Document:

f8k1107ex10iv_intlsys.htm

    OPTION
      AGREEMENT

    选 择 权 协 议

     

    This
      Option Agreement (this “Agreement”) is entered into, as of October 9, 2004, in
      Fujian, China by Hong Kong Yi Tat International Investment Limited, a limited
      company incorporated under the laws of Hong Kong Special Administration Region,
      located at RM1302-3 13/F Crocodile House II 55 Connaught Road Central, HK
(“Party A”), Fujian Jiaoguang Media Co., Ltd, incorporated under the laws
      of the China (“Party B”), with a registered address at Wang Jiang
      Building, No. 18 Long Gu Du Jia Village, Lang Qi Economic Zone, Fuzhou, China
      and each of the shareholders of Party B listed on the signature pages hereto
      (collectively, the “Party C”), Party A, Party B and Party C are referred
      to collectively in this Agreement as the “Parties.”

    本选择权协议(
      “本协议”)由按中国香港特别行政区法设立的法定住址为 RM1302-3 13/F Crocodile House II 55 Connaught Road
      Central HK 的香港易达国 际投资有限公司(“甲方”),与按中国法设立的法定地址为福州市琅岐经济区 龙鼓度假村1 8号望江楼的有限责任公司福建教广传媒有限公司(“乙方”),
      以及列明于签字页上的乙方股东(“丙方” ) 协商一致,于 2004 年 10月 9
日在 福建签订。甲方,乙方和丙方总称为“各方”。

     

    RECITALS

     

     

     

      
        	
                1.  

              	
                Party
                  A, a limited company incorporated under the laws of Hong Kong Special
                  Administration Region, has the expertise in the business of investment
                  regarding tourism and media
                  development;

              

      

    

    
      	
              1.  

            	
              
                 甲方为依中国香港特别行政区法设立的有限责任公司,专业开展旅游和传媒 发展投资业务;

              

            

    

     

     

    
      
        	
                2.  

              	
                
                  Party
                    B is a wholly foreign-owned limited company incorporated in Fujian,
                    China,
                    and is engaged in the design, production, agency and releasing
                    of the
                    advertisement; media publishing, enterprise image designing,
                    service for
                    conference and exhibition, celebrating design, culture and arts
                    exchanging
                    service  (the
                    “Business”);

                

              

      

      
      

       

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      
 

      
        	
                2.  

              	
                
                   乙方是一家注册于福建的有限责任公司,主要从事广告设计、制作、代理、 发布,媒体出版;企业形象策划;会议展览及展示服务,庆典活动策划;会 议展览及展示服务,庆典活动策划咨询服务;开展文化及艺术交流服务活动; 演出经营经纪活动。 (“业务”);

                

              

      

       

      
        
          	
                  3.  

                	
                  
                     Party
                      C is the shareholders of Party B. Party C has the ownership
                      of [100%]
                      equity interest in Party B.(each, an “Equity Interest” and collectively
                      the “Equity
                      Interest”)

                  

                

        

      

      
        
          
            	
                    3.  

                  	
                    
                       丙方是乙方的股东。丙方拥有乙方 100%股权(每人拥有一份股权,合称“总 股权”)

                    

                  

          

           

        

      

      
        
          
            	
                    4.  

                  	
                    
                       A
                        series agreements such as the Consulting Services Agreement
                        (the “Service
                        Agreement”) have been entered into the Parties on October 9,
                        2004;

                    

                  

          

        

        
          
            
              	
                      4.  

                    	
                      
                         一系列协议,如咨询顾问服务协议 (“服务协议”
                          )等一系列协议已于 2004
                          年 10月9
                          日签订。

                      

                    

            

             

          

        

      

      
        
          
            
              	
                      5.  

                    	
                      
                         An
                          Equity Pledge Agreement (the “Equity Pledge Agreement”) has been entered
                          into by the Parties as of on October 9,
                          2004;

                      

                    

            

          

          
            
              
                	
                        5.  

                      	
                        
                           股权抵押协议已于 2004
                            年 10
                            月9
                            日签订。

                        

                      

              

               

            

          

        

      

    

    
      
        
          
            	
                    6.  

