Document:

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                                                                    Exhibit 4.16

                 CONTRACT FOR LICENSE OF PROPRIETARY INFORMATION
                         OF THE SHENZHEN STOCK EXCHANGE

                                           Contract serial no.: SZ05SWJ12-01

                                           License no.: Shen Zheng Xu 05SWJ12-01

Party A: Shenzhen Securities Information Co., Ltd.

Office address: F/6, Building 10, Shangbu Industrial Area, Hong Li Road West,
Shenzhen

Postal code: 518028

Name in English: Shenzhen Securities Information Co., Ltd.

Party B: China Finance Online (Beijing) Co., Ltd.

Office address: F/6 Ping An Building, 23 Finance Street, Xicheng District,
Beijing

Postal code: 100032

Name in English:

                        Execution date: December 15, 2005

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WHEREAS,

Party A hereto is an entity solely authorized by the Shenzhen Stock Exchange to
provide and deal in the information of the Shenzhen Stock Exchange, enter into
the relevant contracts and agreements and charge the related expenses on behalf
of the Shenzhen Stock Exchange, carry out the management in connection with the
foregoing and protect the interests of the Shenzhen Stock Exchange against any
injury.

Party B hereto is a legitimate company or entity which is willing to use the
information of the Shenzhen Stock Exchange on a fee basis.

Both parties hereby enter into this license contract after mutual consultation.
For purpose of this Contract, Party A is the licensor and Party B is the
licensee.

ARTICLE ONE DEFINITIONS OF TERMS

1.1. "Contract" means this contract, all appendices of this contract and the
     written attachments agreed by both parties.

1.2. "Information/Proprietary Information" means the transaction information
     derived from the information on the trading edited and collected by the
     Shenzhen Stock Exchange and the related information. However, for purpose
     of this Contract, the "Information/Proprietary Information" refers to the
     real-time stock information of the Shenzhen Stock Exchange (hereinafter
     referred to as the "Stock Information"). The real-time stock information
     includes stock code, stock name, previous closing price, the latest
     purchase price, the highest price in a given trading day, the lowest price
     in a given trading day, total trading volume in a given trading day, total
     trading amount in a given trading day, the real-time five highest declared
     buying prices and the volume and the real-time five lowest declared selling
     prices and the volume.

1.3. "Permitted Usage" means the dealing in the Stock Information by Party B as
     set forth in Appendix 1.

1.4. "Scope of Distribution" means the territory scope within which Party B is
     permitted to deal in the Stock Information as set forth in Appendix 1.

1.5. "Method of Distribution" means the method of distribution of the Stock
     Information to the end-users by Party B as set forth in Appendix 1.

1.6. "User's Terminal" means the terminal used by an end-user of Party B to
     receive the Stock Information from Party B as set forth in Appendix 1.

1.7. "Information Usage Fees" mean the fees paid by Party B to Party A in
     accordance with Article 4.1 hereof.

1.8. "SZSE" means the Shenzhen Stock Exchange.

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1.9. "License" means the written certificate issued by Party A permitting Party
     B to deal in the Proprietary Information of SZSE as agreed herein.

1.10. "Over-the-counter Trading" means the trading in the securities listed on
     SZSE not on the site of or through SZSE and the related trading and
     services.

1.11. "Illegal Business Entity or Individual" means any business entity or
     individual which does not enter into a Contract for License of Proprietary
     Information of the Shenzhen Stock Exchange with Shenzhen Securities
     Information Co., Ltd. and obtain a license for dealing in the Proprietary
     Information of Shenzhen Stock Exchange.

ARTICLE TWO RECEPTION OF THE INFORMATION

2.1. Party A shall have the right to change the method of information
     transmission as needed but shall give a one-month prior notice to Party B
     in writing.

2.2. Party A shall make its endeavors to ensure the continuous transmission of
     the Information during the trading hours of SZSE. Party B shall notify
     Party A of any technical difficulties arising from receiving the
     Information. Party A shall assist in solving such difficulties to enable
     Party B to receive the Information smoothly.

ARTICLE THREE DISTRIBUTION AND SURVEILLANCE OF THE INFORMATION

3.1. Party A agrees that Party B may distribute the Stock Information to its
     users in the methods specified in Appendix 1. Party B shall only have the
     right to distribute and publish the Stock Information on its own websites
     and such right shall be neither proprietary nor exclusive.

3.2. Party B shall meet the following requirements in distributing the
     Information to any users:

     (1)  to ensure the accuracy and integrity of the distributed Information;

     (2)  to ensure that its users are end-users, to prevent its users from
     providing the Information for whatever reason and in any way to any third
     parties for further distribution without the written consent of Party A and
     to assist Party A in keeping such Information under surveillance;

     (3)  to ensure the distribution of the Stock Information within the scope,
     in the methods and through the User's Terminal specified herein;

     (4)  to ensure that no Information will, in whole or part, be used for any
     institution, entity or individual not agreed herein or used in any other
     places or for any other purposes not agreed herein;

     (5)  to ensure that no Information will, in whole or in part, be
     distributed for any illegal purposes or provided to any third parties for
     any illegal purposes.

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3.3. Without written consent of Party A, Party B shall not utilize all or a
     portion of the Information of Party A to, directly or indirectly,
     establish, maintain, provide or facilitate the Over-the-counter Trading.

3.4. Party B shall not, directly or indirectly, provide the Stock Information to
     any entities or individuals for their business operations and shall not
     engage in cooperation with any third parties in the Stock Information,
     including but not limited to hyperlinks, providing market scripts,
     embedment of web pages and software interface.

