Document:

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                                                                    EXHIBIT 4.39

                            SHARE PURCHASE AGREEMENT

THIS SHARE PURCHASE AGREEMENT ("AGREEMENT") is made on 26 January 2006, by and
among:

(1)  KONGZHONG CORPORATION, a company established under the laws of the Cayman
     Islands ("KONGZHONG");

(2)  WANG GUI JUN (Chinese Characters), holder of the PRC identification number
     [deleted*] and LI YANG (Chinese Characters), holder of the PRC
     identification number [deleted*], (together, "KONGZHONG NOMINEE");

(3)  SHARP EDGE GROUP LIMITED, a company established under the laws of the
     British Virgin Islands ("BVI") ("SHARP EDGE");

(4)  AN JIAN XING YE TECHNOLOGY (BEIJING) LIMITED (Chinese Characters), a wholly
     foreign owned enterprise established under the laws of the PRC ("SHARP EDGE
     WFOE");

(5)  BEIJING XINRUI NETWORK TECHNOLOGY COMPANY LIMITED (Chinese Characters), a
     limited liability company established under the laws of the PRC ("XINRUI");

(6)  The shareholders of Xinrui as listed in Schedule 1 (collectively, "XINRUI
     SHAREHOLDERS" and each, "XINRUI SHAREHOLDER");

(7)  HO CHI SING, holder of the Hong Kong permanent identification number
     [deleted*] and passport number [deleted*];

(8)  SUN JING YE, holder of the PRC identification number [deleted*] and who is
     also the president of Xinrui; and

(9)  AI LI, holder of the PRC identification number [deleted*] and who is also
     the vice-president of Xinrui.

KongZhong, KongZhong Nominee, Sharp Edge, Sharp Edge WFOE, Xinrui, the Xinrui
Shareholders, Ho Chi Sing, Sun Jing Ye and Ai Li are collectively referred to as
the "PARTIES", and each, a "PARTY".

                                    RECITALS

A.   Xinrui is a company engaged in the business of telecommunications value
     added services, with its principal place of business in the PRC.

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*    All deleted material has been separately filed with the Securities and
     Exchange Commission.

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B.   The Xinrui Shareholders, together, own 100% of the equity interest in
     Xinrui.

C.   Sharp Edge is a company engaged in the business of telecommunications value
     added services, with its principal place of business in the PRC.

D.   Ho Chi Sing is the sole shareholder holding 1 share in Sharp Edge.

E.   Sharp Edge fully owns Sharp Edge WFOE in the PRC.

F.   Sharp Edge WFOE has entered into a series of arrangements with Xinrui
     pursuant to the Restructuring Documents to which both Sharp Edge WFOE and
     Xinrui are parties whereby, among other things, Sharp Edge WFOE enjoys all
     of the economic benefits and has full control in Xinrui.

G.   KongZhong is a company engaged in the business of telecommunications value
     added services, with its principal place of business in the PRC.

H.   It is the desire of KongZhong to enjoy all of the economic benefits and
     full control that Sharp Edge WFOE enjoys in Xinrui.

I.   To realize the objective in paragraph H above, KongZhong hereby intends to
     purchase, and Ho Chi Sing hereby intends to sell, the shares in Sharp Edge
     representing 100% of the share capital of Sharp Edge ("Sharp Edge Shares")
     subject to the terms and conditions of this Agreement. Likewise, KongZhong
     Nominee hereby intends to purchase, and each of the Xinrui Shareholders
     hereby intends to sell, the shares in Xinrui representing 100% of the share
     capital of Xinrui ("Xinrui Shares") subject to the terms and conditions of
     this Agreement.

J.   All of the Parties acknowledge that Sun Jing Ye and Ai Li, and their
     contributions to Xinrui, are important to the success of Xinrui. It is the
     intention of all of the Parties that Sun Jing Ye and Ai Li shall remain as
     the core management team in Xinrui.

     NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:

1.   Definitions. For purposes of this Agreement, the following terms have the
     following meanings:

     "AFFILIATE" means, in respect of a Person, any other Person that, directly
     or indirectly, through one or more intermediaries, Controls, is Controlled
     by, or is under the common Control with, the first-mentioned Person.

     "ARBITRATION CENTRE" has the meaning given to it in Clause 14.2(b) of this
     Agreement.

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     "AUDITOR" means Deloitte Touche Tohmatsu or any international reputable
     accounting firm appointed by KongZhong.

     "BALANCE SHEET DATE" means 30 September 2005.

     "BOARD" means the board of Directors of Sharp Edge or, as the case may be,
     the board of Directors of Xinrui, as constituted from time to time.

     "BUSINESS DAY" means any day, excluding Saturdays and Sundays, on which a
     bank in Hong Kong and the PRC are open for business during their normal
     business hours.

     "BVI COUNSEL" means Conyers Dill & Pearman, the BVI legal counsel issuing
     the legal opinion with respect to Sharp Edge' for the purpose of the share
     purchase contemplated in this Agreement.

     "CLOSING" has the meaning set forth in Clause 5 of this Agreement.

     "CLOSING CONDITIONS" has the meaning set forth in Clause 5 of this
     Agreement.

     "CONFIRMATION LETTER" means any letter or statement or any form of written
     confirmation from each of the Operators verifying or confirming the
     accounts receivables Xinrui is entitled to receive.

     "CONTROL" shall be deemed to exist over a Person (a) when another Person
     holds at least fifty one percent (51%) of the outstanding voting rights in
     the first-mentioned Person or, (b) when the second-mentioned Person has the
     right, power or ability to direct the management and policies of the
     first-mentioned Person, directly or indirectly, whether through the
     ownership of voting rights, by contract or otherwise or, (c) in the case
     where the first-mentioned Person is a natural Person, when the
     second-mentioned Person has the right, power and ability to direct,
     influence or restrict the actions and decision making of the
     first-mentioned Person. The terms "CONTROLLING" and "CONTROLLED" have
     meanings correlative to the foregoing.

     "DIRECTORS" means the directors of Sharp Edge or, as the case may be, the
     directors of Xinrui, and "DIRECTOR" means any one of them.

     "DISCLOSING PARTY" has the meaning given to it in Clause 9.4 of this
     Agreement.

     "DISCLOSURE SCHEDULE" has the meaning given to it in Clause 6 of this
     Agreement.

     "EARN-OUT AMOUNT" means Total Purchase Price minus the First Cash Payment
     and shall:

     (a)  consist of the Earn-Out Cash and the Earn-Out Shares unless KongZhong
          determines the Earn-Out Amount to be in the form of cash;

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     (b)  at all times, not exceed US$28 million.

     "EARN-OUT EXCESS AMOUNT" has the meaning given to it in Clause 3.2(c)(ii)
     of this Agreement.

     "EARN-OUT CASH" means the amount of cash representing 70% of the Earn-Out
     Amount;

     "EARN-OUT SHARES" means the shares of KongZhong which:

     (a)  shall be ordinary shares issued by KongZhong to Ho Chi Sing at the
          average closing price quoted on NASDAQ in September 2006; and

     (b)  represent 30% of the Earn-Out Amount.

     "ENCUMBRANCE" means any liens, security interest, pledges, claims,
     restrictions, equities, charges and encumbrances of any nature whatsoever.

     "FINANCIAL STATEMENTS" means:

     (a)  subject to sub-paragraphs (b) and (c) below, the audited balance
          sheets, profit and loss accounts and cash flow statements of a Group
          Company, and any notes thereto;

     (b)  for the purpose of determining the Second Cash Payment, the unaudited
          balance sheets, profit and loss accounts and cash flow statements of
          Xinrui for the period from 1 October 2005 up to, and including 30 June
          2006;

     (c)  for the purpose of determining the consecutive quarter to quarter
          growth in Clause 3.1(a), the unaudited quarterly balance sheets,
          profit and loss accounts and cash flow statements of Xinrui for the
          Valuation Period;

     (d)  for the purpose of determining the distribution of dividend, the
          audited balance sheets, profit and loss accounts and cash flow
          statements of Xinrui for the period from 1 January 2005 up to, and
          including 31 December 2005;

     (e)  for the purpose of determining the Net Current Assets of Xinrui, the
          audited balance sheets, profit and loss accounts and cash flow
          statements for the period from 1 January 2005 up to, and including 31
          December 2005,

     and are described in further details in Clause 13.4 of this Agreement.

     "FIRST CASH PAYMENT" means US$7 million minus the Off-Set Amount.

     "FORCE MAJEURE EVENT" has the meaning given to it in Clause 8.4 of this
     Agreement.

     "GROUP" or "GROUP COMPANIES" means Sharp Edge, Sharp Edge WFOE, Xinrui and
     their respective Subsidiaries, if any, from time to time, and "GROUP
     COMPANY" means any one of them.

     "GROUP INTELLECTUAL PROPERTY" has the meaning given to it in Clause 6.19(a)
     of this Agreement.

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     "HONG KONG" means Hong Kong Special Administration of the PRC.

     "INDEMNIFIABLE LOSS" has the meaning given to it in Clause 14.10 of this
     Agreement.

     "INDEMNITEE" have the meaning given to it in Clause 14.10 of this
     Agreement.

     "INTELLECTUAL PROPERTY RIGHTS" means any and all international,
     domestic/local, or foreign patents, all patent rights and all applications
     thereof and all reissues, re-examinations, continuations,
     continuations-in-part, divisions, and patent term extensions thereof,
     inventions (whether patentable or not), discoveries, improvements,
     concepts, innovations, industrial models, registered and unregistered
     copyrights, copyright registrations and applications, author's rights,
     works of authorship (including artwork of any kind and software of all
     types in whatever medium, inclusive of computer programs, source code,
     object code and executable code, and related documentation), URLs, web
     sites, web pages and any part thereof, technical information, know-how,
     trade secrets, drawings, designs, design protocols, specifications for
     parts and devices, quality assurance and control procedures, design tools,
     manuals, research data concerning historic and current research and
     development efforts, including the results of successful and unsuccessful
     designs, databases and proprietary data, proprietary processes, proprietary
     rights, technology, engineering, discoveries, formulae, algorithms,
     operational procedures, trade names, trade dress, trademarks, domain names,
     service marks, mask works, and registrations and applications thereof, the
     goodwill of the business symbolized or represented by the foregoing,
     customer lists and other proprietary information and common law rights;

     "IP CONFIDENTIAL INFORMATION" has the meaning given to it in Clause 6.19(g)
     of this Agreement.

     "KNOWLEDGE" means best knowledge after making all due and careful inquiries
     and investigation and refers to the knowledge of the directors and senior
     executive officers of an entity to which knowledge is attributed.

     "LAST PAYMENT DATE" has the meaning given to it in Clause 3.2(c) of this
     Agreement.

     "LICENSES" has the meaning given to it in Clause 6.25 of this Agreement.

     "LONG-STOP DATE" has the meaning given to it in Clause 12 of this
     Agreement.

     "MANAGEMENT CONTROL AGREEMENT" means the management control agreement
     whereby each of the Xinrui Shareholders unconditionally agrees and
     undertakes to exercise its shareholding rights, interests, powers and
     benefits in Xinrui in accordance with the instruction of Sharp Edge WFOE.

     "MANAGEMENT TEAM" means Sun Jing Ye and Ai Li.

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     "MATERIAL ADVERSE EVENT" means, with respect to the Group and/or a Group
     Company, any change, event, or effect that is materially adverse to the
     business, operations, assets, financial condition, prospects of the Group
     and/or a Group Company or the ability of the Group and/or a Group Company
     to perform its obligations contemplated under the Transaction Documents or
     the validity or enforceability of the Transaction Documents.

     "MATERIAL DEBTS" means the debts owed by Xinrui to several Persons and are
     more fully described in Exhibit A of this Agreement.

     "MATERIAL OPERATING CONTRACTS" has the meaning given to it in Clause
     6.20(a)(i) of this Agreement.

     "NASDAQ" means the National Association of Securities Dealers Automated
     Quotation System in the United States.

     "NET CURRENT ASSETS" means, as at 31 December 2005:

     (a)  the total current assets minus the total current liabilities;

     (b)  the total current assets shall not include the amount of RMB6,670,000
          referred to in Clause 3.4(b); and

     (c)  only accounts receivables verified or confirmed by the Confirmation
          Letters shall be included as part of the total current assets.

     "NON-DISCLOSING PARTY" has the meaning given to it in Clause 9.4 of this
     Agreement.

     "OFF-SET AMOUNT" means an amount of RMB3,330,000 converted into the
     relevant amount denominated in US$ using the middle price exchange rate as
     determined by the People's Bank of China on the payment date referred to in
     Clause 3.4 of this Agreement.

     "OPERATORS" means China Telecom, Chine Netcom, China Railcom, China Unicom
     and China Mobile, their local branches (if any) and any other Person as the
     Parties may jointly determine as an Operator, and "OPERATOR" means any of
     them.

     "PAID-IN AMOUNT" has the meaning given to it in Clause 13.10 of this
     Agreement.

     "PAID-IN DATE" has the meaning given to it in Clause 13.10 of this
     Agreement.

     "PARTIES" or "PARTY" have the meanings given to them in the beginning of
     this Agreement.

     "PAYMENT DATE" means each of the dates of which payments are made under
     Clause 3.2 and Clause 3.4.

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     "PAYMENT OBLIGATION" means the obligation of Xinrui to pay Sharp Edge WFOE
     for the provision of technical support under the TSA.

     "PERSON" means any individual, sole proprietorship, partnership, firm,
     joint venture, estate, trust, unincorporated organization, association,
     corporation, institution, public benefit corporation, entity or
     governmental authority or other entity of any kind or nature, and in the
     case of a natural Person, shall include, without limitation, such Person's
     spouse, parents, children, siblings and in-laws.

     "PRC" means the People's Republic of China, excluding the Hong Kong Special
     Administrative Region, Macau Special Administrative Region and Taiwan.

     "PRC GAAP" means the generally accepted accounting principles in the PRC
     applied on a consistent basis.

     "PROHIBITED MATTERS" has the meaning given to it in Clause 13.7(a) of this
     Agreement.

     "RESTRUCTURING DOCUMENTS" means the documents set forth in Exhibit B.

     "RMB" means the lawful currency of the PRC.

     "SECOND CASH PAYMENT" means an amount equals to 2.5 times Xinrui's net
     profit based on the unaudited Financial Statements for the period from 1
     October 2005 to 30 June 2006 (both dates inclusive) and verified and agreed
     by KongZhong, and this amount shall, at all times, not exceed US$11
     million.

     "SECOND CASH PAYMENT EXCESS AMOUNT" has the meaning given to it in Clause
     3.2(c)(i) of this Agreement.

     "SHARE DISPOSITION AGREEMENT" means the agreement whereby each of the
     Xinrui Shareholders unconditionally agrees and undertakes to, upon the
     instruction of Sharp Edge WFOE, transfer all of its shareholding in Xinrui
     to a Person designated by Sharp Edge WFOE in consideration for the
     provision of technical support by Sharp Edge WFOE to Xinrui pursuant to the
     TSA.

     "SHARE PLEDGE AGREEMENT" means the share pledge agreement whereby each of
     the Xinrui Shareholders pledges its shareholding in Xinrui to Sharp Edge
     WFOE to secure the Payment Obligation of Xinrui.

     "SHARES" means the Sharp Edge Shares and the Xinrui Shares.

     "SHARP EDGE SHARES" has the meaning given to it in Recital I of this
     Agreement.

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     "SUBSIDIARY" means, with respect to any Person who is not an individual,
     any corporation, partnership, or other entity, Controlled by such Person or
     which is a subsidiary of another subsidiary of such Person.

     "TAX" or "TAXES" or "TAXATION" means and includes all forms of tax, levy,
     duty, charge, impost, fee, deduction or withholding of any nature imposed,
     levied, collected withheld or assessed by any governmental authority or
     other taxing or similar authority in any part of the world and includes any
     interest, additional tax, penalty or other charge payable or claimed in
     respect thereof.

     TOTAL PURCHASE PRICE" means First Cash Payment plus Earn Out-Amount, and is
     more fully described in Clause 3.1 of this Agreement.

     "TRANSACTION DOCUMENTS" means this Agreement, the Xinrui Share Purchase
     Agreement and the Restructuring Documents.

     "TRANSACTION TERMS" has the meaning given to it in Clause 9.1 of this
     Agreement.

     "TSA" means the technical support agreement entered into between Sharp Edge
     WFOE and Xinrui whereby among other things, Sharp Edge WFOE shall provide
     certain technical support to Xinrui on an exclusive basis.

     "U.S." or "UNITED STATES" means the United States of America.

     "US$" means the lawful currency of the United States.

     "VALUATION FINANCIAL STATEMENTS" means the Financial Statements of Xinrui
     for the Valuation Period.

     "VALUATION PERIOD" means the period from 1 October 2005 to 30 September
     2006 (both dates inclusive).

     "VERIFICATION PERIOD" has the meaning given to it in Clause 3.2(b) of this
     Agreement.

     "WARRANTORS" means Sharp Edge, Sharp Edge WFOE, Ho Chi Sing, Sun Jing Ye,
     Ai Li, Xinrui and each of the Xinrui Shareholders.

     "XINRUI PURCHASE PRICE" has the meaning given to it in Clause 3.3 of this
     Agreement.

     "XINRUI SHARE PURCHASE AGREEMENT" means the share purchase agreement dated
     the same date as this Agreement entered into between KongZhong Nominee,
     Xinrui and each of the

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     Xinrui Shareholders with respect to the transfer the Xinrui Shares to
     KongZhong Nominee by each of the Xinrui Shareholders and in the agreed form
     shown in Schedule 2.

     "XINRUI SHARES" has the meaning given to it in Recital I of this Agreement.

     "2006 PROFIT OF XINRUI" means the net profit of Xinrui as shown in the
     Valuation Financial Statements of Xinrui.

2.   Sale and Purchase of Shares.

2.1  Sale and Purchase of Sharp Edge Shares.

     Subject to the terms and conditions of this Agreement, KongZhong agrees to
     purchase, and Ho Chi Sing agrees to sell, the Sharp Edge Shares, together
     with all rights, interests, benefits and entitlements attaching to and
     flowing from the Sharp Edge Shares, free from any Encumbrances whatsoever.

