Document:

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                                                                   EXHIBIT 10.30

                                                                    Translation
                                                                    Signed Copy
                                                                    May 10, 2006

                          EQUITY TRANSFER AGREEMENT OF

                  SHANDONG ECONOMIC OBSERVING NEWSPAPER CO. LTD

                                       AND

                        BEIJING TAIDE ADVERTISING CO. LTD

                                 WITH RESPECT TO

                  BEIJING JINGGUAN XINCHENG ADVERTISING CO. LTD

                                      2006

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                                TABLE OF CONTENT
<TABLE>
<S>          <C>
Article 1    Equity Transfer
Article 2    Equity Transfer Price
Article 3    Articles of Association Amendments
Article 4    Transferor's Warranties
Article 5    Transferee's Warranties
Article 6    Sharing of Profits and Losses after Equity Transfer
Article 7    Tax
Article 8    Transfer of the Agreement
Article 9    Confidentiality
Article 10   Liabilities for Breaching the Agreement
Article 11   Notifications
Article 12   Changes and Amendments
Article 13   Applicable Laws and Dispute Resolution
Article 14   Interpretation of the Agreement
Article 15   Effects and Languages
</TABLE>
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                            EQUITY TRANSFER AGREEMENT

This agreement was signed by the following parties in Beijing on May 10, 2006.

1. The transferor: Shandong Economic Observing Newspaper Co. Ltd (hereafter as
                   "Newspaper Co.")
                   Address: 22 Leyuan Ave., Jinan City, Shandong Province, China
                   Legal Representative: Ma Liqiang

2. The transferee: Beijing Taide Advertising Co. Ltd (hereafter as the
                   "Purchaser")
                   Address: Room 103, Unit 2, Red Building 16
                            Block 5, Beijing Sports and Kinesiology University
                            East Yuanmingyuan Road, Haidian District, Beijing
                   Legal Representative: Wang Yonghong

Whereas:

1.   Beijing Jingguan Xincheng Advertising Co. Ltd (hereafter as "Jingguan
     Xincheng") is a corporation with limited liabilities (a single legal-person
     ownership), incorporated according to the laws of PRC, with its location at
     18-C66 Construction Road, Liangxiang Kaixuan Ave., Fangshan District,
     Beijing, with a registered capital of RMB 5,000,000, and with a business
     scope in advertisement agency and distribution.

2.   The Newspaper Co. is a corporation with limited liabilities and
     incorporated according to the PRC laws, and is the only equity owner of
     Jingguan Xincheng. On the signing date of this agreement, the Newspaper Co.
     holds 100% of the equity of Jingguan Xincheng;

     After consultation in the spirit of equality, the parties agree to
     implement this equity transfer of Jingguan Xincheng pursuant to the
     transfer articles and conditions stipulated in this agreement. Therefore,
     the parties have agreed on the following:

                            ARTICLE 1 EQUITY TRANSFER

1.1  The parties agree: The Newspaper Co. agrees to transfer 50% of the equity
     of Jingguan Xincheng that the Newspaper Co. holds to the Purchaser pursuant
     to the terms in this agreement, and the Purchaser agrees to accept the
     aforementioned 50% of the equity of Jingguan Xincheng held by the Newspaper
     Co. pursuant to the terms in this agreement (hereafter as "this equity
     transfer"). After the completion of this equity transfer, the Newspaper Co.
     and the Purchaser both hold 50% of the equity of Jingguan Xincheng.

1.2  Within 10 business days upon the execution of this agreement, the parties
     shall jointly conduct the transfer procedures of the concerned equity
     transfer pursuant

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     to the relevant laws and regulations, and to the requirements of government
     administrations or authorized departments, including but not limited to
     conducting changes in the equity in the registration with the Industry and
     Commerce Administration Bureau Administration Bureau. All parties shall
     unconditionally submit all the required written materials to perform this
     agreement.

                         ARTICLE 2 EQUITY TRANSFER PRICE

2.1  After consultation, the parties agree on the specified price for the
     concerned equity transfer, totalling RMB 2,500,000 (hereafter as "equity
     transfer price").

2.2  After the Newspaper Co. completes this equity transfer and changes of
     registration of the new Articles of Association with the Industry and
     Commerce Administration Bureau pursuant to the terms stipulated in this
     agreement, the Purchaser shall make a one-time full payment at the
     aforementioned equity transfer price within the time limit agreed upon by
     the two parties to the bank account designated by the Newspaper Co.

