under the
                Securities Act all such registrable securities that each such holder
                has
                requested to be registered if any stock of the Company is
                registered.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      4.11

     

    RELATED
      PARTY TRANSACTIONS

     

    
      	
              1.

            	
              The
                transactions as disclosed under Schedule 3.1(p) hereof and transactions
                that may derive from the Company’s efforts to complete and terminate such
                transactions.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    ESCROW
      AGREEMENT

     

    THIS
      ESCROW AGREEMENT, dated October __, 2006 (“Escrow Agreement”), is entered into
      by and between Asian Financial, Inc., a Wyoming corporation (the "Company")
      and
      Wells Fargo Bank, National Association (the "Escrow Agent").

    

    WHEREAS,
      the Company and Investors are entering into concurrently herewith a Securities
      Purchase Agreement, dated as of the date hereof (the "Purchase Agreement"),
      pursuant to which each Investor has agreed to purchase from the Company, and
      the
      Company has agreed to sell to each Investor, the number of Shares identified
      therein (capitalized terms used and not otherwise defined herein shall have
      the
      meanings given such terms on Annex
      A
      to this
      Escrow Agreement);

    

    WHEREAS, pursuant
      to the Purchase Agreement, the Company and the Investors have agreed to
      establish an escrow on the terms and conditions set forth in this Escrow
      Agreement; and

    

    WHEREAS,
      the Escrow Agent is willing to accept appointment as Escrow Agent for only
      the
      expressed duties outlined herein.

    

    NOW,
      THEREFORE, in consideration of the premises set forth above and other good
      and
      valuable consideration, the receipt of which is hereby acknowledged, the parties
      hereto agree as follows:

    

    1.
      Proceeds to be Escrowed. A copy of the Purchase Agreement is attached as
Exhibit
      A.
      All
      amounts provided by the Investors in connection with their acquisition of the
      Shares as set forth in the Purchase Agreement shall be deposited with the Escrow
      Agent in immediately available funds by federal wire transfer, such funds being
      referred to herein as the “Escrow Funds.” In addition, certificates representing
      the Shares (the “Escrowed Certificates”) shall be deposited by the Company with
      the Escrow Agent. The Escrow Funds shall be retained in escrow by the Escrow
      Agent in a separate account and invested as stated below. Pursuant to the
      Purchase Agreement, the Investors will be required to deposit their respective
      Escrow Funds directly to the Escrow Agent.

    

    2.
      Identity of Investors. Concurrently with the execution of the Escrow Agreement,
      the Company shall furnish to the Escrow Agent the information comprising the
      identity of the Investors in the format set forth in the “List of Investors”,
      attached as Exhibit
      B,
      or in
      electronic spreadsheet format with the same information. All Escrow Funds shall
      remain the property of the Investors and shall not be subject to any liens
      or
      charges by the Company, or the Escrow Agent, or judgments or creditors' claims
      against the Company, until released to the Company as hereinafter provided.
      Escrow Agent will not use the information provided to it by the Company for
      any
      purpose other than to fulfill its obligations as Escrow Agent. The Company
      and
      the Escrow Agent will treat all Investor information as
      confidential.

    

    3.
      Disbursement of Funds.

    

    (a) The
      Escrow Agent shall continue to hold the Escrow Funds (other than the
      $4,000,000.00 referenced in Section 3(c) below) delivered for deposit hereunder
      by an Investor until the earlier of: (1) receipt of such Investor’s written
      notice evidencing termination under Section 6.5 of the Purchase Agreement (a
      “Termination Election”), and (2) receipt of both (x) written notice from the
      Company that the conditions to closing under Section 5.1 of the Purchase
      Agreement shall have been satisfied and (y) joint written notice from the
      Company and Roth Capital Partners, LLC, who acted as placement agent in
      connection with the transactions contemplated by the Purchase Agreement, to
      effect the Closing.

    

    (b) If
      the
      Escrow Agent shall receive the Termination Election of an Investor prior to
      its
      receipt of the notices contemplated under Section 3(a)(2), then the Escrow
      Agent
      shall return the Escrow Funds delivered by such Investor as directed by such
      Investor and shall return the Escrowed Certificates in respect of such Investor
      to the Company. If the Escrow Agent shall receive the notices contemplated
      under
      Section 3(a)(2) prior to the Termination Election of an Investor, then the
      Escrow Agent shall disburse the portion of the Escrow Funds for which the
      foregoing is the case in accordance with Exhibit
      C
      to this
      Escrow Agreement and shall deliver the Escrowed Certificates as per the
      instructions of the non-terminated Investors to the address for each such
      Investor specified in Exhibit
      B
      to this
      Escrow Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c) Following
      the Closing, if any, an aggregate of $4,000,000.00 (which shall form a part
      of
      the Escrow Funds) shall continue to be held in the escrow account following
      disbursement of the balance of the Escrow Funds in accordance with Exhibit
      C
      to this
      Escrow Agreement. The $4,000,000.00 shall be released and disbursed as follows:
      (i) $2,000,000.00 shall be released by the Escrow Agent to the Company upon
      the
      Escrow Agent’s receipt of joint written notice from the Company and Roth Capital
      Partners, LLC that the Company has complied with Section 4.12 of the Purchase
      Agreement (the “Director Escrow Amount”) and (ii) $2,000,000.00 shall be
      released by the Escrow Agent to the Company upon the Escrow Agent’s receipt of
      joint written notice from the Company and Roth Capital Partners, LLC that the
      Company has complied with Section 4.13 of the Purchase Agreement (the “CFO
      Escrow Amount”). If for any reason, or for no reason whatsoever, the Escrow
      Agent does not receive the joint written notice relating to the Director Escrow
      Amount prior to the two year anniversary of the Closing Date, the Escrow Agent
      shall disburse such Director Escrow Amount pro-rata among the Investors in
      accordance with their relative Investment Amounts on the Closing Date as set
      forth on Exhibit
      B
      to this
      Escrow Agreement. If for any reason, or for no reason whatsoever, the Escrow
      Agent does not receive the joint written notice relating to the CFO Escrow
      Amount prior to the two year anniversary of the Closing Date, the Escrow Agent
      shall disburse such CFO Escrow Amount pro-rata among the Investors in accordance
      with their relative Investment Amounts on the Closing Date as set forth on
      Exhibit
      B
      to this
      Escrow Agreement.

    

    (d) This
      Escrow Agreement shall terminate and be of no further force or effect on the
      earlier of (i) disbursement of both the Director Escrow Amount and the CFO
      Escrow Amount to the Company and (ii) the two year anniversary of the Closing
      Date.

    

    4.
      Duty
      and Limitation on Liability of the Escrow Agent. The sole duty of the Escrow
      Agent shall be to receive the Escrow Funds and the Escrowed Certificates and
      to
      hold them subject to release, in accordance herewith, and the Escrow Agent
      shall
      be under no duty to determine whether the Company is complying with requirements
      of the Escrow Agreement or the Purchase Agreement. The Escrow Agent may
      conclusively rely upon and shall be protected in acting upon any statement,
      certificate, notice, request, consent, order or other document believed by
      it to
      be genuine and to have been signed or presented by the proper party or parties.
      The Escrow Agent shall have no duty or liability to verify any such statement,
      certificate, notice, request, consent, order or other document, and its sole
      responsibility shall be to act only as expressly set forth in the Escrow
      Agreement. The Escrow Agent shall be under no obligation to institute or defend
      any action, suit or proceeding in connection with the Escrow Agreement unless
      first indemnified to its satisfaction. The Escrow Agent may consult counsel
      of
      its own choice with respect to any question arising under the Escrow Agreement
      and the Escrow Agent shall not be liable for any action taken or omitted in
      good
      faith upon advice of such counsel.

    

    In
      no
      event shall the Escrow Agent be liable, directly or indirectly, for any (i)
      damages or expenses arising out of the services provided hereunder, other than
      damages which result from the Escrow Agent’s gross negligence or willful
      misconduct, or (ii) special or consequential damages, even if the Escrow Agent
      has been advised of the possibility of such damages.

    

    The
      Escrow Agent shall be obligated only to perform the duties specifically set
      forth in this Escrow Agreement, which shall be deemed purely ministerial in
      nature, and shall under no circumstances be deemed to be a fiduciary to the
      Company, Roth Capital Partners, LLC or any other person. The Escrow Agent shall
      not assume any responsibility for the failure of the Company to perform in
      accordance with this Escrow Agreement. This Escrow Agreement sets forth all
      matters pertinent to the escrow contemplated hereunder, and no additional
      obligations of the Escrow Agent shall be implied by nor inferred from the terms
      of any other agreement, including, without limitation, the Purchase
      Agreement.

    

    Under
      no
      circumstances shall the Escrow Agent be expected or required to use, risk or
      advance its own funds in the performance of its duties or exercise of its rights
      hereunder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5.
      Escrow
      Agent's Fee. The Escrow Agent shall be entitled to compensation for its services
      as stated in the fee schedule attached hereto as Exhibit
      D,
      which
      compensation shall be paid by the Company. The fee agreed upon for the services
      rendered hereunder is intended as full compensation for the Escrow Agent's
      services as contemplated by the Escrow Agreement; provided,
      however,
      that in
      the event that the conditions for the disbursement of funds under the Escrow
      Agreement are not fulfilled, or the Escrow Agent renders any material service
      not contemplated in the Escrow Agreement, or there is any assignment of interest
      in the subject matter of the Escrow Agreement, or any material modification
      hereof, or if any material controversy arises hereunder, or the Escrow Agent
      is
      made a party to any litigation pertaining to the Escrow Agreement, or the
      subject matter hereof, then the Escrow Agent shall be reasonably compensated
      by
      the Company for such extraordinary services and reimbursed for all costs and
      expenses, including reasonable attorney's fees, occasioned by any delay,
      controversy, litigation or event, and the same shall be recoverable from the
      Company.

    

    6.
      Investment of Proceeds.  The Escrow Funds shall be credited by Escrow Agent
      and recorded in an escrow account. During the period of this escrow as
      contemplated in Section 3(d), Escrow Agent is hereby authorized by the Company
      to deposit, transfer, hold and invest all funds received under this Escrow
      Agreement, including principal and interest in Wells Fargo Money Market Deposit
      Account Fund in accordance with Exhibit
      F
      to this
      Escrow Agreement. Escrow Agent may invest the Escrow Funds in alternative
      investments in accordance with written instructions as may from time to time
      be
      provided to Escrow Agent and signed by the Company. Any interest received by
      Escrow Agent with respect to the Escrow Funds, including reinvested interest
      shall become part of the Escrow Funds, and shall be disbursed to the Company
      as
      directed in writing by the Company. For tax reporting purposes, all interest
      or
      other taxable income earned on the Escrow Funds in any tax year shall be taxable
      to the Company.

     

    The
      Company shall within thirty (30) days after the date hereof, provide Escrow
      Agent with certified tax identification numbers by furnishing appropriate IRS
      forms W-9 or W-8 and other forms and documents that Escrow Agent may reasonably
      request. The Company understands that if such tax reporting documentation is
      not
      so certified to Escrow Agent, Escrow Agent may be required by the Internal
      Revenue Code of 1986, as amended, to withhold a portion of any interest or
      other
      income earned on the Escrow Funds pursuant to this Escrow
      Agreement.

     

    To
      the
      extent that Escrow Agent becomes liable for the payment of any taxes in respect
      of income derived from the investment of funds held or payments made hereunder,
      Escrow Agent shall satisfy such liability to the extent possible from the Escrow
      Funds. The Company agrees to indemnify and hold Escrow Agent harmless from
      and
      against any taxes, additions for late payment, interest, penalties and other
      expenses that may be assessed against Escrow Agent on or with respect to any
      payment or other activities under this Escrow Agreement unless any such tax,
      addition for late payment, interest, penalties and other expenses shall arise
      out of or be caused by the gross negligence or willful misconduct of the Escrow
      Agent.

     

    The
      Company acknowledges that Escrow Agent is not providing investment supervision,
      recommendations or advice.

     

    7.
      Notices. All notices, requests, demands, and other communications under the
      Escrow Agreement shall be in writing and shall be deemed to have been duly
      given
      (a) on the date of service if served personally on the party to whom notice
      is
      to be given, (b) on the day of transmission if sent by facsimile/email
      transmission to the facsimile number/email address given below, and telephonic
      confirmation of receipt is obtained promptly after completion of transmission,
      (c) on the day after delivery to Federal Express or similar overnight courier
      or
      the Express Mail service maintained by the United States Postal Service, or
      (d)
      on the fifth day after mailing, if mailed to the party to whom notice is to
      be
      given, by first class mail, registered or certified, postage prepaid, and
      properly addressed, return receipt requested, to the party as
      follows:

    

    
      	
               

            	
              If
                to the Company: 

            	
              Asian
                Financial, Inc.

              No.
                3 Jinyuan Road

              Daxing
                District Industrial Development Zone

              Beijing,
                China 102600

              Attention:
                Fiona Feng

              Facsimile:
                861060216825

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              If
                to Escrow Agent:

            	
              Wells
                Fargo Bank, National Association 

              Corporate
                Trust Services

              707
                Wilshire Blvd., 17th
                Floor

              Los
                Angeles, CA 90017

              Attention:
                Kyle Lim

              Facsimile: (213)
                614-3355

            

    

     

    Any
      party
      may change its address for purposes of this paragraph by giving the other party
      written notice of the new address in the manner set forth above.

    

    8.
      Indemnification of Escrow Agent: The Company hereby indemnifies and holds
      harmless the Escrow Agent from and against, any and all loss, liability, cost,
      damage and expense, including, without limitation, reasonable counsel fees,
      which the Escrow Agent may suffer or incur by reason of any action, claim or
      proceeding brought against the Escrow Agent arising out of or relating in any
      way to the Escrow Agreement or any transaction to which the Escrow Agreement
      relates unless such action, claim or proceeding is the result of the willful
      misconduct or gross negligence of the Escrow Agent. 

    

    9.
      Successors and Assigns. Except as otherwise provided in the Escrow Agreement,
      no
      party hereto shall assign the Escrow Agreement or any rights or obligations
      hereunder without the prior written consent of the other parties hereto, each
      Investor and Roth Capital Partners, LLC and any such attempted assignment
      without such prior written consent shall be void and of no force and effect.
      The
      Escrow Agreement shall inure to the benefit of and shall be binding upon the
      successors and permitted assigns of the parties hereto.

    

    10.
      Governing Law; Jurisdiction. The Escrow Agreement shall be construed, performed,
      and enforced in accordance with, and governed by, the internal laws of the
      State
      of New York, without giving effect to the principles of conflicts of laws
      thereof.

    

    11.
      Severability. In the event that any part of the Escrow Agreement is declared
      by
      any court or other judicial or administrative body to be null, void, or
      unenforceable, said provision shall survive to the extent it is not so declared,
      and all of the other provisions of the Escrow Agreement shall remain in full
      force and effect.

    

    12.
      Amendments; Waivers. The Escrow Agreement may be amended or modified, and any
      of
      the terms, covenants, representations, warranties, or conditions hereof may
      be
      waived, only by a written instrument executed by each of the Company, the Escrow
      Agent, Roth Capital Partners, LLC and each Investor. Any waiver by any party
      of
      any condition, or of the breach of any provision, term, covenant,
      representation, or warranty contained in the Escrow Agreement, in any one or
      more instances, shall not be deemed to be nor construed as further or continuing
      waiver of any such condition, or of the breach of any other provision, term,
      covenant, representation, or warranty of the Escrow Agreement.

    

    13.
      Entire Agreement. The Escrow Agreement contains the entire understanding among
      the parties hereto with respect to the escrow contemplated hereby and supersedes
      and replaces all prior and contemporaneous agreements and understandings, oral
      or written, with regard to such escrow.

    

    14.
      Section Headings. The section headings in the Escrow Agreement are for reference
      purposes only and shall not affect the meaning or interpretation of the Escrow
      Agreement.

    

    15.
      Counterparts. The Escrow Agreement may be executed in counterparts, each of
      which shall be deemed an original, but all of which shall constitute the same
      instrument.

    

    16.
      Resignation. Escrow Agent may resign upon 30 days advance written notice to
      the
      Company. If a successor escrow agent is not appointed within the 30-day period
      following such notice, Escrow Agent may petition any court of competent
      jurisdiction to name a successor escrow agent or interplead the Escrow Funds
      with such court, whereupon Escrow Agent’s duties hereunder shall
      terminate.

    

    17.
      Authorized Signers. The Company will execute Exhibit
      E-1
      and
      deliver an executed Exhibit
      E-2
      to this
      Escrow Agreement concurrent with the execution hereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    18.
      Third-Party Beneficiaries. This Agreement is intended for the benefit of the
      parties hereto and their respective successors and permitted assigns and is
      not
      for the benefit of, nor may any provision hereof be enforced by, any other
      person or entity, except for the Investors and Roth Capital Partners,
      LLC.

     

    [Signature
      page follows]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto have caused the Escrow Agreement to be
      executed the day and year first set forth above.

    
      
         

        
          Asian
            Financial, Inc.

        

         

         

      

    

    
      
        

      

    

    By:
      Wenhua Guo

    Its:
      Chief Executive Officer

     

    Wells
      Fargo Bank, National Association, as Escrow Agent

     

     

    
      

    

    By:
      Kyle
      Lim

    Its:
      Assistant Vice President

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

    

    Purchase
      Agreement

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
         

        Exhibit
          B

         

        List
          of Investors

         

         Pursuant
          to the Escrow Agreement dated October , 2006 by and between Asian Financial,
          mc:, a Wyoming corporation (the “Company”) and Wells Fargo Bank, National
          Association (the “Escrow Agent”), the Company hereby certifies that the
          following investors have paid money for the purchase of the shares of common
          stock, par value $0.001 per share, of the Company issued or issuable to
          the
          investors pursuant to the Securities Purchase Agreement, dated October __, 2006,
          by and between the Company and the investors signatory thereto and the
          money has
          been deposited with the Escrow Agent:

         

        
          	
                   

                	
                  1.