2.2  Sale and Purchase of Xinrui Shares.

     Subject to the terms and conditions of this Agreement, KongZhong Nominee
     agrees to purchase, and each of the Xinrui Shareholders agrees to sell, the
     Xinrui Shares, together with all rights, interests, benefits and
     entitlements attaching to and flowing from the Xinrui Shares, free from any
     Encumbrances whatsoever.

3.   Consideration for the Shares

3.1  Purchase Price for Sharp Edge Shares.

     The purchase price payable for the Sharp Edge Shares ("TOTAL PURCHASE
     PRICE") is 5 times 2006 Profit of Xinrui and is subject to the following
     conditions:

     (a)  if the gross revenue and net profit of Xinrui, as shown in the
          quarterly financial statements issued by KongZhong for the purpose of
          KongZhong's quarter earning release, do not reflect a consecutive
          quarter to quarter growth during the Valuation Period, Total Purchase
          Price shall be 4.8 times 2006 Profit of Xinrui;

     (b)  Total Purchase Price must, at all times, not exceed US$35 million;

     (c)  other than the estimated revenue mentioned in sub-paragraph (d) below,
          the revenue of Xinrui up to the end of the Valuation Period must be
          confirmed or verified by the relevant Confirmation Letters;

     (d)  the estimated revenue of Xinrui as shown in the Valuation Financial
          Statements for the period from 1 July 2006 up to, and including 30
          September 2006 shall not exceed 5% of total reported revenue in the
          same period.

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3.2  Payment terms of Total Purchase Price

     Total Purchase Price shall be paid by KongZhong as follows:

     (a)  KongZhong shall pay the First Cash Payment to Ho Chi Sing by
          electronic funds transfer to the account with the details information
          as follows within fifteen (15) Business Days from the date of this
          Agreement:

          (i)  Name of Beneficiary:

               Hong Kong General Digital Group Limited

          (ii) Name of Beneficiary's Bank:

               The Hong Kong and Shanghai Banking Corporation Limited

          (iii) Address of Beneficiary's Bank:

               Des Voeux Road Central Branch
               China Insurance Group Building
               141 Des Voeux Road Central
               Hong Kong

          (iv) Account Number:

               [deleted*] (for HKD current account) OR
               [deleted*] (for other currency savings account)

     (b)  KongZhong shall pay the Second Cash Payment to Ho Chi Sing within
          fifteen (15) Business Days from the date KongZhong notifies Ho Chi
          Sing that KongZhong has completed verifying and agreeing to the
          Financial Statement for the period from 1 October 2005 to 30 June 2006
          prepared by the management of Xinrui. KongZhong shall verify the
          Financial Statement within twenty (20) Business Days from the date the
          Financial Statements are delivered to KongZhong by the management of
          Xinrui ("VERIFICATION PERIOD"). If KongZhong were to disagree with
          such Financial Statements, the disagreement must be based on
          reasonable grounds, and the disagreement shall be notified to Ho Chi
          Sing within the five (5) Business Days from the last date of the
          Verification Period, in which case, KongZhong shall pay the Second
          Cash Payment to

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*    All deleted material has been separately filed with the Securities and
     Exchange Commission.

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          Ho Chi Sing within fifteen (15) Business Days from the date the
          disagreement is finally resolved by KongZhong, Ho Chi Sing and the
          management of Xinrui; and

     (c)  KongZhong shall pay the remaining balance of Total Purchase Price at
          the last payment date ("LAST PAYMENT DATE") which is the date falling
          within fifteen (15) Business Days from the date KongZhong has received
          the audited Valuation Financial Statements from the Auditor. The
          remaining balance of the Total Purchase Price shall be paid by
          KongZhong to Ho Chi Sing in the following manners:

          (i)  Scenario 1

               In the event that at the Last Payment Date, it is agreed by
               KongZhong and Ho Chi Sing that the Second Cash Payment has
               exceeded the Earn-Out Cash ("SECOND CASH PAYMENT EXCESS AMOUNT"):

               (A)  Ho Chi Sing shall promptly repay, and each of the Warrantors
                    shall procure Ho Chi Sing to promptly repay, the Second Cash
                    Payment Excess Amount to KongZhong no later than 5 Business
                    Days from the date KongZhong and Ho Chi Sing agree on the
                    Second Cash Payment Excess Amount;

               (B)  KongZhong shall issue the Earn-Out Shares to Ho Chi Sing.
                    The Earn-Out Shares have not been and will not be registered
                    under the United States Securities Act of 1933 ("SECURITIES
                    ACT"), and may not be offered or sold in the United States
                    or to any U.S. persons unless the Earn-Out Shares are
                    registered under the Securities Act or an exemption from the
                    registration requirement of the Securities Act is available;
                    and

               (C)  the Earn-Out Shares are issued subject to Clause 13.9 below.

          (ii) Scenario 2

               In the event that at the Last Payment Date, it is agreed by
               KongZhong and Ho Chi Sing that the Earn-Out Cash exceeds the
               Second Cash Payment ("EARN-OUT EXCESS Amount"):

               (A)  KongZhong shall pay to Ho Chi Sing the Earn-Out Excess
                    Amount no later than 5 Business Days from the date KongZhong
                    and Ho Chi Sing agree on the Earn-Out Excess Amount;

               (B)  KongZhong shall issue the Earn-Out Shares to Ho Chi Sing.
                    The Earn-Out Shares have not been and will not be registered
                    under the Securities Act, and may not be offered or sold in
                    the United States or to any U.S. persons unless the Earn-Out
                    Shares are registered under the

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                    Securities Act or an exemption from the registration
                    requirement of the Securities Act is available; and

               (C)  the Earn-Out Shares are issued subject to Clause 13.9 below.

          (iii) Scenario 3

               In the event that at the Last Payment Date, it is agreed by
               KongZhong and Ho Chi Sing that the Earn-Out Cash equals to the
               Second Cash Payment:

               (A)  KongZhong shall issue the Earn-Out Shares to Ho Chi Sing.
                    The Earn-Out Shares have not been and will not be registered
                    under the Securities Act, and may not be offered or sold in
                    the United States or to any U.S. persons unless the Earn-Out
                    Shares are registered under the Securities Act or an
                    exemption from the registration requirement of the
                    Securities Act is available; and

               (B)  the Earn-Out Shares are issued subject to Clause 13.9 below.

          For the avoidance of doubt, KongZhong has the absolute discretion to
          decide whether to pay the Earn-Out Amount in the form of the Earn-Out
          Cash and the Earn-Out Shares, or wholly in the form of cash.

3.3  Purchase Price for Xinrui Shares.

     The purchase price payable for the Xinrui Shares ("XINRUI PURCHASE PRICE")
     is RMB10,000,000.

3.4  Payment terms of Xinrui Purchase Price

     Xinrui Purchase Price shall be paid by KongZhong Nominee within fifteen
     (15) Business Days from the date of this Agreement as follows:

     (a)  KongZhong Nominee shall pay an amount of RMB3,330,000 to each of the
          Xinrui Shareholders by electronic funds transfer to the account with
          the detailed information as follows;

          (Chinese Characters): (Chinese Characters)
          (Chinese Characters): (Chinese Characters)
          (Chinese Characters): 839
          (Chinese Characters): [deleted*]

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*    All deleted material has been separately filed with the Securities and
     Exchange Commission.

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     (b)  KongZhong Nominee shall pay the remaining amount of RMB6,670,000 to
          Xinrui to be used to satisfy the outstanding debts owed to Xinrui by
          the Xinrui Shareholders;

     All of the Xinrui Shareholders hereby agree and acknowledge that the
     payment of the remaining amount of RMB6,670,000 to Xinrui mentioned in
     sub-paragraph (b) above forms part of the Xinrui Purchase Price, which
     together with the amount of RMB3,330,000 mentioned in sub-paragraph (a)
     above, equals to the Xinrui Purchase Price. Provided that the Xinrui
     Purchase Price has been paid by KongZhong Nominee according to this Clause
     3.4, all of the Xinrui Shareholders hereby covenant that they shall not,
     jointly or severally, make any claim whatsoever, whether now or in the
     future, against KongZhong Nominee (or KongZhong) for the payment of the
     remaining amount of RMB6,670,000.

4.   Condition to payment of First Cash Payment and Xinrui Purchase Price

     Each of the Parties:

     (a)  agrees and shall procure that, simultaneously with this Agreement:

          (i)  each of the Xinrui Shareholders, Xinrui and KongZhong Nominee
               shall enter into the Xinrui Share Purchase Agreement and sign all
               other documents required for the registration of the share
               transfer of Xinrui Shares with the relevant administration
               industry and commerce in the PRC; and

          (ii) each of the Management Team shall enter into the employment
               contract and non-competition and confidentiality agreement
               referred to in Schedule 6; and

     (b)  agrees that KongZhong has no obligation to make the payment of the
          First Cash Payment and KongZhong Nominee has no obligation to make the
          payment of the Xinrui Purchase Price until and unless the Xinrui Share
          Purchase Agreement has been duly entered into by each of the Xinrui
          Shareholders, Xinrui and KongZhong Nominee at the same date as this
          Agreement.

     Each of the Warrantors:

          shall procure that the signature of Ho Chi Sing on the signature page
          of the power of attorney attached hereto as Exhibit B 1 should have
          been authenticated and notarized by a qualified Person and delivered
          to KongZhong before the payment of First Cash Payment and Xinrui
          Purchase Price.

5.   Closing

5.1  Closing.

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     The consummation of the sale and purchase of the Shares shall take place at
     Llinks Law Offices, Units 16-20, 27 Floor, Tower 1, China World Trade
     Center, Beijing, on the date falling twenty (20) Business Days from the
     date of this Agreement or such other place and time as the Parties may
     mutually agree ("CLOSING").

5.2  Closing Conditions

     Before Closing can occur, unless otherwise waived by KongZhong, the
     following conditions must be satisfied by the relevant Warrantor
     responsible for satisfying those conditions ("CLOSING CONDITIONS") within
     twenty (20) Business Days from the date of this Agreement:

     (a)  Transfer Conditions

          (i)  each of the Xinrui Shareholders has effectively transferred all
               of its shareholding in Xinrui to KongZhong Nominee including
               registering the share transfer contemplated in the Xinrui Share
               Purchase Agreement with the relevant administration industry and
               commerce in the PRC;

          (ii) Ho Chi Sing has effectively transferred all of his shareholding
               in Sharp Edge to KongZhong;

     (b)  Other Conditions

          (i)  Sharp Edge and Ho Chi Sing, and where relevant, a Warrantor,
               shall:

               (A)  deliver to KongZhong the new share certificate(s)
                    representing the Sharp Edge Shares purchased by KongZhong
                    with KongZhong endorsed on the share certificate(s) as the
                    new owner of the Sharp Edge Shares, and any other documents
                    or items any Warrantor is required to deliver to KongZhong
                    at or prior to the Closing;

               (B)  enter the name of KongZhong in the register of shareholders
                    of Sharp Edge as the sole owner of the Sharp Edge Shares and
                    deliver to KongZhong a copy of such updated register of
                    shareholders certified as true and complete copy by the
                    Management Team or the Board of Sharp Edge.

               (C)  at Closing, deliver to KongZhong the letter(s) of
                    resignation of the Director(s) of Sharp Edge as at the date
                    of Closing and enter the names of such persons as KongZhong
                    may appoint as Directors of Sharp Edge in the register of
                    directors of Sharp Edge as Directors and deliver to
                    KongZhong as soon as practicable after the Closing a copy of

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<PAGE>

                    such updated register of directors certified as true and
                    complete copy by the Management Team or the Board of Sharp
                    Edge.

               (D)  deliver to KongZhong or its legal counsel a legal opinion
                    issued by the BVI Counsel with respect to Sharp Edge for the
                    share purchase contemplated in this Agreement in the form
                    and substance satisfactory to KongZhong.

          (ii) Xinrui and the Xinrui Shareholders, and where relevant a
               Warrantor, shall:

               (A)  deliver to KongZhong Nominee the contribution certificate(s)
                    (Chinese Characters) representing the Xinrui Shares
                    purchased by KongZhong Nominee with KongZhong Nominee
                    endorsed on the contribution certificate(s) as the new owner
                    of the Xinrui Shares, and any other documents or items any
                    Warrantor is required to deliver to KongZhong Nominee at or
                    prior to the Closing;

               (B)  enter the name of KongZhong Nominee in the register of
                    shareholders of Xinrui as the sole owner of the Xinrui
                    Shares and deliver to KongZhong Nominee a copy of such
                    updated register of shareholders certified as true and
                    complete copy by the Management Team or the Board of Xinrui;
                    and

               (C)  at Closing, deliver to KongZhong Nominee the letter(s) of
                    resignation of the Director(s) of Xinrui as at the date of
                    Closing and enter the names of such persons as KongZhong
                    Nominee may nominate for appointment as Directors of Xinrui
                    in the register of directors of Xinrui as Directors and
                    deliver to KongZhong Nominee as soon as practicable after
                    the Closing a copy of such updated register of directors
                    certified as true and complete copy by the Management Team
                    or the Board of Xinrui.

               (D)  the new business license of Xinrui and the amended and
                    updated articles of association of Xinrui to reflect the
                    completion of the transfer of the Xinrui Shares from the
                    Xinrui Shareholders to KongZhong Nominee.

          (iii) All of the Warrantors shall deliver to KongZhong and KongZhong
               Nominee a certificate confirming that:

               (A)  all the representations and warranties in Clause 6 are true
                    in all material aspects on the date of the Closing as though
                    made on such date and that there are no events or occurrence
                    which will, with the

                                       15

<PAGE>

                    passing of time, serving of any notice, making of any
                    determination, fulfilling of any conditions, or a
                    combination of any of them, will result in a Material
                    Adverse Event;

               (B)  all of the steps or actions required to be undertaken under
                    the Restructuring Documents have been duly and effectively
                    taken to give effect to the valid restructuring contemplated
                    under the Restructuring Documents; and

               (C)  all corporate and legal proceedings taken by each Warrantor
                    and/or each Group Company in connection with the
                    transactions contemplated by the Transaction Documents and
                    all documents relating to these transactions which are
                    necessary to the signing and delivery hereof and the
                    performance hereunder of the obligations of such Group
                    Company have been duly completed; no legal action is pending
                    or is threatened in writing which seeks to impose liability
                    upon any of the Group Companies by reason of the
                    consummation of the transactions contemplated by the
                    Transaction Documents to which it is a party; all of the
                    conditions set forth in Clause 10 of this Agreement have
                    been duly satisfied.

6.   Representations and Warranties of the Warrantors to KongZhong, and as the
     case may be, KongZhong Nominee

     As of the date of this Agreement up to, and including the Closing Date as
     though made on each day and up to the Closing Date, each of the Warrantors
     jointly and severally represents and warrants to KongZhong, and where
     relevant, to KongZhong Nominee, except as set forth in the disclosure
     schedule attached hereto as Exhibit C ("DISCLOSURE SCHEDULE"), as follows:

6.1  Sharp Edge's Corporate Organization and Authority.

     Sharp Edge:

     (a)  is a company duly established, validly existing, authorized to
          exercise all its corporate powers, rights, and privileges, and is in
          good standing under the laws of BVI;

     (b)  has the corporate power and corporate authority to own, lease and
          operate its properties and to carry on its business as is now
          conducted; and has complied with its constitutional or organizational
          documents in all respects, and none of the activities, agreements,
          commitments, obligations or rights of Sharp Edge is ultra vires,
          unauthorized or in violation of such constitutional or organizational
          documents or any applicable laws;

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<PAGE>

     (c)  is qualified as a foreign corporation in all jurisdictions in which
          qualification is required;

     (d)  has made available to KongZhong a copy of all of its directors' and
          shareholders' minutes and/or resolutions. Each copy is true, correct,
          up-to-date and complete and contains all amendments and all minutes of
          meetings and actions taken by the shareholders and directors of Sharp
          Edge since the time of establishment of Sharp Edge up to, and
          including, the date of this Agreement and accurately reflects all
          transactions referred to in such minutes and/or resolutions;

     (e)  has properly kept all books, records and registers required to be kept
          by it under any applicable laws, and the copies of the constitutional
          or organizational documents of Sharp Edge supplied to KongZhong are
          true, accurate, up-to-date and complete;

     (f)  has filed or delivered all returns, particulars, resolutions and other
          documents required to be filed with or delivered to any governmental
          authority in respect of Sharp Edge; and

     (g)  has not given any powers of attorney currently in force, and there are
          no outstanding authorities (express or implied) by which any Person
          may enter into any contract or commitment to do anything outside the
          ordinary course of business on behalf of Sharp Edge.

6.2  Sharp Edge WFOE's Corporate Organization and Authority.

     Sharp Edge WFOE:

     (a)  is a wholly foreign-owned enterprise duly established, validly
          existing and is authorized to exercise all its corporate powers,
          rights, and privileges under the laws of the PRC;

     (b)  is duly approved by the relevant PRC governmental authorities and has
          the corporate power and corporate authority to own, lease and operate
          its properties and to carry on its business as is now conducted, and
          as authorized to be conducted under its current business license; has
          complied with its constitutional or organizational documents in all
          respects, and none of the activities, agreements, commitments,
          obligations or rights of Sharp Edge WFOE is ultra vires, unauthorized
          or in violation of such constitutional or organizational documents or
          any applicable laws;

     (c)  is qualified as a foreign corporation in all jurisdictions in which
          qualification is required;

     (d)  has made available to KongZhong a copy of all of its directors' and
          shareholders' minutes and/or resolutions. Each copy is true, correct,
          up-to-date and complete and contains all amendments and all minutes of
          meetings and actions taken by the shareholders and directors of Sharp
          Edge WFOE since the time of establishment of Sharp Edge WFOE up to,
          and including, the date of this Agreement and accurately

                                       17

<PAGE>

          reflects all transactions referred to in such minutes and/or
          resolutions;

     (e)  has been duly approved by the relevant authorities in the PRC as a
          wholly foreign-owned enterprise held by Sharp Edge, and enjoys the
          preferential treatment and benefits (including but not limited to the
          preferential tax treatment) available generally to wholly
          foreign-owned enterprises under applicable PRC laws;

     (f)  has properly kept all books, records and registers required to be kept
          by it under any applicable laws, and the copies of the constitutional
          or organizational documents of Sharp Edge WFOE supplied to KongZhong
          are true, accurate, complete and up-to-date;

     (g)  has filed or delivered all returns, particulars, resolutions and other
          documents required to be filed with or delivered to any governmental
          authority in respect of Sharp Edge WFOE; and

     (h)  has not given any powers of attorney currently in force, and there are
          no outstanding authorities (express or implied) by which any Person
          may enter into any contract or commitment to do anything outside the
          ordinary course of business on behalf of Sharp Edge WFOE.