                  ARTICLE 3 ARTICLES OF ASSOCIATION AMENDMENTS

3.1  At the same time as signing this agreement, the parties shall sign the
     Articles of Association of Jingguan Xincheng (hereafter as "new Articles of
     Association"). The parties agree that while the new Articles of Association
     is registered with the Industry and Commerce Administration Bureau, a Board
     of Directors of Jingguan Xincheng shall be set up according to the new
     Articles of Association to allow adjustment in the management staff.

3.2  The parties agree that after this equity transfer, the Board of Directors
     of Jingguan Xincheng shall consist of 5 members, with 3 of them appointed
     by the Purchaser and the Purchaser as soon as possible notify the Newspaper
     Co. of the list of its appointed directors.

                        ARTICLE 4 TRANSFEROR'S WARRANTIES

4.1  On the signing date of this agreement, the Newspaper Co. warrants that:

     (1)  The Newspaper Co. is a lawfully subsisting business entity that is
          lawfully incorporated according to the laws of the People's Republic
          of China.

     (2)  The Newspaper Co. signs and performs this agreement:

          (i)  within the power and business scope of the Newspaper Co.;

          (ii) and has adopted or will adopt necessary corporate conduct to give
               appropriate authorization;

          (iii) not violating the laws that are binding on or having impact on
               the Newspaper Co. or violating the restrictions of contracts;

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     (3)  When signing this agreement, the Newspaper Co. has effectively
          obtained ownership, usage, benefit and disposition rights to the
          equity intended to be transferred to the Purchaser pursuant to this
          agreement, and the equity intended for the transfer has not been
          seized by the government, frozen, or placed with any guarantee rights.

4.2  The Newspaper Co. is committed to all economic and legal liabilities that
     arise from violating the warranties in the above articles and committed to
     payments for causing any possible losses to the Purchaser, except for where
     it is due to the Purchaser's reasons that cause the Newspaper Co. to
     violate the warranties in the above articles.

                        ARTICLE 5 TRANSFEREE'S WARRANTIES

5.1  On the signing date of this agreement, the Purchaser warrants that:

     (1)  The Purchaser is a lawfully subsisting business entity that is
          lawfully incorporated according to the laws of the People's Republic
          of China;

     (2)  The Purchaser signs and performs this agreement:

          (i)  within the Purchaser's rights and business scope;

          (ii) and has adopted necessary corporate conduct to give appropriate
               authorization;

          (iii) not violating the laws that are binding on or having impact on
               the Purchaser or violating the restrictions of contracts.

5.2  The Purchaser is committed to all economic and legal liabilities that arise
     from violating the warranties in the above article(s) and committed to
     payments for causing any possible losses to the Newspaper Co., except for
     where it is due to the Newspaper's reasons that cause the Purchaser to
     violate the warranties in the above article(s).

          ARTICLE 6 SHARING OF PROFITS AND LOSSES AFTER EQUITY TRANSFER

6.1  From the date of the equity changes, the profits and losses of Jingguan
     Xincheng shall be allocated according to the proportions of equity held by
     Jingguan Xincheng and the Purchaser after this equity transfer.

                                  ARTICLE 7 TAX

7.1  Except where there are other agreements between the two parties, the tax
     expense involved in this equity transfer under this agreement is to be
     lawfully borne respectively by the parties and Jingguan Xincheng pursuant
     to the laws of the People's Republic of China and to the current relevant
     regulations specified by relevant government departments.

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                       ARTICLE 8 TRANSFER OF THE AGREEMENT

8.1  Unless approved in writing by the other party, neither party shall transfer
     this agreement or any part of this agreement or any rights, benefits and
     duties under this agreement to any third party; however, if the Purchaser
     transfers its equity of Jingguan Xincheng to a third party, the Purchaser
     has the right to transfer its rights, benefits and/or duties under this
     agreement to the third party, who is the transferee of the equity.