                	
                  Name
                    of Investor

                
	
                   

                	
                   

                	
                  Address

                
	
                   

                	
                   

                	
                  Tax
                    Identification Number

                
	
                   

                	
                   

                	
                  Amount
                    of Shares

                
	
                   

                	
                   

                	
                  Amount
                    of money paid and deposited with Escrow Agent

                
	
                   

                	
                   

                	
                   

                
	
                   

                	
                  2.

                	
                  Name
                    of Investor

                
	
                   

                	
                   

                	
                  Address

                
	
                   

                	
                   

                	
                  Tax
                    Identification Number

                
	
                   

                	
                   

                	
                  Amount
                    of Shares

                
	
                   

                	
                   

                	
                  Amount
                    of money paid and deposited with Escrow
                    Agent

                

        

         

        
          	
                  Company:
                    Asian Financial, Inc.

                
	
                  By:

                	
                   

                	
                
	
                  Its:

                	
                   

                	
                
	
                  Date:

                	
                   

                	
                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

     

     

    Exhibit
      C

     

    FLOW
      OF FUNDS

    

    ASIAN
      FINANCIAL INC.

    Closing
      Statement - Flow of Funds

    
      	 	 	
              Investors

            	 	
              Shares

            	 	
              Total

            	 	
              Roth Capital

              Fee

              (6.0%)

            	 	
              Net

              Proceeds

            	 
	
              1

            	 	Pinnacle
              China Fund, L.P. 	 	 	
              3,486,472.00
                

            	 	
              $

            	
              4,992,000.00

            	 	
              $

            	
              (299,520.00

            	
              )

            	
              $

            	
              4,692,480.00

            	 
	
              2

            	 	Renaissance
              US Growth Investment Trust PLC 	 	 	
              1,047,617.00
                

            	 	 	
              1,500,000.00
                

            	 	 	
              (90,000.00

            	
              )

            	 	
              1,410,000.00
                

            	 
	
              3

            	 	US
              Special Opportunities Trust PLC 	 	 	
              1,047,617.00
                

            	 	 	
              1,500,000.00
                

            	 	 	
              (90,000.00

            	
              )

            	 	
              1,410,000.00
                

            	 
	
              4

            	 	Renaissance
              Capital Growth & Income Fund III, Inc. 	 	 	
              349,205.00
                

            	 	 	
              500,000.00
                

            	 	 	
              (30,000.00

            	
              )

            	 	
              470,000.00
                

            	 
	
              5

            	 	Premier
              RENN US Emerging Growth Fund Limited 	 	 	
              349,205.00
                

            	 	 	
              500,000.00
                

            	 	 	
              (30,000.00

            	
              )

            	 	
              470,000.00
                

            	 
	
              6

            	 	Jayhawk
              Private Equity Fund, L.P. 	 	 	
              -

            	 	 	
              -

            	 	 	
              -

            	 	 	
              -

            	 
	
              7

            	 	Bear
              Stearns Security Corp FBO J Steven Emerson Roth IRA 	 	 	
              698,411.00
                

            	 	 	
              1,000,000.00
                

            	 	 	
              (60,000.00

            	
              )

            	 	
              940,000.00
                

            	 
	
              8

            	 	Bear
              Stearns Security Corp FBO J Steven Emerson IRA R/O II 	 	 	
              698,411.00
                

            	 	 	
              1,000,000.00
                

            	 	 	
              (60,000.00

            	
              )

            	 	
              940,000.00
                

            	 
	
              9

            	 	Bear
              Stearns Security Corp FBO Emerson Family Foundation 	 	 	
              139,682.00
                

            	 	 	
              200,000.00
                

            	 	 	
              (12,000.00

            	
              )

            	 	
              188,000.00
                

            	 
	
              10

            	 	Lake
              Street Fund, L.P. 	 	 	
              698,411.00
                

            	 	 	
              1,000,000.00
                

            	 	 	
              (60,000.00

            	
              )

            	 	
              940,000.00
                

            	 
	
              11

            	 	Fred
              L. Astman Wedbush Securities Inc. Cust IRA R/O Holding 10/31/92 	 	 	
              279,364.00
                

            	 	 	
              400,000.00
                

            	 	 	
              (24,000.00

            	
              )

            	 	
              376,000.00
                

            	 
	
              12

            	 	Gregory
              Cook Wedbush Sec Ctdn IRA Contributory 01-16-02 	 	 	
              52,380.00
                

            	 	 	
              75,000.00
                

            	 	 	
              (4,500.00

            	
              )

            	 	
              70,500.00
                

            	 
	
              13

            	 	George
              Loxsom Wedbush Sec Ctdn IRA SEP 12-16-92 	 	 	
              34,920.00
                

            	 	 	
              50,000.00
                

            	 	 	
              (3,000.00

            	
              )

            	 	
              47,000.00
                

            	 
	
              14

            	 	John
              Peter Selda Wedbush Sec Ctdn IRA Cont 08-27-96 	 	 	
              34,920.00
                

            	 	 	
              50,000.00
                

            	 	 	
              (3,000.00

            	
              )

            	 	
              47,000.00
                

            	 
	
              15

            	 	Joseph
              Anthony Cardaropoli Wedbush Sec Ctdn IRA Rollover 01-12-06 	 	 	
              30,031.00
                

            	 	 	
              43,000.00
                

            	 	 	
              (2,580.00

            	
              )

            	 	
              40,420.00
                

            	 
	
              16

            	 	The
              Mitchell W. Howard Trust 	 	 	
              20,952.00
                

            	 	 	
              30,000.00
                

            	 	 	
              (1,800.00

            	
              )

            	 	
              28,200.00
                

            	 
	
              17

            	 	Chinamerica
              Fund, L.P. 	 	 	
              698,411.00
                

            	 	 	
              1,000,000.00
                

            	 	 	
              (60,000.00

            	
              )

            	 	
              940,000.00
                

            	 
	
              18

            	 	Westpark
              Capital, L.P. 	 	 	
              698,411.00
                

            	 	 	
              1,000,000.00
                

            	 	 	
              (60,000.00

            	
              )

            	 	
              940,000.00
                

            	 
	
              19

            	 	Centaur
              Value Fund, L.P. 	 	 	
              338,729.00
                

            	 	 	
              485,000.00
                

            	 	 	
              (29,100.00

            	
              )

            	 	
              455,900.00
                

            	 
	
              20

            	 	United
              Centaur Master Fund 	 	 	
              185,079.00
                

            	 	 	
              265,000.00
                

            	 	 	
              (15,900.00

            	
              )

            	 	
              249,100.00
                

            	 
	
              21

            	 	Heller
              Capital Investments, LLC 	 	 	
              418,376.00
                

            	 	 	
              600,000.00
                

            	 	 	
              (36,000.00

            	
              )

            	 	
              564,000.00
                

            	 
	
              22

            	 	Whitebox
              Intermarket Partners, L.P. 	 	 	
              349,205.00
                

            	 	 	
              499,999.50
                

            	 	 	
              (29,999.97

            	
              )

            	 	
              469,999.53
                

            	 
	
              23

            	 	Berlin
              Capital Growth, L.P. 	 	 	
              349,205.00
                

            	 	 	
              500,000.00
                

            	 	 	
              (30,000.00

            	
              )

            	 	
              470,000.00
                

            	 
	
              24

            	 	Lighthouse
              Consulting Limited 	 	 	
              -

            	 	 	
              -

            	 	 	
              -

            	 	 	
              -

            	 
	
              25

            	 	Precept
              Capital Master Fund, G.P. 	 	 	
              349,205.00
                

            	 	 	
              500,000.00
                

            	 	 	
              (30,000.00

            	
              )

            	 	
              470,000.00
                

            	 
	
              26

            	 	MidSouth
              Investor Fund LP 	 	 	
              348,647.00
                

            	 	 	
              499,200.00
                

            	 	 	
              (29,952.00

            	
              )

            	 	
              469,248.00
                

            	 
	
              27

            	 	Sandor
              Capital Master Fund, L.P. 	 	 	
              335,237.00
                

            	 	 	
              480,000.00
                

            	 	 	
              (28,800.00

            	
              )

            	 	
              451,200.00
                

            	 
	
              28

            	 	Crescent
              International Ltd. 	 	 	
              209,523.00
                

            	 	 	
              300,000.00
                

            	 	 	
              (18,000.00

            	
              )

            	 	
              282,000.00
                

            	 
	
              29

            	 	Diamond
              Opportunity Fund, LLC 	 	 	
              174,602.00
                

            	 	 	
              250,000.00
                

            	 	 	
              (15,000.00

            	
              )

            	 	
              235,000.00
                

            	 
	
              30

            	 	Guerrilla
              Partners LP 	 	 	
              167,618.00
                

            	 	 	
              240,000.00
                

            	 	 	
              (14,400.00

            	
              )

            	 	
              225,600.00
                

            	 
	
              31

            	 	The
              Kircher Family Trust dtd 03/24/2004 	 	 	
              139,682.00
                

            	 	 	
              200,000.00
                

            	 	 	
              (12,000.00

            	
              )

            	 	
              188,000.00
                

            	 
	
              32

            	 	Nite
              Capital LP 	 	 	
              139,682.00
                

            	 	 	
              200,000.00
                

            	 	 	
              (12,000.00

            	
              )

            	 	
              188,000.00
                

            	 
	
              33

            	 	Cascata
              Long / Short Fund, LP 	 	 	
              69,841.00
                

            	 	 	
              100,000.00
                

            	 	 	
              (6,000.00

            	
              )

            	 	
              94,000.00
                

            	 
	
              34

            	 	Outpoint
              Capital LP 	 	 	
              -

            	 	 	
              -

            	 	 	
              -

            	 	 	
              -

            	 
	
               

            	 	
              TOTAL 

            	 	 	
              13,939,051.00
                

            	 	
              $

            	
              19,959,199.50

            	 	
              $

            	
              (1,197,551.97

            	
              )

            	
              $

            	
              18,761,647.53

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	
                Balance
                  to be left in escrow

              	 	
                $

              	
                (4,000,000.00

              	
                )

              
	
                Expenses:
                  Placement Agent - Fee

              	 	 	
                (1,197,551.97

              	
                )

              
	
                Expenses:
                  Company Legal - Heller Ehrman

              	 	 	
                (220,000.00

              	
                )

              
	
                Expenses:
                  Management Travel Charged to Roth

              	 	 	
                (35,503.92

              	
                )

              
	
                Expenses:
                  Wells Fargo Escrow Fee

              	 	 	
                (5,000.00

              	
                )

              
	
                Expenses:
                  Placement Agent Legal - Bryan Cave (Company Portion)

              	 	 	
                (50,000.00

              	
                )

              
	
                Expenses:
                  Placement Agent Legal - Bryan Cave (Roth Portion)

              	 	 	
                (10,000.00

              	
                )

              
	 	 	 	 	 
	
                Please
                  arrange for funds to be sent as follows:

              	 	 	 	 
	 	 	 	 	 
	
                Duoyuan
                  Printing  

                Intermediary
                  Bank ABA: 021000018 

                Bnf
                  Bank (SWIFT): DBSSCNBJ

                Bnf
                  Bank A/C #: 8900347910

                BNF
                  Bank A/C Name: DBS Bank Ltd, Beijing Branch

                FFC:
                  A/C 10372130010160 Asian Financial Inc. 

              	 	
                $

              	
                14,451,143.61

              	 
	 	 	 	 	 
	
                Roth
                  Capital Partners, LLC

                California
                  Bank & Trust

                1940
                  Century Park East

                Los
                  Angeles, CA 90067

                ABA#
                  121002042

                FBO
                  Roth Capital Partners, LLC

                Account
                  # 3640012901 

              	 	
                $

              	
                1,223,055.89

              	 
	 	 	 	 	 
	
                Heller
                  Ehrman

                Standard
                  Chartered Bank Hong Kong

                Bank
                  Address: Standard Chartered Bank Building

                4-4A
                  Des Voeux Road Central

                Hong
                  Kong

                Swift
                  Code: SCBLHKHHXXX

                Beneficiary
                  Name: Heller Ehrman

                Account
                  No.: 447-1-095127-5 (USD) 

              	 	
                $

              	
                220,000.00

              	 
	 	 	 	 	 
	
                Bryan
                  Cave

                The
                  Bank of New York

                One
                  Wall Street

                New
                  York, NY 10286

                Account
                  Name - Bryan Cave LLP Operating Account

                ABA#
                  021000018

                Account
                  #6302387166

                Reference:
                  0203155

              	 	
                $

              	
                60,000.00

              	 

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASIAN
      FINANCIAL INC.

    

    Closing
      Statement - Flow of Funds

    
      	
               

            	
              Investors

            	
              Shares

            	
               

            	
               

            	
              Total

            	
               

            	
               

            	
              Roth Capital

              Fee

              (6.0%)

            	
               

            	
               

            	
              Net Proceeds

            
	
              1

            	
              Jayhawk
                Private Equity Fund, L.P.

            	
              2,095,235.00
                

            	
               

            	
              $
                

            	
              3,000,000.00
                

            	
               

            	
              $

            	
              (180,000.00

            	
              )

            	
              $
                

            	
              2,820,000.00
                

            
	
              2

            	
              Lighthouse
                Consulting Limited

            	
              349,205.00
                

            	
               

            	
               

            	
              500,000.00
                

            	
               

            	
               

            	
              (30,000.00

            	
              )

            	
               

            	
              470,000.00

            
	
              3

            	
              Outpoint
                Capital LP

            	
              62,857.00

            	
               

            	
               

            	
              90,000.00
                

            	
               

            	
               

            	
              (5,400.00
                

            	
              )

            	
               

            	
              84,600.00

            
	
               

            	
              TOTAL

            	
              2,507,297.00

            	
               

            	
              $

            	
              3,590,000.00

            	
               

            	
              $

            	
              (215,400.00

            	
              )

            	
              $

            	
              3,374,600.00

            

    

     

    
      
        	
                Expenses:
                  Placement Agent – Fee

              	 	 	
                (215,400.00

              	
                )

              
	 	 	 	 	 
	
                Please
                  arrange for funds to be sent as follows:

              	 	 	 	 
	 	 	 	 	 
	
                Asian
                  Financial Inc

                Intermediary
                  Bank ABA: 021000018

                Bnf
                  Bank (SWIFT): DBSSCNBJ

                Bnf
                  Bank A/C #: 8900347910

                BNF
                  Bank A/C Name: DBS Bank Ltd, Beijing Branch

                FFC:
                  A/C 10372130010160

                Beneficiary:
                  Asian Financial Inc.

              	 	
                $

              	
                3,374,600.00

              	 
	 	 	 	 	 
	
                Roth
                  Capital Partners, LLC

                California
                  Bank & Trust

                1940
                  Century Park East

                Los
                  Angeles, CA 90067

                ABA#
                  121002042

                FBO
                  Roth Capital Partners, LLC

                Account
                  # 3640012901

              	 	
                $

              	
                215,400.00

              	 

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      D

    

    ESCROW
      AGENT FEES

     

    
      	
              [LOGO]
                Wells Fargo Bank

            	
               

            	
              John
                T. Deleray

            
	
               

            	
              Corporate
                Trust

            	
               

            	
              Vice
                President/Business

            
	
               

            	
              Services

            	
               

            	
              Development

            
	
               

            	
               

            	
               

            	
              Tel.
                (213) 614-3351

            
	
               

            	
               

            	
               

            	
              Fax:
                (213) 614-3355

            
	
               

            	
               

            	
               

            	
              john.deleray@wellsfargo.com

            

    

     

    SCHEDULE
      OF FEES

    to
      act as ESCROW AGENT for

    Asian
      Financial, Inc. Escrow Account

     

    Acceptance
      Fee
      :  
Waived

     

    Initial
      Fees as they relate to Wells Fargo Bank acting in the capacity of Escrow Agent
—
includes creation and examination of the Escrow Agreement; acceptance of the
      Escrow appointment; setting up of Escrow Account(s) and accounting records;
      and
      coordination of receipt of funds for deposit to the Escrow Account.

     

    Acceptance
      Fee payable at time of Escrow Agreement execution.

    

    
      	
              Escrow
                Agent Administration Fee
                :

            	
              $2,000.00

            

    

     

    For
      ordinary administration services by Escrow Agent — includes daily routine
      account management; investment transactions; cash transaction processing
      (including wires and check processing); monitoring claim notices pursuant to
      the
      agreement; disbursement of the funds in accordance with the agreement; and
      mailing of trust account statements to all applicable parties.

     

    Tax
      reporting is included for up to Five (5) entities. Should additional reportings
      be necessary, a $25 per reporting charge will be assessed.

     

    This
      fee
      is Payable in advance, with the first installment due at the time of Escrow
      Agreement execution. Fee will not be prorated in case of early
      termination.

     

    Wells
      Fargo’s bid is based on the following assumptions:

     

    
      	
              
                ·

              

            	
              Number
                of escrow funds/accounts to be established: One
                (1)

            

    

     

    
      	
              
                ·

              

            	
              Number
                of Deposits to Escrow Account: Not more than Thirty
                (30)

            

    

     

    
      	
              
                ·

              

            	
              Number
                of Withdrawals from Escrow Fund: Not more than Ten
                (10)

            

    

     

    
      	
              
                ·

              

            	
              Term
                of Escrow: Not more than One (1)
                month

            

    

     

    
      	
              
                ·

              

            	
              THIS
                FEE SCHEDULE ASSUMES THAT BALANCES IN THE ESCROW ACCOUNT WILL BE
                INVESTED
                IN MONEY MARKET FUNDS THAT WELLS FARGO HAS A RELATIONSHIP
                WITH

            

    

     

    
      	
              
                ·

              

            	
              ALL
                FUNDS WILL BE RECEIVED FROM OR DISTRIBUTED TO A DOMESTIC OR AN APPROVED
                FOREIGN ENTITY

            

    

     

    
      	
              
                ·

              

            	
              THE
                ACCOUNT(S) DOES NOT OPEN WITHIN THREE (3) MONTHS OF TITLE DATE SHOWN
                BELOW, THIS PROPOSAL WILL BE DEEMED TO BE NULL AND
                VOID

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Out-of
                Pocket Expenses
                :

            	
              At
                Cost

            

    

     

    We
      only
      charge for out-of-pocket expenses in response to specific tasks assigned by
      the
      client. Therefore, we cannot anticipate what specific out-of-pocket items will
      be needed or what corresponding expenses will be incurred. Possible expenses
      would be, but are not limited to, express mail and messenger charges, travel
      expenses to attend closing or other meetings. There are no charges for indirect
      out-of- pocket expenses.