3.5. If there is any disobedient customer of Party B or any Illegal Business
     Entity which links its website to Party B's website, Party B shall have the
     responsibility to make a written statement requiring such party to stop the
     distribution and assist Party A in regulating the distribution of the Stock
     Information.

3.6. As provided in Article 10 of the Provisional Measures on Information
     Management of the Shenzhen Stock Exchange, Party B shall, within the scope
     of its legal distribution, have the right to surveil and report any Illegal
     Business Entity or Individual which distributes the Proprietary Information
     of Party A in the same Method of Distribution within the term of this
     Contract in order to maintain the market order of the distribution of the
     Proprietary Information of Party A.

3.7. Both parties shall at all times prevent and remove any omission, error,
     loss, delay, interruption of the Information and other adverse factors as a
     result of unexpected reasons in order to hold both parties against any
     economic loss and injury to their reputations.

3.8. In case of force majeure, unexpected events or change of policy resulting
     in inability to keep the accuracy and integrity of the Information by both
     parties, neither party shall bear the liabilities arising therefrom.

ARTICLE FOUR REPRESENTATIONS AND WARRANTIES

4.1. Party A is an independent legal person duly incorporated and registered
     under the laws of the People's Republic of China and has the lawful power
     to execute the Contract and perform its obligations hereunder. Party A also
     warrants that it has and will continue to have all the powers to obtain and
     transmit the market information and authorize Party B to distribute the
     market information to the end-users of Party B.

4.2. Party B is an independent legal person duly incorporated and registered
     under the laws of the People's Republic of China and has and will continue
     to have all the lawful powers and authorizations to execute the Contract
     and perform its obligations hereunder.

4.3. Each party hereby represents and warrants to the other party that its
     signatory has been duly authorized and all the processes necessary for
     approval by both parties of the execution and performance of this Contract
     and any other agreements made pursuant to this Contract have been
     completed.

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ARTICLE FIVE INFORMATION USAGE FEES

5.1. Party B shall pay to Party A the various fees specified in Appendix 1 and
     other charges stipulated herein within the term of this Contract.

5.2. Party B shall not recover the fees paid by it as listed in Appendix 1 in
     case of termination of this Contract for any reason attributable to Party
     B.

ARTICLE SIX DISCLAIMER

6.1. SZSE and Party A will neither bear the liabilities for any loss or injury
     as a result of inaccuracy or omission of information occurred during the
     transmission nor bear any liabilities for the consequences resulted from
     interruption of information transmission under unusual circumstances. But
     Party A shall make timely explanations and try its best to resume the
     transmission.

6.2. Party B shall at all times prevent and remove the factors having adverse
     impact on Party A and SZSE as a result of omission, error, loss, delay,
     interruption of the Information so as to hold them against any economic
     loss and injury to their reputations. Party B shall not assert any claims
     against Party A or SZSE in connection herewith. Neither Party A nor SZSE
     shall be responsible for the economic losses caused to Party B and its
     users under the foregoing conditions.

6.3. In case Party A and Party B are not able to keep the accuracy and integrity
     of the Information due to force majeure events, neither party shall bear
     the liabilities arising therefrom.

ARTICLE SEVEN RIGHTS AND PROTECTION OF RIGHTS

7.1. Party B acknowledges that it does not own the copyrights and other property
     rights in the Stock Information defined herein. In accordance with the
     Securities Law of the PRC, Measures on Administration of Stock Exchange and
     the Trading Rules of Shenzhen Stock Exchange and Shanghai Stock Exchange,
     all the rights (including but not limited to intellectual property rights,
     other property rights and regulatory rights) in the Stock Information
     defined herein shall be owned by the Shenzhen Stock Exchange which has
     authorized Party A to exercise such rights.

     Except for the purpose and scope defined herein, without the consent of
     Party A, Party B shall not reconnect (including providing Internet
     hyperlink), redistribute, copy, sell, lease or lend the Information to any
     third person or modify, supplement, expand, delete, destroy the Information
     or make other alterations.

     Without consent of Party A, Party B and its users or distributors shall
     not, for whatsoever purposes, sort the Stock Information and develop
     additional indices and other derivatives or distribute the foregoing to any
     third person.

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     If Party B and its customers breach the above regulations, Party A shall
     have the right to request Party B and its customers to redress such breach
     within a defined period of time or request Party B to stop distributing the
     Stock Information to such customers. In case of failure to make redress or
     take any action within the defined period of time, Party A shall have the
     right to terminate the Contract and hold Party B and its customers liable
     for the related legal liabilities.

7.2. Within the term of this Contract, Party B may publicize that it has
     obtained the License for dealing in the Information of Party A, provided,
     however,

     (1)  the advertisements and promotions shall indicate the number of the
     granted License and carry the information in consistency with the terms
     described in the License;

     (2)  the advertisements and promotions shall not carry the name and logo
     (character, design or mark, etc.) of SZSE or Party A.

7.3. If Party B is aware of any of its customers which acts in violation of
     Party A's rights and interests, Party B shall immediately notify Party A of
     such violation in writing and promptly provide the address and other basic
     information about the customer. Party B shall investigate or assist Party A
     to investigate into such violation after receipt of a written notice from
     Party A.

7.4. If Party A is aware of any of the customers of Party B which infringes upon
     the rights and interests of Party A, Party B shall immediately stop
     providing the Information to such customer after receipt of a written
     notice from Party A and provide Party A with a written report on the
     penalty imposed on such customer for its violation.

7.5. This article shall survive the termination of the remaining clauses of this
     Contract.

ARTICLE EIGHT LIABILITIES FOR BREACH OF THE CONTRACT

8.1. If Party B breaches Article 3 of this Contract, it shall immediately stop
     such violation, surrender the proceeds from such violation to Party A and
     pay the liquidated damage in the amount of [******](1) to Party A. Party A
     shall have the right to terminate the Contract under such circumstance.