                            ARTICLE 9 CONFIDENTIALITY

9.1  Upon execution of this agreement, unless with advance written approval from
     the other party, each party should be committed to the following duties of
     confidentiality, whether or not this equity transfer is completed or
     whether or not this agreement has been terminated, discontinued, dismissed,
     believed to be invalid or is completed:

     (1)  None of the parties shall disclose to any third party this agreement
          and the transactions under this agreement and any documents related to
          this equity transfer (hereafter as "confidential documents");

     (2)  The parties can only use the confidential documents and their content
          for the purpose of transactions under this agreement and not for any
          other purpose.

9.2  If the parties in this agreement disclose confidential documents for the
     following reasons, they are not restricted by article 9.1:

     (1)  Disclose to the parties in this agreement, to the directors,
          supervisors, and senior management of Jingguan Xincheng, and to the
          financial consultants, accountants and lawyers hired by the parties;

     (2)  Disclose because of observing the obligatory rules of laws and
          regulations;

     (3)  Disclose because of the obligatory requirements of government
          administrations.

               ARTICLE 10 LIABILITIES FOR BREACHING THE AGREEMENT

10.1 If a party in this agreement breaches the agreement and causes the
     agreement not to be performed or not to be fully performed, the liabilities
     arising from breaching shall be borne by the breaching party. If both
     parties breach the agreement, then each party should bear the liabilities
     arising from its own breaching.

10.2 From the date of signing this agreement, if the implementation of the
     agreement requires both parties to cooperate in preparing for application
     materials, official

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     stamps and other issues, both parties shall reasonably and actively
     cooperate and shall never delay; otherwise, the party which caused losses
     to the other party shall be liable for indemnity.

10.3 For liabilities due to Force Majeure and not due to either of the parties,
     thus leading to inability to complete this equity transfer, both parties
     shall be mutually exempt from legal liabilities.

10.4 In case there are errors of either party that lead to inability to perform
     the application for approval of this equity transfer and to perform the
     procedure for changes in the registration with the Industry and Commerce
     Administration Bureau pursuant to the terms in this agreement, the party
     committing errors shall compensate the party conforming to the agreement
     for the actual losses in full amounts.

10.5 This article shall still survive even if this agreement is terminated,
     discontinued, dismissed or believed to be invalid.

                            ARTICLE 11 NOTIFICATIONS

11.1 Any notification under this agreement or notifications related to this
     agreement sent by any party in this agreement shall be in writing. In the
     case of delivery by a designated person, or sending a registered mail to an
     address the addressee provided in writing 10 days in advance, it is
     considered to have been delivered:

11.2 Any notification delivered by a designated person is deemed to have been
     delivered upon the signing by the addressee. If a registered mail is used,
     it is deemed to have been delivered 7 days after it was sent to the address
     of the addressee.

                        ARTICLE 12 CHANGES AND AMENDMENTS

12.1 The changes and amendments to this agreement should be made in writing
     after both parties consult with each other and reach consensus.

12.2 The changes and amendments to this agreement constitute an inseparable part
     of this agreement.

                ARTICLE 13 APPLICABLE LAWS AND DISPUTE RESOLUTION

13.1 This agreement is governed under the jurisdiction of the laws of the
     People's Republic of China.

13.2 All disputes arising from the implementation of this agreement shall be
     resolved by way of friendly consultation between the two parties. If a
     consultation fails, the

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     dispute shall be submitted to Shanghai Sub-Committee of China International
     Economic and Trade Arbitration Committee for it to mediate according to the
     applicable and effective arbitration rules at the time of the submission
     for arbitration, and the award from arbitration shall be final and binding
     on both parties.

13.3 The arbitration award is final and is binding on each party. The
     arbitration fee is borne by the losing party.

13.4 Except for issues of disputes submitted for arbitration, the parties shall
     continue to perform the other articles of this agreement.

                   ARTICLE 14 INTERPRETATION OF THE AGREEMENT

14.1 When controversy happens among the parties in the understanding of the
     articles in this agreement, it is up to the two parties to jointly
     interpret according to the principles of honesty, credibility, fairness,
     and rationality as well as according to transaction conventions. If no
     unified interpretation can be reached, it shall be dealt with according to
     Article 13 herein.

                        ARTICLE 15 EFFECTS AND LANGUAGES

15.1 This agreement is established and comes into effect on the date when it is
     signed or officially stamped by the authorized representatives from both
     parties.