     

    This
      fee schedule is based upon the assumptions listed above which pertain to the
      responsibilities and risks involved in Wells Fargo undertaking the role of
      Escrow Agent. These assumptions are based on information provided to us as
      of
      the date of this fee schedule. Our fee schedule is subject to review and
      acceptance of the final documents. Should any of the assumptions, duties or
      responsibilities change, we reserve the right to affirm, modify or rescind
      our
      fee schedule.

     

    Submitted
      on: October 11, 2006

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      E

     

    CERTIFICATE
      AS TO AUTHORIZED SIGNATURES

     

    Account
      Name:

     

    Account
      Number:

     

    The
      specimen signatures shown below are the specimen signatures of the individuals
      who have been designated as authorized representatives of the Company and are
      authorized to initiate and approve transactions of all types for the
      above-mentioned account on behalf of the Company.

     

    
      	
              Name
                / Title

            	
               

            	
              Specimen
                Signature

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
              Wenhua
                Guo

            	
               

            	
               

            	
               

            
	
              Name

            	
               

            	
              Signature

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
              Chief
                Executive Officer

            	
               

            	
               

            	
               

            
	
              Title

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
                

            	
               

            
	
              Name

            	
               

            	
              Signature

            	
               

            
	
                

            	
               

            	
               

            	
               

            
	
              Title

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
                

            	
               

            
	
              Name

            	
               

            	
              Signature

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
              Title

            	
               

            	
               

            	
               

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      E-2

    

    CERTIFICATE
      AS TO AUTHORIZED SIGNATURES

     

    Account
      Name:

     

    Account
      Number:

     

    The
      specimen signatures shown below are the specimen signatures of the individuals
      who have been designated as authorized representatives of Roth Capital Partners,
      LLC and are authorized to provide the documents, instruments and/or consents,
      including the written consents specified in Section 3(a) and
      Section 3(c), relating to Roth Capital Partners, LLC and specified in the
      Escrow Agreement.

     

    
      	
              Name
                / Title

            	
               

            	
              Specimen
                Signature

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
              Name

            	
               

            	
              Signature

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
              Title

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
                

            	
               

            
	
              Name

            	
               

            	
              Signature

            	
               

            
	
                

            	
               

            	
               

            	
               

            
	
              Title

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
                

            	
               

            
	
              Name

            	
               

            	
              Signature

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
              Title

            	
               

            	
               

            	
               

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      F

    

    Agency
      and Custody Account Direction

    For
      Cash Balances

    Wells
      Fargo Money Market Deposit Accounts

     

    Direction
      to use the following money market fund(s) for Cash Balances for the following
      account(s):

     

    Account
      Name: Asian Financial Inc. Subscription Escrow

     

    Account
      Number(s): 20524200

     

    You
      are
      hereby directed to invest, as indicated below or as I shall direct further
      from
      time to time, all cash in the Account(s) in the following money market deposit
      account:

     

    x    
      Wells
      Fargo Money Market Deposit Account (MMDA)

     

    I
      understand that deposits in a Wells Fargo money market deposit account is a
      deposit of Wells Fargo Bank, N.A. and amounts over $100,000 are not insured
      by
      the Federal Deposit Insurance Corporation. Wells Fargo has a Long Term Deposit
      rating of A ++ by Moody’s and a Short Term rating of A-1+ by
      S&P.

     

    I
      acknowledge that I have full power to direct investments of the
      Account(s).

     

    I
      understand that I may change this direction at any time and that it shall
      continue in effect until revoked or modified by me by written notice to
      you.

     

    
      	
               

            	
              Asian
                Financial, Inc.

            
	
               

            	
               

            
	
               

            	
              By:

            	
              /s/
                Wenhua Guo

            
	
               

            	
               

            	
              Name:
                Wenhua Guo

            
	
               

            	
               

            	
              Title:
                Chief Executive Officer

            
	
               

            	
               

            	
              Date:
                October 25, 2006

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Annex
      A

     

    DEFINED
      TERMS

     

    “Business
      Day”
means
      any day except Saturday, Sunday and any day which is a federal legal holiday
      or
      a day on which banking institutions in the State of New York or the State of
      California are authorized or required by law or other governmental action to
      close.

     

    “Closing”
means
      the closing of the purchase and sale of the Shares pursuant to Article II
      of the Purchase Agreement.

     

    “Closing
      Date”
means
      the Business Day on which all of the conditions set forth in Sections 5.1
      and 5.2 of the Purchase Agreement are satisfied, or such other date as the
      parties thereto may agree.

     

    “Investment
      Amounts”
means,
      with respect to each Investor, the Investment Amount indicated on such
      Investor’s signature page to the Purchase Agreement.

     

    “Investors”
means
      the investors identified on the signature pages to the Purchase
      Agreement.

     

    “Shares”
means
      the shares of common stock, par value $0.001 per share, of the Company issued
      or
      issuable to the Investors pursuant to the Purchase Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    MAKE
      GOOD
      ESCROW AGREEMENT

     

    This
      Make
      Good Escrow Agreement (the "Make Good Agreement"), dated effective as of October
      __, 2006, is entered into by and among Asian Financial, Inc., a Wyoming
      corporation (the "Company"), Roth Capital Partners, LLC, as agent (“Roth”),
      Wenhua Guo in his individual capacity ("Guo"), and Wells Fargo Bank, National
      Association (hereinafter referred to as "Escrow Agent"). 

     

    WHEREAS,
      each of the investors (the “Investors”) to the private offering of securities of
      the Company has entered into a Securities Purchase Agreement, dated October
      __,
      2006 (the "SPA"), evidencing their participation in the Company's private
      offering (the "Offering") of securities. As an inducement to the Investors
      to
      participate in the Offering and as set forth in the SPA, Guo agreed to place
      the
      "Escrow Shares" (as hereinafter defined) into escrow for the benefit of the
      Investors in the event the Company failed to satisfy certain earnings per share
      and/or After-Tax Net Income thresholds. 

     

    WHEREAS,
      pursuant to the requirements of the SPA, the Company and Guo have agreed to
      establish an escrow on the terms and conditions set forth in this Make Good
      Agreement; 

     

    WHEREAS,
      Roth has agreed to act as agent for the Investors in connection with this Make
      Good Agreement pursuant to the terms and conditions of that certain Agency
      Agreement, dated as of the date hereof, by and among Roth and the
      Investors;

     

    WHEREAS,
      the Escrow Agent has agreed to act as escrow agent pursuant to the terms and
      conditions of this Make Good Agreement; and 

     

    WHEREAS,
      all capitalized terms used but not defined herein shall have the meanings
      assigned them in the SPA; 

     

    NOW,
      THEREFORE, in consideration of the mutual promises of the parties and the terms
      and conditions hereof, the parties hereby agree as follows: 

     

    1.
      Appointment of Escrow Agent. Guo and the Company hereby appoint Wells Fargo
      Bank, National Association as Escrow Agent to act in accordance with the terms
      and conditions set forth in this Make Good Agreement, and Escrow Agent hereby
      accepts such appointment and agrees to act in accordance with such terms and
      conditions. 

     

    2.
      Establishment of Escrow. Upon the execution of this Make Good Agreement, Guo
      shall deliver, or cause to be delivered, to the Escrow Agent a stock certificate
      evidencing 18,502,896 shares (the "Escrow Shares") of the Company's common
      stock, par value $0.001 per share, along with a stock power executed in blank.
      

     

    3. Representations
      of Guo. Guo hereby represents and warrants to Roth as follows: 

     

    (i)
      The
      Escrow Shares are validly issued, fully paid and nonassessable shares of the
      Company, and free and clear of all pledges, liens and encumbrances.

     

    (ii)
      Performance of this Make Good Agreement and compliance with the provisions
      hereof will not violate any provision of any applicable law and will not
      conflict with or result in any breach of any of the terms, conditions or
      provisions of, or constitute a default under, or result in the creation or
      imposition of any lien, charge or encumbrance upon, any of the properties or
      assets of Guo pursuant to the terms of any indenture, mortgage, deed of trust
      or
      other agreement or instrument binding upon Guo, other than such breaches,
      defaults or liens which would not have a material adverse effect taken as a
      whole. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.
      Disbursement of Escrow Shares. 

     

    a. Fiscal
      Year Ended June 30, 2006.
      Guo
      agreed with the Investors that in the event the consolidated financial
      statements of the Company reflect less than $12,000,000.00 of After-Tax Net
      Income for the fiscal year ended June 30, 2006 (the "Guaranteed NI"), Guo would
      transfer, or cause to be transferred, to the Investors on a pro rata basis
      for
      no consideration other than their part of their respective Investment Amount
      at
      Closing 37.5% of the number of Shares issued at Closing. In the event that
      the
      Guaranteed NI is not achieved based on the Company's consolidated financial
      statements for the fiscal year ended June 30, 2006, as filed with the
      Commission, the Company has agreed that Roth will provide written instruction
      to
      the Escrow Agent to issue and deliver certificates evidencing a total of
      6,167,632 of the Escrow Shares to the Investors, in an amount to each Investor
      as set forth on Exhibit
      A
      attached
      hereto, on a pro rata basis (based upon each Investor’s Investment Amount
      indicated on such Investor’s signature page to the SPA) within ten (10) business
      days after the date which the 2006 audit report for the Company is filed with
      the Commission. The Escrow Agent need only rely on the letter of instruction
      from Roth in this regard and will disregard any contrary instructions. If the
      consolidated financial statements of the Company reflect $12,000,000 or more
      of
      After-Tax Net Income for the fiscal year ended June 30, 2006, Roth shall provide
      written instructions to the Escrow Agent for the release of 6,167,632 of the
      Escrow Shares to Guo or to the registered holder of such shares who originally
      deposited such shares with the Escrow Agent.

     

    b. Fiscal
      Year Ending June 30, 2007.
      Guo
      agreed with the Investors that in the event either: (i) the earnings per share
      reported in the Annual Report on Form 10-KSB of the Company for the fiscal
      year
      ending June 30, 2007, as filed with the Commission, is less than $0.60 on a
      fully diluted basis (the “2007 EPS”) or (ii) the after tax net income reported
      in the Annual Report on Form 10-KSB of the Company for the fiscal year ending
      June 30, 2007, as filed with the Commission, is less than $16,000,000.00 (the
      “2007 ATNI”), Guo would transfer, or cause to be transferred, to the Investors
      on a pro rata basis for no consideration other than their part of their
      respective Investment Amount at Closing 37.5% of the number of Shares issued
      at
      Closing. In the event that either (i) the earnings per share reported in the
      Annual Report on Form 10-KSB of the Company for the fiscal year ending June
      30,
      2007, as filed with the Commission, is less than the 2007 EPS or (ii) the after
      tax net income reported in the Annual Report on Form 10-KSB of the Company
      for
      the fiscal year ending June 30, 2007, as filed with the Commission, is less
      than
      the 2007 ATNI, the Company has agreed that Roth will provide written instruction
      to the Escrow Agent instructing the Escrow Agent to issue and deliver
      certificates evidencing a total of 6,167,632 of the Escrow Shares to the
      Investors, in an amount to each Investor as set forth on Exhibit
      A
      attached
      hereto, on a pro rata basis (based upon each Investor’s Investment Amount
      indicated on such Investor’s signature page to the SPA) within 10 Business Days
      after the date which the Annual Report on Form 10-KSB for the Company for the
      fiscal year ending June 30, 2007 is filed with the Commission. The Escrow Agent
      need only rely on the letter of instruction from Roth in this regard and will
      disregard any contrary instructions. In the event that both the (i) earnings
      per
      share reported in the Annual Report on Form 10-KSB of the Company for the fiscal
      year ending June 30, 2007, as filed with the Commission, is equal to or greater
      than the 2007 EPS and (ii) the after tax net income reported in the Annual
      Report on Form 10-KSB of the Company for the fiscal year ending June 30, 2007,
      as filed with the Commission, is equal to or greater than the 2007 ATNI, Roth
      shall provide written instructions to the Escrow Agent for the release of
      6,167,632 of the Escrow Shares to Guo or to the registered holder of such shares
      who originally deposited such shares with the Escrow Agent.

     

    c.
      Fiscal
      Year Ending June 30, 2008.
      Guo
      agreed with Investors that in the event either: (i) the earnings per share
      reported in the Annual Report on Form 10-KSB of the Company for the fiscal
      year
      ending June 30, 2008, as filed with the Commission, is less than $0.89 on a
      fully diluted basis (the “2008 EPS”) or (ii) the after tax net income reported
      in the Annual Report on Form 10-KSB of the Company for the fiscal year ending
      June 30, 2008, as filed with the Commission, is less than $23,900,000.00 (the
      “2008 ATNI”), Guo would transfer, or cause to be transferred, to the Investors
      on a pro rata basis for no consideration other than their part of their
      respective Investment Amount at Closing 37.5% of the number of Shares issued
      at
      Closing. In the event that either (i) the earnings per share reported in the
      Annual Report on Form 10-KSB of the Company for the fiscal year ending June
      30,
      2008, as filed with the Commission, is less than the 2008 EPS or (ii) the after
      tax net income reported in the Annual Report on Form 10-KSB of the Company
      for
      the fiscal year ending June 30, 2008, as filed with the Commission, is less
      than
      the 2008 ATNI, the Company has agreed that Roth will provide written instruction
      to the Escrow Agent instructing the Escrow Agent to issue and deliver
      certificates evidencing a total of 6,167,632 of the Escrow Shares to the
      Investors, in an amount to each Investor as set forth on Exhibit
      A
      attached
      hereto, on a pro rata basis (based upon each Investor’s Investment Amount
      indicated on such Investor’s signature page to the SPA) within 10 Business Days
      after the date which the Annual Report on Form 10-KSB for the Company for the
      fiscal year ending June 30, 2008 is filed with the Commission. The Escrow Agent
      need only rely on the letter of instruction from Roth in this regard and will
      disregard any contrary instructions. In the event that both the (i) earnings
      per
      share reported in the Annual Report on Form 10-KSB of the Company for the fiscal
      year ending June 30, 2008, as filed with the Commission, is equal to or greater
      than the 2008 EPS and (ii) the after tax net income reported in the Annual
      Report on Form 10-KSB of the Company for the fiscal year ending June 30, 2008,
      as filed with the Commission, is equal to or greater than the 2008 ATNI, Roth
      shall provide written instructions to the Escrow Agent for the release of
      6,167,632 of the Escrow Shares to Guo or to the registered holder of such shares
      who originally deposited such shares with the Escrow Agent.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5.
      Duration. This Make Good Agreement shall terminate on the sooner of (i) the
      distribution of all the Escrow Shares or (ii) three years from the date hereof.
      The Company agrees to provide the Escrow Agent written notice of the filing with
      the Commission of any financial statements or reports referenced
      herein.

     

    6.
      Escrow
      Shares. If any Escrow Shares are deliverable to the Investors pursuant to the
      SPA and in accordance with this Make Good Agreement, (i) Guo covenants and
      agrees to execute all such instruments of transfer (including stock powers
      and
      assignment documents) as are customarily executed to evidence and consummate
      the
      transfer of the Escrow Shares from Guo to the Investors and (ii) following
      its
      receipt of the documents referenced in Section 6(i), the Company covenants
      and
      agrees to promptly reissue such Escrow Shares in the applicable Investor’s name
      and deliver the same as directed by such Investor. Until such time as (if at
      all) the Escrow Shares are required to be delivered pursuant to the SPA and
      in
      accordance with this Make Good Agreement, any dividends payable in respect
      of
      the Escrow Shares and all voting rights applicable to the Escrow Shares shall
      be
      retained by Guo.

     

    7.
      Interpleader. Should any controversy arise among the parties hereto with
      respect to this Make Good Agreement or with respect to the right to receive
      the
      Escrow Shares, Escrow Agent and/or Roth shall have the right to consult counsel
      and/or to institute an appropriate interpleader action to determine the rights
      of the parties. Escrow Agent and/or Roth are also each hereby authorized to
      institute an appropriate interpleader action upon receipt of a written letter
      of
      direction executed by the parties so directing either Escrow Agent or Roth.
      If
      Escrow Agent or Roth is directed to institute an appropriate interpleader
      action, it shall institute such action not prior to thirty (30) days after
      receipt of such letter of direction and not later than sixty (60) days after
      such date. Any interpleader action instituted in accordance with this Section
      7
      shall be filed in any court of competent jurisdiction in the State of New York
      or the State of California, and the Escrow Shares in dispute shall be deposited
      with the court and in such event Escrow Agent and Roth shall be relieved of
      and
      discharged from any and all obligations and liabilities under and pursuant
      to
      this Make Good Agreement with respect to the Escrow Shares and any other
      obligations hereunder. 