8.2. If Party B breaches Article 7.1 hereof, it shall immediately stop such
     violation, pay the liquidated damage in the amount of [******](1) to Party
     A and make a public apology through a newspaper. Party A shall have the
     right to terminate the Contract under such circumstance.

8.3. If Party B delays in making payment of the related fees to Party A in
     violation of Article 5 hereof, it shall, in addition to payment of the
     deficiency of the payable fees, pay a late

----------

1 Confidential treatment requested pursuant to Securities and Exchange
Commission Rule 406, 17 CFR ss. 230.406, and the Securities and Exchange
Commission's rules and regulations promulgated under the Freedom of Information
Act, with particular emphasis on 17 CFR ss. 200.80(b)(4)(2000).

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     payment charge in the amount of [******](1). If Party B delays in payment
     of any fees for two months, Party A shall have the right to terminate this
     Contract and recover from Party B the economic losses incurred by it
     therefrom.

ARTICLE NINE AMENDMENT, ASSIGNMENT AND TERMINATION OF THE CONTRACT

9.1. No provision of this Contract shall be amended or modified unless agreed by
     both parties in writing.

9.2. Without the written consent of Party A, Party B shall not assign all or a
     portion of its rights granted hereunder or all or a portion of its
     obligations imposed hereunder.

9.3. Upon occurrence of any of the following events, Party A shall have the
     right to terminate this Contract (followed by immediate termination of
     information transmission to Party B) by giving a written notice to Party B:

     (1)  Party B goes into bankruptcy or becomes insolvent;

     (2)  Party B breaches any of the provisions hereof, resulting in
          irredeemable consequences;

     (3)  Party B breaches any of the provisions hereof and fails to redress
          such breach within 5 working days after receipt of a written notice
          from Party A requiring Party B to do so.

9.4. Both parties shall have the right to terminate this Contract without
     stating any reason provided that either party gives a six-month prior
     notice to the other party in writing.

9.5. Upon termination of this Contract, Party A shall have the definite right to
     immediately terminate the transmission of the Information and Party B shall
     promptly pay all the due fees to Party A.

9.6. Upon termination of this Contract, each party shall return the equipment
     (complete and in good repair) provided to it by the other party.

9.7. The License shall cease to be valid upon termination of this Contract.
     Party B shall return the License to Party A within ten working days
     following the termination of this Contract.

ARTICLE TEN DISPUTE SETTLEMENT

Any dispute arising from performance of this Contract between Party A and Party
B shall be settled through friendly consultation or brought to a court. Both
parties agrees to choose Shenzhen of China as the forum of litigation for this
Contract.

ARTICLE ELEVEN NOTICE

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11.1. Any notice or communication to be made by either party to the other party
      shall be sent to the following address:

      Party A: Shenzhen Securities Information Co., Ltd.

      Attn: Sun Wenjie

      Address: F/6, Building 203, Shangbu Industrial Area, Hong Li Road West,
      Futian District, Shenzhen

      Tel no.: 86-755-83276743

      Fax no.: 86-755-83201393

      Party B: China Finance Online (Beijing) Co., Ltd.

      Attn: Feng Jian

      Address: Room 609, Ping An Building, 23 Finance Street, Xicheng District,
      Beijing

      Tel no.: 86-10-66214728

      Fax no.: 86-10-66210640

11.2. If either party needs to update the above contact information, it shall
      notify the other party of the updated contact information seven days
      before the update is made valid.

11.3. Any notice or document shall be deemed to be delivered under each of the
      following circumstances:

      (1) if delivered by hand, on the next working day following such delivery;

      (2) if delivered by mail, on the seventh working day after the mail
          containing such notice or document is posted (subject to the date of
          the postmark);

      (3) if delivered by e-mail or facsimile, on the next working day following
          the completion of the transmission.

ARTICLE TWELVE ENTIRE AGREEMENT

12.1. Once this Contract becomes effective, both parties shall be deemed to
      entirely agree on the Contract. This Contract shall supersede all prior
      written or oral agreements, consultations, representations, plans and
      attachments between both parties.

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12.2. If any provision of this Contract shall be held invalid, illegal or
      unenforceable under any applicable laws, the validity, legality and
      enforceability of the remainder of the Contract shall not be affected or
      undermined and the Contract shall be construed regardless of the existence
      of such invalid, illegal or enforceable provisions.

ARTICLE THIRTEEN WAIVER

No failure or delay by either party in exercising any of its respective rights
and interests hereunder shall be deemed as a waiver thereof, unless such party
makes a written statement to waive such rights and interests. Any single or
partial exercise of any such rights and interests does not preclude any other or
further exercise thereof or the exercise of any other rights and interests
hereunder.

ARTICLE FOURTEEN MISCELLANEOUS

14.1. Any matters not covered by this Contract may be agreed by both parties by
      entering into a supplementary contract. The supplementary contract shall
      have the same legal effect as that of this Contract.

14.2. This Contract has one appendix as Appendix 1 attached hereto.

14.3. The term of the Contract is set forth in Appendix 1.

14.4. This Contract shall be signed in Chinese and shall become effective upon
      execution by both parties affixed with their respective official seals.

14.5. This Contract is made in four duplicates. Each party shall hold two and
      the four duplicates shall have the same and equal legal effect.