6.3  Xinrui's Corporate Organization and Authority.

     Xinrui

     (a)  is a limited liability company duly established, validly existing and
          is authorized to exercise all its corporate powers, rights and
          privileges under the laws of PRC;

     (b)  has the corporate power and corporate authority to own, lease and
          operate its properties and to carry on its business as now conducted
          and as is authorized to be conducted under its current business
          license; has complied with its constitutional or organizational
          documents in all respects, and none of its activities, agreements,
          commitments, obligations or rights is ultra vires, unauthorized or in
          violation of such constitutional or organizational documents or any
          applicable laws;

     (c)  is qualified as a foreign corporation in all jurisdictions in which
          qualification is required;

     (d)  has made available to KongZhong Nominee, or as the case may be,
          KongZhong, a copy of all of its directors' and shareholders' minutes
          and/or resolutions. Each copy is true, correct, up-to-date and
          complete and contains all amendments and all minutes of meetings and
          actions taken by the shareholders and directors of Xinrui since the
          time of the establishment of Xinrui up to, and including, the date of
          this Agreement and accurately reflects all transactions referred to in
          such minutes and/or resolutions;

                                       18

<PAGE>

     (e)  has properly kept all books, records and registers required to be kept
          by it under any applicable laws, and the copies of its constitutional
          or organizational documents supplied to KongZhong Nominee, or as the
          case may be, KongZhong, are true, accurate and up-to-date;

     (f)  has filed or delivered all returns, particulars, resolutions and other
          documents required to be filed with or delivered to any governmental
          authority; and

     (g)  has not given any powers of attorney currently in force, and there are
          no outstanding authorities (express or implied) by which any Person
          may enter into any contract or commitment to do anything outside the
          ordinary course of business on behalf of Xinrui.

6.4  Capitalization of Sharp Edge.

     (a)  Capital Stock. As of the date of this Agreement, the authorized
          capital of Sharp Edge consists of one (1) ordinary share, of which
          exactly one (1) ordinary share has been duly and validly issued and
          fully paid.

     (b)  Other Securities. As of the date of this Agreement and save for those
          contemplated by the Transaction Documents, there are no outstanding
          rights of first refusal, preemptive rights, or other rights, warrants,
          options, conversion privileges, subscriptions, or other rights,
          agreements or securities, either directly or indirectly, entitling the
          holder thereof to purchase or otherwise acquire or to compel Sharp
          Edge to increase or decrease its registered capital or to issue,
          repurchase or redeem any equity securities of Sharp Edge.

     (c)  Shareholders. Ho Chi Sing owns all of the Sharp Edge Shares free and
          clear of all Encumbrances and has valid and legal title to the Sharp
          Edge Shares to transfer to KongZhong pursuant to the terms and
          conditions of this Agreement.

6.5  Capitalization of Sharp Edge WFOE.

     (a)  Registered Capital. The total investment of Sharp Edge WFOE is
          US$150,000 and the registered capital of Sharp Edge WFOE is
          US$150,000. Sharp Edge at all times holds one hundred percent (100%)
          of the equity interest in Sharp Edge WFOE free and clear of all
          Encumbrances. Such capitalization of Sharp Edge WFOE and the ownership
          of Sharp Edge WFOE by Sharp Edge have been approved by all relevant
          PRC authorities, which approvals are in full force and effect and have
          not lapsed or been revoked.

     (b)  Other Securities. There are no outstanding rights of first refusal,
          preemptive rights, or other rights, warrants, options, conversion
          privileges, subscriptions, or other rights, agreements or securities,
          either directly or indirectly, entitling the holder thereof to
          purchase or otherwise acquire or to compel Sharp Edge WFOE to increase
          or decrease

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<PAGE>

          Sharp Edge WFOE's total investment or registered capital, or to issue,
          repurchase or redeem any of such registered capital.

6.6  Capitalization of Xinrui.

     (a)  The registered capital of Xinrui is RMB10,000,000. All of the Xinrui
          Shareholders have fully paid the requisite amount into the registered
          capital of Xinrui in the amount and within the time limit as required
          by the relevant PRC authorities.

     (b)  An accurate and complete list of Xinrui's shareholders and the capital
          structure is set forth in Schedule 1.

     (c)  The Persons identified in Clause 6.6(b) are the only Persons with
          direct or indirect interests in the equity capital of Xinrui, and each
          such Person holds its respective legal and valid interests in Xinrui
          free and clear of all Encumbrances, except as provided under the
          Restructuring Documents. None of such Persons will transfer, alienate
          or dispose of any direct or indirect interest in Xinrui or create any
          Encumbrance over any such interest except as required pursuant to this
          Agreement or the Restructuring Documents.

     (d)  Save for those contemplated in the Transaction Documents, there are no
          outstanding rights of first refusal, preemptive rights or other
          rights, warrants, options, conversion privileges, subscriptions, or
          other agreements or securities, either directly or indirectly,
          entitling the holder thereof to purchase or otherwise acquire or to
          compel Xinrui to increase or decrease its total investment or
          registered capital or to issue, repurchase or redeem any of such
          registered capital.

6.7  Subsidiaries.

     (a)  Save for the Subsidiaries of Sharp Edge listed in Schedule 3, Sharp
          Edge is not the direct or indirect legal or beneficial owner of any
          share, equity, membership, partnership or ownership interest in any
          other Person.

     (b)  The particulars of the Subsidiaries of Sharp Edge set forth in
          Schedule 3 are true and accurate in all respects and the percentage of
          the share capital showed therein as owned by Sharp Edge is
          beneficially owned free from all Encumbrances.

     (c)  There is no agreement or arrangement in force which calls for the
          present or future issue or sale of, or grant to any person the right
          (whether conditional or otherwise) to call for the issue, sale or
          transfer of any share or loan capital of any of the Subsidiaries of
          Sharp Edge (including any option, notes, warrants or other securities
          or rights convertible or ultimately convertible into stock, shares or
          equity interests in any of the Subsidiaries of Sharp Edge).

                                       20
<PAGE>

     (d)  At the date of this Agreement, each of Sharp Edge WFOE and Xinrui does
          not have any Subsidiaries, and is not participant in any joint
          venture, partnership, or other similar arrangement except for the
          arrangements contemplated in the Restructuring Documents. From the
          date of this Agreement up to the Closing, none of the Group Companies
          will acquire any Subsidiaries or become party to any joint venture
          except as may be required by the Restructuring Documents.

6.8 Financial Statements.

     (a)  General.

          (i)  The Financial Statements attached hereto as Exhibit D have been
               prepared in accordance with the requirements of the relevant
               statutes and on a consistent basis in accordance with the PRC
               GAAP and, at all times, are consistent with and do not contravene
               the accounting policy of KongZhong attached hereto as Exhibit E.

          (ii) No change in the policies of accounting have been made in
               preparing the accounts of each of the Group Companies for each of
               the previous financial periods of each of the Group Companies
               ended on the Balance Sheet Date, except as stated in the audited
               balance sheets and profit and loss accounts for such period.

          (iii) The Financial Statements attached hereto as Exhibit D show a
               true and fair view of the assets, liabilities, capital
               commitments and the state of affairs of each of the Group
               Companies as at the Balance Sheet Date and of the profits and
               losses of each of the Group Companies for the period concerned.

     (b)  Provision for liabilities, etc. Full disclosure of and adequate
          provisions for bad and doubtful debts and all liabilities, actual,
          contingent or otherwise and of all financial commitments in existence
          at the Balance Sheet Date have been made in the Financial Statements.

     (c)  Extraordinary/exceptional items. The results shown by the Financial
          Statements on the Balance Sheet Date have not (save for therein
          disclosed) been affected by an extraordinary or exceptional or
          non-recurring item or by any other circumstances rendering the profits
          or losses for the period covered by the Financial Statements unusually
          high or low.

     (d)  Provision for Taxation. The Financial Statements reserve or provide in
          full for all Taxation for which a Group Company was liable at the
          Balance Sheet Date, and whether or not the Group Company has or may
          have any right of reimbursement against

                                       21

<PAGE>

          any other Person, the Financial Statements have provided for in full
          for any contingent or deferred liability to Taxation.

     (e)  Acquisition of assets. None of the Group Companies' assets has been
          acquired for any consideration in excess of its net realizable value
          at the date of such acquisition or otherwise than by way of an arm's
          length transaction.

     (f)  Depreciation. The rates of depreciation adopted in the Financial
          Statements were sufficient for each fixed asset of a Group Company to
          be written down to nil by the end of its useful life.

     (g)  Books and Financial Records. All the accounts, books, registers,
          ledgers and financial and other material records of whatsoever kind of
          each Group Company have been fully properly and accurately kept and
          completed; there are no inaccuracies or discrepancies of any kind
          contained or reflected therein; and they give and reflect a true and
          fair view of the financial, contractual and trading position of the
          Group Company and of its plant and machinery, fixed and current assets
          and liabilities (actual and contingent), debtors, creditors and
          work-in-progress.

6.9  Changes since Balance Sheet Date.

     (a)  General Changes. Since the Balance Sheet Date:

          (i)  the business of each of the Group Companies has been carried on
               in the ordinary course and maintained as a going concern; and

          (ii) there has been no adverse change in the financial position or
               trading prospects of each of the Group Companies.

     (b)  Specific Changes. Since the Balance Sheet Date:

          (i)  no Group Company has disposed of any asset (including trading
               stock) other than in the ordinary course of carrying on its
               business;

          (ii) no Group Company has assumed or incurred any liabilities (actual
               or contingent) or expenditure otherwise than in the ordinary
               course of carrying on its business or entered into any
               transaction which is not in its ordinary course of business;

          (iii) none of the amounts under any guarantees or secured by the
               mortgages, charges, liens or Encumbrance disclosed in the
               Financial Statements has been increased beyond the amount shown
               in the Financial Statements and no guarantee, mortgage, charge,
               lien or Encumbrance has been entered into,

                                       22

<PAGE>

               given or created since the Balance Sheet Date;

          (iv) no business of any of the Group Companies has been adversely
               affected by the loss of any important contract or customer or
               source of supply or by any abnormal factor not affecting similar
               businesses to a like extent and none of the Warrantors are aware
               of any facts which are likely to give rise to any such effects;

          (v)  subject to Clause 13.1, no dividends, bonuses or distributions
               have been declared, paid or made by any Group Company;

          (vi) no Group Company has changed its financial year end;

          (vii) save for resolutions copies of which have been delivered to
               KongZhong (or as the case may be, KongZhong Nominee) prior to the
               date of this Agreement or which are required to be passed by any
               Group Company prior to Closing in order to satisfy the conditions
               set out in Clause 10, no board or shareholders' resolutions of
               any of the Group Companies have been passed;

          (viii) there has not been any waiver or compromise granted by any
               Group Company of a valuable right owned by it or of a material
               debt owing to it; and

          (ix) there has been no change to any material contract or agreement
               which any Group Company or any of its assets is bound by or
               subject to.

6.10 Taxation.

     (a)  General.

          (i)  The provisions for Taxes in the Financial Statements are
               sufficient for the payment of all accrued and unpaid Taxes of
               each Group Company, whether or not assessed or disputed as of the
               date of each such Financial Statements. Each Group Company has
               duly and punctually paid all Taxation which it has become liable
               to pay and is under no liability to pay any penalty, interest,
               surcharge or fine in connection with any Taxation and has
               complied in all respects with all legislation relating to
               Taxation applicable to it.

          (ii) Each Group Company has timely made or filed all such returns,
               notifications and reports, provided all such information and
               documents and maintained all such records in relation to Taxation
               as are required to be made or provided or maintained by it, all
               such returns, notifications, reports, information, documents and
               records are true and correct and none is disputed by any relevant

                                       23

<PAGE>

               governmental authority.

          (iii) Each Group Company is not and does not expect to be involved in
               any dispute in relation to Taxation and there is no relevant
               governmental authority which has investigated or indicated that
               it intends to investigate the Tax affairs of any Group Company.

     (b)  Duties, etc. All duties, charges, imposts or fees payable in respect
          of any assets (including trading stock) imported, exported or owned by
          the Group Company have been paid in full.

     (c)  Payments and Interest. No Group Company is under any obligation to
          make at any time any payments of interest or any annual payments for
          which no relief will be received, whether as a deduction or charge on
          income.

     (d)  Deductions and Withholdings. Each Group Company has made all
          deductions in respect, or on account, of any Tax from any payments
          made by it which it is obliged or entitled to make and has accounted
          in full to the appropriate authority for all amounts so deducted.

     (e)  Overseas Business. Other than Sharp Edge, each of the Group Companies
          have only carried on their trade, business or other activities in the
          PRC and in addition to Clause 6.7(d), do not have any overseas
          subsidiary or associated or related company (as such terms are used in
          relation to Tax in any foreign country).

     (f)  Secondary Liability. No event, transaction, act or omission has
          occurred which could result in a Group Company becoming liable to pay
          or to bear any Taxation which is primarily or directly chargeable
          against or attributable to any person other than the Group Company.

6.11 Changes in Net Assets. Since the Balance Sheet Date and at all times up to
     the date of Closing, no material changes have occurred in the assets and
     liabilities (whether actual or contingent) shown in the Financial
     Statements and there has been no material reduction in the value of the net
     tangible assets of any of the Group Companies on the basis of the
     valuations adopted in the Financial Statements.

6.12 Assets and Liabilities.

     (a)  Title and Condition.

          (i)  The assets included in the Financial Statements or acquired since
               the Balance Sheet Date (other than trading stock subsequently
               disposed of in the ordinary course of business or trading stock
               acquired subject to retention or reservation

                                       24

<PAGE>

               of title by the supplier or manufacturer thereof) and all assets
               used by each of the Group Companies:

               (A)  are legally and beneficially owned by the Group or one of
                    the Group Companies free from all Encumbrances;

               (B)  are not the subject of any agreement for lease, hire, hire
                    purchase or sale on deferred terms;

               (C)  are in the possession or under the control of the Group
                    Companies or one of the Group Companies; and

               (D)  are situated in the PRC.

          (ii) The assets owned, possessed or used by the Group comprise all the
               assets required to enable the Group to carry on its business in
               the ordinary course.

          (iii) The assets register of each Group Company comprises a complete
               and accurate record of all the lands, buildings, plants,
               machineries, equipment or vehicles and other assets owned or
               possessed or used by the Group Company.

          (iv) All assets owned or used by each Group Company are in good
               repair, condition and working order, have been regularly and
               properly maintained and none is dangerous, inefficient,
               out-of-date, unsuitable for its intended purpose or is in need of
               renewal or replacement or substantial repair.

          (v)  Maintenance contracts are in full force and effect in respect of
               all assets of each Group Company which is normal or prudent to be
               maintained by independent or specialist contractors; and in
               respect of all assets which each Group Company is obliged to
               maintain or repair under any leasing or similar agreement, all
               such assets have been regularly maintained to the required
               standard, and in accordance with safety regulations required or
               prudent to be observed in relation thereto and in accordance with
               the terms and conditions of any applicable leasing or similar
               agreement.

     (b)  Book Debts.

          (i)  No part of the amount shown in the books of account of any Group
               Company in respect of debtors is represented by debts which are
               more than three months overdue for payment or by debts in respect
               of arrangements made otherwise than in the ordinary course of any
               such Group Company's business.

                                       25

<PAGE>

          (ii) No debt has been released by any Group Company on terms whereby
               the debtor paid less than the book value of his debt and no debt
               owing to any such Group Company has been deferred, subordinated
               or written off or has been proven to any extent to be
               irrecoverable.

     (c)  General Liabilities. Except as set forth in Schedule 4, no Group
          Company has any material obligations or liabilities of any nature,
          whether accrued, absolute or contingent, whether liquidated or
          unliquidated, and whether now due or to become due, except those
          obligations or liabilities incurred in the ordinary course of business
          of such Group Company.

     (d)  Material Debts. Except as set forth in Exhibit A, no Group Company
          owes any other debts to the Persons listed in Exhibit A.

6.13 Corporate Power. Each Warrantor has all requisite legal and corporate power
     and authority to execute and deliver the Transaction Documents to which it
     is a party and to carry out and perform its obligations under the terms of
     the Transaction Documents to which it is a party including, where
     applicable to the relevant Warrantor, to transfer the Sharp Edge Shares to
     KongZhong and to transfer the Xinrui Shares to KongZhong Nominee.

6.14 Authorization. All corporate action on the part of each Group Company and
     its shareholders necessary for the authorization, execution, delivery, and
     performance of all obligations under the Transaction Documents to which it
     is a party, and, at the Closing, for the authorization, issuance, and
     delivery of the Shares, has been taken. When executed and delivered by it,
     and assuming that the execution and delivery by the other parties thereto
     are valid and binding obligations on that other parties, the Transaction
     Documents constitute legally binding and valid obligations of the Group
     Company enforceable in accordance with their respective terms.

6.15 Validity of Shares. The Shares, when issued, sold, and delivered in
     accordance with the terms of this Agreement, will be duly and validly
     issued, fully-paid and non-assessable and will be free of any preemption or
     similar rights, liens or Encumbrances.