     

    8. Exculpation
      and Indemnification of Escrow Agent and Roth. 

     

    (a)
      Escrow Agent is not a party to, and is not bound by or charged with notice
      of
      any agreement out of which this escrow may arise. Escrow Agent acts under this
      Make Good Agreement as a depositary only and is not responsible or liable in
      any
      manner whatsoever for the sufficiency, correctness, genuineness or validity
      of
      the subject matter of the escrow, or any part thereof, or for the form or
      execution of any notice given by any other party hereunder, or for the identity
      or authority of any person executing any such notice. Escrow Agent will have
      no
      duties or responsibilities other than those expressly set forth herein. Escrow
      Agent will be under no liability to anyone by reason of any failure on the
      part
      of any party hereto (other than Escrow Agent) or any maker, endorser or other
      signatory of any document to perform such person's or entity's obligations
      hereunder or under any such document. Except for this Make Good Agreement and
      instructions to Escrow Agent pursuant to the terms of this Make Good Agreement,
      Escrow Agent will not be obligated to recognize any agreement between or among
      any or all of the persons or entities referred to herein, notwithstanding its
      knowledge thereof. Roth’s sole obligation under this Make Good Agreement is to
      provide written instruction to Escrow Agent (following such time as the Company
      files certain periodic financial reports as specified in Section 4 hereof)
      directing the distribution of the Escrow Shares. Roth will provide such written
      instructions upon review of the relevant earnings per share and/or After-Tax
      Net
      Income amount reported in such periodic financial reports as specified in
      Section 4 hereof. Roth is not charged with any obligation to conduct any
      investigation into the financial reports or make any other investigation related
      thereto. In the event of any actual or alleged mistake or fraud of the Company,
      its auditors or any other person (other than Roth) in connection with such
      financial reports of the Company, Roth shall have no obligation or liability
      to
      any party hereunder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)
      Escrow Agent will not be liable for any action taken or omitted by it, or any
      action suffered by it to be taken or omitted, absent gross negligence or willful
      misconduct. Escrow Agent may rely conclusively on, and will be protected in
      acting upon, any order, notice, demand, certificate, or opinion or advice of
      counsel (including counsel chosen by Escrow Agent), statement, instrument,
      report or other paper or document (not only as to its due execution and the
      validity and effectiveness of its provisions, but also as to the truth and
      acceptability of any information therein contained) which is reasonably believed
      by Escrow Agent to be genuine and to be signed or presented by the proper person
      or persons. The duties and responsibilities of the Escrow Agent hereunder shall
      be determined solely by the express provisions of this Make Good Agreement
      and
      no other or further duties or responsibilities shall be implied, including,
      but
      not limited to, any obligation under or imposed by any laws of the State of
      New
      York upon fiduciaries. 

     

    (c)
      The
      Company and Guo each hereby, jointly and severally, indemnify and hold harmless
      each of Escrow Agent, Roth and any of their principals, partners, agents,
      employees and affiliates from and against any expenses, including
      reasonable attorneys' fees and disbursements, damages or losses suffered by
      Escrow Agent or Roth in connection with any claim or demand, which, in any
      way,
      directly or indirectly, arises out of or relates to this Make Good Agreement
      or
      the services of Escrow Agent or Roth hereunder; except, that if Escrow Agent
      or
      Roth is guilty of willful misconduct, gross negligence or fraud under this
      Make
      Good Agreement, then Escrow Agent or Roth, as the case may be, will bear all
      losses, damages and expenses arising as a result of such willful misconduct,
      gross negligence or fraud. Promptly after the receipt by Escrow Agent or Roth
      of
      notice of any such demand or claim or the commencement of any action, suit
      or
      proceeding relating to such demand or claim, Escrow Agent or Roth, as the case
      may be, will notify the other parties hereto in writing. For the purposes
      hereof, the terms "expense" and "loss" will include all amounts paid or payable
      to satisfy any such claim or demand, or in settlement of any such claim, demand,
      action, suit or proceeding settled with the express written consent of the
      parties hereto, and all costs and expenses, including, but not limited to,
      reasonable attorneys' fees and disbursements, paid or incurred in investigating
      or defending against any such claim, demand, action, suit or proceeding. The
      provisions of this Section 8 shall survive the termination of this Make Good
      Agreement. 

     

    9.
      Compensation of Escrow Agent. Escrow Agent shall be entitled to compensation
      for
      its services as stated in the fee schedule attached hereto as Exhibit
      B,
      which
      compensation shall be paid by the Company. The fee agreed upon for the services
      rendered hereunder is intended as full compensation for Escrow Agent's services
      as contemplated by this Make Good Agreement; provided,
      however,
      that in
      the event that Escrow Agent renders any material service not contemplated in
      this Make Good Agreement, or there is any assignment of interest in the subject
      matter of this Make Good Agreement, or any material modification hereof, or
      if
      any material controversy arises hereunder, or Escrow Agent is made a party
      to
      any litigation pertaining to this Make Good Agreement, or the subject matter
      hereof, then Escrow Agent shall be reasonably compensated by the Company for
      such extraordinary services and reimbursed for all costs and expenses, including
      reasonable attorney's fees, occasioned by any delay, controversy, litigation
      or
      event, and the same shall be recoverable from the Company. Prior to incurring
      any costs and/or expenses in connection with the foregoing sentence, Escrow
      Agent shall be required to provide written notice to the Company of such costs
      and/or expenses and the relevancy thereof and Escrow Agent shall not be
      permitted to incur any such costs and/or expenses prior to receiving written
      approval from the Company, which approval shall not be unreasonably
      withheld.

     

    10.
      Resignation of Escrow Agent. At any time, upon ten (10) days' written notice
      to
      the Company, Escrow Agent may resign and be discharged from its duties as Escrow
      Agent hereunder. As soon as practicable after its resignation, Escrow Agent
      will
      promptly turn over to a successor escrow agent appointed by the Company the
      Escrow Shares held hereunder upon presentation of a document appointing the
      new
      escrow agent and evidencing its acceptance thereof. If, by the end of the 10-day
      period following the giving of notice of resignation by Escrow Agent, the
      Company shall have failed to appoint a successor escrow agent, Escrow Agent
      may
      interplead the Escrow Shares into the registry of any court having jurisdiction.
      

     

    11.
      Records. Escrow Agent shall maintain accurate records of all transactions
      hereunder. Promptly after the termination of this Make Good Agreement or as
      may
      reasonably be requested by the parties hereto from time to time before such
      termination, Escrow Agent shall provide the parties hereto, as the case may
      be,
      with a complete copy of such records, certified by Escrow Agent to be a complete
      and accurate account of all such transactions. The authorized representatives
      of
      each of the parties hereto shall have access to such books and records at all
      reasonable times during normal business hours upon reasonable notice to Escrow
      Agent and at the requesting party’s expense. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    12.
      Notice. All notices, communications and instructions required or desired to
      be
      given under this Make Good Agreement must be in writing and shall be deemed
      to
      be duly given if sent by registered or certified mail, return receipt requested,
      or overnight courier, to the addresses listed on the signature page
      hereto.

     

    13.
      Execution in Counterparts. This Make Good Agreement may be executed in
      counterparts, each of which shall be deemed an original, but all of which
      together shall constitute one and the same instrument. 

     

    14.
      Assignment and Modification. This Make Good Agreement and the rights and
      obligations hereunder of any of the parties hereto may not be assigned without
      the prior written consent of the other parties hereto. Subject to the foregoing,
      this Make Good Agreement will be binding upon and inure to the benefit of each
      of the parties hereto and their respective successors and permitted assigns.
      No
      other person will acquire or have any rights under, or by virtue of, this Make
      Good Agreement. No portion of the Escrow Shares shall be subject to interference
      or control by any creditor of any party hereto, or be subject to being taken
      or
      reached by any legal or equitable process in satisfaction of any debt or other
      liability of any such party hereto prior to the disbursement thereof to such
      party hereto in accordance with the provisions of this Make Good Agreement.
      This
      Make Good Agreement may be amended or modified only in writing signed by all
      of
      the parties hereto. 

     

    15.
      Applicable Law. This Make Good Agreement shall be governed by and construed
      in
      accordance with the laws of the State of New York without giving effect to
      the
      principles of conflicts of laws thereof. 

     

    16.
      Headings. The headings contained in this Make Good Agreement are for convenience
      of reference only and shall not affect the construction of this Make Good
      Agreement. 

     

    17.
      Attorneys' Fees. If any action at law or in equity, including an action for
      declaratory relief, is brought to enforce or interpret the provisions of this
      Make Good Agreement, the prevailing party shall be entitled to recover
      reasonable attorneys' fees from the other party (unless such other party is
      the
      Escrow Agent), which fees may be set by the court in the trial of such action
      or
      may be enforced in a separate action brought for that purpose, and which fees
      shall be in addition to any other relief that may be awarded.

     

    18.
      Authorized Signers. The Company will execute Exhibit
      C-1
      and
      deliver an executed Exhibit
      C-2
      to this
      Make Good Agreement concurrent with the execution hereof.

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties have duly executed this Make Good Agreement as
      of
      the date set forth opposite their respective names.

     

    
      	
               

            	
              COMPANY:

               

              ASIAN
                FINANCIAL, INC.

            
	
               

            	
               

            	
               

            
	 	
              By:

            	 
	 	
               

            	
              
Name:
              Wenhua Guo
	 	 	
              Title:
                Chief Executive Officer

            
	 	 	 
	
               

            	
              Address:

               

              WENHUA
                GUO: 

               

              
                

              

              Address:

            

    

     

    [REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK SIGNATURE PAGE FOR OTHER PARTIES
      FOLLOWS]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
               

            	
              ESCROW
                AGENT: 

               

              WELLS
                FARGO BANK, NATIONAL ASSOCIATION

            	 
	
               

               

            	
               

               

            	
               

               

            	 
	 	
              By: 

            	 	 
	
               

            	
              Name:
                Kyle Lim

              Title:
                Assistant Vice President

            	 

    

     

    
      
        	
                 

              	
                Address:
                  707 Wilshire Blvd, 17th
                  Floor
Los Angeles, CA 90017

                 

                AGENT:

                 

                
                  ROTH
                    CAPITAL PARTNERS, LLC

                

              	 
	
                 

                 

              	
                 

                
                  By:

                

              	
                 

              	 
	
                 

              	
                Name:
                  

                Title:
                  

              	 
	 	 	 

      

    

    
      	
               

            	
              
                Address:

              

              
                 

              

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A

    

    ESCROW
      SHARES TO BE ISSUED TO INVESTORS

     

    
      	
               

            	 	
              Make Good (2006)

            	 	
              Make Good (2007)

            	 	
              Make Good (2008)

            	 
	
              Institution
                Legal Name

            	 	
              37.50%

            	 	
              37.50%

            	 	
              37.50%

            	 
	
              Pinnacle
                China Fund, L.P.

            	 	 	
              1,307,427.00

            	 	 	
              1,307,427.00

            	 	 	
              1,307,427.00

            	 
	
              Jayhawk
                Private equity Fund, L.P.

            	 	 	
              785,713.00

            	 	 	
              785,713.00

            	 	 	
              785,713.00

            	 
	
              US
                Special Opportunities Trust PLC

            	 	 	
              392,856.00

            	 	 	
              392,856.00

            	 	 	
              392,856.00

            	 
	
              Renaissance
                US Growth Investment Trust PLC

            	 	 	
              392,856.00

            	 	 	
              392,856.00

            	 	 	
              392,856.00

            	 
	
              Westpark
                Capital, L.P.

            	 	 	
              261,904.00

            	 	 	
              261,904.00`

            	 	 	
              261,904.00

            	 
	
              Lake
                Street Fund, L.P.

            	 	 	
              261,904.00

            	 	 	
              261,904.00

            	 	 	
              261,904.00

            	 
	
              Chinamerica
                Fund, L.P.

            	 	 	
              261,904.00

            	 	 	
              261,904.00

            	 	 	
              261,904.00

            	 
	
              Bear
                Stearns Security Corp

              FBO
                J Steven Emerson Roth IRA

            	 	 	
              261,904.00

            	 	 	
              261,904.00

            	 	 	
              261,904.00

            	 
	
              Bear
                Stearns Security Corp

              FBO
                J Steven Emerson IRA R/O II

            	 	 	
              261,904.00

            	 	 	
              261,904.00

            	 	 	
              261,904.00

            	 
	
              Heller
                Capital Investments, LLC

            	 	 	
              157,143.00

            	 	 	
              157,143.00

            	 	 	
              157,143.00

            	 
	
              Whitebox
                Intermarket Partners, L.P.

            	 	 	
              130,952.00

            	 	 	
              130,952.00

            	 	 	
              130,952.00

            	 
	
              Precept
                Capital Master Fund, G.P.

            	 	 	
              130,952.00

            	 	 	
              130,952.00

            	 	 	
              130,952.00

            	 
	
              Lighthouse
                Consulting Limited

            	 	 	
              130,952.00

            	 	 	
              130,952.00

            	 	 	
              130,952.00

            	 
	
              J.
                George Investments, LLC

            	 	 	
              130,952.00

            	 	 	
              130,952.00

            	 	 	
              130,952.00

            	 
	
              Renaissance
                Capital Growth & Income Fund III, Inc.

            	 	 	
              130,951.00

            	 	 	
              130,951.00

            	 	 	
              130,951.00

            	 
	
              Premier
                Renn US Emerging Growth Fund Limited

            	 	 	
              130,951.00

            	 	 	
              130,951.00

            	 	 	
              130,951.00

            	 
	
              MidSouth
                Investor Fund LP

            	 	 	
              130,743.00

            	 	 	
              130,743.00

            	 	 	
              130,743.00

            	 
	
              Centaur
                Value Fund, L.P.

            	 	 	
              127,023.00

            	 	 	
              127,023.00

            	 	 	
              127,023.00

            	 
	
              Sandor
                Capital Master Fund, L.P.

            	 	 	
              125,714.00

            	 	 	
              125,714.00

            	 	 	
              125,714.00

            	 
	
              Fred
                L. Astman Wedbush Securities Inc. Cust IRA R/O Holding
                10/31/92

            	 	 	
              104,762.00

            	 	 	
              104,762.00

            	 	 	
              104,762.00

            	 
	
              Crescent
                International Ltd.

            	 	 	
              78,571.00

            	 	 	
              78,571.00

            	 	 	
              78,571.00

            	 
	
              United
                Centaur Master Fund

            	 	 	
              69,405.00

            	 	 	
              69,405.00

            	 	 	
              69,405.00

            	 
	
              Diamond
                Opportunity Fund, LLC

            	 	 	
              65,476.00

            	 	 	
              65,476.00

            	 	 	
              65,476.00

            	 
	
              Guerrilla
                Partners LP

            	 	 	
              62,857.00

            	 	 	
              62,857.00

            	 	 	
              62,857.00

            	 
	
              Nite
                Capital, LP

            	 	 	
              52,381.00

            	 	 	
              52,381.00

            	 	 	
              52,381.00

            	 
	
              Kirchner
                Family Trust dtd 03/24/2004

            	 	 	
              52,381.00

            	 	 	
              52,381.00

            	 	 	
              52,381.00

            	 
	
              Bear
                Stearns Security Corp

              FBO
                Emerson Family Foundation

            	 	 	
              52,381.00

            	 	 	
              52,381.00

            	 	 	
              52,381.00

            	 
	
              Cascata
                Long / Short Fund, LP

            	 	 	
              26,190.00

            	 	 	
              26,190.00

            	 	 	
              26,190.00

            	 
	
              Outpoint
                Capital LP

            	 	 	
              23,571.00

            	 	 	
              23,571.00

            	 	 	
              23,571.00

            	 
	
              Gregory
                Cook Wedbush Sec Ctdn IRA Contributory 01-16-02

            	 	 	
              19,643.00

            	 	 	
              19,643.00

            	 	 	
              19,643.00

            	 
	
              John
                Peter Selda Wedbush Sec Ctdn IRA Cont 08-27-96

            	 	 	
              13,095.00

            	 	 	
              13,095.00

            	 	 	
              13,095.00

            	 
	
              George
                Loxsom Wedbush Sec Ctdn IRA SEP 12-16-92

            	 	 	
              13,095.00

            	 	 	
              13,095.00

            	 	 	
              13,095.00

            	 
	
              Joseph
                Anthony Cardaropoli Wedbush Sec Ctdn IRA Rollover 01-12-06

            	 	 	
              11,262.00

            	 	 	
              11,262.00

            	 	 	
              11,262.00

            	 
	
              The
                Mitchell W. Howard Trust

            	 	 	
              7,857.00

            	 	 	
              7,857.00

            	 	 	
              7,857.00

            	 
	
               

            	 	 	
              6,167,632.00

            	 	 	
              6,167,632.00

            	 	 	
              6,167,632.00

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      B

    

    SCHEDULE
      OF FEES

    

    to
      act as ESCROW AGENT for

    Asian
      Financial Make Good Escrow

     

    
      	
              [LOGO]
                Wells Fargo Bank

            	
               

            	
              John
                T. Deleray

            
	
              Corporate
                Trust

            	
               

            	
              Vice
                President/Business

            
	
              Services

            	
               

            	
              Development

            
	
               

            	
               

            	
               

            	
              Tel.
                (213) 614-3351

            
	
               

            	
               

            	
               

            	
              Fax:
                (213) 614-3355

            
	
               

            	
               

            	
               

            	
              john.deleray@wellsfargo.com

            

    

     

    Acceptance
      Fee
      :  
$500.00

     

    Initial
      Fees as they relate to Wells Fargo Bank acting in the capacity of Escrow Agent
—
includes creation and examination of the Escrow Agreement; acceptance of the
      Escrow appointment; setting up of Escrow Account(s) and accounting records;
      and
      coordination of receipt of funds for deposit to the Escrow Account.

     

    Acceptance
      Fee payable at time of Escrow Agreement execution.

    

    
      	
              Escrow
                Agent Administration Fee
                :

            	
              $2,500.00

            

    

     

    For
      ordinary administration services by Escrow Agent — includes daily routine
      account management; investment transactions; cash transaction processing
      (including wires and check processing); monitoring claim notices pursuant to
      the
      agreement; disbursement of the funds in accordance with the agreement; and
      mailing of trust account statements to all applicable parties.

     

    Tax
      reporting is included for up to Five (5) entities. Should additional reportings
      be necessary, a $25 per reporting charge will be assessed.

     

    This
      fee
      is Payable in advance, with the first installment due at the time of Escrow
      Agreement execution. Fee will not be prorated in case of early
      termination.