                      [The end of the body of the Contract]

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(Signing Page)

PARTY A: Shenzhen Securities Information Co., Ltd. (official seal)

Address: F/6, Building 10, Shangbu Industrial Area, Hong Li Road West, Futian
District, Shenzhen

Tel no.: 86-755-83276743               Authorized signatory: /s/ [COMPANY SEAL]

Fax no.: 86-755-83201393               Execution date: December 15, 2005

Opening bank and bank account: China Merchants Bank, Shangbu Branch
4582712510001

PARTY B: China Finance Online (Beijing) Co., Ltd. (official seal)

Address: F/6, Ping An Building, 23 Finance Street, Xicheng District, Beijing

Tel no.: 86-10-66214728                Authorized signatory: /s/ [COMPANY SEAL]

Fax no.: 86-10-66210640                Execution date: December 15, 2005

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Appendix 1

                     INFORMATION USAGE AND THE RELATED FEES

                                           Contract serial no.: SZ05SWJ12-01
                                           License no.: Shen Zheng Xu 05SWJ12-01

I.   Information Usage

     1.   Content of the Information: real-time stock information of the
          Shenzhen Stock Exchange

     2.   Permitted Usage: distribution solely through www.jrj.com.cn,
          www.jrj.com, and www.jrj.cn

     3.   Method of Distribution: Internet and download of software

     4.   User's Terminal: computer

II.  The term of the Contract shall be from March 1, 2006 to March 1, 2007.

III. Payment terms of information usage fees

     1.   The license fees for use of the Proprietary Information shall be
          [******](1) per year. Party B shall make full payment of the license
          fees within ten working days after the execution of the Contract.
          Party A shall issue an invoice to Party B and grant the License for
          Dealing in the Proprietary Information of the Shenzhen Stock Exchange
          for the current year within ten working days after receipt of such
          payment from Party B.

     2.   The satellite operation fees shall be [******](1). Party B shall make
          full payment of such fees within ten working days after the execution
          of the Contract. The service term shall be from March 1, 2006 to March
          1, 2007. The last service term of satellite operation shall end on
          February 28, 2006.

          PARTY A: Shenzhen Securities Information Co., Ltd. (official seal)

          Address: F/6, Building 10, Shangbu Industrial Area, Hong Li Road West,
          Futian District, Shenzhen

          Tel no.: 86-755-83276743      Authorized signatory: /s/ [COMPANY SEAL]

          Fax no.: 86-755-83201393      Execution date: December 15, 2005

          Opening bank and bank account: China Merchants Bank, Shangbu Branch
          4582712510001

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          PARTY B: China Finance Online (Beijing) Co., Ltd. (official seal)

          Address: Room 609, Ping An Building, 23 Finance Street, Xicheng
          District, Beijing

          Tel no.: 86-10-66214728       Authorized signatory: /s/ [COMPANY SEAL]

          Fax no.: 86-10-66210640       Execution date: December 15, 2005

                                        12<PAGE>
                                                                    Exhibit 4.17

              CONTRACT FOR FINANCIAL AND ECONOMIC DATABANK SERVICES

Party A: China Finance (Beijing) Online Co., Ltd.
Address: 6(th) Floor, Ping'an Mansion,  23 Financial Street, Xicheng District,
         Beijing
Postal Code: 100000
Tel: 010-66214728
Fax: 010-66210640

Party B: Shenzhen Securities Information Co., Ltd.
Address: Building 10, Shangbu Industrial Zone, Hongli Road West, Futian
         District, Shenzhen
Postal Code: 518028
Tel: 0755-83991223
Fax: 0755-83237953

     According to the principles of equality, voluntariness and mutual benefit
and through friendly consultation, Party A and Party B hereby enter into the
following contract with respect to matters concerning data services.

1.   CONTENTS OF COOPERATION

     1.1  Party B shall provide Party A with access to the "Cninfo Financial &
          Economic Databank" and shall be responsible for the daily maintenance
          of such databank. For the specific contents of such databank, see
          Appendix 1 hereto.

     1.2  Party B shall provide Party A with access to the English digest of
          interim announcements made by the companies listed on the Shenzhen and
          Shanghai Stock Exchanges.

     1.3  Party B shall provide Party A with access to and authorization to use
          Party B's Panorama exclusive financial and economic news ("Panorama
          Exclusive').

2.   MANNERS OF SERVICE

     2.1  The "Cninfo Financial & Economic Databank" and the "English Digest of
          Interim Announcements" shall be provided in the form of databanks.
          Party A shall be responsible for the installation of the historic data
          in the databank and the daily maintenance of the new data.

     2.2  Party B shall provide Party A with services related to the information
          content of the "Panorama Exclusive" by authorizing Party A to access
          the "Panorama Website" designated by Party B to gather information at
          its own discretion.

3.   RIGHTS AND OBLIGATIONS OF THE PARTIES

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     3.1  Party A's rights and obligations

          a.   Without Party B's written consent, Party A shall not modify or
               move the contents or structure of any news item or databank as
               mentioned above that Party B will provide. Party A itself shall
               bear any losses that may result from any errors in the contents
               or data caused by Party A's unauthorized move. Party A shall have
               the right to use at its own discretion the contents and news
               items in the databank Party B will provide.

          b.   The news items and data contents Party B will provide shall be
               used only in the websites owned by Party A (including www.jrj.com
               and www.jri.com.cn) and the other related products Party A's
               websites provide to their end users. Without Party B's written
               consent, Party A shall not expand the scope of such use or
               transfer such use to any third party (excluding any products or
               contents that Party A will provide to its websites and end users
               after it has carried out any processing thereof).

          c.   Party A shall make all payments hereunder in the manner as agreed
               herein and within the time limit as specified herein.

          d.   Party A shall provide the software and hardware environment in
               which Party B can normally install and use the above-mentioned
               products and systems and assign related technical personnel to
               extend cooperation and assistance to Party B in such installation
               and use.

          e.   Party A shall have the right to conduct an acceptance inspection
               of the databank products that have been installed. If any of the
               above-mentioned databank products fails to pass such inspection,
               Party A shall have the right to defer the payment for such
               product until it passes such inspection, in which case the
               service term of the databank shall be extended accordingly.