6.16 Changes in Condition. Except as specifically contemplated by this Agreement
     and pursuant to the Restructuring Documents, since the Balance Sheet Date:
     (a) no Group Company has entered into any transaction except in its
     ordinary course of business; (b) there has been no Material Adverse Event
     with respect to any Group Company; (c) no Group Company has incurred any
     Tax liability except in the ordinary course of business; (d) there has been
     no resignation or termination of employment of any Management Team of any
     Group Company, and there is no impending resignation or termination of
     employment of any Management Team of any Group Company that, if
     consummated, would constitute a Material Adverse Event; (e) there has been
     no labor dispute involving any Group Company or any of its respective
     employees and none is pending or threatened that could result in a Material
     Adverse Event; (f)

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<PAGE>

     there has been no waiver by any Group Company of a valuable right or debt
     owing to such member which would constitute a Material Adverse Event, (g)
     there has not been any satisfaction or discharge of any lien, claim, or
     Encumbrance, or any payment of any obligation by any Group Company, except
     in the ordinary course of business and (h) there has been no change to a
     contract or arrangement by which or to which any Group Company or any of
     its assets or properties is bound or subject.

6.17 Litigation. There is no action, proceeding, or investigation against any
     Group Company, pending or threatened, or any basis for any such action,
     proceeding, or investigation, including (without limitation) any action,
     proceeding or investigation that challenges or calls into question the
     validity of the Transaction Documents or the consummation of the
     transactions contemplated by the Transaction Documents, or that would
     result, either individually or in the aggregate, in any Material Adverse
     Event. There is no judgment, decree, or order of any court in effect
     against any Group Company, and none of the Group Company is in default with
     respect to any order of any governmental authority to which it is a party
     or by which it is bound. There is no action, suit, proceeding, or
     investigation by any Group Company currently pending or which any Group
     Company presently intends to initiate.

6.18 Title to Properties; Liens and Encumbrances. Each Group Company has good
     and marketable title to all its properties and assets, both real and
     personal, including without limitation all properties and assets as set
     forth in the Financial Statements, and has good title to all its leasehold
     interests, in each case free from any Encumbrance. With respect to the
     properties and assets leased by a Group Company, that Group Company is in
     compliance with any such leases to which it is a party, and such leases are
     in full force and effect. Each Group Company owns or leases all properties
     and assets necessary to conduct the business, as presently conducted and
     proposed to be conducted.

6.19 Intellectual Property Rights.

     (a)  The Group Companies have independently developed and own or possess
          sufficient legal rights to all Intellectual Property Rights (including
          registrations and applications to register or renew such rights), and
          licenses of any of the foregoing necessary for its business as now
          conducted and as proposed to be conducted (collectively, the "GROUP
          INTELLECTUAL PROPERTY"), without any infringement of the rights of
          others. Schedule 5 contains true, complete and accurate lists of all
          Intellectual Property Rights presently used by each Group Company or
          necessary for the conduct of the Group Company's business (or the
          Group's business as a whole) as currently being conducted or proposed
          to be conducted, and the Group Companies own, or have the right to use
          under the agreements, all the Intellectual Property Rights set out in
          Schedule 5. There are no outstanding options, licenses or agreements
          of any kind relating to the Group Intellectual Property, nor is any
          Group Company bound by or are parties to any options, licenses or
          agreements of any kind with respect to the Group Intellectual Property
          of any other person or entity except, in either case, for standard
          end-user agreements with

                                       27

<PAGE>

          respect to "off-the-shelf" computer software that is generally
          commercially available. Each Group Company is in compliance with all
          material terms of any licenses by which it uses any Group Intellectual
          Property, and each such license is in full force and effect. Each
          licensor thereof is in compliance with all material terms of the
          respective license. No Group Company is aware of the existence of any
          fact or circumstance that would give the licensor thereof grounds
          under the terms of such license to cancel, terminate or suspend such
          license. There is no expectation by any Group Company that any
          licenses material to the operation of the Group Companies will not be
          renewed in the ordinary course of business on terms that are
          commercially reasonable which will result in a Material Adverse Event.
          No Group Company has received any communications alleging that it has
          violated or, by conducting its businesses as presently conducted or
          proposed to be conducted, would violate any of the Intellectual
          Property Rights of any other person or entity. To the Knowledge of the
          Warrantors, no employee of any Group Company is obligated under any
          contract (including licenses, covenants or commitments of any nature)
          or other agreement, or is subject to any judgment, decree or order of
          any court or administrative agency, that would interfere with their
          duties to the Group Companies, or that would conflict with the Group
          Companies' business as presently conducted or proposed to be
          conducted. To the Knowledge of the Warrantors, it is not necessary for
          any Group Company to utilize any Intellectual Property Rights of any
          employees of the Group made prior to employment by the Group, except
          for Intellectual Property Rights that have been assigned to such Group
          Company.

     (b)  Other than pursuant to the Transaction Documents, none of the Group
          Companies or the Warrantors and the Management Team has entered into
          any agreement to indemnify any other person against any charge of
          infringement or misappropriation of any Group Intellectual Property.

     (c)  Each Group Company has taken all necessary action to protect and
          preserve (i) the validity and enforceability of trade and service
          marks and associated goodwill included in the Group Intellectual
          Property; (ii) the enforceability of copyrights and the
          confidentiality, validity and enforceability of pending patent
          applications included in the Group Intellectual Property; (iii) the
          validity and enforceability of patents included in the Group
          Intellectual Property; and (iv) the confidentiality and enforceability
          of trade secrets and the confidentiality of other proprietary
          information included in the Group Intellectual Property.

     (d)  No trade secret or confidential information constituting Group
          Intellectual Property has been used, divulged or appropriated for the
          benefit of any person other than Sharp Edge, Sharp Edge WFOE or Xinrui
          or otherwise to the detriment of the Group Companies, except pursuant
          to appropriate non-disclosure agreements. None of the Warrantors,
          Management Team, current employees or consultants of the Group
          Companies has used any trade secrets or other confidential information
          of any other Person in the course of work for the Group Companies,
          except with the legally valid consent of such

                                       28

<PAGE>

          Person.

     (e)  No Group Company has any written agreements or, to the Knowledge of
          the Warrantors, any oral agreements with current or former employees
          or consultants with respect to the ownership of Group Intellectual
          Property, including inventions, trade secrets or other works created
          by them as a result of which any such employee or consultant may have
          exclusive or nonexclusive rights to any portion or part of the Group
          Intellectual Property created by such individual.

     (f)  Each Management Team will execute an intellectual property assignment,
          non-competition and confidentiality agreement with the relevant Group
          Company by the date of the Closing. To the Warrantors' best Knowledge,
          none of Management Team and key technical employee employed by any
          Group Company, current or former officer, employee or consultant of
          the Group Companies are in violation of any term of any written
          employment contract, patent disclosure agreement, proprietary
          information agreement, non-competition agreement, non-solicitation
          agreement, confidentiality agreement, or any other similar contract or
          agreement or any restrictive covenants relating to the right of any
          Warrantor, Management Team, officer, employee, consultant or person to
          be employed or engaged by the Group Companies, or relating to the use
          of trade secrets or proprietary information of others, and no former
          employer of any such person has any rights in respect of the Group
          Intellectual Property.

     (g)  The Group does not use any processes nor is it engaged in any
          activities which involve the misuse of any know-how, lists of
          customers or suppliers, trade secrets, technical processes or other
          confidential information ("IP CONFIDENTIAL Information") belonging to
          any third party. To the Knowledge of the Warrantors, there has been no
          actual or alleged misuse by any Person of any IP Confidential
          Information. To the Knowledge of each of the Warrantors, none of the
          Warrantors and current or former officers, employees or consultants of
          the Group have disclosed to any Person any IP Confidential Information
          except where such disclosure was properly made in the normal course of
          the Group Companies' business and was made subject to an agreement
          under which the recipient is obliged to maintain the confidentiality
          of such IP Confidential Information and is restrained from further
          discussing it or using it other than for the purposes for which it was
          disclosed by the Group Companies.

     (h)  No royalty, honorarium, fees or other payments are payable by a Group
          Company to any third party by reason of the ownership, possession,
          sale, marketing, use or other exploitations of any Group Intellectual
          Property.

     (i)  No government funding, facilities of any university, college or other
          educational institution or research center of funding from third
          parties (other than funds received in consideration of capital stock
          of any Group Company or issuance of debt) was used in the development
          of any Group Intellectual Property.

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<PAGE>

     (j)  No Public Software (A) was or is used in connection with the
          development of any Group Intellectual Property, or (B) was or is
          incorporated in whole or in part, or has been distributed in whole or
          in part in conjunction with any product or serviced provided by any
          Group Company. "Public Software" means any software that contains, or
          is derived (in whole or in part) from any software that is distributed
          as free software, open source software (such as, without limitation,
          Unix or Linux) or similar licensing or distribution models, including
          but not limited to, software licensed or distributed under any of the
          following: (i) GNU's General Public License (GPL) or Lesser/Library
          GPL (LGPL); (ii) the Artistic License (e.g. PERL); (iii) the Mozilla
          Public License; (iv) the Netscape Public License; (v) the Sun
          Community Source License (SCSL); (vi) the Sun Industry Standards
          License (SISL); (vii) the BSD License; and (viii) the Apache License.

6.20 Contracts.

     (a)  Validity of Contracts.

          (i)  No Group Company is in breach of or has Knowledge of any breach,
               any invalidity of or grounds for rescission, avoidance or
               repudiation of any agreement or other transaction to which the
               Group Company is a party including the contracts between
               KongZhong and the relevant Operators attached hereto as Exhibit F
               ("MATERIAL OPERATING CONTRACTS"), nor has it received notice of
               any intention to terminate any such agreement or repudiate or
               disclaim any other transaction.

          (ii) To the Knowledge of each of the Warrantors, no party with whom a
               Group Company has entered into any agreement or arrangement,
               including the Material Operating Contracts, is in default
               thereunder being a default which would have a Material Adverse
               Event on the Group Company and there are no circumstances likely
               to give rise to any such default.

          (iii) No Group Company is a party to any contract which, by reason of
               the sale of the Shares or any provision of this Agreement and/or
               the Transaction Agreements, gives any other contracting party the
               right to terminate the contract or create or increase any
               obligation on the Group Company (whether to make payment or
               otherwise) to any person.

     (b)  Material Contracts. Other than the Material Operating Contracts, no
          Group Company has material or long term contract or commitment binding
          upon it including but not limited to:

          (i)  any contract entered into otherwise than in the ordinary course
               of business;

                                       30

<PAGE>

          (ii) any agreement or arrangement otherwise than by way of an arm's
               length transaction;

          (iii) any sale or purchase option or similar contract or arrangement
               affecting any assets owned or used by the Group Company or by
               which the Group Company is bound;

          (iv) any contract which cannot readily be fulfilled or performed by
               the Group Company on time or without undue or unusual expenditure
               of money or effort;

          (v)  any agreement whereby the Group Company is, or has agreed to
               become, a member of any joint venture, consortium or partnership
               or other unincorporated association;

          (vi) any agreement whereby the Group Company is, or has agreed to
               become, a party to any distributorship or agency agreement;

          (vii) any agreement with a customer which constitutes five percent
               (5%) or more of the annual sales of the Group Company on an
               annual basis;

          (viii) any agreement with a supplier which constitutes five percent
               (5%) or more of the total supply of that Group Company on an
               annual basis;

          (ix) any agreement pursuant to which the Group Company or any of its
               subsidiaries license or obtain licenses to, or have arranged for
               the development of, Intellectual Property Rights;

          (x)  any agreement with manufacturing subcontractors; and

          (xi) any inter-company agreements and arrangements between any Group
               Companies.

     (c)  Restrictive Agreements. Save for the Transaction Documents, there are
          no agreements in force restricting the freedom of any Group Company to
          provide and take goods and services or to manage its own business
          affairs by such means and from and to such persons as it may from time
          to time think fit.

     (d)  Guarantee etc. in respect of goods or services. Save for any condition
          or warranty implied by law or contained in its standard terms of
          business or otherwise given in the ordinary course of business, no
          Group Company has given guarantee or warranty or made any
          representation in respect of goods (including trading stock) or
          services

                                       31

<PAGE>

          supplied or contracted to be supplied by it or nor has it accepted any
          obligation that could give rise to any liability after any such goods
          or services has been supplied by it.

     (e)  Agreement with Shareholders. Other than the Transaction Documents,
          neither Sharp Edge nor Xinrui has entered into any agreement with, or
          given any undertaking or assurance to, any of its existing
          shareholders or its Affiliates.

     (f)  Restriction on Transfer of Equity Interests by Warrantors. Other than
          as required by the Transaction Documents, there are no agreements
          binding on a Warrantor which prohibit or restrict the sale, disposal
          or transfer of any equity securities (or any interests therein) owned
          by the Warrantor.

6.21 Compliance with Other Agreements. None of the Group Companies is in
     violation of any term or provision of its memorandum or articles of
     association or equivalent constitutive documents as in effect at the date
     of this Agreement. None of the Group Companies is in violation of any term
     or provision of any indebtedness, mortgage, indenture, contract, agreement,
     judgment or any decree, order, statute, rule, or regulation applicable to
     the Group Company. Neither the execution nor delivery of the Transaction
     Documents, nor the conduct or carrying on of the Group Companies' business
     as presently conducted or proposed to be conducted, with or without the
     passage of time, the fulfillment of certain conditions, the making of any
     determination, or the giving of notice or a combination of any of them or
     otherwise, will conflict with or result in a breach of or violate the terms
     of, or constitute a default under:

     (a)  any provision of the memorandum or articles of association or
          equivalent constitutive documents of any Group Company as in effect at
          the Closing;

     (b)  any provision of any judgment, decree or order to which any Group
          Company is a party or by which it is bound;

     (c)  any indebtedness, mortgage, indenture, agreement, security, contract,
          obligation, commitment, covenant or instrument to which a Group
          Company is a party or by which it is bound; or

     (d)  any statute, rule, or governmental regulation applicable to any Group
          Company.

6.22 Employee Relations and Compensation Plans.

     (a)  General.

          (i)  Other than the employment agreements set forth in Schedule 6,
               there are not in existence any contracts of service with
               directors of the Warrantors nor any consultancy or management
               agreements with the Group Companies.

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<PAGE>

          (ii) There are not in existence any contracts of service with
               employees of the Group Companies which cannot be terminated by
               three months' notice or less without giving rise to any claim for
               damages or compensation and no Group Company has received notice
               of resignation from any key employees or directors.

          (iii) There are no existing contracts of service with any employees of
               any Group Company carrying remuneration and of all directors
               entitled to emoluments at a rate, or (in the case of fluctuating
               amounts) an average annual rate since the incorporation of such
               Group Company, in excess of US$50,000 per annum per person.

          (iv) The basis of the remuneration payable to the directors or
               employees of any Group Company is the same or lower than that in
               force at the Balance Sheet Date and Sharp Edge or Xinrui is under
               no obligation nor has it made any provision to alter such basis.

          (v)  There are no amounts owing to any present or former directors or
               employees of any Group Company other than remuneration accrued
               due or for reimbursement of business expenses.

          (vi) There is no agreement or understanding (contractual or otherwise)
               between any Group Company and any employee or ex-employee with
               respect to his employment, his ceasing to be employed or his
               retirement which is not included in the written terms of his
               employment or previous employment (as the case may be).

     (b)  Payments on termination. Save to the extent (if any) to which
          provision or allowance has been made in the Financial Statements:

          (i)  No liability has been incurred by any Group Company for breach of
               any contract of service, contract for services, payments under
               any applicable laws or for any other obligations resulting from
               and accruing after the termination of any contract of employment
               or for services; and

          (ii) No Group Company has made or agreed to make any payment or
               provided or agreed to provide any benefit to any present or
               former director or employee or any dependant of any such former
               director or employee in connection with the actual or proposed
               termination or suspension of employment or variation of any
               contract of employment of any present or former director or
               employee.

     (c)  Compliance with relevant legislation, etc. Each Group Company has in
          relation to each of its employees (and, so far as relevant, to each of
          its former employees):

                                       33

<PAGE>

          (i)  complied with all obligations imposed on it by, and all orders
               and awards made under, all statutes, regulations, codes of
               conduct and practice, collective agreements, customs and
               practices relevant to the relations between it and its employees
               or any trade union or the conditions of service of its employees;
               and

          (ii) maintained current, adequate and suitable records regarding the
               service of each of its employees.

     (d)  Proprietary Information and Inventions Agreements. Each former and
          current employee, officer and consultant of each Group Company has
          executed a form of agreement which provides that all Intellectual
          Property Rights which arise during the course of their employment or
          engagement by the Group Company shall belong to such Group Company.

     (e)  Trade Union. No Group Company:

          (i)  has any agreement or other arrangement (binding or otherwise)
               with any trade union or other body representing its employees or
               any of them nor does it recognize any trade union or other body
               representing its employees or any of them for negotiating
               purposes; or

          (ii) is involved in any industrial or trade disputes or any dispute or
               negotiation regarding a claim of material importance with any
               trade union or association of trade unions or organization or
               body of employees and there are no circumstances likely to give
               rise to any such dispute.

     (f)  Incentive Schemes. No Group Company has in existence nor is it
          proposing to introduce any share incentive scheme, share option scheme
          or profit sharing bonus or other such incentive scheme for all or any
          of its directors or employees.

6.23 Transactions with Affiliates. Except as required in the Restructuring
     Documents or as otherwise set forth in Schedule 7, (i) no director or
     Management Team of any Group Company, no spouse, parent, sibling or
     children of any such director or Management Team, and no entity Controlled
     by any of the foregoing, has any agreement, understanding, proposed
     transaction with, indebtedness owing to, commitments to make loans or to
     extend or guarantee credit from any Group Company other than in the
     ordinary course of business; and (ii) no director or Management Team of any
     Group Company, no spouse, parent, sibling or children of any such director
     or Management Team, and no entity Controlled by any of the foregoing, has
     any direct or indirect ownership interest in any Affiliate of any Group
     Company or in any firm or corporation that competes with any Group Company.