     

    Wells
      Fargo’s bid is based on the following assumptions:

     

    
      	
              
                ·

              

            	
              Number
                of escrow funds/accounts to be established: One
                (1)

            

    

     

    
      	
              
                
                  ·

                

              

            	
              Number
                of Deposits to Escrow Account: Not more than Three
                (3)

            

    

     

    
      	
              
                
                  ·

                

              

            	
              Number
                of Withdrawals from Escrow Fund: Not more than Three
                (3)

            

    

     

    
      	
              
                
                  ·

                

              

            	
              Term
                of Escrow: Not more than Three (3)
                years

            

    

     

    
      	
              
                
                  ·

                

              

            	
              THIS
                FEE SCHEDULE ASSUMES THAT BALANCES IN THE ESCROW ACCOUNT WILL BE
                INVESTED
                IN MONEY MARKET FUNDS THAT WELLS FARGO HAS A RELATIONSHIP
                WITH

            

    

     

    
      	
              
                
                  ·

                

              

            	
              ALL
                FUNDS WILL BE RECEIVED FROM OR DISTRIBUTED TO A DOMESTIC OR AN APPROVED
                FOREIGN ENTITY

            

    

     

    
      	
              
                
                  ·

                

              

            	
              THE
                ACCOUNT(S) DOES NOT OPEN WITHIN THREE (3) MONTHS OF TITLE DATE SHOWN
                BELOW, THIS PROPOSAL WILL BE DEEMED TO BE NULL AND
                VOID

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	Out-of
                Pocket Expenses :  	
                At
                  Cost

              

      

    

     

    We
      only
      charge for out-of-pocket expenses in response to specific tasks assigned by
      the
      client. Therefore, we cannot anticipate what specific out-of-pocket items will
      be needed or what corresponding expenses will be incurred. Possible expenses
      would be, but are not limited to, express mail and messenger charges, travel
      expenses to attend closing or other meetings. There are no charges for indirect
      out-of- pocket expenses.

     

    This
      fee schedule is based upon the assumptions listed above which pertain to the
      responsibilities and risks involved in Wells Fargo undertaking the role of
      Escrow Agent. These assumptions are based on information provided to us as
      of
      the date of this fee schedule. Our fee schedule is subject to review and
      acceptance of the final documents. Should any of the assumptions, duties or
      responsibilities change, we reserve the right to affirm, modify or rescind
      our
      fee schedule.

     

    Submitted
      on: October 16, 2006

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      C-1

     

    CERTIFICATE
      AS TO AUTHORIZED SIGNATURES

     

    Account
      Name:

     

    Account
      Number:

     

    The
      specimen signatures shown below are the specimen signatures of the individuals
      who have been designated as authorized representatives of the Company and are
      authorized to initiate and approve transactions of all types for the
      above-mentioned account on behalf of the Company.

     

    
      	
              Name
                / Title

            	
               

            	
              Specimen
                Signature

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
              Name

            	
               

            	
              Signature

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
              Title

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               
                  

            	
               

            
	
              Name

            	
               

            	
              Signature

            	
               

            
	
                
                

            	
               

            	
               

            	
               

            
	
              Title

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
                 

            	
               

            
	
              Name

            	
               

            	
              Signature

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
              Title

            	
               

            	
               

            	
               

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      C-2

     

    CERTIFICATE
      AS TO AUTHORIZED SIGNATURES

     

     Account
      Name:

     

    Account
      Number:

     

    The
      specimen signatures shown below are the specimen signatures of the individuals
      who have been designated as authorized representatives of Roth Capital Partners,
      LLC and are authorized to provide the documents, instruments and/or consents,
      including the written consents specified in Section 4, relating to Roth Capital
      Partners, LLC and specified in the Make Good Agreement.

     

    
      	
              Name
                / Title

            	
               

            	
              Specimen
                Signature

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
              Name

            	
               

            	
              Signature

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
              Title

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               
                  

            	
               

            
	
              Name

            	
               

            	
              Signature

            	
               

            
	
                
                

            	
               

            	
               

            	
               

            
	
              Title

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
                 

            	
               

            
	
              Name

            	
               

            	
              Signature

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
              Title

            	
               

            	
               

            	
               

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      C

    

      REGISTRATION
        RIGHTS AGREEMENT

    

     

    This
      Registration Rights Agreement (this "Agreement") is made and entered into as
      of
      October 24, 2006, by and among Asian Financial, Inc., a Wyoming corporation
      (the
      "Company"), and the investors signatory hereto (each a "Investor" and
      collectively, the "Investors").

     

    This
      Agreement is made pursuant to the Securities Purchase Agreement, dated as of
      the
      date hereof among the Company and the Investors (the "Purchase
      Agreement").

     

    The
      Company and the Investors hereby agree as follows: 

     

    1.  Definitions.
      Capitalized terms used and not otherwise defined herein that are defined in
      the
      Purchase Agreement will have the meanings given such terms in the Purchase
      Agreement. As used in this Agreement, the following terms have the respective
      meanings set forth in this Section 1:

     

    “2007
      Delivery Date” means the date on which the 2007 Make Good Shares are required to
      be delivered to the Investors by Mr. Wenhua Guo pursuant to Section 4.10(b)
      of
      the Purchase Agreement.

     

    “2008
      Delivery Date” means the date on which the 2008 Make Good Shares are required to
      be delivered to the Investors by Mr. Wenhua Guo pursuant to Section 4.10(b)
      of
      the Purchase Agreement.

     

    “Advice”
      has the meaning set forth in Section 6(d).

     

    "Effective
      Date" means, as to a Registration Statement, the date on which such Registration
      Statement is first declared effective by the Commission.

     

    “Effectiveness
      Date” means (a) with respect to the Registration Statement required to be filed
      under Section 2(a), the earlier of (i) the 150th
      day
      following the Closing Date, and (ii) the fifth Trading Day following the date
      on
      which the Company is notified by the Commission that such Registration Statement
      will not be reviewed or is no longer subject to further review and comments,
      (b)
      with respect to a Registration Statement required to be filed under Section
      2(b), the earlier of: (b)(i) the 60th
      day
      following the date on which the Company becomes eligible to utilize Form S-3
      to
      register the resale of Common Stock; provided,
      that,
      if the Commission reviews and has written comments to such filed Registration
      Statement that would require the filing of a pre-effective amendment thereto
      with the Commission, then the Effectiveness Date under this clause (b)(i) shall
      be the 90th
      day
      following the date on which the Company becomes eligible to utilize Form S-3
      to
      register the resale of Common Stock, and (ii) the fifth Trading Day following
      the date on which the Company is notified by the Commission that the
      Registration Statement will not be reviewed or is no longer subject to further
      review and comments, (c) with respect to a Registration Statement required
      to be
      filed under Section 2(c), the earlier of: (c)(i) the 120th
      day
      following the 2007 Delivery Date; provided,
      that,
      if the Commission reviews and has written comments to such filed Registration
      Statement that would require the filing of a pre-effective amendment thereto
      with the Commission, then the Effectiveness Date under this clause (c)(i) shall
      be the 150th
      day
      following the 2007 Delivery Date, and (ii) the fifth Trading Day following
      the
      date on which the Company is notified by the Commission that the Registration
      Statement will not be reviewed or is no longer subject to further review and
      comments and (d) with respect to a Registration Statement required to be filed
      under Section 2(d), the earlier of: (d)(i) the 120th
      day
      following the 2008 Delivery Date; provided,
      that,
      if the Commission reviews and has written comments to such filed Registration
      Statement that would require the filing of a pre-effective amendment thereto
      with the Commission, then the Effectiveness Date under this clause (c)(i) shall
      be the 150th
      day
      following the 2008 Delivery Date, and (ii) the fifth Trading Day following
      the
      date on which the Company is notified by the Commission that the Registration
      Statement will not be reviewed or is no longer subject to further review and
      comments.

     

    "Effectiveness
      Period" has the meaning set forth in Section 2(a).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

    "Filing
      Date" means (a) with respect to the Registration Statement required to be filed
      under Section 2(a), the earlier of the (i) 90th
      day
      following the Closing Date and (ii) 20th
      day
      following the completion of the audit of Duoyuan Digital Printing Technology
      Industry (China) Co., Ltd.’s financial statements for the fiscal year ended June
      30, 2006 as conducted by the Company’s independent accounting firm, (b) with
      respect to a Registration Statement required to be filed under Section 2(b),
      the
      30th
      day
      following the date on which the Company becomes eligible to utilize Form S-3
      to
      register the resale of Common Stock, (c) with respect to the Registration
      Statement required to be filed under Section 2(c), the 60th
      day
      following the 2007 Delivery Date (provided that if the Company is then eligible
      to utilize Form S-3 to register the resale of Common Stock, the Filing Date
      under this clause (c) shall be 45 days following the 2007 Delivery Date) and
      (d)
      with respect to the Registration Statement required to be filed under Section
      2(d), the 60th
      day
      following the 2008 Delivery Date (provided that if the Company is then eligible
      to utilize Form S-3 to register the resale of Common Stock, the Filing Date
      under this clause (d) shall be 45 days following the 2008 Delivery
      Date).

     

    "Holder"
      or "Holders" means the holder or holders, as the case may be, from time to
      time
      of Registrable Securities.

     

    “Indemnified
      Party” has the meaning set forth in Section 5(c).

     

    “Indemnifying
      Party” has the meaning set forth in Section 5(c).

     

    “Losses”
      has the meaning set forth in Section 5(a).

     

    “New
      York
      Courts” means the state and federal courts sitting in the City of New York,
      Borough of Manhattan.

     

    "Proceeding"
      means an action, claim, suit, investigation or proceeding (including, without
      limitation, an investigation or partial proceeding, such as a deposition),
      whether commenced or threatened.

     

    “Prospectus”
      means the prospectus included in a Registration Statement (including, without
      limitation, a prospectus that includes any information previously omitted from
      a
      prospectus filed as part of an effective registration statement in reliance
      upon
      Rule 430A promulgated under the Securities Act), as amended or supplemented
      by
      any prospectus supplement, with respect to the terms of the offering of any
      portion of the Registrable Securities covered by a Registration Statement,
      and
      all other amendments and supplements to the Prospectus, including post-effective
      amendments, and all material incorporated by reference or deemed to be
      incorporated by reference in such Prospectus.

     

    “Registrable
      Securities” means: (i) the Shares, (ii) any shares of Common Stock issuable upon
      the exercise of warrants issued to any placement agent (the “Placement Agent
      Warrants”) as compensation in connection with the financing that is the subject
      of the Purchase Agreement, (iii), the Additional Shares, (iv) the 2006 Make
      Good
      Shares, as applicable, (iv) the 2007 Make Good Shares, as applicable, (v) the
      2008 Make Good Shares, as applicable and (vi) any securities issued or issuable
      upon any stock split, dividend or other distribution, recapitalization or
      similar event, or any price adjustment as a result of such stock splits, reverse
      stock splits or similar events with respect to any of the securities referenced
      in (i), (ii), (iii), (iv) or (v) above.

     

    "Registration
      Statement" means the registration statement required to be filed in accordance
      with Section 2(a) and any additional registration statement(s) required to
      be
      filed under Section 2(b), Section 2(c) or Section 2(d), including (in each
      case)
      the Prospectus, amendments and supplements to such registration statements
      or
      Prospectus, including pre- and post-effective amendments, all exhibits thereto,
      and all material incorporated by reference or deemed to be incorporated by
      reference therein.

     

    "Rule
      144" means Rule 144 promulgated by the Commission pursuant to the Securities
      Act, as such Rule may be amended from time to time, or any similar rule or
      regulation hereafter adopted by the Commission having substantially the same
      effect as such Rule.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    "Rule
      415" means Rule 415 promulgated by the Commission pursuant to the Securities
      Act, as such Rule may be amended from time to time, or any similar rule or
      regulation hereafter adopted by the Commission having substantially the same
      effect as such Rule.

     

    "Rule
      424" means Rule 424 promulgated by the Commission pursuant to the Securities
      Act, as such Rule may be amended from time to time, or any similar rule or
      regulation hereafter adopted by the Commission having substantially the same
      effect as such Rule.

     

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

     

    "Shares"
      means the shares of Common Stock issued or issuable to the Investors pursuant
      to
      the Purchase Agreement.

     

    2.    Registration.

     

    (a)  On
      or
      prior to the applicable Filing Date, the Company shall prepare and file with
      the
      Commission a Registration Statement covering the resale of all Registrable
      Securities (other than the 2007 Make Good Shares and the 2008 Make Good Shares)
      not already covered by an existing and effective Registration Statement for
      an
      offering to be made on a continuous basis pursuant to Rule 415, on Form SB-2
      (or
      on such other form appropriate for such purpose). Such Registration Statement
      shall contain (except if otherwise required pursuant to written comments
      received from the Commission upon a review of such Registration Statement)
      the
      "Plan of Distribution" attached hereto as Annex
      A.
      The
      Company shall cause such Registration Statement to be declared effective under
      the Securities Act as soon as possible but, in any event, no later than its
      Effectiveness Date, and shall use its reasonable best efforts to keep the
      Registration Statement continuously effective under the Securities Act until
      the
      date which is the earliest of (i) two years after its Effective Date (and for
      purposes of a Registration Statement contemplated in Section 2(c) and/or Section
      2(d) hereof, two years after the Effective Date therefor), (ii) such time as
      all
      of the Registrable Securities covered by such Registration Statement have been
      publicly sold by the Holders, or (iii) such time as all of the Registrable
      Securities covered by such Registration Statement may be sold by the Holders
      pursuant to Rule 144(k) as determined by the counsel to the Company pursuant
      to
      a written opinion letter to such effect, addressed and acceptable to the
      Company's transfer agent and the affected Holders (the "Effectiveness Period").
      By 5:00 p.m. (New York City time) on the Business Day immediately following
      the
      Effective Date of such Registration Statement, the Company shall file with
      the
      Commission in accordance with Rule 424 under the Securities Act the final
      prospectus to be used in connection with sales pursuant to such Registration
      Statement (whether or not such filing is technically required under such
      Rule).

     

    (b)  Promptly
      following any date on which the Company becomes eligible to use a registration
      statement on Form S-3 to register Registrable Securities for resale, the Company
      shall file a Registration Statement on Form S-3 covering all such Registrable
      Securities (or a post-effective amendment on Form S-3 to the then effective
      Registration Statement) and shall cause such Registration Statement to be filed
      by the Filing Date for such Registration Statement and declared effective under
      the Securities Act as soon as possible thereafter, but in any event prior to
      the
      Effectiveness Date therefor. Such Registration Statement shall contain (except
      if otherwise required pursuant to written comments received from the Commission
      upon a review of such Registration Statement) the "Plan of Distribution"
      attached hereto as Annex
      A.
      The
      Company shall use its reasonable best efforts to keep such Registration
      Statement continuously effective under the Securities Act during the entire
      Effectiveness Period. By 5:00 p.m. (New York City time) on the Business Day
      immediately following the Effective Date of such Registration Statement, the
      Company shall file with the Commission in accordance with Rule 424 under the
      Securities Act the final prospectus to be used in connection with sales pursuant
      to such Registration Statement (whether or not such filing is technically
      required under such Rule).

     

    (c)  On
      or
      prior to the applicable Filing Date, the Company shall prepare and file with
      the
      Commission a Registration Statement covering the resale of the 2007 Make Good
      Shares on Form SB-2 or Form S-3 if the Company is then eligible to utilize
      such
      Form (or on such other form appropriate for such purpose) and shall cause such
      Registration Statement to be filed by the Filing Date for such Registration
      Statement and declared effective under the Securities Act as soon as possible
      thereafter, but in any event prior to the Effectiveness Date therefor. Such
      Registration Statement shall contain (except if otherwise required pursuant
      to
      written comments received from the Commission upon a review of such Registration
      Statement) the "Plan of Distribution" attached hereto as Annex
      A.
      The
      Company shall use its reasonable best efforts to keep such Registration
      Statement continuously effective under the Securities Act during the entire
      Effectiveness Period which is applicable to it. By 5:00 p.m. (New York City
      time) on the Business Day immediately following the Effective Date of such
      Registration Statement, the Company shall file with the Commission in accordance
      with Rule 424 under the Securities Act the final prospectus to be used in
      connection with sales pursuant to such Registration Statement (whether or not
      such filing is technically required under such Rule).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (d)  On
      or
      prior to the applicable Filing Date, the Company shall prepare and file with
      the
      Commission a Registration Statement covering the resale of the 2008 Make Good
      Shares on Form SB-2 or Form S-3 if the Company is then eligible to utilize
      such
      Form (or on such other form appropriate for such purpose) and shall cause such
      Registration Statement to be filed by the Filing Date for such Registration
      Statement and declared effective under the Securities Act as soon as possible
      thereafter, but in any event prior to the Effectiveness Date therefor. Such
      Registration Statement shall contain (except if otherwise required pursuant
      to
      written comments received from the Commission upon a review of such Registration
      Statement) the "Plan of Distribution" attached hereto as Annex
      A.
      The
      Company shall use its reasonable best efforts to keep such Registration
      Statement continuously effective under the Securities Act during the entire
      Effectiveness Period which is applicable to it. By 5:00 p.m. (New York City
      time) on the Business Day immediately following the Effective Date of such
      Registration Statement, the Company shall file with the Commission in accordance
      with Rule 424 under the Securities Act the final prospectus to be used in
      connection with sales pursuant to such Registration Statement (whether or not
      such filing is technically required under such Rule).

     

    (e)  If:
      (i) a
      Registration Statement is not filed on or prior to its Filing Date covering
      all
      of the Registrable Securities required under this Agreement to be included
      therein (if the Company files a Registration Statement without affording the
      Holders the opportunity to review and comment on the same as required by Section
      3(a) hereof, the Company shall not be deemed to have satisfied this clause
      (i)),
      or (ii) a Registration Statement is not declared effective by the Commission
      on
      or prior to its required Effectiveness Date or if by the Business Day
      immediately following the Effective Date the Company shall not have filed a
      “final” prospectus for the Registration Statement with the Commission under Rule
      424(b) (whether or not such a prospectus is technically required by such Rule),
      or (iii) after its Effective Date, without regard for the reason thereunder
      or
      efforts therefore, such Registration Statement ceases for any reason to be
      effective and available to the Holders as to all Registrable Securities to
      which
      it is required to cover at any time prior to the expiration of its Effectiveness
      Period for more than an aggregate of 45 Trading Days (which need not be
      consecutive) (any such failure or breach being referred to as an "Event," and
      for purposes of clauses (i) or (ii) the date on which such Event occurs, or
      for
      purposes of clause (iii) the date which such 45 Trading Day-period is exceeded,
      being referred to as "Event Date"), then in addition to any other rights the
      Holders may have hereunder or under applicable law: on each such Event Date,
      and
      on each monthly anniversary of each such Event Date (if the applicable Event
      shall not have been cured by such date) until the applicable Event is cured,
      the
      Company shall pay to each Holder an amount in cash, as partial liquidated
      damages and not as a penalty, equal to 1.0% of the aggregate Investment Amount
      paid by such Holder for Shares pursuant to the Purchase Agreement; provided,
      however,
      that
      the total amount of partial liquidated damages payable by the Company pursuant
      to all Events under this Section shall be capped at an aggregate of 8% of the
      aggregate Investment Amount paid by the Investors under the Purchase Agreement.
      The partial liquidated damages pursuant to the terms hereof shall apply on
      a
      daily pro-rata basis for any portion of a month prior to the cure of an Event,
      except in the case of the first Event Date. In no event will the Company be
      liable for liquidated damages under this Agreement in excess of 1.0% of the
      aggregate Investment Amount of the Investors in any 30-day period. The Company
      will not be liable for liquidated damages under this Agreement with respect
      to
      any Placement Agent Warrants or any shares of Common Stock issuable upon
      exercise of the Placement Agent Warrants.