     3.2  Party B's rights and obligations

          a.   Party B undertakes that the above-mentioned news, information and
               data products it will provide will be free from any dispute over
               their copyright, the data and information therein will originate
               from legal sources, their contents will be true and objective,
               and Party A's normal and safe use thereof during the term of this
               contract will be guaranteed, provided, however, that, if Party
               A's unauthorized modification or move leads to any related error
               or dispute, Party A shall deal with such error or dispute on its
               own and Party B shall not be liable therefor.

          b.   Party B shall ensure the accuracy of the information it will
               provide by keeping the accuracy rate of the financial data equal
               to or above 99.995% (data of

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               each financial index shall be deemed to be a statistical value)
               and the accuracy rate of the information on the full texts of the
               news items and public announcements equal to or above 99.98%,
               excluding those errors which originate from sources that release
               such information (such as listed companies) or are contained in
               the original data.

          c.   Party B shall ensure the completeness of the information it will
               provide by keeping the completeness rate of the information on
               the annual, interim and quarterly reports of the listed companies
               publicly released by them since they were listed and the three
               key financial statements, dividend distributions, rights issues,
               changes in their equity interests and the top ten shareholders of
               listed companies equal to 99.995% and the completeness rate of
               the information on the other public announcements equal to
               99.99%.

          d.   Party B shall ensure the timeliness of the information it will
               provide by storing successively into the databank, the special
               reminders, the digest of the regular reports, the data on the key
               financial indicies of the companies and the full texts of the
               various announcements to be published on the next day in the
               three major securities newspapers, commencing from 4pm of the
               same day and completing such storage in the evening of the same
               day. If the number of the listed companies that make such
               disclosures on the next day exceeds 40, the deadline for
               completion of the storage of the information on the public
               announcements made by the listed companies shall be postponed
               appropriately, provided, however, that Party B undertakes that
               the storage of all the information on the public announcements
               made by the companies listed on the Shenzhen Stock Exchange shall
               be completed in the evening of the same day. The storage of the
               major financial and economic news and the major news regarding
               the companies shall be completed by 8 o'clock the next morning
               and the other news items shall be updated and stored successively
               on the same day.

          e.   Party B shall ensure that, within 15 days of execution hereof, it
               will complete the installation of the above-mentioned information
               and data bank and provide the description of the structure of the
               relevant databank and the files on its use.

          f.   The databank Party B will provide shall be prepared on the basis
               of the information publicly disclosed by the listed companies and
               the stock exchanges and Party B shall use its best efforts to
               make such data and its translation accurate and objective. None
               of the contents of the databank or the news or information Party
               B will provide shall constitute a suggestion for any investment
               operations and, instead, they are intended only for reference.
               Party A itself shall assume any risk that may be involved in any
               investment it makes on the basis of such data or information.
               Party A is expected to provide a similar reminder to its
               customers when it provides the related information services to
               them.

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          g.   Party B undertakes to promptly inform Party A of any innovated
               and added items of the information and data bank so that Party A
               may have a full understanding of any new developments of Party
               B's databank and update or upgrade free of charge the contents
               and updating procedure of the databank Party A has purchased.
               Party B shall permit Party A to choose at no charge any five of
               the new data sheets Party B adds to the databank each year.

          h.   Party B shall provide Party A with the databank according to the
               accuracy and completeness rates as specified herein and shall
               make timely responses to any inquiries made by Party A.

4.   ITEMS AND METHOD OF PAYMENT

     4.1  Items and amounts of payment

          The total payment hereunder shall amount to [******](1), which shall
          be broken down as follows:

<Table>
<Caption>
---------------------------------------------------------------------------------------------------
          Contents of Services               Yearly Payment      One-time Charge        Notes
---------------------------------------------------------------------------------------------------
<S>                                          <C>                <C>                    <C>
1. Cninfo Databank                             [******](1)          [******](1)
---------------------------------------------------------------------------------------------------
2. English Digest of Interim                   [******](1)          [******](1)
   Announcements of Listed
   Companies
---------------------------------------------------------------------------------------------------
3. Routine After-sales Technical               [******](1)          [******](1)
   Services
---------------------------------------------------------------------------------------------------
4. Charges for Initial Installation of         [******](1)          [******](1)
   Historic Data
---------------------------------------------------------------------------------------------------
5. Panoramic Exclusive News                    [******](1)          [******](1)
---------------------------------------------------------------------------------------------------
               Sum Total                       [******](1)          [******](1)
---------------------------------------------------------------------------------------------------
</Table>

     4.2  Method of payment

          Within 15 days after the day the parties formally execute this
          contract, Party A shall pay Party B [******](1) and, within 45 days
          after the day Party B has

--------------------

(1) Confidential treatment requested pursuant to Securities and Exchange
Commission Rule 406, 17 CFR ss. 230.406, and the Securities and Exchange
Commission's rules and regulations promulgated under the Freedom of Information
Act, with particular emphasis on 17 CFR ss. 200.80(b)(4)(2000).

                                       4
<PAGE>
          completed the installation of the databank for Party A and the data
          can be transmitted normally, the balance of the total payment
          hereunder, [******](1) shall be paid.

          Party B shall make payments hereunder by wire transfer into the
          following bank account designated by Party B:

          Name of the account: Shenzhen Securities Information Co., Ltd.