15.2 This agreement is written in Chinese, and has no duplicates in other
     languages.

15.3 This agreement comes in 4 original copies, one for each party and the rest
     for use in submitting to government administrations for review and approval
     and for conducting changes in the registration with the Industry and
     Commerce Administration Bureau.

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                           THE SIGNATURE PAGE FOR THE
                           "EQUITY TRANSFER AGREEMENT
                                 WITH RESPECT TO
                 BEIJING JINGGUAN XINCHENG ADVERTISING CO. LTD"

Transferor

The Newspaper Co.: Shandong Economic Observing Newspaper Co., Ltd. [Company chop
of Shandong Economic Observing Newspaper Co., Ltd.]

Authorized Representative: /s/
                           ----------------------------------

Transferee

The Purchaser: Beijing Taide Advertising Co., Ltd. [Company chop of Beijing
Taide Advertising Co., Ltd.]

Authorized Representative: /s/
                           ----------------------------------

                                        7<PAGE>

                                                                   EXHIBIT 10.31

                 DEED OF NON-COMPETITION UNDERTAKING AND RELEASE

THIS DEED is entered into on the 22nd day of September 2006

BY

[Name of the Subject], holder of People's Republic of China identity card number
[ID number of the Subject] (the "SUBJECT")

IN FAVOUR OF

[Name of the PRC entity], a limited liability company incorporated under the
laws of the PRC and having its registered office at [address of the PRC entity]
(the "COMPANY")

AND

XINHUA FINANCE MEDIA LIMITED, a company incorporated in the Cayman Islands with
registration number 157511 and having its registered office located at Century
Yard, Cricket Square, Hutchins Drive, P.O. Box 2681GT, George Town, Grand
Cayman, British West Indies (the "XFM")

WHEREAS:

A. All of the outstanding interest in the Company not already beneficially owned
by XFM (the "BSG EQUITY") has or will be beneficially acquired by XFM pursuant
to, inter alia, the subscription agreement to be entered into between XFM and
the Subject (the "SUBSCRIPTION AGREEMENT").

B. It is a condition of the closing of the transactions contemplated by the
Subscription Agreement and the acquisition by XFM of the BSG Equity that the
Subject execute and deliver this Agreement.

THIS DEED WITNESSES as follows:

1.   Definitions. In this Deed the following words shall have the following
     meanings:

     "AFFILIATES" of a Person means any other Person that, directly or
     indirectly, through one or more intermediaries, Controls, is Controlled by,
     or is under common Control with, such Person or, in the case of a natural
     Person, such Person's spouse, parents and descendants (whether by blood or
     adoption and including stepchildren);

     "CLIENT" means an individual or entity to whom any member of the Company
     has provided any services or products in respect of the businesses of the
     Company as at the date of this Deed or at any time during the Non-Compete
     Period;

     "CONTROL", "CONTROLS", "CONTROLLED" (or any correlative term) means the
     possession, directly or indirectly, of the power to direct or cause the
     direction of the management of a Person, whether through the ownership of
     voting securities, by contract, credit

<PAGE>

     arrangement or proxy, as trustee, executor, agent or otherwise. For the
     purpose of this definition, a Person shall be deemed to Control another
     Person if such first Person, directly or indirectly, owns or holds more
     than 50% of the voting equity interests in such other Person;

     "GROUP" means the Company, [affiliates of the Company], XFM and any of
     their subsidiaries and Affiliates;

     "PERSON" or "PERSONS" means any natural person, corporation, company,
     association, partnership, organization, business, firm, joint venture,
     trust, unincorporated organization or any other entity or organization, and
     shall include any governmental authority; and

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

2.   Non Competition. The Subject hereby agrees that he shall not (without the
     written consent of the Company and XFM) for the period of four (4) years
     from the date hereof (the "NON-COMPETE PERIOD"), neither him nor any of his
     Affiliates will in the Territory:

     (a)  either on his own account or through any of his Affiliates, or in
          conjunction with or on behalf of any other person, will own or be
          engaged, concerned or interested directly or indirectly whether as
          shareholder, director, employee, partner, agent or otherwise carry on
          any business in direct competition with the businesses of the Group or
          any of its Affiliates as at the Relevant Date; and

     (b)  either on his own account or through any of his Affiliates or in
          conjunction with or on behalf of any other Person, employ, solicit or
          entice away or attempt to employ, solicit or entice away from any
          member of the Group or its Affiliates who is or shall have been at the
          date of or within twelve (12) months prior to such cessation a
          director, officer, legal representative, manager or employee of the
          Group or any of its Affiliates whether or not such person would commit
          a breach of contract by reason of leaving such employment.