      

    (f)  Each
      Holder agrees to furnish to the Company a completed Questionnaire in the form
      attached to this Agreement as Annex
      B
      (a
“Selling Holder Questionnaire”). The Company shall not be required to include
      the Registrable Securities of a Holder in a Registration Statement and shall
      not
      be required to pay any liquidated or other damages under Section 2(e) to any
      Holder who fails to furnish to the Company a fully completed Selling Holder
      Questionnaire at least two Trading Days prior to the Filing Date (subject to
      the
      requirements set forth in Section 3(a)).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.    Registration
      Procedures.

     

    In
      connection with the Company's registration obligations hereunder, the Company
      shall:

     

    (a)  Unless
      waived by a Holder, not less than four Trading Days prior to the filing of
      a
      Registration Statement or any related Prospectus or any amendment or supplement
      thereto, the Company shall furnish to such Holder copies of the “Selling
      Stockholders” section of such document, the “Plan of Distribution” and any risk
      factor contained in such document that addresses specifically this transaction
      or the Selling Stockholders, as proposed to be filed which documents will be
      subject to the review of such Holder. Such documents may be delivered to such
      Holder via electronic mail (i.e., Email). The Company shall not file a
      Registration Statement, any Prospectus or any amendments or supplements thereto
      in which the “Selling Stockholder” section thereof differs from the disclosure
      received from a Holder in its Selling Holder Questionnaire (as amended or
      supplemented).

     

    (b)  (i)
      Prepare and file with the Commission such amendments, including post-effective
      amendments, to each Registration Statement and the Prospectus used in connection
      therewith as may be necessary to keep such Registration Statement continuously
      effective as to the applicable Registrable Securities for its Effectiveness
      Period and prepare and file with the Commission such additional Registration
      Statements in order to register for resale under the Securities Act all of
      the
      Registrable Securities; (ii) cause the related Prospectus to be amended or
      supplemented by any required Prospectus supplement, and as so supplemented
      or
      amended to be filed pursuant to Rule 424; (iii) respond as promptly as
      reasonably possible to any comments received from the Commission with respect
      to
      each Registration Statement or any amendment thereto and, as promptly as
      reasonably possible provide the Holders true and complete copies of all
      correspondence from and to the Commission relating to such Registration
      Statement that would not result in the disclosure to the Holders of material
      and
      non-public information concerning the Company; and (iv) comply in all material
      respects with the provisions of the Securities Act and the Exchange Act with
      respect to the Registration Statements and the disposition of all Registrable
      Securities covered by each Registration Statement.

     

    (c)  Notify
      the Holders as promptly as reasonably possible (and, in the case of (i)(A)
      below, not less than three Trading Days prior to such filing and, in the case
      of
      (v) below, not less than three Trading Days prior to the financial statements
      in
      any Registration Statement becoming ineligible for inclusion therein) and (if
      requested by any such Person) confirm such notice in writing no later than
      one
      Trading Day following the day (i)(A) when a Prospectus or any Prospectus
      supplement or post-effective amendment to a Registration Statement is proposed
      to be filed; (B) when the Commission notifies the Company whether there will
      be
      a "review" of such Registration Statement and whenever the Commission comments
      in writing on such Registration Statement (the Company shall provide true and
      complete copies thereof and all written responses thereto to each of the Holders
      that pertain to the Holders as a Selling Stockholder or to the Plan of
      Distribution, but not information which the Company believes would constitute
      material and non-public information); and (C) with respect to each Registration
      Statement or any post-effective amendment, when the same has become effective;
      (ii) of any request by the Commission or any other Federal or state governmental
      authority for amendments or supplements to a Registration Statement or
      Prospectus or for additional information; (iii) of the issuance by the
      Commission of any stop order suspending the effectiveness of a Registration
      Statement covering any or all of the Registrable Securities or the initiation
      of
      any Proceedings for that purpose; (iv) of the receipt by the Company of any
      notification with respect to the suspension of the qualification or exemption
      from qualification of any of the Registrable Securities for sale in any
      jurisdiction, or the initiation or threatening of any Proceeding for such
      purpose; and (v) of the occurrence of any event or passage of time that makes
      the financial statements included in a Registration Statement ineligible for
      inclusion therein or any statement made in such Registration Statement or
      Prospectus or any document incorporated or deemed to be incorporated therein
      by
      reference untrue in any material respect or that requires any revisions to
      such
      Registration Statement, Prospectus or other documents so that, in the case
      of
      such Registration Statement or the Prospectus, as the case may be, it will
      not
      contain any untrue statement of a material fact or omit to state any material
      fact required to be stated therein or necessary to make the statements therein,
      in light of the circumstances under which they were made, not
      misleading.

     

    (d)  Use
      its
      reasonable best efforts to avoid the issuance of, or, if issued, obtain the
      withdrawal of (i) any order suspending the effectiveness of a Registration
      Statement, or (ii) any suspension of the qualification (or exemption from
      qualification) of any of the Registrable Securities for sale in any
      jurisdiction, at the earliest practicable moment.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (e)  Furnish
      to each Holder, without charge and at the option of the Company in electronic
      format, at least one conformed copy of each Registration Statement and each
      amendment thereto and all exhibits to the extent requested by such Person
      (including those previously furnished) promptly after the filing of such
      documents with the Commission.

     

    (f)  Promptly
      deliver to each Holder, without charge, as many copies of each Prospectus or
      Prospectuses (including each form of prospectus) and each amendment or
      supplement thereto as such Persons may reasonably request. The Company hereby
      consents to the use of such Prospectus and each amendment or supplement thereto
      by each of the selling Holders in connection with the offering and sale of
      the
      Registrable Securities covered by such Prospectus and any amendment or
      supplement thereto.

     

    (g)  Prior
      to
      any public offering of Registrable Securities, register or qualify such
      Registrable Securities for offer and sale under the securities or Blue Sky
      laws
      of such jurisdictions within the United States as any Holder may request, to
      keep each such registration or qualification (or exemption therefrom) effective
      during the Effectiveness Period and to do any and all other acts or things
      necessary or advisable to enable the disposition in such jurisdictions of the
      Registrable Securities covered by the Registration Statements; provided,
      however,
      in
      connection with any such registration or qualification, the Company shall not
      be
      required to (i) qualify to do business in any jurisdiction where the Company
      would not otherwise be required to qualify, (ii) subject itself to general
      taxation in any such jurisdiction, (iii) file a general consent to service
      of
      process in any jurisdiction, or (iv) make any change to the Company’s Articles
      of Incorporation or bylaws.

     

    (h)  Cooperate
      with the Holders to facilitate the timely preparation and delivery of
      certificates representing Registrable Securities to be delivered to a transferee
      pursuant to the Registration Statements, which certificates shall be free,
      to
      the extent permitted by the Purchase Agreement, of all restrictive legends,
      and
      to enable such Registrable Securities to be in such denominations and registered
      in such names as any such Holders may request.

     

    (i)  Upon
      the
      occurrence of any event contemplated by Section 3(c)(v), as promptly as
      reasonably possible, prepare a supplement or amendment, including a
      post-effective amendment, to the affected Registration Statements or a
      supplement to the related Prospectus or any document incorporated or deemed
      to
      be incorporated therein by reference, and file any other required document
      so
      that, as thereafter delivered, no Registration Statement nor any Prospectus
      will
      contain an untrue statement of a material fact or omit to state a material
      fact
      required to be stated therein or necessary to make the statements therein,
      in
      light of the circumstances under which they were made, not
      misleading.

     

    4.    Registration
      Expenses.
      All
      fees and expenses incident to the performance of or compliance with this
      Agreement by the Company shall be borne by the Company whether or not any
      Registrable Securities are sold pursuant to a Registration Statement. The fees
      and expenses referred to in the foregoing sentence shall include, without
      limitation, (i) all registration and filing fees (including, without limitation,
      fees and expenses (A) with respect to filings required to be made with any
      Trading Market on which the Common Stock is then listed for trading, and (B)
      in
      compliance with applicable state securities or Blue Sky laws), (ii) printing
      expenses (including, without limitation, expenses of printing certificates
      for
      Registrable Securities and of printing prospectuses if the printing of
      prospectuses is reasonably requested by the holders of a majority of the
      Registrable Securities included in the Registration Statement), (iii) messenger,
      telephone and delivery expenses, (iv) fees and disbursements of counsel for
      the
      Company, (v) Securities Act liability insurance, if the Company so desires
      such
      insurance, and (vi) fees and expenses of all other Persons retained by the
      Company in connection with the consummation of the transactions contemplated
      by
      this Agreement. In addition, the Company shall be responsible for all of its
      internal expenses incurred in connection with the consummation of the
      transactions contemplated by this Agreement (including, without limitation,
      all
      salaries and expenses of its officers and employees performing legal or
      accounting duties), the expense of any annual audit and the fees and expenses
      incurred in connection with the listing of the Registrable Securities on any
      securities exchange as required hereunder. In no event shall the Company be
      responsible for any broker or similar commissions incurred by any Holder or,
      except to the extent provided for in the Transaction Documents, any legal fees
      or other cost of the Holders in connection with this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5.    Indemnification.

     

    (a)  Indemnification
      by the Company.
      The
      Company shall, notwithstanding any termination of this Agreement, indemnify
      and
      hold harmless each Holder, the officers, directors, agents, investment advisors,
      partners, members and employees of each of them, each Person who controls any
      such Holder (within the meaning of Section 15 of the Securities Act or Section
      20 of the Exchange Act) and the officers, directors, agents and employees of
      each such controlling Person, to the fullest extent permitted by applicable
      law,
      from and against any and all losses, claims, damages, liabilities, costs
      (including, without limitation, reasonable costs of preparation that lead to
      an
      allegation of indemnity hereunder and reasonable attorneys' fees) and expenses
      (collectively, "Losses"), as incurred, arising out of or relating to any untrue
      or alleged untrue statement of a material fact contained in any Registration
      Statement, any Prospectus or any form of prospectus or in any amendment or
      supplement thereto or in any preliminary prospectus, or arising out of or
      relating to any omission or alleged omission of a material fact required to
      be
      stated therein or necessary to make the statements therein (in the case of
      any
      Prospectus or form of prospectus or supplement thereto, in light of the
      circumstances under which they were made) not misleading, except to the extent,
      but only to the extent, that (1) such untrue statements or omissions are based
      solely upon information regarding such Holder furnished in writing to the
      Company by such Holder expressly for use therein, or to the extent that such
      information relates to such Holder or such Holder's proposed method of
      distribution of Registrable Securities and was reviewed and expressly approved
      in writing by such Holder expressly for use in the Registration Statement,
      such
      Prospectus or such form of Prospectus or in any amendment or supplement thereto
      (it being understood that the Holder has approved Annex A hereto for this
      purpose) or (2) in the case of an occurrence of an event of the type specified
      in Section 3(c)(ii)-(v), the use by such Holder of an outdated or defective
      Prospectus after the Company has notified such Holder in writing that the
      Prospectus is outdated or defective and prior to the receipt by such Holder
      of
      an Advice or an amended or supplemented Prospectus, but only if and to the
      extent that following the receipt of the Advice or the amended or supplemented
      Prospectus the misstatement or omission giving rise to such Loss would have
      been
      corrected. The Company shall notify the Holders promptly of the institution,
      threat or assertion of any Proceeding of which the Company is aware in
      connection with the transactions contemplated by this Agreement.

     

    (b)  Indemnification
      by Holders.
      Each
      Holder shall, severally and not jointly, indemnify and hold harmless the
      Company, its directors, officers, agents and employees, each Person who controls
      the Company (within the meaning of Section 15 of the Securities Act and Section
      20 of the Exchange Act), and the directors, officers, agents or employees of
      such controlling Persons, to the fullest extent permitted by applicable law,
      from and against all Losses, as incurred, arising solely out of or based solely
      upon: (x) such Holder's failure to comply with the prospectus delivery
      requirements of the Securities Act or (y) any untrue statement of a material
      fact contained in any Registration Statement, any Prospectus, or any form of
      prospectus, or in any amendment or supplement thereto, or arising solely out
      of
      or based solely upon any omission of a material fact required to be stated
      therein or necessary to make the statements therein not misleading to the
      extent, but only to the extent that, (1) such untrue statements or omissions
      are
      based solely upon information regarding such Holder furnished in writing to
      the
      Company by such Holder expressly for use therein, or to the extent that such
      information relates to such Holder or such Holder's proposed method of
      distribution of Registrable Securities and was reviewed and expressly approved
      in writing by such Holder expressly for use in the Registration Statement (it
      being understood that the Holder has approved Annex A hereto for this purpose),
      such Prospectus or such form of Prospectus or in any amendment or supplement
      thereto or (2) in the case of an occurrence of an event of the type specified
      in
      Section 3(c)(ii)-(v), the use by such Holder of an outdated or defective
      Prospectus after the Company has notified such Holder in writing that the
      Prospectus is outdated or defective and prior to the receipt by such Holder
      of
      an Advice or an amended or supplemented Prospectus, but only if and to the
      extent that following the receipt of the Advice or the amended or supplemented
      Prospectus the misstatement or omission giving rise to such Loss would have
      been
      corrected. In no event shall the liability of any selling Holder hereunder
      be
      greater in amount than the dollar amount of the net proceeds received by such
      Holder upon the sale of the Registrable Securities giving rise to such
      indemnification obligation.

      

    (c)  Conduct
      of Indemnification Proceedings.
      If any
      Proceeding shall be brought or asserted against any Person entitled to indemnity
      hereunder (an "Indemnified Party"), such Indemnified Party shall promptly notify
      the Person from whom indemnity is sought (the "Indemnifying Party") in writing,
      and the Indemnifying Party shall assume the defense thereof, including the
      employment of counsel reasonably satisfactory to the Indemnified Party and
      the
      payment of all fees and expenses incurred in connection with defense thereof;
      provided, that the failure of any Indemnified Party to give such notice shall
      not relieve the Indemnifying Party of its obligations or liabilities pursuant
      to
      this Agreement, except (and only) to the extent that it shall be finally
      determined by a court of competent jurisdiction (which determination is not
      subject to appeal or further review) that such failure shall have proximately
      and materially adversely prejudiced the Indemnifying Party.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    An
      Indemnified Party shall have the right to employ separate counsel in any such
      Proceeding and to participate in the defense thereof, but the fees and expenses
      of such counsel shall be at the expense of such Indemnified Party or Parties
      unless: (1) the Indemnifying Party has agreed in writing to pay such fees and
      expenses; (2) the Indemnifying Party shall have failed promptly to assume the
      defense of such Proceeding and to employ counsel reasonably satisfactory to
      such
      Indemnified Party in any such Proceeding; or (3) the named parties to any such
      Proceeding (including any impleaded parties) include both such Indemnified
      Party
      and the Indemnifying Party, and such Indemnified Party shall have been advised
      by counsel that a conflict of interest is likely to exist if the same counsel
      were to represent such Indemnified Party and the Indemnifying Party (in which
      case, if such Indemnified Party notifies the Indemnifying Party in writing
      that
      it elects to employ separate counsel at the expense of the Indemnifying Party,
      the Indemnifying Party shall not have the right to assume the defense thereof
      and such counsel shall be at the expense of the Indemnifying Party); provided
      that, the Indemnifying Party shall pay for no more than two separate sets of
      counsel for all Indemnified Parties and such legal counsel shall be selected
      by
      Holders of no less than a majority in interest of the then outstanding
      Registrable Securities. The Indemnifying Party shall not be liable for any
      settlement of any such Proceeding effected without its written consent, which
      consent shall not be unreasonably withheld. No Indemnifying Party shall, without
      the prior written consent of the Indemnified Party, effect any settlement of
      any
      pending Proceeding in respect of which any Indemnified Party is a party, unless
      such settlement includes an unconditional release of such Indemnified Party
      from
      all liability on claims that are the subject matter of such
      Proceeding.

      

    All
      reasonable fees and expenses of the Indemnified Party (including reasonable
      fees
      and expenses to the extent incurred in connection with investigating or
      preparing to defend such Proceeding (but as to this parenthetical, only if
      there
      is a settlement in connection with such Proceeding or in the absence of any
      such
      settlement the Indemnified Party prevails) in a manner not inconsistent with
      this Section) shall be paid to the Indemnified Party, as incurred, within ten
      Trading Days of written notice thereof to the Indemnifying Party (regardless
      of
      whether it is ultimately determined that an Indemnified Party is not entitled
      to
      indemnification hereunder; provided, that the Indemnifying Party may require
      such Indemnified Party to undertake to reimburse all such fees and expenses
      to
      the extent it is finally judicially determined that such Indemnified Party
      is
      not entitled to indemnification hereunder).