          Number of the account: 4582712510001

          Bank with which the account is opened: The Shangbu subbranch of the
                                                 Shenzhen branch of the
                                                 Merchants Bank

5.   FORCE MAJEURE

     5.1  If any service is postponed or all or any part of this contract can
          not be performed as a result of any natural disaster, earthquake,
          fire, interruption of telecommunications, change in any relevant laws,
          or government act, each of the parties to this contract shall be
          released from its obligations hereunder.

     5.2  Upon occurrence of any event of force majeure, the party that has
          encountered such event shall inform the other party thereof in an
          appropriate manner and then provide the other party with a related
          certificate in evidence of such occurrence issued by the competent
          authorities such as the government department overseeing such party.
          In addition, this party shall take necessary measures to deal with
          such event as soon as possible through consultation with the other
          party.

     5.3  If a change in any relevant laws or regulations results in a conflict
          between the contents of the news and information Party B provides and
          any new provision of such laws or regulations, the parties shall hold
          further consultation about the relevant contents.

6.   LIABILITY FOR BREACH OF CONTRACT

     6.1  If either party fails to perform or violates any provision hereof and
          the parties fail to reach through consultation a settlement with
          respect to such failure or violation, thus rendering it impossible for
          this contract to be performed normally, the other party shall have the
          right to terminate this contract. The party in breach shall assume all
          the liability for breach of contract and compensate the other party
          for any economic losses it may actually suffer. The sum of the
          penalties and compensations the party in breach pays for its breach of
          contract and any resulting losses and damages shall not exceed the
          total payment for the relevant services hereunder.

     6.2  Party B shall not unilaterally suspend or modify the timely updating
          of the contents of the databank it will provide to Party A and
          otherwise it shall be deemed to be a breach of contract.

                                       5
<PAGE>

     6.3  If Party B changes its business model or makes any other changes in
          the course of its business operations, resulting in its inability to
          provide Party A with the service contents as agreed to in Appendix 1
          hereto, Party B shall notify Party A in writing of such changes three
          months in advance so that Party A may make appropriate business
          arrangements in preparation for such changes. At the same time, this
          contract shall automatically be terminated and Party B shall refund
          Party A charges for the services Party A has paid but has not yet
          enjoyed.

7.   PROVISIONS ON CONFIDENTIALITY

     7.1  Each party shall have the obligation to maintain the confidentiality
          of the contents of this contract and the data and information of the
          other party such as trade secrets, market information, products and
          technical files. Except as disclosed according to any relevant laws,
          without the written consent of the other party, neither party shall
          provide or disclose to any other organization or individual any data
          or information on the business of the other party. Moreover, this
          confidentiality obligation shall remain effective at any time after
          termination of this contract.

     7.2  The copyright to the structural description of and the technical files
          on the securities databank and service contents Party B will provide
          shall belong to Party B. Without Party B's written consent, neither
          Party A nor any third party shall do anything with the contents or
          software in the system, including any modification and volume
          reproduction, that may result in the damage to the system, disclosure
          of any contents, or divulgence of any technical secrets, let alone use
          any products, techniques or data contents Party B will provide in
          engaging directly in any other business activities.

     7.3  If either party discloses or unduly uses such trade secrets, technical
          information or related data, resulting in any losses to the other
          party, the liable party shall assume a corresponding economic
          liability, the amount of which shall not be limited to the amount of
          compensation as specified above.

8.   SETTLEMENT OF DISPUTES

     8.1  If any dispute arises out of performance of this contact or in
          connection with this contract or any matter is uncovered herein, the
          parties shall settle such dispute or deal with such matter through
          friendly consultation.

     8.2  If such consultation proves unsuccessful, either party may initiate
          legal proceedings in the competent People's court with respect to such
          dispute or matter or refer it to arbitration under the auspices of an
          arbitration institution.

9.   TERM OF THIS CONTRACT

                                       6
<PAGE>

     9.1  The term of this contract shall be one year, which shall commence as
          of December 15, 2004 and end on December 31, 2005. Technically
          speaking, it will take some time for Party B to install the databank
          and for Party A to develop the application of such databank, so the
          term of the services in the updating of the databank shall expire on
          January 31, 2006. If, 30 days prior to expiration hereof, neither
          party notifies the other party in writing of its intention to
          terminate the cooperation hereunder, this contract shall be extended
          automatically for another year and, if Party A makes all payments
          hereunder by the times as specified herein, Party B shall extend the
          term of its services to Party A in the updating of the databank to
          January 31, 2007.

     9.2  If any special event occurs, rendering it necessary to terminate this
          contract ahead of schedule, the party that intents to terminate this
          contract shall notify the other party of such intention three months
          in advance and the parties shall settle through friendly consultation
          any problems that may remain after such termination.

10.  MISCELLANEOUS

     10.1 This contract is executed in four counterparts, two of which shall be
          kept by each party.

     10.2 This contract shall become effective when it is signed and sealed.

     10.3 The appendicies attached hereto shall have equal effect and validity
          with this contract.

     10.4 With respect to any matters not covered herein, the parties shall
          separately enter into a complementary agreement through consultation.

<Table>
<S>                                                  <C>
Party A: China Finance Online (Beijing) Co.,          Party B: Shenzhen Securities Information Co.,
         Ltd.                                                  Ltd.