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<PAGE>

6.24 Governmental and Third Party Consents.

     (a)  Except as set forth in Schedule 8, as of Closing, no consent,
          approval, order, or authorization of, or registration, qualification,
          designation, declaration, or filing with, any governmental authority
          on the part of any Group Company will be required in connection with
          the execution, delivery and performance of the Transaction Documents
          and the consummation of the transactions contemplated in the
          Transaction Documents which has not already been secured or effected
          prior to the Closing.

     (b)  Except as set forth in Schedule 8, no consent, approval, order, or
          authorization of, or registration, qualification, designation,
          declaration, or filing with, any state, local, or provincial
          governmental authority on the part of any Group Company is required in
          connection with the execution, delivery and performance of the
          Transaction Documents and the consummation of the transactions
          contemplated in the Transaction Documents.

6.25 Permits. Each Group Company has all franchises, permits, licenses, and any
     similar governmental authority necessary for the conduct of its business as
     now being conducted ("LICENSES"). Each of the Licenses is in full force and
     effect and a list of such Licenses is attached hereto as Exhibit G. None of
     the Group Companies is in default in any respect under any of its Licenses
     and has not received any notice relating to the suspension, revocation or
     modification of any such Licenses and has no Knowledge of any event or
     occurrence or act or omission on the part of any Group Company or the Group
     as a whole for the period from the date of this Agreement until the date of
     the Closing that would or should serve as sufficient notice to the Group or
     the relevant Group Company, or that would or should serve as sufficient
     ground, for the suspension, revocation or modification of any such
     Licenses.

6.26 Full Disclosure. Each of the Warrantors has provided KongZhong, or as the
     case may be, KongZhong Nominee, with (a) all the information that
     KongZhong, or as the case may be, KongZhong Nominee, has requested in
     connection with deciding whether to purchase the Shares, and (b) all
     information necessary to enable KongZhong, or as the case may be, KongZhong
     Nominee, to make a fully informed decision as to whether or not to purchase
     the Shares, all such information being true, accurate and complete in all
     respects and not misleading in any material respect. The representations
     and warranties contained in this Agreement and any other Transaction
     Documents, certificates and other documents made or delivered in connection
     herewith do not contain any untrue statement of material fact or omit to
     state any material fact necessary to make the statements contained therein
     or herein, in view of the circumstances under which they were made, not
     misleading.

6.27 Brokers and Finders. None of the Warrantors has retained any investment
     banker, broker, or finder and there are no fees or charges due or payable
     to third parties (other than reasonable legal fees) in connection with the
     transactions contemplated by this Agreement.

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<PAGE>

6.28 Prior Rights. Neither Sharp Edge nor Xinrui has granted any right to any
     holder of the Sharp Edge Shares or the Xinrui Shares (other than KongZhong
     and KongZhong Nominee) which is preferential in nature to the rights
     exercisable by KongZhong under the Sharp Edge Shares and KongZhong Nominee
     under Xinrui Shares.

6.29 Enjoyment of Economic Benefits. Sharp Edge, through Sharp Edge WFOE, enjoys
     all of the economic benefits and has full control in Xinrui as derived from
     the Restructuring Documents.

6.30 Due Execution and Delivery of Restructuring Documents. Each of the
     Restructuring Documents to which a Warrantor is a party has been duly
     executed and delivered by that Warrantor and constitutes valid and binding
     obligations on that Warrantor, enforceable in accordance with their
     respective terms.

6.31 Penalty. None of the Group Companies have been imposed with any form of
     penalty, fines, sanctions, suspensions, monetary or otherwise, which has
     not already been settled in full or set aside, and none of the Group
     Companies have received any form of notice (verbal or written) with respect
     to any penalty, fines, sanctions, suspensions, and to the best Knowledge of
     each Group Company, it is not aware of any penalty, fines, sanctions,
     suspensions that may be imposed upon it or any events, circumstances,
     conditions or facts which may result in the imposition of the penalty,
     fines, sanctions, suspensions upon it which will result in a Material
     Adverse Event.

6.32 Non-default on non-competing agreements. None of the Management Team is in
     breach of any non-competing agreements, including without any limitation,
     any contract for services, contract of services or any employment contract
     with any other Person.

6.33 Ownership of Shares and U.S. Residency. Ho Chi Sing represents and warrants
     that he (i) is the registered and beneficial owner of all the outstanding
     equity securities of Sharp Edge (including any options and warrants to
     acquire such equity securities) and (ii) is a resident of Hong Kong and
     (iii) is not a U.S. resident and was not a U.S. resident at any time during
     the negotiations leading to this Agreement, and further that he will not be
     acquiring the Earn-Out Shares for the account or benefit of a U.S. person
     as defined in Rule 902(k) under the Securities Act.

7.   Representations and Warranties of KongZhong, and as the case may be,
     KongZhong Nominee.

     As of the date hereof, KongZhong represents and warrants to the Warrantors
     as follows:

7.1  Authorization. KongZhong has obtained all the relevant corporate
     authorities that are required for the execution, delivery and performance
     of this Agreement and KongZhong Nominee has obtained all the relevant
     corporate authorities that are required for the execution, delivery and

                                       36

<PAGE>

     performance of the Xinrui Share Purchase Agreement. When executed and
     delivered by it, and assuming that the execution and delivery by the other
     parties thereto are valid and binding obligations on that other parties,
     this Agreement will constitute a legally valid and binding obligation of
     KongZhong, and the Xinrui Share Purchase Agreement will constitute a
     legally valid and binding obligation of KongZhong Nominee, both enforceable
     in accordance with their terms.

7.2  Organization and Authority. It (i) is an entity duly established and
     validly existing under the laws of its jurisdiction of incorporation, and
     (ii) has the power and authority to enter into and (to the extent
     performance is required of it) to perform the Transaction Documents to
     which it is a party.

7.3  Government Approval. Except for those disclosed and specified in this
     Agreement, no consent, approval, order or authorization of, or
     registration, declaration or filing with any state, local or provincial
     governmental authority on the part of KongZhong or KongZhong Nominee is
     required in connection with the execution, delivery of the Transaction
     Documents to which it is a party, and the performance of obligations
     contemplated under the Transaction Documents to which it is a party.

7.4  Good Faith. Each of KongZhong and KongZhong Nominee warrants that it shall
     act in good faith in the course of valuing Xinrui as provided herein.

8.   Additional Covenants.

8.1  Resolutions, Contracts or Commitments. Each of the Warrantors, severally
     and jointly, covenants with KongZhong, and the case may be, KongZhong
     Nominee, that, except as required by this Agreement or the Transaction
     Documents, no resolution of the directors, owners, members, partners or
     shareholders of any Group Company shall be passed nor shall any contract or
     commitment (other than commercial agreements entered into in the ordinary
     course of business) be entered into from the date of this Agreement up to,
     and including Closing without the written consent of KongZhong.

8.2  Notwithstanding anything to the contrary in this Agreement, except as
     otherwise permitted by this Agreement or any of the Transaction Documents
     or with the written consent of KongZhong, from the date of this Agreement
     and at all times up to and including Closing, each of the Warrantors
     undertakes, and shall cause each Group Company to comply with, the
     following restrictions and requirements:

     (a)  carry on its business prudently in the usual and ordinary course
          consistent with past practice and, subject to the compliance with
          applicable laws, use its best efforts to preserve its relationships
          with customers, suppliers and other third parties having business
          dealings with any of the Group Companies;

                                       37

<PAGE>

     (b)  not amend, alter or repeal, whether by merger, reclassification or
          otherwise any provision of its memorandum or articles of
          incorporation, and other by-laws or equivalent constitutional
          documents;

     (c)  not increase, reduce, consolidate, sub-divide or cancel its authorized
          capital or total investment or issued capital or registered capital;

     (d)  not change its name or the name under which it carries on business;

     (e)  not change its jurisdiction of incorporation;

     (f)  not make any composition or arrangement with its creditors;

     (g)  not pass any resolution which would result in its winding up,
          liquidation or entering into administration or receivership;

     (h)  not change its nature or scope (including the geographical scope) of
          the business or not commence or carry on any type of business not
          ancillary or deviating from its existing business; not consolidate or
          merge with any other business, which is not part of its existing
          business of as at the date of this Agreement;

     (i)  not offer, sell or issue, or enter into any agreement or issue any
          instrument providing for the offer, sale or issuance (contingent or
          otherwise) of, any shares or convertible securities, or any equity
          securities of any of the Group Companies;

     (j)  not increase the number of shares available for grant or issuance
          under any share option plan or other share incentive plan or
          arrangement or make any amendment to or terminate any such plan or
          arrangement;

     (k)  not make any investment or incur any commitment other than in the
          ordinary course of business;

     (l)  not borrow any sum which when aggregated with all other outstanding
          borrowings of the Group Companies exceeds US$10,000;

     (m)  not sell, dispose of or transfer any of its assets, business or
          shares;

     (n)  not create any Encumbrance (other than a lien arising by operation of
          law) over the whole or any part of its undertaking, property or
          assets;

     (o)  not enter into any contract for transaction or expenditure the value
          of which exceeds US$10,000 unless with the prior written consent of
          KongZhong and not to enter into any

                                       38

<PAGE>

          contract other than in the ordinary course of business and on arm's
          length terms; and

     (p)  not make any loan or advance or give any credit (except trade credit
          to customers in the ordinary course of business); not to give any
          guarantee or indemnity for or otherwise secure the liabilities or
          obligations of any Person.

8.3  Subsequent Disclosure. Subject to Clause 8.4, if at any time before
     Closing, any of the Warrantors comes to know of any fact or event which,
     save for any matter already qualified herein by specific reference to any
     Schedule hereto:

     (a)  is in any way inconsistent with any of the representations and
          warranties given by any of the Warrantors resulting in a Material
          Adverse Event,

     (b)  suggests that any fact warranted by any of the Warrantors may not be
          as warranted or may be misleading resulting in a Material Adverse
          Event, and/or

     (c)  would be material to any decision made by KongZhong or KongZhong
          Nominee of whether or not to consummate the share purchase
          transactions under this Agreement and the Xinrui Share Purchase
          Agreement,

     (d)  the Warrantor shall give immediate written notice thereof to
          KongZhong, or as the case may be, KongZhong Nominee and the other
          Parties and rectify the matters to the satisfaction of KongZhong
          within five (5) Business Days from the date the written notice is
          delivered to KongZhng or KongZhong Nominee, and in the event the
          Warrantor fails to rectify the matters to the satisfaction of
          KongZhong within the 5-day period, KongZhong, or as the case may be,
          KongZhong Nominee, may terminate this Agreement without any penalty
          whatsoever, by delivering written notice of such termination, within
          fourteen (14) Business Days from the expiration of the 5-day period.

8.4  Force Majeure. Any Party shall be entitled to terminate this Agreement if
     any representation or warranty contained in this Agreement is or becomes
     untrue, incomplete or inaccurate as a consequence of any Force Majeure
     Event between the time of signing of this Agreement up to the Closing Date.
     For purposes of this Agreement, "FORCE MAJEURE EVENT" shall mean acts of
     God, natural disasters, war, fire, strike, riots, change in law or any
     other events which are unforseeable and cannot be overcome and cannot be
     avoided by the prevented Party

9.   Confidentiality and Announcements.

9.1  Disclosure of Terms. KongZhong shall have the right to disclose any
     information with respect to the transactions contemplated in the
     Transaction Documents at its sole discretion. Each Warrantor acknowledges
     that the terms and conditions (collectively, the "TRANSACTION TERMS") of
     the Transaction Documents, and all exhibits, restatements and amendments
     hereto and thereto, including their existence, shall be considered
     confidential information and shall not be

                                       39

<PAGE>

     disclosed by any of the Warrantors to any third party except in accordance
     with the provisions set forth below.

9.2  Permitted Disclosures. Notwithstanding anything in the foregoing to the
     contrary, a Warrantor may disclose:

          (i)  information which was in the public domain or otherwise known to
               the Warrantor before it was furnished to the Warrantor by
               KongZhong, or as the case may be, by KongZhong Nominee or, after
               it was furnished to the Warrantor, entered the public domain
               otherwise than as a result of a breach by the Warrantor of this
               Clause 9;

          (ii) information the disclosure of which is necessary in order to
               comply with any applicable law, the order of any court, the
               requirements of a stock exchange or to obtain Tax or other
               clearances or consents from any relevant authority; or

          (iii) any information which has previously been disclosed by KongZhong
               to any party other than to each of the Warrantors.

9.3  Legally Compelled Disclosure. In the event that any Warrantor is requested
     or becomes legally compelled (including without limitation, pursuant to
     securities laws and regulations) to disclose the existence of this
     Agreement or any Transaction Terms in contravention of the provisions of
     this Clause 9, such Party ("DISCLOSING PARTY") shall provide the other
     Parties ("NON-DISCLOSING PARTY") with prompt written notice of that fact so
     that the appropriate Party may seek (with the cooperation and reasonable
     efforts of the other Parties) a protective order, confidential treatment or
     other appropriate remedy. In such event, the Disclosing Party shall furnish
     only that portion of the information that is legally required and shall
     exercise reasonable efforts to obtain reliable assurance that confidential
     treatment will be accorded to such information to the extent reasonably
     requested by any Non-Disclosing Party.

9.4  Other Information. The provisions of this Clause 9 shall be in addition to,
     and is not in substitution for, any separate nondisclosure agreement
     executed by any of the Parties with respect to the transactions
     contemplated in this Agreement.

10.  Conditions to KongZhong's Obligations at the Closing.

     The obligations of KongZhong under Clause 3 of this Agreement are subject
     to the fulfillment at or before Closing of each of the following
     conditions, any of which may be waived in writing by KongZhong:

10.1 Representations and Warranties. The representations and warranties of each
     of the Warrantors contained in this Agreement shall be true and accurate on
     and as of the Closing

                                       40
<PAGE>

     with the same effect as if made on and as of the Closing with reference to
     the facts and circumstances existing at the Closing.

10.2 Compliance Certificate. KongZhong and KongZhong Nominee shall have received
     the certificate mentioned in Clause 5.2(b)(iii) from all of the Warrantors.

10.3 Performance. Each Warrantor and each Group Company shall have performed or
     fulfilled all the terms, obligations, and conditions in this Agreement and
     as the case may be, in the Xinrui Share Purchase Agreement, required to be
     performed or fulfilled by such Warrantor before the Closing.

10.4 Qualifications. All authorizations, approvals, or permits or other
     regulatory requirements, if any, of any governmental authority or
     regulatory body that are required under BVI or PRC law in connection with
     the lawful sale of the Shares pursuant to this Agreement shall be duly
     obtained or fulfilled and shall remain effective as of the Closing.

10.5 Legal Opinion. Sharp Edge or the relevant Warrantor shall have delivered to
     KongZhong or its legal counsel a legal opinion issued by a BVI Counsel in
     the form and substance satisfactory to KongZhong.

10.6 Exemption from Registration. The offer and sale of the Shares hereunder
     shall be exempt from the registration or qualification requirements of all
     applicable securities laws and regulations.

10.7 Due Diligence. A due diligence review of the Group Companies (including but
     not limited to legal, financial, management, technology, Intellectual
     Property Rights, process, licenses and government regulatory due diligence)
     shall have been completed to the satisfaction of KongZhong.

10.8 Newly issued License for Value-added Telecommunications Services and other
     permits or licenses. Xinrui shall have obtained the newly issued License
     for Value-added Telecommunications Services by the Ministry of Information
     and Industry of the PRC in order to provide fixed telephone information
     service and mobile information service to its customers and all other
     licenses or permits which are required by the relevant governmental
     authorities, laws or regulations for the business operation of Xinrui.

10.9 IPR Assignment, Non-Competition and Confidentiality Agreement; Service
     Agreement. Each Management Team shall, if deemed necessary by KongZhong,
     enter into an intellectual property assignment, non-competition and
     confidentiality agreement with the relevant Group Company by the date of
     the Closing, and copies of such agreements certified as true and complete
     copy by the Management Team shall have been delivered to KongZhong and as
     the case may be, KongZhong Nominee. In addition, the Management Team shall
     have entered

                                       41

<PAGE>

     into a service agreement with Xinrui, in form and substance reasonably
     satisfactory to KongZhong, for a term of at least 2 years.

10.10 Restructuring Documents. Sharp Edge shall have delivered to KongZhong and
     Xinrui shall have delivered to KongZhong Nominee at or before the date of
     this Agreement a copy of each of the Restructuring Documents duly executed
     by all parties set forth therein.

10.11 Good Standing Certificate. Sharp Edge shall have delivered to KongZhong or
     its legal counsel at or before the Closing a good standing certificate with
     respect to Sharp Edge issued by the Registrar of Companies of BVI for a
     period at least up to and including the Closing.

10.12 Registration of Share Transfer. Xinrui and/or the Xinrui Shareholders
     shall arrange for the transfer of the Xinrui Shares by the Xinrui
     Shareholders to KongZhong Nominee to be registered with the relevant
     administration industry and commerce in the PRC immediately following the
     execution of this Agreement and the documents required for the registration
     of the share transfer with the relevant administration industry and
     commerce are attached hereto as Exhibit H.

10.13 Articles of Association. Sharp Edge shall take all the necessary action
     to, and to enable KongZhong to, amend the articles of association of Sharp
     Edge to render them consistent with the terms of this Agreement. Xinrui
     shall take all the necessary action to, and to enable KongZhong Nominee to,
     amend the articles of association of Xinrui to render them consistent with
     the terms of this Agreement

10.14 Non-U.S. resident. The obligations of KongZhong to issue the Earn-Out
     Shares are subject to the condition that Ho Chi Sing is not a U.S. resident
     at the time of the issuance of the Earn-Out Shares.

11.  Conditions to Obligations of Xinrui Shareholders and Ho Chi Sing at
     Closing.

     The obligations of Ho Chi Sing with respect to the Sharp Edge Shares, and
     the obligations of the Xinrui Shareholders with respect to the Xinrui
     Shares are subject to the fulfillment of each of the following conditions,
     any of which may be waived in writing by Sharp Edge:

11.1 The warranties given by KongZhong under Clause 7 of this Agreement being
     true and correct when made and as of the Closing; and

11.2 The covenants and agreements contained in this Agreement to be complied
     with by KongZhong and as the case may be, KongZhong Nominee with respect to
     the Closing have been complied with on or before the Closing.