     

    (d)  Contribution.
      If a
      claim for indemnification under Section 5(a) or 5(b) is unavailable to an
      Indemnified Party (by reason of public policy or otherwise), then each
      Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
      contribute to the amount paid or payable by such Indemnified Party as a result
      of such Losses (unless such Losses arose due to the gross negligence, fraud
      or
      willful misconduct of the Indemnified Party), in such proportion as is
      appropriate to reflect the relative fault of the Indemnifying Party and
      Indemnified Party in connection with the actions, statements or omissions that
      resulted in such Losses as well as any other relevant equitable considerations.
      The relative fault of such Indemnifying Party and Indemnified Party shall be
      determined by reference to, among other things, whether any action in question,
      including any untrue or alleged untrue statement of a material fact or omission
      or alleged omission of a material fact, has been taken or made by, or relates
      to
      information supplied by, such Indemnifying Party or Indemnified Party, and
      the
      parties' relative intent, knowledge, access to information and opportunity
      to
      correct or prevent such action, statement or omission. The amount paid or
      payable by a party as a result of any Losses shall be deemed to include, subject
      to the limitations set forth in Section 5(c), any reasonable attorneys' or
      other
      reasonable fees or expenses incurred by such party in connection with any
      Proceeding to the extent such party would have been indemnified for such fees
      or
      expenses if the indemnification provided for in this Section was available
      to
      such party in accordance with its terms.

     

    The
      parties hereto agree that it would not be just and equitable if contribution
      pursuant to this Section 5(d) were determined by pro rata allocation or by
      any
      other method of allocation that does not take into account the equitable
      considerations referred to in the immediately preceding paragraph.
      Notwithstanding the provisions of this Section 5(d), no Holder shall be required
      to contribute, in the aggregate, any amount in excess of the amount by which
      the
      proceeds actually received by such Holder from the sale of the Registrable
      Securities subject to the Proceeding exceeds the amount of any damages that
      such
      Holder has otherwise been required to pay by reason of such untrue or alleged
      untrue statement or omission or alleged omission, except in the case of fraud
      by
      such Holder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
      indemnity and contribution agreements contained in this Section are in addition
      to any liability that the Indemnifying Parties may have to the Indemnified
      Parties.

     

    6.    Miscellaneous.

     

    (a)  Remedies.
      In the
      event of a breach by the Company or by a Holder, of any of their obligations
      under this Agreement, each Holder or the Company, as the case may be, in
      addition to being entitled to exercise all rights granted by law and under
      this
      Agreement, including recovery of damages, will be entitled to specific
      performance of its rights under this Agreement. The Company and each Holder
      agree that monetary damages would not provide adequate compensation for any
      losses incurred by reason of a breach by it of any of the provisions of this
      Agreement and hereby further agrees that, in the event of any action for
      specific performance in respect of such breach, it shall waive the defense
      that
      a remedy at law would be adequate.

     

    (b)  No
      Piggyback on Registrations.
      Except
      as and to the extent specified in Schedule
      3.1(t)
      to the
      Purchase Agreement, neither the Company nor any of its security holders (other
      than the Holders in such capacity pursuant hereto) may include securities of
      the
      Company in a Registration Statement other than the Registrable Securities,
      and
      the Company shall not during the Effectiveness Period enter into any agreement
      providing any such right to any of its security holders.

     

    (c)  Compliance.
      Each
      Holder covenants and agrees that it will comply with the prospectus delivery
      requirements of the Securities Act as applicable to it in connection with sales
      of Registrable Securities pursuant to the Registration Statement.

     

    (d)  Discontinued
      Disposition.
      Each
      Holder agrees by its acquisition of such Registrable Securities that, upon
      receipt of a notice from the Company of the occurrence of any event of the
      kind
      described in Section 3(c), such Holder will forthwith discontinue disposition
      of
      such Registrable Securities under the Registration Statement until such Holder's
      receipt of the copies of the supplemented Prospectus and/or amended Registration
      Statement or until it is advised in writing (the "Advice") by the Company that
      the use of the applicable Prospectus may be resumed, and, in either case, has
      received copies of any additional or supplemental filings that are incorporated
      or deemed to be incorporated by reference in such Prospectus or Registration
      Statement. The Company may provide appropriate stop orders to enforce the
      provisions of this paragraph.

     

    (e)  Piggy-Back
      Registrations.
      If at
      any time during the Effectiveness Period there is not an effective Registration
      Statement covering all of the Registrable Securities and the Company shall
      determine to prepare and file with the Commission a registration statement
      relating to an offering for its own account or the account of others under
      the
      Securities Act of any of its equity securities, other than on Form S-4 or Form
      S-8 (each as promulgated under the Securities Act) or their then equivalents
      relating to equity securities to be issued solely in connection with any
      acquisition of any entity or business or equity securities issuable in
      connection with stock option or other employee benefit plans, then the Company
      shall send to each Holder written notice of such determination and, if within
      fifteen days after receipt of such notice, any such Holder shall so request
      in
      writing, the Company shall include in such registration statement all or any
      part of such Registrable Securities such holder requests to be registered,
      subject to customary underwriter cutbacks applicable to all holders of
      registration rights.

     

    (f)  Amendments
      and Waivers.
      The
      provisions of this Agreement, including the provisions of this Section 6(f),
      may
      not be amended, modified or supplemented, and waivers or consents to departures
      from the provisions hereof may not be given, unless the same shall be in writing
      and signed by the Company and the Holders of no less than a majority in interest
      of the then outstanding Registrable Securities. Notwithstanding the foregoing,
      a
      waiver or consent to depart from the provisions hereof with respect to a matter
      that relates exclusively to the rights of certain Holders and that does not
      directly or indirectly affect the rights of other Holders may be given by
      Holders of at least a majority of the Registrable Securities to which such
      waiver or consent relates.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (g)  Notices.
      Any and
      all notices or other communications or deliveries required or permitted to
      be
      provided hereunder shall be in writing and shall be deemed given and effective
      on the earliest of (a) the date of transmission, if such notice or communication
      is delivered via (i) facsimile (provided the sender receives a machine-generated
      confirmation of successful transmission) at the facsimile number specified
      in
      this Section or (ii) electronic mail (i.e., Email) prior to 6:30 p.m. (New
      York
      City time) on a Trading Day, (b) the next Trading Day after the date of
      transmission, if such notice or communication is delivered via (i) facsimile
      at
      the facsimile number specified in this Section or (ii) electronic mail (i.e.,
      Email) on a day that is not a Trading Day or later than 6:30 p.m. (New York
      City
      time) on any Trading Day, (c) the Trading Day following the date of mailing,
      if
      sent by U.S. nationally recognized overnight courier service, or (d) upon actual
      receipt by the party to whom such notice is required to be given. The address
      for such notices and communications shall be as follows:

     

    
      	
               

            	
              If
                to the Company:

            	
              Asian
                Financial, Inc.

              No.
                3 Jinyuan Road

              Daxing
                District Industrial Development Zone

              Beijing,
                China 102600

              Facsimile:
                861060216825

              Email:
                fionaicey@vip.sina.com

              Attn.:
                Fiona Feng

            
	
               

            	
               

            	
               

            
	
               

            	
              With
                a copy to:

            	
              Heller
                Ehrman LLP

              35th
                Floor

              One
                Exchange Square

              8
                Connaught Place 

              Central

              Hong
                Kong

              Facsimile:
                852 2292-2200

              Email:
                Simon.Luk@hellerehrman.com

              Attn.:
                Simon Luk

            
	
               

            	
               

            	
               

            
	
               

            	
              If
                to an Investor:

            	
              To
                the address set forth under such Investor's name on the signature
                pages
                hereto.

            

    

     

    If
      to any
      other Person who is then the registered Holder:

     

    To
      the
      address of such Holder as it appears in the stock transfer books of the
      Company

     

    or
      such
      other address as may be designated in writing hereafter, in the same manner,
      by
      such Person.

     

    (h)  Successors
      and Assigns.
      This
      Agreement shall inure to the benefit of and be binding upon the successors
      and
      permitted assigns of each of the parties and shall inure to the benefit of
      each
      Holder. The Company may not assign its rights or obligations hereunder without
      the prior written consent of each Holder. Each Holder may assign their
      respective rights hereunder in the manner and to the Persons as permitted under
      the Purchase Agreement.

     

    (i)  Execution
      and Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which when
      so
      executed shall be deemed to be an original and, all of which taken together
      shall constitute one and the same Agreement. In the event that any signature
      is
      delivered by facsimile transmission, such signature shall create a valid binding
      obligation of the party executing (or on whose behalf such signature is
      executed) the same with the same force and effect as if such facsimile signature
      were the original thereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (j)  Governing
      Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by and construed and enforced in accordance
      with the internal laws of the State of New York, without regard to the
      principles of conflicts of law thereof. Each party agrees that all Proceedings
      concerning the interpretations, enforcement and defense of the transactions
      contemplated by this Agreement (whether brought against a party hereto or its
      respective Affiliates, employees or agents) will be commenced in the New York
      Courts. Each party hereto hereby irrevocably submits to the exclusive
      jurisdiction of the New York Courts for the adjudication of any dispute
      hereunder or in connection herewith or with any transaction contemplated hereby
      or discussed herein, and hereby irrevocably waives, and agrees not to assert
      in
      any Proceeding, any claim that it is not personally subject to the jurisdiction
      of any New York Court, or that such Proceeding has been commenced in an improper
      or inconvenient forum. Each party hereto hereby irrevocably waives personal
      service of process and consents to process being served in any such Proceeding
      by mailing a copy thereof via registered or certified mail or overnight delivery
      (with evidence of delivery) to such party at the address in effect for notices
      to it under this Agreement and agrees that such service shall constitute good
      and sufficient service of process and notice thereof. Nothing contained herein
      shall be deemed to limit in any way any right to serve process in any manner
      permitted by law. Each party hereto hereby irrevocably waives, to the fullest
      extent permitted by applicable law, any and all right to trial by jury in any
      Proceeding arising out of or relating to this Agreement or the transactions
      contemplated hereby. If either party shall commence a Proceeding to enforce
      any
      provisions of this Agreement, then the prevailing party in such Proceeding
      shall
      be reimbursed by the other party for its attorney’s fees and other costs and
      expenses incurred with the investigation, preparation and prosecution of such
      Proceeding.

     

    (k)  Cumulative
      Remedies.
      The
      remedies provided herein are cumulative and not exclusive of any remedies
      provided by law.

     

    (l)  Severability.
      If any
      term, provision, covenant or restriction of this Agreement is held by a court
      of
      competent jurisdiction to be invalid, illegal, void or unenforceable, the
      remainder of the terms, provisions, covenants and restrictions set forth herein
      shall remain in full force and effect and shall in no way be affected, impaired
      or invalidated, and the parties hereto shall use their reasonable efforts to
      find and employ an alternative means to achieve the same or substantially the
      same result as that contemplated by such term, provision, covenant or
      restriction. It is hereby stipulated and declared to be the intention of the
      parties that they would have executed the remaining terms, provisions, covenants
      and restrictions without including any of such that may be hereafter declared
      invalid, illegal, void or unenforceable.

     

    (m)  Headings.
      The
      headings in this Agreement are for convenience of reference only and shall
      not
      limit or otherwise affect the meaning hereof.

     

    (n)  Independent
      Nature of Investors' Obligations and Rights.
      The
      obligations of each Investor under this Agreement are several and not joint
      with
      the obligations of each other Investor, and no Investor shall be responsible
      in
      any way for the performance of the obligations of any other Investor under
      this
      Agreement. Nothing contained herein or in any Transaction Document, and no
      action taken by any Investor pursuant thereto, shall be deemed to constitute
      the
      Investors as a partnership, an association, a joint venture or any other kind
      of
      entity, or create a presumption that the Investors are in any way acting in
      concert or as a group with respect to such obligations or the transactions
      contemplated by this Agreement or any other Transaction Document. Each Investor
      acknowledges that no other Investor will be acting as agent of such Investor
      in
      enforcing its rights under this Agreement. Each Investor shall be entitled
      to
      independently protect and enforce its rights, including without limitation
      the
      rights arising out of this Agreement, and it shall not be necessary for any
      other Investor to be joined as an additional party in any Proceeding for such
      purpose. The Company acknowledges that each of the Investors has been provided
      with the same Registration Rights Agreement for the purpose of closing a
      transaction with multiple Investors and not because it was required or requested
      to do so by any Investor.

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK

    SIGNATURE
      PAGES TO FOLLOW]

     

     IN
      WITNESS WHEREOF, the parties have executed this Registration Rights Agreement
      as
      of the date first written above.

     

    
      	
              ASIAN
                FINANCIAL, INC.

            
	
               
                 

            	
               
                 

            
	
              By:  

            	
               

            
	 	
              Name:
                Wenhua Guo

            
	 	
              Title:
                Chief Executive Officer

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK

    SIGNATURE
      PAGES OF INVESTORS TO FOLLOW]

     

    
      

    

     

    IN
      WITNESS WHEREOF, the parties have executed this Registration Rights Agreement
      as
      of the date first written above.

     

    
      	
              NAME
                OF INVESTING ENTITY

            
	
              ___________________________________

            
	
               

            
	
              By:    
                ____________________________________

            
	
              Name:

              Title:

            
	
               

            
	
              ADDRESS
                FOR NOTICE

            
	
               

            
	
              c/o:
                _____________________________________

            
	
               

            
	
              Street:
                _______________________________

            
	
               

            
	
              City/State/Zip:
                _____________________________

            
	
               

            
	
              Attention:
                _________________________________

            
	
               

            
	
              Tel:
                ______________________________________

            
	
               

            
	
              Fax:
                ______________________________________

            
	
               

            
	
              Email:
                _____________________________________

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Annex
      A

     

    PLAN
      OF DISTRIBUTION

     

    The
      Selling Stockholders and any of their pledgees, donees, transferees, assignees
      and successors-in-interest may, from time to time, sell any or all of their
      shares of Common Stock on any stock exchange, market or trading facility on
      which the shares are traded or in private transactions. These sales may be
      at
      fixed or negotiated prices. The Selling Stockholders may use any one or more
      of
      the following methods when selling shares:

     

    
      	
              
                ·

              

            	
              ordinary
                brokerage transactions and transactions in which the broker-dealer
                solicits Investors;

            

    

     

    
      	
              
                
                  ·

                

              

            	
              block
                trades in which the broker-dealer will attempt to sell the shares
                as agent
                but may position and resell a portion of the block as principal to
                facilitate the transaction;

            

    

     

    
      	
              
                
                  ·

                

              

            	
              purchases
                by a broker-dealer as principal and resale by the broker-dealer for
                its
                account;

            

    

     

    
      	
              
                
                  ·

                

              

            	
              an
                exchange distribution in accordance with the rules of the applicable
                exchange;

            

    

     

    
      	
              
                
                  ·

                

              

            	
              privately
                negotiated transactions;

            

    

     

    
      	
              
                
                  ·

                

              

            	
              to
                cover short sales made after the date that this Registration Statement
                is
                declared effective by the Commission;

            

    

     

    
      	
              
                
                  ·

                

              

            	
              broker-dealers
                may agree with the Selling Stockholders to sell a specified number
                of such
                shares at a stipulated price per
                share;

            

    

     

    
      	
              
                
                  ·

                

              

            	
              a
                combination of any such methods of sale;
                and

            

    

     

    
      	
              
                
                  ·

                

              

            	
              any
                other method permitted pursuant to applicable
                law.

            

    

     

    The
      Selling Stockholders may also sell shares under Rule 144 under the Securities
      Act, if available, rather than under this prospectus.

     

    Broker-dealers
      engaged by the Selling Stockholders may arrange for other brokers-dealers to
      participate in sales. Broker-dealers may receive commissions or discounts from
      the Selling Stockholders (or, if any broker-dealer acts as agent for the
      purchaser of shares, from the purchaser) in amounts to be negotiated. The
      Selling Stockholders do not expect these commissions and discounts to exceed
      what is customary in the types of transactions involved.

     

    The
      Selling Stockholders may from time to time pledge or grant a security interest
      in some or all of the Shares owned by them and, if they default in the
      performance of their secured obligations, the pledgees or secured parties may
      offer and sell shares of Common Stock from time to time under this prospectus,
      or under an amendment to this prospectus under Rule 424(b)(3) or other
      applicable provision of the Securities Act of 1933 amending the list of selling
      stockholders to include the pledgee, transferee or other successors in interest
      as selling stockholders under this prospectus.

     

    Upon
      the
      Company being notified in writing by a Selling Stockholder that any material
      arrangement has been entered into with a broker-dealer for the sale of Common
      Stock through a block trade, special offering, exchange distribution or
      secondary distribution or a purchase by a broker or dealer, a supplement to
      this
      prospectus will be filed, if required, pursuant to Rule 424(b) under the
      Securities Act, disclosing (i) the name of each such Selling Stockholder and
      of
      the participating broker-dealer(s), (ii) the number of shares involved, (iii)
      the price at which such the shares of Common Stock were sold, (iv)the
      commissions paid or discounts or concessions allowed to such broker-dealer(s),
      where applicable, (v) that such broker-dealer(s) did not conduct any
      investigation to verify the information set out or incorporated by reference
      in
      this prospectus, and (vi) other facts material to the transaction. In addition,
      upon the Company being notified in writing by a Selling Stockholder that a
      donee
      or pledgee intends to sell more than 500 shares of Common Stock, a supplement
      to
      this prospectus will be filed if then required in accordance with applicable
      securities law.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
      Selling Stockholders also may transfer the shares of Common Stock in other
      circumstances, in which case the transferees, pledgees or other successors
      in
      interest will be the selling beneficial owners for purposes of this
      prospectus.

     

    The
      Selling Stockholders and any broker-dealers or agents that are involved in
      selling the shares may be deemed to be "underwriters" within the meaning of
      the
      Securities Act in connection with such sales. In such event, any commissions
      received by such broker-dealers or agents and any profit on the resale of the
      shares purchased by them may be deemed to be underwriting commissions or
      discounts under the Securities Act. Discounts, concessions, commissions and
      similar selling expenses, if any, that can be attributed to the sale of the
      securities will be paid by the Selling Stockholder and/or the purchasers. Each
      Selling Stockholder has represented and warranted to the Company that it
      acquired the securities subject to this registration statement in the ordinary
      course of such Selling Stockholder’s business and, at the time of its purchase
      of such securities such Selling Stockholder had no agreements or understandings,
      directly or indirectly, with any person to distribute any such securities.
      