/s/ [COMPANY SEAL]                                     /S/ [COMPANY SEAL]

Authorized Representative:                            Authorized Representative:

/s/ Ma Linghai                                        /s/ Zheng Song

Date of Execution: December 14, 2004                  Date of Execution: December 9, 2004
</Table>

                                       7
<PAGE>

                                   APPENDIX 1

1.   BASIC_DATA

1.1  PUBLIC_CODE
INSTITUTION_BASE_INFO

1.2  COMPANY_DATA
COMPANY_BASE_INFO
COMPANY_PRODUCT
COMPANY_ADVANCE_MANAGER
COMPANY_NEW_RESEARCH
INDUSTRY_BASE_INFO
COMPANY_CAPITAL_STOCK
COMPANY_PERIOD_STOCKHOLDER
COMPANY_TRADEABLE_SHAREHOLDER
COMPANY_GDRS
STOCK_FREEZE
STOCK_IMPAWNING
STOCK_CHANGES
STOCK_OUT_IN
COMPANYSTOCKHOLDER_SORT
zygdb
bdqkb
COMPANY_STOCK-ISSUE
COMPANY_RATION_STOCK
STOCK_COMMISSION_SALE
INVESTOR_RATION_STOCK
INVEST_PROJECT
NO_COLLECT_INVEST
LOSS_INFO
PROFIT_SHARING
TRUST_FINANCING
CAPITAL_TRUSTEESHIP
CAPITAL_LEASE
AUDIT_OPINION
COMPANY_STOCKHOLDER_MEETING
COMPANY_HALTING
nbrq
DQBGRQ_ALTER
COMPANY_MAIN_INDEX_2002
ACCOUNT_INDEX_SHEET
COMPANY_BALANCE_SHEET
COMPANY_PROFIT_SHEET
CASH_FLOW_SHEET
CAPITAL_DEVALUE_SHEET

                                       8
<PAGE>

FINANCE_BALANCE_SHEET
FINANCE_PROFIT_SHEET
FINANCE_CASH_FLOW
COMPANY_INCOME_DISTRIBUTION
COMPANY_PERIOD_INVEST
DEBT_RECEIVABLE
ACCOUNT_RECEIVABLE
UNFREQUENT_PROFIT_LOSS
CAPITAL_RECOMPOSE
OTHER_RECOMPOSE
LAWSUIT
ARBITRATION
PLEDGING
GUARANTEE
COMPANY_FREEZE
ST_STAT
QUIT_STAT
PT_STAT
PUNISH_INFO
ASSET_REFORM

1.3  INVESTMENT_FUND
CHANGE_FRONT_FUND
FUND_BASE_INFO
FUND_INFO
FUND_STRUCTURE
FUND_SHARE_CHANGE
FUND_TEN_POSSENSSOR
FUND_MANAGER_CONDITION
ORGANIZER_COUNT
TRUSTEESHIP_BASE_CONDITION
FUND_MANAGE_COMPANY
FUND_PARTNER_CHANGE
FUND_FIRST_RECRUITING
OPEN_FUND_RECRUITING
ADD_COLLECT_CONDITION
FUND_NET_VALUE
ASSIGN_PLAN
FUND_TRADE_COMMISSION
FUND_ASSOCIATE_TRADE
MOST_FINANCE_TARGET
FUND_BALANCE_TARGET
FUND_PROFIT_SHEET
FUND_CONSTITUTE_STRUCTURE
FUND_INVEST_INDUSTRY
FUND_BOND_TYPE

                                       9
<PAGE>

FUND_INVEST_TENSTOCK
FUND_INVEST_FIVEBONDS
FUND_INVEST_STOCK
FUND_STOCK_TRADING
FUND_PERIOD_ADDSTOCK
COURSE_CLEAR_SHARE
AFTER_PASS_LIMITED

1.4  BOND
BOND_BASE
BOND_ISSUE
BOND_ENCASH
BOND_CONSIGN

1.5  THREE_COMPANY
THREE_INSTITUTION_BASEINFO_TBZR
THREE_COMPANY_BASEINFO_TBZR
THREE_COMPANY_CAPITAL_STOCK
THREE_PERIOD_STOCKHOLDER
THREE_COMPANY_ADVANCE_MANAGER
THREE_PROFIT_SHARING
THREE_AUDIT_OPINION
THREE_STOCKHOLDER_MEETING
THREE_ACCOUNT_INDEX_SHEET
THREE_COMPANY_BALANCE_SHEET
THREE_COMPANY_PROFIT_SHEET
THREE_CASH_FLOW_SHEET
THREE_SECURITIES_INFO
THREE_QUOTATION_DAY
THREE_QUOTATION_WEEK
THREE_QUOTATION_MONTH
THREE_MARKET_INFO

1.6  TRANSACTION_STATISTICS
SECURITIES_INFO
QUOTATION_LIB
DAY_INDEX
QUOTATION_WEEK
QUOTATION_MONTH
SECURITIES_QUANTITIES_DAY
DEALING_TRADE_DAY
TRUSTEESHIP_AREA_VALUES
AREA_COUNT_MONTH
OPEN_ACCOUNT_A
OPEN_ACCOUNT_B
SECURITIES_DEPARTMENT_DEALING

                                       10
<PAGE>

SME_MARKET_INFO
SME_INDUSTRY_STA
SME_PUBLIC_INFO
MEMBER_TRADE_MONTH
MEMBER_TRADE_ANNALS
BOND_TRADE_SORT
BOND_TRADE_ANNALS
BUSINESS_SORT_MONTH
BUSINESS_SORT_ANNALS
BUSINESS_BOND_MONTH
BUSINESS_BOND_ANNALS
SHANGHAI_MEMBER_TRADE
MEMBER_TRUSTEESHIP_MONTH
SEAT_TRUSTEESHIP_SORT
FOREIGN_STOCK_INDEX

1.7  HK_STOCK_INFORMATION
HK_COMPANY_INFO
SHARE_COMPANY_BONUS
BOND_DATA
SHARE_POWER_DATA
TRUST_FUND_DATA
DATA_MARKET_DATA
ADJUST_SHARE_PRICE
MARKET_INDEX
SHARE_SURVEY