12.  Long-Stop Date.

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<PAGE>

     In the event that any conditions to the Closing hereunder is not fulfilled
     or waived within ninety (90) days of the signing of this Agreement, this
     Agreement shall automatically terminate on the ninetieth date of the
     signing of this Agreement ("LONG-STOP DATE"). Notwithstanding any
     termination of this Agreement and notwithstanding the non-consummation of
     any transaction contemplated under the Transaction Document, (i) the
     obligations of the Parties specified in Clause 9, Clause 14.1, Clause 14.2,
     Clause 14.3, and Clause 14.6 shall continue unimpaired and in full force
     and effect, and (ii) such termination shall not relieve any Party from any
     liability hereunder for any misrepresentation or for the breach of any
     warranty, agreement or obligation hereunder or for any other liability
     accruing under the Transaction Documents.

13.  Special Covenants of the Parties.

     Each of the Warrantors, the Group Companies and the Management Team
     covenants to KongZhong and KongZhong Nominee as follows:

13.1 Subject to Clause 13.2 below, Xinrui shall have the right to distribute its
     retained earnings as of 31 December 2005 after:

     (a)  using its after-tax profits firstly to offset any losses carried
          forward from the previous years and secondly to set aside a portion of
          its after-tax profits to fund certain reserve funds that are not
          distributable as cash dividends; and

     (b)  all of the Material Debts are fully repaid and no Material Debts
          remain outstanding. Xinrui shall distribute such retained earnings no
          later than 30 September 2006. The retained earning shall be based upon
          the Financial Statements for the fiscal year ending 31 December 2005
          audited by the Auditor and for the purpose of this clause, the Parties
          agree that KongZhong shall bear the cost relating to the auditing of
          the Financial Statements for the fiscal year ending 31 December 2005.

13.2 In determining the retained earnings to be distributed pursuant to Clause
     13.1 above, Xinrui must have already set aside a minimum of RMB7,000,000 in
     the form of Net Current Assets for working capital and capital expenditure
     purposes. For the purpose of this sub-clause, the distribution of any
     retained earnings under Clause 13.1 above shall take place only after
     Xinrui has set aside the amount of RMB7,000,000.

13.3 Xinrui shall at all times ensure that it has sufficient working capital
     throughout the Valuation Period to carry on its business that is currently
     being conducted and KongZhong shall has no obligation whatsoever with
     respect to Xinrui's working capital.

13.4 Other than the Financial Statement attached hereto as Exhibit D, the
     Financial Statements, including the Valuation Financial Statements, shall:

                                       43

<PAGE>

     (a)  firstly, be prepared by the management of Xinrui according to the PRC
          GAAP and the accounting policies of KongZhong attached hereto as
          Exhibit E;

     (b)  secondly, be verified and agreed upon by KongZhong;

     (c)  thirdly, be audited by the Auditor unless KongZhong and the Warrantors
          agree to waive the audit (other than the balance sheets, profit and
          loss accounts and cash flow statements of a Group Company to be used
          for the Second Cash Payment and the quarterly balance sheets, profit
          and loss accounts and cash flow statements of a Group Company for the
          period from 1 October 2005 to 30 September 2006 (both dates inclusive)
          in which case such balance sheets, profit and loss accounts and cash
          flow statements shall remain unaudited). The Auditor shall deliver the
          audited Financial Statements within two months from:

          (i)  the date the management of Xinrui has prepared such Financial
               Statements; and

          (ii) the date whereby all Confirmation Letters confirming the revenues
               reported in the Financial Statements (except in the case of
               estimated revenues) have been collected,

          whichever is later, and each of the Parties agrees that the audit
          results from the Auditor are final and binding on all Parties;

     (d)  recognize the estimated revenues in the Financial Statements in
          accordance with the revenue estimation policies of KongZhong, attached
          hereto as Exhibit I;

13.5 In the event that the Management Team, upon a reasonable request from the
     Management Team and agreed upon by Kong Zhong, utilizes the resources of
     KongZhong or, as the case may be, the resources of KongZhong Nominee,
     including but not limited to not limiting to copy rights, distribution
     channels, human resources and operating license of KongZhong, or as the
     case may be, KongZhong Nominee, during the Valuation Period, Xinrui shall
     jointly bear the cost associated to such resources with KongZhong (or, as
     the case may be, KongZhong Nominee) other than the costs and expenses
     incurred by Xinrui with respect to KongZhong's listing at NASDAQ, including
     without limitation, costs in relation to the preparation of any audit
     report or financial statements which shall be borne by KongZhong. The split
     of such cost between KongZhong (or, as the case may be, KongZhong Nominee)
     with Xinrui shall be borne at arm's length and Sun Jing Ye shall have the
     right to negotiate and confirm the allocated cost in writing. For the
     purpose of this clause, "arm's length" here means agreement between
     KongZhong and Xinrui which is based on ordinary commercial term, or if
     there are insufficient comparable transactions to determine whether or not
     an agreement between KongZhong and Xinrui is based on ordinary commercial
     terms, terms that no less favourable than the terms quoted by an
     appropriate independent third party.

                                       44

<PAGE>

13.6 For a period of twelve (12) months after the date of Closing, each of the
     Warrantors shall not and shall procure that none of its Subsidiaries,
     holding companies, Affiliates or shareholders will, without the prior
     written consent of KongZhong, either on its own account or in conjunction
     with or on behalf of any Person, firm or company:

     (a)  carry on or be engaged, concerned or interested directly or indirectly
          or enter into any form of arrangement, alliance, joint venture or
          co-operation with any third party in any business that competes or is
          likely to compete with wireless value added businesses.

     (b)  employ, solicit or entice away or attempt to employ, solicit or entice
          away from KongZhong and/or any of its Affiliates, any of their
          officers, employees or consultants employed or engaged by KongZhong
          and/or any of its Affiliates.

13.7 The Management Team shall duly perform their obligations under their
     respective employment contract and non-competition and confidentiality
     agreement with Xinrui and under this Agreement and shall be in charge of
     the daily operation and management of Xinrui using their reasonable
     discretion based on their knowledge and experience provided that:

     (a)  at all times:

          (i)  the Management Team shall, and shall procure Xinrui to, comply
               fully with; and

          (ii) the Management Team shall ensure and/or take active steps to
               assess Xinrui to ensure that the Xinrui shall not,

               contravene the applicable laws and regulations, the by-laws of
               Xinrui, the policies of KongZhong and the Operators (if any), the
               contracts to which Xinrui is a party and the matters that are
               attached hereto as Exhibit J ("PROHIBITED MATTERS");

     (b)  the Management Team shall, and shall procure Xinrui to, use its best
          efforts to improve the financial condition and business operation of
          Xinrui for the period ending 30 September 2006 to be not worse than
          the financial condition and business operation of Xinrui as
          represented in the representations and warranties in Clause 6 above;

     (c)  not borrow any sum which when aggregated with all other outstanding
          borrowings of Xinrui exceeds US$10,000 unless otherwise approved in
          advance in writing by KongZhong;

     (d)  not sell, dispose of or transfer any of the assets, business or shares
          of Xinrui unless otherwise approved in advance in writing by
          KongZhong;

                                       45

<PAGE>

     (e)  not create any Encumbrance (other than a lien arising by operation of
          law) over the whole or any part of the undertaking, property or assets
          of Xinrui unless otherwise approved in advance in writing by
          KongZhong;

     (f)  not enter into any contract for transaction or expenditure the value
          of which exceeds US$20,000 unless with the prior written consent of
          KongZhong and not to enter into any contract other than in the
          ordinary course of business and on arm's length terms;

     (g)  not make any loan or advance or give any credit (except trade credit
          to customers in the ordinary course of business); not to give any
          guarantee or indemnity for or otherwise secure the liabilities or
          obligations of any Person unless otherwise approved in advance in
          writing by KongZhong.

     (h)  in the event of a breach or non-compliance of any of paragraphs (a) to
          (g) above, the Management Team shall be liable jointly and severally
          to indemnify KongZhong, or as the case may be, KongZhong Nominee, for
          any loss suffered as a result of the breach or non-compliance.

     (i)  In the event of any disagreement in respect of the business decision
          between the Management Team and KongZhong (or as the case may be,
          KongZhong Nominee), the Management Team and KongZhong (or as the case
          may be, KongZhong Nominee) shall, in good faith, try to resolve the
          disagreement for the benefit of Xinrui.

13.8 KongZhong shall have the right to terminate this Agreement and to be repaid
     all or the portion of the Total Purchase Price that has been paid pursuant
     to Clause 3 above, or renegotiate the purchase price or other terms and
     conditions under this Agreement if the following events occurs during the
     period commencing from the date of this Agreement up to the Last Payment
     Date as stipulated in Clause 3.2:

     (a)  Xinrui ceases to be a party to, or to renew the Material Operating
          Contracts, or ceases to hold the following licenses or permits
          required for its business operation including but not limited to the
          operation of its wireless value added businesses:

          (i)  current and valid business license of Xinrui ((Chinese
               Characters) 1103021635015);

          (ii) current and valid value added license of Xinrui ((Chinese
               Characters) B2-20050140 and (Chinese Characters) ICP (Chinese
               Characters) 031066 (Chinese Characters));

                                       46

<PAGE>

          (iii) current and valid business operation rights with each Operator's
               headquarter on a nationwide basis for wireless access protocol,
               short messaging service, colour ring back tone service and
               interactive voice response service.

     (b)  The net profit of Xinrui shown on the Financial Statements from 1
          January 2006 to 30 September 30 2006 is less than US$3 million.

     (c)  Any of the Group Companies violates or is not in compliance with the
          applicable laws and regulations, policies, rules and contract to which
          the relevant Group Company is a party or subject, resulting in
          penalties or fines (monetary or otherwise) or damages of RMB5,000,000
          or more (if aggregated) or RMB 3,000,000 or more (for each penalty,
          fine or damages) being imposed onto Xinrui.

     (d)  There is an unreasonable delay or a refusal or an inability by any of
          the Warrantors to satisfy any or all of the Closing Conditions.

     (e)  If the power of attorney given by Ho Chi Sing to Sun Jing Ye as
          attached hereto as Exhibit B1 is invalid or unenforceable for any
          reasons including, but not limited to, reason arising from the
          authenticity of the signature of Ho Chi Sing in the power of attorney.

     (f)  If it turns that, for any reasons whatsoever, Ho Chi Sing is not the
          sole shareholder of Sharp Edge and/or Ho Chi Sing's shareholding in
          Sharp Edge is not as the same as the shareholding as represented in
          Clause 6 above and/or Ho Chi Sing does not have full and valid title
          to the Sharp Edge Shares to be transferred to KongZhong free from any
          Encumbrances and/or Sharp Edge is not duly incorporated and is not
          validly existing under the laws of BVI and this Agreement is not a
          valid and enforceable obligation of Sharp Edge.

13.9 Ho Chi Sing hereby covenants to KongZhong that he will hold, and will not,
     and will not offer to, dispose off, or sell or transfer or part ownership
     or title with, the Earn-Out Shares for a period not less than twelve (12)
     months from the date the Earn-Out Shares are issued to Ho Chi Sing and
     further covenants that he will not assign any of his rights under this
     Agreement without KongZhong's prior written consent. In the event after the
     12-month period, Ho Chi Sing intends to dispose off, or sell or transfer or
     part ownership or title with, the Earn-Out Shares, as long as Ho Chi Sing
     has complied with the terms of this Agreement, KongZhong undertakes to
     cooperate with Ho Chi Sing in exchanging the Earn-Out Shares for American
     Depository Shares in accordance with the terms of the Depository Agreement
     entered into by and among KongZhong, Citibank N.A. and the Holders (as
     defined therein) and Beneficial Owners (as defined therein) of American
     Depository Shares; provided that all expenses related to such conversion of
     the Earn-Out Shares into American Depository Shares are borne by Ho Chi
     Sing. In the event that KongZhong fails to cooperate, Ho Chi Sing shall
     have the right to put the

                                       47

<PAGE>

     Earn-Out Shares to KongZhong at the average closing price quoted on NASDAQ
     on the date Ho Chi Sing exercises his put option.

13.10 The parties hereto understand that it is a legal requirement that 15% of
     the registered capital of Sharp Edge WFOE (US$ 22,500)("PAID IN AMOUNT")
     shall be paid in by Sharp Edge prior to or on 28 February 2006 ("PAID IN
     DATE"), KongZhong, each of the Warrantors, the Group Companies and the
     Management Team hereby covenants respectively, in the event that the
     Closing fails to take place at least ten (10) days before the Paid In Date,
     as follows:

     (a)  KongZhong covenants to lend the Paid In Amount to Sharp Edge to be
          used solely for the purpose of satisfying the paid in requirement of
          Sharp Edge WFOE five (5) Business Day before the Paid In Date.

     (b)  Sharp Edge covenants to use the entire Paid In Amount to fulfill its
          payment obligation as to the registered capital of the Sharp Edge WFOE
          as contemplated in this Section 13.10;

     (c)  Sharp Edge covenants to repay the Paid In Amount to KongZhong on the
          earlier of (i) the Long-stop Date pursuant to Clause 12 and (ii) the
          date this Agreement is terminated otherwise.

14.  Miscellaneous.

14.1 Governing, Law. This Agreement shall be governed by, and construed in
     accordance with, the laws of Hong Kong.

14.2 Dispute Resolution

     (a)  Any dispute, controversy or claim arising out of or relating to this
          Agreement, or the interpretation, breach, termination or validity
          hereof, shall be resolved through consultation. Such consultation
          shall begin immediately after one Party has delivered to the other
          Party a written request for such consultation. If within 30 days
          following the date on which such notice is given the dispute cannot be
          resolved, the dispute shall be submitted to arbitration upon the
          request of either Party with notice to the other.

     (b)  The arbitration shall be conducted in Hong Kong under the auspices of
          the Hong Kong International Arbitration Centre ("Arbitration Centre").
          There shall be three (3) arbitrators. Each disputing Party to the
          dispute shall be entitled to appoint one arbitrator, and the third
          arbitrator shall be jointly appointed by the disputing Parties or,
          failing which the Arbitration Centre shall appoint the third
          arbitrator.

     (c)  The arbitration proceedings shall be conducted in English. The
          arbitration tribunal shall apply the UNCITRAL Arbitration Rules as
          administered by the Arbitration Centre at the

                                       48

<PAGE>

          time of the arbitration.

     (d)  The arbitrators shall decide any dispute submitted by the Parties to
          the arbitration strictly in accordance with the substantive laws of
          Hong Kong and shall not apply any other substantive law.

     (e)  Each Party shall cooperate with the other in making full disclosure of
          and providing complete access to all information and documents
          requested by the other in connection with such arbitration
          proceedings, subject only to any confidentiality obligations binding
          on such Party.

     (f)  The award of the arbitration tribunal shall be final and binding upon
          the disputing Parties, and the prevailing Party may apply to a court
          of competent jurisdiction for enforcement of such award.

     (g)  Either Party shall be entitled to seek preliminary injunctive relief
          from any court of competent jurisdiction pending the constitution of
          the arbitral tribunal.

14.3 Counterparts and Facsimile Execution. This Agreement may be executed in two
     or more counterparts, each of which shall be deemed an original, but all of
     which together shall constitute one and the same instrument. Any
     counterpart or other signature delivered by facsimile shall be deemed for
     all purposes as being good and valid execution and delivery of this
     Agreement by that Party.

14.4 Headings. The headings of the clauses of this Agreement are for convenience
     only and shall not by themselves determine the interpretation of this
     Agreement.

14.5 Notices. Except as may be otherwise provided herein, all notices, requests,
     waivers and other communications made pursuant to this Agreement shall be
     in writing and shall be conclusively deemed to have been duly given (a)
     when hand delivered to the other party; (b) when printed confirmation sheet
     verifying successful transmission of the facsimile is generated by the
     sender's machine, when sent by facsimile at the number set forth below (or
     hereafter amended by subsequent notice to the parties hereto); (c) five (5)
     Business Days after deposit in the mail as certified mail, receipt
     requested, postage prepaid and addressed to the other party as set forth
     below; or (d) three (3) Business Days after deposit with an overnight
     delivery service, postage prepaid, addressed to the parties as set forth
     below, provided that the sending party receives a confirmation of delivery
     from the delivery service provider.

To: ANY OF THE WARRANTORS

A 710, Yue Tan Building, No. 2, Yue Tan Bei Jie, Xicheng District, Beijing
100045

                                       49

<PAGE>

Tel. No.: 8610 6808 2256
Fax No.: 8610 6808 3805

Attention: Sun Jing Ye

                       KONGZHONG AND/OR KONGZHONG NOMINEE

168, Xiwai Dajie, 35 floor, Tengda Building, 100044 Beijing

Tel. No.: 8857 6000
Fax No.: 8857 5893

Attention: Wang Gui Jun

Each Party making a communication hereunder by facsimile shall promptly confirm
by telephone to the Party to whom such communication was addressed each
communication made by it by facsimile pursuant hereto but the absence of such
confirmation shall not affect the validity of any such communication. A Party
may change or supplement the addresses given above, or designate additional
addresses, for purposes of this Clause 14.5 by giving the other Parties written
notice of the new address in the manner set forth above.

14.6 Amendment of this Agreement. Any provision of this Agreement may be amended
     by a written instrument signed by all the Parties.

14.7 Entire Agreement; Successors and Assigns. Except as specifically referenced
     in this Agreement, this Agreement, together with all Exhibits and Schedules
     to this Agreement, constitute the entire contract among the Parties with
     respect to the transactions and subject matters under this Agreement. Any
     prior or contemporaneous agreement, discussion, understanding, or
     correspondence among the Parties (including any prior representations or
     warranties given by the Parties) regarding the purchase of the Shares is
     superseded by this Agreement. Subject to the exceptions specifically set
     forth in this Agreement, the terms and conditions of this Agreement shall
     inure to the benefit of and be binding upon the respective executors,
     administrators, heirs, successors, and assigns of the Parties.