     

    The
      Company has advised each Selling Stockholder that it may not use shares
      registered on this Registration Statement to cover short sales of Common Stock
      made prior to the date on which this Registration Statement shall have been
      declared effective by the Commission. If a Selling Stockholder uses this
      prospectus for any sale of the Common Stock, it will be subject to the
      prospectus delivery requirements of the Securities Act. The Selling Stockholders
      will be responsible to comply with the applicable provisions of the Securities
      Act and Exchange Act, and the rules and regulations thereunder promulgated,
      including, without limitation, Regulation M, as applicable to such Selling
      Stockholders in connection with resales of their respective shares under this
      Registration Statement.

     

    The
      Company is required to pay all fees and expenses incident to the registration
      of
      the shares, but the Company will not receive any proceeds from the sale of
      the
      Common Stock. The Company has agreed to indemnify the Selling Stockholders
      against certain losses, claims, damages and liabilities, including liabilities
      under the Securities Act. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Annex
      B

    

    SELLING
      SECURITYHOLDER NOTICE AND QUESTIONNAIRE

    

    OF
      

    

    ASIAN
      FINANCIAL, INC.

     

    The
      undersigned beneficial owner of common stock (the “Common Stock”), of Asian
      Financial, Inc., a Wyoming corporation (the “Company”) understands that the
      Company has filed or intends to file with the Securities and Exchange Commission
      (the “Commission”) a Registration Statement for the registration and resale of
      the Registrable Securities, in accordance with the terms of the Registration
      Rights Agreement, dated as of October __, 2006 (the “Registration Rights
      Agreement”), among the Company and the Investors named therein. A copy of the
      Registration Rights Agreement is available from the Company upon request at
      the
      address set forth below. All capitalized terms used and not otherwise defined
      herein shall have the meanings ascribed thereto in the Registration Rights
      Agreement.

     

    The
      undersigned hereby provides the following information to the Company and
      represents and warrants that such information is accurate:

     

    QUESTIONNAIRE

     

    
      	
              1.

            	
              Name.

            	
               

            

    

     

    
      	 	
              (a)

            	
              Full
                Legal Name of Selling
                Securityholder

            

    

    

    
      	
               

            	
               

            

    

    

    

    
      	
               

            	
              (b)

            	
              Full
                Legal Name of Registered Holder (if not the same as (a) above) through
                which Registrable Securities Listed in Item 3 below are
                held:

            

    

    

    
      	
               

            	
               

            

    

    

    
      	
                

            	
              (c)

            	
              Full
                Legal Name of Natural Control Person (which means a natural person
                who
                directly or indirectly alone or with others has power to vote or
                dispose
                of the securities covered by the
                questionnaire):

            

    

    
      

      
        	
                 

              	
                 

              

      

     

    2.
      Address for Notices to Selling Securityholder:

     

    
      	
              Fax:___________________________________________________________________________________________________________________

            
	
              Contact
                Person:________________________________________________________________________

            

    

     

    
      

    

     

    3.
      Beneficial Ownership of Registrable Securities:

     

    
      	
               

            	
               

            	
              Type
                and Principal Amount of Registrable Securities beneficially
                owned:

            
	 	 
	 	 
	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.
      Broker-Dealer Status:

     

    
      	
               

            	
              (a)

            	
              Are
                you a broker-dealer?

            

    

     

    Yes o No o

     

    
      	
               

            	
              Note:

            	
              If
                yes, the Commission’s staff has indicated that you should be identified as
                an underwriter in the Registration
                Statement.

            

    

     

    
      	
               

            	
              (b)

            	
              Are
                you an affiliate of a
                broker-dealer?

            

    

     

    Yes o No o

     

    
      	
               

            	
              (c)

            	
              If
                you are an affiliate of a broker-dealer, do you certify that you
                bought
                the Registrable Securities in the ordinary course of business, and
                at the
                time of the purchase of the Registrable Securities to be resold,
                you had
                no agreements or understandings, directly or indirectly, with any
                person
                to distribute the Registrable
                Securities?

            

    

     

    Yes o No o

     

    
      	
               

            	
              Note:

            	
              If
                no, the Commission’s staff has indicated that you should be identified as
                an underwriter in the Registration
                Statement.

            

    

     

    5.
      Beneficial Ownership of Other Securities of the Company Owned by the Selling
      Securityholder.

     

    Except
      as set forth below in this Item 5, the undersigned is not the beneficial or
      registered owner of any securities of the Company other than the Registrable
      Securities listed above in Item 3.

     

    
      	
               

            	
               

            	
              Type
                and Amount of Other Securities beneficially owned by the Selling
                Securityholder:

            

    

    
      	
            	 
	 	 
	 	 

      

        
          

        

      

    

     

    6.
      Relationships with the Company:

     

    
      Except
        as set forth below, neither the undersigned nor any of its affiliates, officers,
        directors or principal equity holders (owners of 5% of more of the equity
        securities of the undersigned) has held any position or office or has had
        any
        other material relationship with the Company (or its predecessors or affiliates)
        during the past three years.

       

      
        State
          any
          exceptions here:

         

        
          

        

        
        

      

    

    
      
 

    The
      undersigned agrees to promptly notify the Company of any inaccuracies or changes
      in the information provided herein that may occur subsequent to the date hereof
      and prior to the Effective Date for the Registration Statement.

     

    Certain
      legal consequences arise from being named as a Selling Securityholder in the
      Registration Statement and related prospectus. Accordingly, the undersigned
      is
      advised to consult their own securities law counsel regarding the consequence
      of
      being named or not being named as a Selling Securityholder in the Registration
      Statement and the related prospectus.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    By
      signing below, the undersigned consents to the disclosure of the information
      contained herein in its answers to Items 1 through 6 and the inclusion of such
      information in the Registration Statement and the related prospectus. The
      undersigned understands that such information will be relied upon by the Company
      in connection with the preparation or amendment of the Registration Statement
      and the related prospectus. The undersigned hereby elects to include the
      Registrable Securities owned by it and listed above in Item 3 (unless otherwise
      specified in Item 3) in the Registration Statement.

     

    IN
      WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice
      and Questionnaire to be executed and delivered either in person or by its duly
      authorized agent.

     

    
      	
              Dated:
                _________________________

            	
              Beneficial
                Owner: ____________________________________________

            
	
               

            	
               

            
	
               

            	
              By:
                ________________________________________________________

            
	
               

            	
              Name:

            
	
               

            	
              Title:

            

    

     

    PLEASE
      FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN
      THE ORIGINAL BY OVERNIGHT MAIL, TO:

    

    Heller
      Ehrman LLP

    35th
      Floor

    One
      Exchange Square 

    8
      Connaught Place 

    Central

    Hong
      Kong

    Facsimile:
      852 2292-2200

    Attn.:
      Simon Luk

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      D

     

    Investor
      Questionnaire

     

    (ALL
      INFORMATION WILL BE TREATED CONFIDENTIALLY)

    

    To:
      [Investor’s name and address] 

      

    This
      Investor Questionnaire (“Questionnaire”) must be completed by each potential
      investor in connection with the offer and sale of the shares of the common
      stock, par value $0.001 per share, (the “Common Stock”) of Asian Financial, Inc.
      (the “Shares”). The Shares are being offered and sold by Asian Financial, Inc.
      (the “Company”) without registration under the Securities Act of 1933, as
      amended (the “Act”), and the securities laws of certain states, in reliance on
      the exemptions contained in Section 4(2) of the Act and on Regulation D
      promulgated thereunder and in reliance on similar exemptions under applicable
      state laws. The Company must determine that a potential investor meets certain
      suitability requirements before offering or selling Shares to such investor.
      The
      purpose of this Questionnaire is to assure the Company that each investor will
      meet the applicable suitability requirements. The information supplied by you
      will be used in determining whether you meet such criteria, and reliance upon
      the private offering exemption from registration is based in part on the
      information herein supplied.

    

    This
      Questionnaire does not constitute an offer to sell or a solicitation of an
      offer
      to buy any security. Your answers will be kept strictly confidential. However,
      by signing this Questionnaire you will be authorizing the Company to provide
      a
      completed copy of this Questionnaire to such parties as the Company deems
      appropriate in order to ensure that the offer and sale of the Shares will not
      result in a violation of the Act or the securities laws of any state and that
      you otherwise satisfy the suitability standards applicable to purchasers of
      the
      Shares. All potential investors must answer all applicable questions and
      complete, date and sign this Questionnaire. Please print or type your responses
      and attach additional sheets of paper if necessary to complete your answers
      to
      any item.

    

    IMPORTANT:
      FAILURE TO COMPLETELY AND ACCURATELY ANSWER ALL OF THESE QUESTIONS WILL DELAY
      THE ISSUANCE OR REGISTRATION OF YOUR SHARES OR MAKE SUCH ISSUANCE OR
      REGISTRATION IMPOSSIBLE.

    

    A. BACKGROUND
      INFORMATION

    

    Name
      [EXACT NAME AS IT WILL APPEAR ON THE STOCK CERTIFICATE; IF MULTIPLE CERTIFICATES
      ARE TO BE PROVIDED, PLEASE
      SPECIFY]:_______________________________________________________________________________________________________

    

    Business

    Address:__________________________________________________________________________________________________________

                                                                                             
      (Number and Street)

     

    _________________________________________________________________________________________________________________________

    (City)                                                                                  (State)     (Zip
      Code)

    

    Telephone

    Number: (___) ____________________________________________________________________________________________________

    

    Residence

    Address:_________________________________________________________________________________________________________

                                                                                             (Number
      and Street)

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ________________________________________________________________________________________________________________________________

    (City)                                                                                
      (State)     (Zip Code)

     

    Telephone

    Number: (___)
      ____________________________________________________________________________________________________

    

     

    If
      an
      individual:

     

    Age:_________   
      Citizenship:_________  Where registered to
      vote:________________ 

    

    If
      a
      corporation, partnership, limited liability company, trust or other
      entity:

     

    Type
      of

    entity:______________________________________________________________________________

     

    State
      of
      formation:________________________    
     Date of formation:
      ___________________________

    

    Social
      Security or Taxpayer Identification
      No.____________________________________________________

    

    Send
      all
      correspondence to (check one): ____ Residence
      Address              
 ____ Business Address

    

    Email
      address of contact person: ___________________________

    

    Current
      ownership of securities of the Company:

     

    __________
      shares of common stock, par value $0.001 per share (the “Common Stock”) options
      to purchase

    __________
      shares of Common Stock.

    

    Please
      identify the number of shares that you or your organization will beneficially
      own immediately after Closing, identifying the Shares purchased by your or
      your
      organization pursuant to this Purchase Agreement and those shares purchased
      by
      your or your organization through other transactions:

    

    Shares
      purchased pursuant to this Purchase Agreement: _______________

     

    Shares
      purchased by your or your organization through other transactions:
      _______________

     

    Total:
      ________________

    

    BENEFICIAL
      OWNERSHIP INFORMATION: Please describe the beneficial ownership of the shares
      owned by you or your organization. If the Investor is a partnership, limited
      liability company or similar entity, please identify the individual
      or
individuals
      with
      ultimate voting and dispositive power over such shares, typically the investment
      manager or investment advisor with primary responsibility for this investment.
      This information is available from your compliance officer or general counsel.
      THE COMPANY WILL NOT BE ABLE TO REGISTER YOUR SHARES WITHOUT THIS IMPORTANT
      INFORMATION.

    

    Exception:
      This information need not be provided if the Investor is a publicly traded
      company. 

    ____________________________________________________________________________________________________________________________

    ____________________________________________________________________________________________________________________________

    ____________________________________________________________________________________________________________________________

    ____________________________________________________________________________________________________________________________

    ____________________________________________________________________________________________________________________________

    ____________________________________________________________________________________________________________________________

    ____________________________________________________________________________________________________________________________

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Have
      you
      or your organization had any position, office or other material relationship
      within the past three years with the Company or its affiliates? 

     

    
      	
              o Yes         o No

            
	
               

            
	
              If
                yes, please indicate the nature of any such relationships
                below:

            

    

    ____________________________________________________________________________________________________________________________

    ____________________________________________________________________________________________________________________________

    ____________________________________________________________________________________________________________________________

    ____________________________________________________________________________________________________________________________

    ____________________________________________________________________________________________________________________________

    ____________________________________________________________________________________________________________________________

    ____________________________________________________________________________________________________________________________

     

    

    B. STATUS
      AS ACCREDITED INVESTOR

    

    The
      undersigned is an “accredited investor” as such term is defined in Regulation D
      under the Act, as at the time of the sale of the Shares the undersigned falls
      within one or more of the following categories (Please
      initial one or more, as applicable):1

     

    ____ (1) a
      bank as defined in Section 3(a)(2) of the Act, or a savings and loan
      association or other institution as defined in Section 3(a)(5)(A) of the
      Act whether acting in its individual or fiduciary capacity; a broker or dealer
      registered pursuant to Section 15 of the Securities Exchange Act of 1934;
      an insurance company as defined in Section 2(13) of the Act; an investment
      company registered under the Investment Corporation Act of 1940 or a business
      development company as defined in Section 2(a)(48) of that Act; a Small
      Business Investment Corporation licensed by the U.S. Small Business
      Administration under Section 301(c) or (d) of the Small Business Investment
      Act of 1958; a plan established and maintained by a state, its political
      subdivisions, or any agency or instrumentality of a state or its political
      subdivisions for the benefit of its employees, if such plan has total assets
      in
      excess of $5,000,000; an employee benefit plan within the meaning of the
      Employee Retirement Income Security Act of 1974 if the investment decision
      is
      made by a plan fiduciary, as defined in Section 3(21) of such Act, which is
      either a bank, savings and loan association, insurance company, or registered
      investment adviser, or if the employee benefit plan has total assets in excess
      of $5,000,000 or, if a self-directed plan, with the investment decisions made
      solely by persons that are accredited investors;

    

    ____ (2) a
      private business development company as defined in Section 202(a)(22) of
      the Investment Adviser Act of 1940;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ____ (3) an
      organization described in Section 501(c)(3) of the Internal Revenue Code of
      1986, as amended, corporation, Massachusetts or similar business trust, or
      partnership, not formed for the specific purpose of acquiring the Shares
      offered, with total assets in excess of $5,000,000;

    

    ____ (4) a
      natural person whose individual net worth1 ,
      or joint net worth1 
      with that person’s spouse, at the time of such person’s purchase of the Shares
      exceeds $1,000,000;

    

    ____ (5) a
      natural person who had an individual income in excess of $200,000 in each of
      the
      two most recent years or joint income with that person’s spouse in excess of
      $300,000 in each of those years and has a reasonable expectation of reaching
      the
      same income level in the current year;

    

    ____ (6) a
      trust, with total assets in excess of $5,000,000, not formed for the specific
      purpose of acquiring the Shares offered, whose purchase is directed by a
      sophisticated person as described in Rule 506(b)(2)(ii) of Regulation D;
      and

    

    ____ (7) an
      entity in which all of the equity owners are accredited investors (as defined
      above).

    

    C. REPRESENTATIONS

    

    The
      undersigned hereby represents and warrants to the Company as
      follows:

    _______________

    1 As
      used in this Questionnaire, the term "net worth" means the excess of total
      assets over total liabilities. In computing net worth for the purpose of
      subsection (4), the principal residence of the investor must be valued at cost,
      including cost of improvements, or at recently appraised value by an
      institutional lender making a secured loan, net of encumbrances. In determining
      income, the investor should add to the investor's adjusted gross income any
      amounts attributable to tax exempt income received, losses claimed as a limited
      partner in any limited partnership, deductions claimed for deception,
      contributions to an IRA or KEOGH retirement plan, alimony payments, and any
      amount by which income from long-term capital gains has been reduced in arriving
      at adjusted gross income.

     

    
      	
              1.

            	
              Any
                purchase of the Shares would be as principal for the account of the
                undersigned and not for the account of any other person or with a
                view to
                any resale, fractionalization, division, or distribution
                thereof.

            

    

    

    
      	
              2.

            	
              The
                information contained herein is complete and accurate and may be
                relied
                upon by the Company, and the undersigned will notify the Company
                immediately of any material change in any of such information occurring
                prior to the closing, if any, with respect to the purchase of Shares
                by
                the undersigned.

            

    

    

    
      	
              3.

            	
              There
                are no suits, pending litigation, or claims against the undersigned
                that
                could materially affect the net worth of the undersigned as reported
                in
                this Questionnaire.

            

    

    

    
      	
              4.

            	
              The
                undersigned acknowledges that there may occasionally be times when
                the
                Company determines that it must suspend the use of the prospectus
                forming
                a part of the Registration Statement (as such terms are defined in
                the
                Securities Purchase Agreement to which this Questionnaire is attached),
                subject to the provisions in Section 2(c) of the Registration Rights
                Agreement, which is attached as Exhibit A to the Securities Purchase
                Agreement. The undersigned is aware that, in such event, the Shares
                will
                not be subject to ready liquidation, and that any Shares purchased
                by the
                undersigned would have to be held during such suspension. The overall
                commitment of the undersigned to investments which are not readily
                marketable is not excessive in view of the undersigned’s net worth and
                financial circumstances, and any purchase of the Shares will not
                cause
                such commitment to become excessive. The undersigned is able to bear
                the
                economic risk of an investment in the
                Shares.

            

    

    

    
      	
              5.

            	
              The
                undersigned has carefully considered the potential risks relating
                to the
                Company and a purchase of the Shares, and fully understands that
                the
                Shares are speculative investments which involve a high degree of
                risk of
                loss of the undersigned’s entire investment. Among others, the undersigned
                has carefully considered each of the risks identified in the Transaction
                Documents.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the undersigned has executed this Questionnaire this ____
      day
      of [________], 2006, and declares under oath that it is truthful and
      correct.

     

    
      	
               

            
	
               
                Print Name

            
	
               

            	
               

            
	
               By:

            	 

	
               
                Signature

            
	
               

            	
               

            
	
               Title:

            	 

	
              (required
                for any purchaser that is a corporation,
partnership, trust or other
                entity)

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