1.8  TEXT_INFORMATION
TEXT_INFOMATION1
TEXT_INFOMATION2
TEXT_INFOMATION3
COLUMN_SORT_BASE

                                       11
<PAGE>

                             SUPPLEMENTARY AGREEMENT
          TO THE CONTRACT FOR FINANCIAL AND ECONOMIC DATABANK SERVICES

Party A: China Finance (Beijing) Online Co., Ltd.
Address: 6th Floor, Ping'an Mansion, 23 Financial Street, Xicheng District,
Beijing
Postal Code: 100000
Tel: 010-66214728
Fax: 010-66210640

Party B: Shenzhen Securities Information Co., Ltd.
Address: Building 10, Shangbu Industrial Zone, Hongli Road West, Futian
District, Shenzhen
Postal Code: 518028
Tel: 0755-83991223
Fax: 0755-83237953

         The parties entered into the Contract for Financial and Economic
Databank Services on December 9, 2004 (hereinafter referred to as the "Original
Contract"). In the course of its development of the application of the databank
as agreed to by the parties in the Original Contract, Party A has found that
there is a considerable difference between the contents of the databank Party B
has provided and those of the databanks the other companies have provided. To
meet the requirement that there be a full backup for the data, Party A needs to
develop more tools for inputting data into the databank and to organize some
databank-processing personnel to inputting manually the data Party B's present
databank can not provide, so that it will take some more time to carry out some
development and adjustment before the databank can be put into formal use. In
addition, Party B undertakes to keep improving its databank to meet more needs
of Party A and other users of the databank. With the intention to engage in a
long-term friendly cooperation, the parties hereby enter into the following
agreement supplementary to the Original Contract.

         1. Article 4.2 of the Original Contract: "Within 45 days after the day
Party B has completed the installation of the databank for Party A and the data
can be transmitted normally, the balance that accounts for [******](1) shall be
paid" shall be revised as follows: "By May 1, 2005 Party A shall pay Party B the
balance that accounts for and Party A's failure to make such payment by that
date shall be deemed to be a breach of contract."

         2. Article 9.1 of the Original Contract: "The term of this contract
shall be one year, which shall commence as of December 15, 2004 and end on
December 31, 2005. Technically speaking, it will take some time for Party B to
install the databank and for Party A to develop the application of such
databank, so the term of the services in the updating of the databank shall
expire on January 31, 2006. If, 30 days prior to expiration hereof, neither
party notifies the other party in writing of its intention to terminate the
cooperation hereunder, this contract shall be extended automatically for another
year and, if Party A makes all payments hereunder by the times as specified
herein, Party B shall extend the term of its services to Party A in the updating
of the databank to January 31, 2007" shall be revised as follows: "The term of
this contract shall

                                       12

<PAGE>

be one year, which shall commence as of December 15, 2004 and end on December
31, 2005. Technically speaking, it will take some time for Party B to install
the databank and for Party A to develop the application of such databank, so the
term of the services in the updating of the databank shall expire on April 30,
2006. If, 30 days prior to expiration hereof, neither party notifies the other
party in writing of its intention to terminate the cooperation hereunder, this
contract shall be extended automatically for another year and, if Party A makes
all payments hereunder by the times as specified herein, Party B shall extend
the term of its services to Party A in the updating of the databank to April 30,
2007."

         3. As Party A's normal application is not excluded, Article 7.2 of the
Original Contract: "The copyright to the structural description of and the
technical files on the securities databank and service contents Party B will
provide shall belong to Party B. Without Party B's written consent, neither
Party A nor any third party shall do anything with the contents or software in
the system, including any modification and volume reproduction, that may result
in the damage to the system, disclosure of any contents, or divulgence of any
technical secrets, let alone use any products, techniques or data contents Party
B will provide in engaging directly in any other business activities" shall be
revised as follows: "The copyright to the structural description of and the
technical files on the securities databank and service contents Party B will
provide shall belong to Party B. Without Party B's written consent, neither
Party A nor any third party shall do anything with the contents or software in
the system, including any modification and volume reproduction, that may result
in the damage to the system, disclosure of any contents, or divulgence of any
technical secrets, let alone use any products, techniques or data contents Party
B will provide in engaging directly in any other business activities, (excluding
any products or contents that Party A will provide to its websites and end users
after it has carried out any processing thereof).

         4. As Party B intends to launch a new databank service system in June
2005 and the Original Contract does not provide whether Party A shall have the
right to carry out the upgrading free of charge, the parties hereby reach the
following agreement: Party A shall have the right to carry out an upgrade to the
new databank service system Party B will launch and, during the term of the
Original Contract, enjoy free of charge all the contents of the databank
services that will be provided in the new databank service system. As Party A
has many years' experience in application and development of databanks, it is
expected to offer suggestions for related improvements on Party B's new databank
service system and make new demands on such system so that Party B may enhance
the competitiveness of its databank products in the market.

         5. This supplementary agreement is executed in four counterparts, two
of which shall be kept by each party. This supplementary agreement shall have
equal effect and validity with the Original Contract and, in the event of any
discrepancy between the two, this supplementary agreement shall prevail.

                                       13
<PAGE>
<Table>
<S>                                                          <C>
Party A: China Finance Online (Beijing) Co.,                 Party B: Shenzhen Securities Information Co.,
         Ltd.                                                         Ltd.

/s/ [COMPANY SEAL]                                           /s/ [COMPANY SEAL]
</TABLE>

<TABLE>
<S>                                                          <C>
Authorized Representative:                                   Authorized Representative:

/s/ Ma Linghai                                               /s/ Zeng Xuecheng

Date of Execution: January 31, 2005                          Date of Execution: January 24, 2005
</Table>

                                       14

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