14.8 Survival of Warranties. The representations, warranties, and covenants of
     each of the Warrantors contained in this Agreement shall survive the
     execution and delivery of this Agreement and the Closing.

14.9 Further Assurances. From and after the date of this Agreement, upon the
     request of KongZhong, each of the Warrantors shall execute and deliver such
     instruments, documents or other writings as may be necessary or desirable
     to confirm and carry out and to fully give effect

                                       50

<PAGE>

     the intent and purposes of this Agreement, or as the case may be, the
     Xinrui Share Purchase Agreement.

14.10 Indemnity. The Warrantors jointly and severally agree to indemnify and
     hold harmless KongZhong and KongZhong Nominee and assigns of KongZhong and
     KongZhong Nominee, and KongZhong and KongZhong Nominee jointly and
     severally agree to indemnify and hold harmless the Warrantors, (each of the
     Party being indemnified under this clause is called an "Indemnitee"),
     against any and all Indemnifiable Losses (as defined below) to such
     Indemnitee, directly or indirectly, as a result of, or based upon or
     arising from, or related to, any inaccuracy in or breach or nonperformance
     of any of the representations, warranties, covenants or agreements made by
     the relevant Party in or pursuant to this Agreement. For purposes of this
     clause, "Indemnifiable Loss" means, with respect to any Indemnitee, any
     action, cost, damage, disbursement, expense, liability, loss, deficiency,
     diminution in value, obligation, penalty or settlement of any kind or
     nature, whether foreseeable or unforeseeable, including, but not limited
     to, (i) interest or other carrying costs, penalties, legal, accounting and
     other professional fees and expenses reasonably incurred in the
     investigation, collection, prosecution and defense of claims and amounts
     paid in settlement, that may be imposed on or otherwise incurred or
     suffered by such Indemnitee and (ii) any Taxes that may be payable by such
     Indemnitee as a result of the indemnification of any Indemnifiable Loss
     hereunder.

14.11 Fees and Expenses. Subject to Clause 14.10 above, each Party shall bear
     its own costs and expenses relating to the share purchase transaction under
     this Agreement and the Xinrui Share Purchase Agreement.

14.12 Severability. To the extent permitted under the applicable laws, each
     provision of this Agreement shall be interpreted in such manner so as to be
     effective and valid under the applicable laws, but if any provision of this
     Agreement is held to be prohibited by or invalid under the applicable laws,
     such provision shall be ineffective only to the extent of such prohibition
     or invalidity, without invalidating the remainder of such provision or the
     remaining provisions of this Agreement.

14.13 Prior Agreements Superseded. This Agreement supersedes all prior
     agreements by or among the Parties with respect to the purchase of the
     Sharp Edge Shares and the Xinrui Shares. All such prior agreements shall
     lapse and terminate immediately upon the execution of this Agreement.

                [Remainder of this page intentionally left blank]

                                       51

<PAGE>

IN WITNESS WHEREOF, the Parties to this Agreement have executed this Agreement
as of the date first written above.

KONGZHONG CORPORATION

By:
    -----------------------------------
Name: Zhou Yun Fan (Chinese Characters)
Title: Chief Executive Officer

---------------------------------------
WANG GUI JUN

---------------------------------------
LI YANG

SHARP EDGE GROUP LIMITED

By:
    -----------------------------------
Name: Sun Jing Ye
Title: Authorized Representative

AN JIAN XING YE TECHNOLOGY (BEIJING)
LIMITED (Chinese Characters)

By:
    -----------------------------------
Name: Sun Jing Ye
Title: Authorized Representative

<PAGE>

BEIJING XINRUI NETWORK TECHNOLOGY
COMPANY LIMITED (Chinese Characters)

By:
    -----------------------------------
Name: Sun Jing Ye
Title: Authorized Representative

---------------------------------------
HO CHI SING (by Sun Jing Ye as
Authorized Representative)

---------------------------------------
SUN JING YE

---------------------------------------
AI LI

---------------------------------------
CHEN JIANJUN (Chinese Characters)

---------------------------------------
YING WENJIN (Chinese Characters)

---------------------------------------
LV QIANG (Chinese Characters)

                                       2

<PAGE>

---------------------------------------
LIU MINGHAI (Chinese Characters)

---------------------------------------
CHEN ZHENG (Chinese Characters)

---------------------------------------
GUAN SUSHENG (Chinese Characters)

GUANZHOU SHULIAN CONSULTING AND
INVESTMENT CO., LTD (Chinese Characters)

By:
    -----------------------------------
Name: Yang Fei (Chinese Characters)
Title: Legal Representative

                                       3

<PAGE>

EXHIBIT A

MATERIAL DEBTS

Summary of Chinese-language exhibit:

Total debt outstanding to five creditors equals 5,856,841.00

<PAGE>

EXHIBIT B

RESTRUCTURING DOCUMENTS

(a)  TSA.

(b)  Management Control Agreement.

(c)  Share Pledge Agreement.

(d)  Share Disposition Agreement.

<PAGE>

EXHIBIT B 1

POWER OF ATTORNEY

<PAGE>

                                POWER OF ATTORNEY

Principal: Ho Chi Sing

Authorized representative: Sun Jing Ye (Chinese Characters)

Whereas:

     (1) Sharp Edge Group Limited is a company established under the laws of the
British Virgin Islands ("Sharp Edge").

     (2) KongZhong Corporation is a company established under the laws of the
Cayman Islands.

     (3) Beijing Xinrui Network Technology Company Limited (Chinese Characters),
is a limited liability company established under the laws of the PRC ("Xinrui").

     (4) An Jian Xing Ye Technology (Beijing) Limited (Chinese Characters) is a
wholly foreign owned enterprise established under the laws of the PRC
("Sharp Edge WFOE").

     (5) Ho Chi Sing, as the holder of the Hong Kong permanent identification
number [deleted*] and passport number [deleted*], is the sole shareholder and
sole director of Sharp Edge and the manager of Sharp Edge WFOE.

     (6) Sun Jing Ye (Chinese Characters) is the holder of the PRC
identification number [deleted*].

     (7) Ho Chi Sing, Sun Jing Ye, Sharp Edge, Sharp Edge WFOE, KongZhong
Corporation, Xinrui and other relevant parties will execute a Share Purchase
Agreement on 26 January 2006 for the purchase of all the outstanding shares of
Sharp Edge by KongZhong Corporation and other relevant matters ("Share Purchase
Agreement").

     After reviewing the draft of the Share Purchase Agreement, Ho Chi Sing
hereby appoints Sun Jing Ye as his fully authorized representative to

     a)   execute and deliver the Share Purchase Agreement and any other
          relevant documents that are with respect to the Share Purchase
          Agreement.

     b)   execute all relevant resolutions of the sole shareholder and the sole
          director of Sharp Edge with respect to the acts and all the matters
          under the Share Purchase Agreement.

     c)   execute the general manager resolution of Sharp Edge WFOE with respect
          to the acts and all the matters under the Share Purchase Agreement.

     The appointment and authorization herein are valid from 1 January 2006
until 31 December 2006.

                [Remainder of this page intentionally left blank]

----------
*    All deleted material has been separately filed with the Securities and
     Exchange Commission.

<PAGE>

[Execution Page of the Power of Attorney]

Principal: Ho Chi Sing

Date: ______________________

Authorized representative: Sun Jing Ye (Chinese Characters)

Date: ______________________

<PAGE>

EXHIBIT C
[Summary of Chinese-language exhibit]

DISCLOSURE SCHEDULE

1.   None of the registered capital of Sharp Edge WFOE has been paid in.

2.   Exceptions to 6.12(a) (i) (B):

     (1)  Anjian Xinye lease of 15 square meters of office space in Beijing
          under a lease running from November 15, 2005 to November 14, 2006 for
          a rent of RMB2.2 per square meter.

     (2)  Xinrui lease of 418.72 square meters of office space in Beijing under
          a lease running from January 2005 to January 2006 for a rent of $16.20
          per square meter per month.
<PAGE>

EXHIBIT D

DETAILED (PROFIT)/LOSS ACCOUNT:
CURRENCY: RMB

<TABLE>
<CAPTION>
                                                                       2005 JAN-SEP             2004 JAN-DEC
                                                                       YEAR TO DATE             YEAR TO DATE
                                                                  ------------------       ------------------
<S>                                                               <C>                      <C>

IVR Revenue                                                              (8,753,278)              (2,450,057)
SMS/MMS Revenue                                                          (8,443,156)
RBT Revenue                                                              (6,076,920)                        0
other Revenue                                                                      0                 (74,550)
                                                                  ------------------       ------------------
Total Gross Revenue                                                      -23,273,354               -2,524,607
Less: Sales Tax                                                              765,978                   84,952
                                                                  ------------------       ------------------
NET REVENUE                                                              -22,507,376               -2,439,654
Costs                                                                      6,013,872                   81,353
                                                                  ------------------       ------------------
GROSS PROFIT                                                            (16,493,504)              (2,358,301)
As % of Net Revenue                                                              73%                      97%

Staff Costs                                                                6,166,736                1,151,976
Local travelling                                                             428,237                  147,376
Overseas travelling                                                                 0                        0
Entertainment                                                                184,599                  106,169
Advertising & promotion                                                      885,967                  162,810
Communications                                                               140,751                   60,575
Lease lines rental                                                            29,500                      (0)
Professional & Audit fees                                                     38,886                    1,200
Rent & Mgt fees                                                            1,196,069                  360,671
Office administration expenses                                               598,629                  280,984
Government fees                                                                    0                    9,105
Bank charges                                                                       0                      336
Bad debt                                                                           0                        0
software & license fees                                                          800                  100,000
Others                                                                        24,000                    1,549
                                                                  ------------------       ------------------
TOTAL OPERATING EXPENSES                                                   9,694,174                2,382,752
As % of Net Revenue                                                           -43.1%                   -97.7%

EBITDA                                                                   (6,799,330)                   24,451
Depreciation & amortization                                                  126,185                   12,925
EBIT                                                                     (6,673,145)                   37,376
As % of Net Revenue                                                            29.6%                    -1.5%

Bank interests                                                               (6,255)                 (10,085)
Interests expenses
PROFIT BEFORE TAX                                                        (6,679,400)                   27,291
As % of Net Revenue                                                            29.7%                    -1.1%

Tax

PROFIT AFTER TAX                                                         (6,679,400)                   27,291
As % of Net Revenue                                                              30%                    -1.1%

</Table>

<PAGE>

EXHIBIT E

ACCOUNTING POLICIES OF KONGZHONG

(A) BASIS OF PRESENTATION

The consolidated financial statements of a Group Company have been prepared in
accordance with the PRC GAAP.

(B) BASIS OF CONSOLIDATION

The consolidated financial statements include the financial statements of a
Group Company, its wholly-owned subsidiary and its variable interest entities.
All inter-company transactions and balances have been eliminated upon
consolidation.

(C) CASH AND CASH EQUIVALENTS

Cash and cash equivalents consist of cash on hand and highly liquid investments
which are unrestricted as to withdrawal or use, and which have maturities of
three months or less when purchased.

(D) USE OF ESTIMATES

The preparation of financial statements in conformity with PRC GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and revenues and expenses in the financial statements and
accompanying notes. Significant accounting estimates reflected in a Group
Company's financial statements include useful lives for property and equipment,
accruals for revenue adjustments, cost of revenues, other liabilities and
stock-based compensation expense.

(E) CERTAIN SIGNIFICANT RISKS AND UNCERTAINTIES

A Group Company participates in a dynamic high technology industry and believes
that changes in any of the following areas could have a material adverse effect
on a Group Company's future financial position, results of operations, or cash
flows: changes in the overall demand for entertainment-oriented wireless
value-added services; advances and trends in new technologies and industry
standards; changes in key suppliers; changes in certain strategic relationships
or customer relationships; regulatory or other factors; risks associated with
the ability to maintain strategic relationship with the Operators; and risks
associated with a Group Company's ability to attract and retain employees
necessary to support its growth.

(F) PROPERTY AND EQUIPMENT, NET

<PAGE>

Property and equipment are carried at cost less accumulated depreciation and
amortization. Depreciation and amortization is calculated on a straight-line
basis over the following estimated useful lives:

<TABLE>
<S>                                                         <C>
Computer and transmission equipment......................   3 years
Furniture and office equipment...........................   3 years
Motor vehicles...........................................   3 years
Leasehold improvements...................................   Over the lease term
Communication equipment..................................   1 year
</TABLE>

(G)  IMPAIRMENT OF LONG-LIVED ASSETS

A Group Company reviews its long-lived assets for impairment whenever events or
changes in circumstances indicate that the carrying amount of an asset may no
longer be recoverable. When these events occur, a Group Company measures
impairment by comparing the carrying value of the long-lived assets to the
estimated undiscounted future cash flows expected to result from the use of the
assets and their eventual disposition. If the sum of the expected undiscounted
cash flow is less than the carrying amount of the assets, a Group Company would
recognize an impairment loss based on the fair value of the assets.

(H)  REVENUE RECOGNITION AND COST OF REVENUES

A Group Company's revenues are primarily derived from entertainment-oriented
wireless value-added services. Wireless value-added services revenues are
derived from providing personalized interactive entertainment, media and
community (including ring back services and downloadable ring tones, icons and
screen savers) services to telephone customers of each of China Telecom, Chine
Netcom, China Unicom, China Railcom and China Mobile and its various
subsidiaries ("OPERATOR"). Fees, established by an arrangement with an Operator
and indicated in the message received on the telephone, for these services are
charged on a transaction basis or on a monthly subscription basis, and vary
according to the type of services delivered. A Group Company recognizes all
revenues in the period in which the services are performed.

A Group Company contracts with the Operator for the transmission of wireless
value-added services as well as for billing and collection services. The
Operator provides a Group Company with a monthly statement that represents the
principal evidence that service has been delivered and triggers revenue
recognition for a substantial portion of a Group Company's revenue. In certain
instances, when a statement is not received within a reasonable period of time,
a Group Company is required to make an estimate of the revenues and cost of
revenues earned during the period covered by the statement based on internally
generated information, historical experience, verbal communication with
Operator, and/or other assumptions that are believed to be reasonable under the
circumstances.

<PAGE>

A Group Company measures its revenues based on the total amount paid by its
customers, for which the Operator bills and collects on a Group Company's
behalf. Accordingly, the 15 - 50% service fee paid to the Operator is included
in the cost of revenues. In addition, the Operator charges a Group Company
transmission charges based on a per message fee which varies depending on the
volume of the messages sent in the relevant month, multiplied by the excess
messages sent over messages received. These transmission charges are likewise
retained by the Operator, and are reflected as costs of revenues in the
financial statements.

(I)  FOREIGN CURRENCY TRANSLATION

The functional currency of a Group Company's subsidiaries including its variable
interest entities in the PRC is the Renminbi ("RMB"). Transactions denominated
in currencies other than RMB are translated into RMB at the exchange rates
quoted by the People's Bank of China ("PBOC") prevailing at the dates of the
transactions. Monetary assets and liabilities denominated in foreign currencies
are translated into RMB using the applicable exchange rates quoted by the PBOC
at the balance sheet dates. The resulting exchange differences are included in
the statement of operations.

A Group Company has determined that the U.S. dollar is its functional and
reporting currency. Accordingly, assets and liabilities are translated using the
exchange rate quoted by PBOC at the last day of the Valuation Period and
consolidated statements of operations shall use the exchange rate being the
Aggregate Exchange Rate divided by 4, whereby:

"AGGREGATE EXCHANGE RATE" here means the aggregate of the exchange rates quoted
by PBOC at the last day of each of the four quarters in the Valuation Period.

Translation adjustments resulting form translation of theses consolidated
financial statements are reflected as accumulated other comprehensive income
(loss) included in the shareholders' equity.

(J)  PRODUCT DEVELOPMENT EXPENSES

Product development expenses consist primarily of compensation and related costs
for employees associated with the development and programming of mobile data
content and are expensed as incurred.

(K)  INCOME TAXES

Deferred income taxes are recognized for temporary differences between the tax
basis of assets and liabilities and their reported amount in the financial
statements, net operating loss carryforwards and credits by applying enacted
statutory tax rates applicable to future years. Deferred tax assets are reduced
by a valuation allowance when, in the opinion of management, it is more likely
than not that some portion or all of the deferred tax assets will not be
realized. Current income taxes are provided for in accordance with the laws of
the relevant taxing authorities.

<PAGE>

(L)  COMPREHENSIVE INCOME (LOSS)

Comprehensive income (loss) includes foreign currency translation adjustments.
Comprehensive income (loss) is reported in the statements of shareholders'
equity.

(M)  FAIR VALUE OF FINANCIAL INSTRUMENTS

Financial instruments include cash and cash equivalents. The carrying values of
cash and cash equivalents approximate their fair values due to their short-term
maturities.

<PAGE>

EXHIBIT F

[Summary of Chinese-language exhibit]

MATERIAL OPERATING CONTRACTS

List of 10 operating contracts, their major terms and the term of
validity of each.

<PAGE>

EXHIBIT G

[Summary of Chinese-language exhibit]

LIST OF LICENSES

Business license No. 103021635015

PRC nationwide telecommunications value-added service
license No. B2-20050140

PRC telecommunications and information services business
permit No. Beijing ICP 031066

High-technology enterprise permit No. 0511024A00231

<PAGE>

EXHIBIT H

[Summary of Chinese-language exhibit]

REGISTRATION DOCUMENTS

1.   Shareholders agreement

2.   Shareholders resolution

3.   Amended and restated articles

4.   Application to revise enterprise registration

5.   New registries of shareholders, management and supervisory board

6.   Xinrui Share Purchase Agreement as Schedule 2

<PAGE>

EXHIBIT I

[Summary of Chinese-language exhibit]

REVENUE ESTIMATION POLICIES OF KONGZHONG (APPLICABLE TO AUDITED FINANCIAL
STATEMENTS ONLY)

<PAGE>

EXHIBIT J

PROHIBITED MATTERS

(a)  None of the Group Company shall, and the Management Team shall not,
     manipulate directly or indirectly, the financial conditions and the
     business operation of the relevant Group Company or the Group.