3.   Nonsolicitation of Clients. During the Non-Compete Period, the Subject
     shall not, in the Territory, other than in connection with his employment
     with and for the benefit of XFM, directly or indirectly, either
     individually or as a principal, partner, member, manager, agent, employee,
     employer, consultant, independent contractor, stockholder, joint venturer
     or investor, or as a director or officer of any corporation, limited
     liability company, partnership or other entity, or in any other manner or
     capacity whatsoever,

     (a)  solicit or divert or attempt to solicit or divert from the Group or
          any of its Affiliates any business with any Client;

     (b)  solicit or divert or attempt to solicit or divert from the Group any
          business with any person or entity who was being solicited as a Client
          by the Group;

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     (c)  induce or cause, or attempt to induce or cause, any salesperson,
          supplier, vendor, representative, independent contractor, broker,
          agent or other person transacting business with any member of the
          Group to terminate or modify such relationship or association or to
          represent, distribute or sell services or products in competition with
          services or products of the Group; or

     (d)  otherwise provide any services or products to any Client that are or
          have been provided by any member of the Group.

4.   Consideration. In consideration of the Subject's compliance with the
     non-competition undertaking as set out herein, XFM shall allot to the
     Subject [number of shares] Class A Common Shares of US$0.001 each in the
     share capital of XFM ("SHARES") to the Subject as soon as reasonably
     practicable following the execution and delivery by XFM of this Deed.

5.   Separate Obligations. Each and every obligation under Clauses 2 and 3 shall
     be treated as a separate obligation and shall be severally enforceable as
     such and in the event of any obligation or obligations being or becoming
     unenforceable in whole or in part such part or parts as are unenforceable
     shall be deleted from Clauses 2 or 3 and any such deletion shall not affect
     the enforceability of all such parts of Clauses 2 and 3 as remain not so
     deleted.

6.   Reasonableness. While the restrictions contained in Clauses 2 and 3 are
     considered by the parties to be reasonable in all the circumstances, it is
     recognised that restrictions of the nature in question may fail for
     technical reasons unforeseen and accordingly it is hereby agreed and
     declared that if any of such restrictions shall be adjudged to be void as
     going beyond what is reasonable in all the circumstances for the protection
     of the interests of the Group but would be valid if part of the wording
     thereof were deleted or the periods thereof reduced or the range of
     activities or area dealt with thereby reduced in scope the said restriction
     shall apply with such modifications as may be necessary to make it valid
     and effective.

7.   Equitable Relief. The Parties agree that Company's rights under this Deed
     are special and unique, and that any violation thereof by the Subject would
     not be adequately compensated by money damages, and the Subject hereby
     grants to any relevant Person the right to specifically enforce (including
     injunctive relief or analogous proceedings) the terms of this Deed. In any
     proceeding, in equity or law, the Subject specifically waives any defense
     that there is an adequate remedy at law for any violations of the terms of
     this Deed.

8.   Release. The Subject hereby irrevocably, unconditionally and absolutely
     releases (i) the Company and XFM, and (ii) any subsequent holder of title
     of any part of the interest in the Company, of any liabilities, past,
     present or future of any nature and howsoever arising in connection with
     the transfer of the interest in the Company to any third party.

9.   Governing Law and Jurisdiction. This Deed shall be governed by and
     construed in accordance with the laws of Hong Kong and the parties hereby
     irrevocably submit to the non-exclusive jurisdiction of the Hong Kong
     courts.

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IN WITNESS WHEREOF this instrument has been executed and delivered as a deed by
the Subject on day and year first above written.

SIGNED, SEALED AND DELIVERED         )
By [name of the Subject]             )
in the presence of:                  )
                                     )
                                     )
                                     )
                                     )
----------------------------------   )
Signature of Witness                 )
                                     )
                                     )
----------------------------------   )
Name of Witness

[Name of the PRC entity]

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per:
     --------------------------------
     Authorized Signatory

XINHUA FINANCE MEDIA LIMITED

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per:
     --------------------------------
     Authorized Signatory

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