(b)  None of the Group Companies shall, and the Management Team shall not, use
     or invoke or adopt any illegal methods or ways or ideas or give any false
     information or fraudulently deceive or induce any customers or users
     (registered and unregistered), including without limitation, forcing the
     customers or users to use the products or services of the Group Companies,
     infringing any copyrights, trademarks or other intellectual property
     rights, conducting any mass marketing or promotion not in compliance with
     the relevant laws and regulations.

<PAGE>

SCHEDULE 1

[Summary of Chinese-language exhibit]

XINRUI SHAREHOLDERS

List of individuals, their ID numbers, residences and invested capital:

Chen Jianjun
Ying Wenjin
Lu Qiang
Liu Minghai
Chen Zheng
Guan Shuosheng

List of units, their addresses, business registration numbers, legal
representatives, invested capital and method of investing capital:

Guangzhou Shu Lian Zi Xun Investment Co. Ltd.

<PAGE>

SCHEDULE 2

[Summary of Chinese-language exhibit]

XINRUI SHARE PURCHASE AGREEMENTS

First agreement: Chen Jianjun, Ying Wenjin, Guan Shuosheng agree to transfer
their shares of Xinrui representing 25%, 23% and 3%, respectively, to Wang
Guijun.

Second agreement: Guangzhou Shu Lian Zixun Investment Co. Ltd., Lu Qiang, Liu
Minghai and Chen Zheng agree to transfer their shares of Xinrui representing
30%, 9%, 5% and 5%, respectively, to Li Yang.

<PAGE>

SCHEDULE 3

SUBSIDIARIES OF SHARP EDGE

Sharp Edge Group Limited owns 100% shares in An Jian Xing Ye Technology
(Beijing) Limited (Chinese Characters)

<PAGE>

SCHEDULE 4

GENERAL LIABILITIES OF GROUP COMPANIES

[Summary of Chinese-language exhibit]

GENERAL LIABILITIES OF BEIJING XINRUI NETWORK TECHNOLOGY COMPANY LIMITED

As at 31 December 2005
Total outstanding liabilities to five creditors (5,856,841.00)

<PAGE>

SCHEDULE 5

INTELLECTUAL PROPERTY RIGHTS

www.xinruinet.com

<PAGE>

SCHEDULE 6

EMPLOYMENT CONTRACT, NON-COMPETITION AND CONFIDENTIALITY AGREEMENT WITH
DIRECTORS, MANAGEMENT TEAM AND CONSULTANCY CONTRACTS

[Contracts in Chinese]

<PAGE>

SCHEDULE 7

TRANSACTIONS WITH AFFILIATES

None.

<PAGE>

SCHEDULE 8

[Summary of Chinese-language exhibit]

GOVERNMENTAL CONSENTS

(1)  Approval from Beijing SAIC of the amended business registration of Xinrui;

(2)  Approval for amendment of PRC nationwide value-added service license;

(3)  Approval from tax bureau for amendment of tax registration of
     Xinrui.<PAGE>

                                                                    EXHIBIT 4.40

              EXCLUSIVE TECHNICAL AND CONSULTING SERVICES AGREEMENT

This Exclusive Technical Consulting and Services Agreement (the "Agreement") is
entered into in Beijing as of January 26, 2006, between the following two
parties (the "Parties)].

Party A:                ANJIAN XINGYE TECHNOLOGY (BEIJING) COMPANY LIMITED

Address:                Room C709, south road No. 18, west ring of Beijing
                        Economy & Technology Development Area

Legal Representative:   He Zhicheng

PARTY B:                BEIJING XINRUI NETWORK TECHNOLOGY CO. LTD.

Address:                Yuetan Mansion 7th floor, Yuetan North Street No. 2,
                        Xicheng District Beijing

Legal Representative:   Lin Dongliang

WHEREAS,

1.   Party A, a wholly foreign-owned enterprise registered in People's Republic
     of China, owns resources to provide the technical and consulting services.

2.   Party B, a wholly domestic invested company registered in PRC, is licensed
     by relevant government authorities to engage in the business of the
     Internet information provision service and value-added telecommunication
     service;

3.   Party A agrees to provide technical consulting and relevant services to
     Party B and Party B agrees to accept such technical consulting and
     services;

WHEREAS, Party A and Party B, through friendly negotiation and based on equality
and mutual benefit, enter into the Agreement as follows:

1.   TECHNICAL CONSULTING AND SERVICES; OWNERSHIP AND EXCLUSIVE INTERESTS

1.1  During the term of this Agreement, Party A agrees to provide relevant
     technical consulting and services to Party B (the content is specified in
     Appendix 1) in accordance with conditions under

                                        1

<PAGE>

     the Agreement.

1.2  Party B hereby agrees to accept such technical and consulting services.
     Party B further agrees that, during the term of this Agreement, it shall
     not accept technical consulting and services for above-mentioned business
     provided by any third party (excluding the third party designated by Party
     A), unless consented by Party A with a written notice or Party A can not
     provide services under normal business condition.

1.3  Party A shall be the sole and exclusive owner of all rights, title,
     interests and intellectual property rights arising from the performance of
     this Agreement, including, (but not limited to, any copyrights, patent,
     know-how, commercial secrets and otherwise), whether developed by Party A,
     Party B based on Party A's intellectual property or Party A based on Party
     B's intellectual property. Party B shall not claim any right, ownership,
     interest and intellectual property from Party A. Party B shall ensure that
     there is no party can claim its rights to its intellectual property, on
     which Party A will develop. Otherwise, Party B shall compensate all the
     losses suffered by Party A. At the same time, Party A shall take the
     prudent responsibility of protecting Party B's intellectual property by
     reasonable measures.

1.4  Party B promises that Party A has the priority on cooperation with party B
     under same conditions in case Party B is going to cooperate with other
     enterprises in respect of any business.

2.   CALCULATION AND PAYMENT OF THE FEE FOR TECHNICAL AND CONSULTING SERVICES
     (THE "FEE")

2.1  The parties agree that the fees under this Agreement shall be determined
     according to Appendix 2.

2.2  In case Party B fails to pay the Fee and other fees according to this
     Agreement, it shall pay a penalty interest, amounting at 5% per year based
     on the delayed amount of Fee.

2.3  Party A, on the precondition of bearing the Fee by itself, is entitled to
     appoint its employee or registered accountant of China or other country
     ("Party A's representative") to check Party B's financial statements and
     calculate the amount of Fee. Therefore, Party B shall provide Party A's
     representative with documents, accounts, records, data, etc on request and
     assist Party A's representative to audit Party B's accounts and confirm the
     amount of Fee. The Fee shall be the amount confirmed by Party A's
     representative. Party A is entitled to issue a bill to Party B and ask
     Party B to pay Fee, which is not made, anytime after Party A's
     representative issues their audit

                                        2

<PAGE>

     report. Party B shall make the payment within 7 working days after
     receiving the bill.

3.   REPRESENTATIONS AND WARRANTIES

3.1  Parties hereby represents and warrants as follows:

     3.1.1 Party A is a company duly registered and validly existing under PRC
          laws;

     3.1.2 Party A shall perform this Agreement within its corporation powers
          and scope of business with necessary authorization, and has gained all
          consents and approvals of any other third parties and government
          authorities. The performance of this Agreement shall not be in
          violation of any binding or effective laws or contracts;

     3.1.3 The Agreement will constitute a legal, valid and binding agreement of
          Party A enforceable against it in accordance with its terms upon
          execution.

3.2  Party B hereby represents and warrants as follows:

     3.2.1 Party B is a company duly registered and validly existing under PRC
          laws and is licensed to engage in the value-added telecommunication
          service;

     3.2.2 Party B shall perform this Agreement within its corporation powers
          and scope of business with necessary authorization, and has gained all
          consents and approvals of any other third parties and governmental
          organs. The performance of this Agreement shall not be in violation of
          any binding or effective laws or contracts;

     3.2.3 Once the Agreement has been duly executed by both parties, it will
          constitute a legal, valid and binding agreement of Party B enforceable
          against it in accordance with its terms upon its execution.

4.   CONFIDENTIALITY

4.1  The Parties agree to try to take various reasonable measures to protect and
     maintain the confidentiality of the confidential data and information (the
     "Confidential Information", the

                                        3

<PAGE>

     provider of data and information shall notify the receiver in writing that
     what is Confidential Information upon providing) learned or contacted by
     the Parties in the exclusive consulting and services, and shall not
     disclose, give or transfer any Confidential Information (including any
     confidential information in respect of merger, being merged, controlled by
     third party directly or indirectly) to any third party without prior
     written consent of either Party. Upon termination or expiration of this
     Agreement, the Parties shall, at the request of either Party, return any
     documents, information or software contained any of such Confidential
     Information to the owner or destroy it, and delete any such Confidential
     Information from any memory devices, and cease to use such confidential
     Information. The Parties shall take necessary measures to disclose the
     Confidential Information to the employees, agents or professional
     consultants of Party B who need to know such information and cause them to
     observe the confidential obligations hereunder. Party A, Party B and Party
     B's employees, agents or professional consultants shall conclude a
     non-disclosure agreement.

4.2  The limitation stipulated in Section 4.1 shall not apply to:

     4.2.1 the materials available to the public at the time of disclosure;

     4.2.2 the materials that become available to the public after the
          disclosure not due to the fault of Party B;

     4.2.3 the materials Party B proves to have got the control neither directly
          nor indirectly from any other party before the disclosure;

     4.2.4 each Party is required by law to disclose to relevant government
          authorities, stock exchange institute, or necessarily discloses the
          above confidential information directly to the legal counselor and
          financial consultant in order to keep its usual business.

4.3  Both Parties agree that this article shall survive the modification,
     elimination or termination of this Agreement.

5.   INDEMNITY

5.1  If either party to this Agreement breaches this Agreement or any
     representations and warranties

                                        4

<PAGE>

     made in this Agreement, the abiding party may notify in writing the default
     party requesting it to correct its default acts, take relevant measures to
     effectively and promptly avoid the occurrence of any damages, and to resume
     the performance of this Agreement 10 days upon receipt of the notice. The
     default party shall compensate any losses caused to the abiding party and
     make the abiding party obtain all the rights on the condition that the
     Agreement is supposed to be fully performed.

5.2  In case either party breaches this Agreement, the abiding party suffered
     any fees, responsibilities or losses (including but not limited to profit
     losses); the defaulting party shall compensate all the aforesaid losses
     suffered by the abiding party (including but not limited to profits and
     lawyer fees shall be paid or lost due to breach). The total compensation
     paid by the default party to the abiding party shall equal the losses
     caused by the breach of this Agreement, which shall include the receivable
     interests by the abiding party for the performance of this Agreement, but
     shall not exceed the reasonable expectations of the Parties.

5.3  Party B shall take full responsibility in case not going under Party A's
     instruction, or utilizing Party A's intellectual property improperly or
     facing third party 's claim due to improper technical operation. In case
     that Party B found Party A's intellectual property is used without legal
     authorization, it shall inform Party A and cooperate with Party A to take
     any action.

5.4  In the event both Parties breach this Agreement, they shall determine the
     compensation payable according to the graveness of their breach
     respectively.

6.   EFFECTIVE DATE AND TERM

6.1  This Agreement shall be executed as of the date indicated at the head of
     this Agreement, and shall come into effect simultaneously.

6.2  This Agreement will remain effective until Party A is dissolved according
     to the laws of the PRC, unless is terminated early by Party A.

7.   TERMINATION

7.1  During the term of this Agreement, Party B shall not terminate this
     Agreement in advance.

                                        5

<PAGE>

     Otherwise, Party B shall pay a penalty, amounting at 1 million to Party A,
     compensate all the losses caused thereby to Party A and the relevant fees
     for the services already provided. Party A may terminate this Agreement at
     any time with a written notice to Party B 30 days before such termination.
     If Party A terminates the Agreement in advance due to Party B's reason,
     Party B shall pay a penalty, amounting at 1 million to Party A and
     compensate Party A all the losses caused thereby to Party A and pay the
     relevant fees for the services already provided.

7.2  Subsequent to the termination of this Agreement, the rights and obligations
     of both Parties under Article 4 and 5 shall remain effective.

8.    DISPUTES RESOLUTION

8.1  The parties shall strive to settle any dispute arising from the
     interpretation or performance in connection with this Agreement through
     friendly consulting. In case no settlement can be reached through
     consulting, each party may submit such dispute to China International
     Economic and Trade Arbitration Commission (the "CIETAC"). The arbitration
     shall follow the current rules of CIETAC, and the arbitration proceedings
     shall be conducted in Chinese and shall take place in Beijing. The
     arbitration award shall be final and binding upon both Parties. This
     article shall survive the termination or elimination of this Agreement.

8.2  Each Party shall continue to perform its obligations in good faith
     according to the provisions of this Agreement except for the matters in
     dispute.

9.   FORCE MAJEURE

9.1  Force Majeure, means any event that is beyond the party's reasonable
     control and cannot be prevented with reasonable care, including but not
     limited to acts of governments, acts of nature, fire, explosion, typhoon,
     flood, earthquake, tide, lightning or war. However, any shortage of credit,
     capital or finance shall not be regarded as an event of Force Majeure. The
     affected party who is claiming to be not liable to its failure of
     fulfilling this Agreement by Force Majeure shall inform the other party,
     without delay, of the approaches of the performance of this Agreement by
     the affected party.

9.2  In the event that the affected party is delayed in or prevented from
     performing its obligations

                                        6

<PAGE>

     under this Agreement by Force Majeure, within the scope of such delay or
     prevention, the affected party will not be responsible for any damage by
     reason of such a failure or delay of performance. The affected party shall
     take appropriate means to mitigate or remove the effects of Force Majeure
     and try to resume performance of the obligations delayed or prevented by
     the event of Force Majeure. After the event of Force Majeure is removed,
     both parties agree to resume performance of this Agreement with their best
     efforts.

10.  NOTICES

     Notices or other communications required to be given by any party pursuant
     to this Agreement shall be in writing and be delivered by personal
     delivery, registered or mail or postage prepaid mail, recognized courier
     service or by facsimile transmission to the address of the relevant party
     or parties set forth below.

     Party A:     An Jian Xing Ye Technology (Beijing) Limited

     Address:     Room  C709, south road No. 18, west ring of Beijing Economy &
                  Technology Development Area

     Fax:         _______________________

     Telephone:   _______________________

     Addressee:   He Zhicheng

     Party B:     Beijing Xinrui Network Technology Co. Ltd.

     Address:     Yuetan Mansion 7th floor, Yuetan North Street No. 2, Xicheng
                  District Beijing

     Fax:         _______________________

     Telephone:   _______________________

     Addressee:   Lin Dongliang

11.  ASSIGNMENT

     Party B shall not assign its rights or obligations under this Agreement to
     any third party without the prior written consent of Party A. Party A nay
     assign its rights or obligations under this Agreement to any third party
     without the consent of Party B, but shall inform Party B of the above
     assignment.

                                        7

<PAGE>

12.  SEVERABILITY

     Any provision of this Agreement that is invalid or unenforceable because of
     any inconsistency with relevant law shall be ineffective or unenforceable
     within such jurisdiction where the relevant law governs, without affecting
     in any way the remaining provisions hereof.

13.  AMENDMENT AND SUPPLEMENT

     Any amendment and supplement of this Agreement shall come into force only
     after a written agreement is signed by both parties. The amendment and
     supplement duly executed by both parties shall be part of this Agreement
     and shall have the same legal effect as this Agreement.

14.  GOVERNING LAW

     The execution, validity, performance and interpretation of this Agreement
     shall be governed by and construed in accordance with the PRC laws.

IN WITNESS THEREOF THE PARTIES HERETO HAVE CAUSED THIS AGREEMENT TO BE DULY
EXECUTED ON THEIR BEHALF BY A DULY AUTHORIZED REPRESENTATIVE AS OF THE DATE
FIRST SET FORTH ABOVE.

                                        8

<PAGE>

(no text on this page, signatory page of Exclusive Consultation and Service
Agreeement)

PARTY A: An Jian Xing Ye Technology (Beijing) Limited

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

PARTY B: Beijing Xinrui Network Technology Co. Ltd.

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

                                        9

<PAGE>

APPENDIX 1: THE LIST OF TECHNICAL AND CONSULTING SERVICES

Party A shall provide technical and consulting services as follows:

1.   maintenances of the machine room and website;

2.   provision of necessary technical platform for the operation;

3.   provision and maintenances of the office network;

4.   integrated security services for the website;

5.   design and implementation of the integrated structure of the network of the
     website, including the installation of the server system and 24 hours'
     daily maintenances each week.

6.   development and test of new products;

7.   provision and maintenances of on-line payment system and fee calculating
     system

8.   marketing plan and introduction service of new products;

9.   conception, creation, design, update and maintenance of the web pages;

10.  maintenance of the clients service platform;

11.  training of the employees;

12.  study and analysis on market;

13.  public relationship service

                                       10

<PAGE>

APPENDIX 2: CALCULATION AND PAYMENT OF THE FEE FOR TECHNICAL AND CONSULTING
SERVICES

The service fees hereunder shall be calculated as 75% to 80% of the fees paid
each month by Party B's end users to Party B. The exact proportion of
above-mentioned fees (within the scope of 75% to 80%) shall be decided by Party
A in accordance with the actual service it provides to Party B and shall be
calculated quarterly. In consideration of Party B's future business development
need, parties agree that Party B shall reserve no less than RMB 1,000,000 cash
or cash equivalent in its account. In case, Party B fails to reach such
requirement at the end of any quarter, Party A is entitled to deduct the fees of
the quarter at least to RMB 500,000 at its discretion.

Party A will calculate fees on quarter basis and inform Party B. Party B shall
remit the fees to bank account appointed by Party A within 10 working days after
receives payment notice from Party A.

In case Party A thinks that the fee calculation method stipulated herein is
improper and need to be adjusted for some reason, Party B shall negotiate with
Party A actively and faithfully within 7 working days after receives written
request of adjusting fees by Party A and confirm a new fee calculation method or
system. If Party B fails to give reply to the aforesaid notice of adjusting
fees, it will be regarded as its acceptance of the adjustment.

                                       11

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