                  	
                    
                       The
                        Parties are entering into this Option Agreement in conjunction
                        with the
                        Pledge Agreement, Consulting Services Agreement and related
                        agreements.

                    

                  

          

        

        
          
            
              	
                      6.  

                    	
                      
                         各方连同股权抵押协议、咨询顾问服务协议和其他相关协议一起讨论签订该 选择权协议。

                      

                    

            

             

          

        

      

    

    NOW,
      THEREFORE, the Parties to this Agreement hereby agree as
      follows:

    签订协议各方必须遵守如下条款:

     

    1.     Purchase
      and
      Sale of Equity Interest

    1.     购买和出售股权

     

    
      	
               

            	
              1.1
                Grant of Rights. Party C (hereafter collectively the “Transferor”) hereby
                irrevocably grants to Party A an option to purchase or cause any
                person
                designated by Party A (“Designated Persons”) to purchase, to the extent
                permitted under PRC Law, according to the steps determined by Party
                A, at
                the price specified in Section 1.3 of this Agreement, at any time
                from the
                Transferor a portion or all of the equity interests held by Transferor
                in
                Party B (the “Option”). No Option shall be granted to any third party
                other than Party A and/or the Designated Persons. Party B hereby
                agrees to
                the granting of the Option by Party C to Party A and/or the Designated
                Persons. The “person” set forth in this clause and this Agreement means an
                individual person, corporation, joint venture, partnership, enterprise,
                trust or a non-corporation
                organization.

            

    

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     

    
      	
               

            	
              1.1
                授权。丙方 (以下称”转让方”)在此授予甲方或者甲方指定的任何人员 购买选择权。该选择权在中国法律允许的范围内根据甲方制订的步骤和本 协议1.3
                条中规定的价格可以从转让方购入乙方出让人部分或全部的股权
                (”选择权”)。除甲方和甲方指定的人员之外,该选择权不准授予第三方。 乙方同意丙方授予甲方或甲方指定的人员购买选择权。在该条款中的个人 指法定意义上的个人、集团、合资企业、合伙企业、企业、信托基金或者 其他非公司组织。

            

    

     

    
      
        	
                 

              	
                1.2 
                  Exercise of Rights. According to the stipulations of PRC laws and
                  regulation, Party A and/or the Designated Persons may exercise
                  Option by
                  issuing a written notice (the “Notice”) to the Transferor and specifying
                  the equity interest purchased from Transferor (the “Purchased Equity
                  Interest”) and the manner of
                  purchase.

              

      

    

    
      	
               

            	
              1.2
                权利的履行。根据中华人民共和国法律法规规定,甲方或甲方指定的人 员可以通过向转让方发布一个书面的通知并且指明从转让方所购入的股 权数量和购买方式来履行该选择权。

            

    

     

    
      
        
          	
                   

                	
                  1.3    
                    Purchase Price.

                

        

        
          
            	
                     

                  	
                    
                      1.3     购买价格

                    

                  

          

        

      

    

     

    
      	
               

            	
              1.3.1
                For Party A to exercise the Option, the purchase price of the Purchased
                Equity Interest (“Purchase Price”) shall be equal to the original paid-in
                price of the Purchased Equity Interest by the Transferor, unless
                the
                applicable PRC laws and regulations require appraisal of the equity
                interests or stipulate other restrictions on the purchase price of
                equity
                interests.

            

    

    
      
      

       

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      
 

      
        	
                 

              	
                1.3.1在甲方履行选择权时,已购股权的购买价格必须等于原先转让方购 买股权的价格,除非适用的中华人民共和国法律法规要求评估股权 价格或者规定对股权购买价格的限制。

              

      

       

      
        
          	
                   

                	
                  1.3.2
                    If the applicable PRC laws require appraisal of the equity interests
                    or
                    stipulates other restrictions on the purchase price of the Equity
                    Interest
                    at the time that Party A exercise the Option, the Parties agree
                    that the
                    Purchase Price shall be set at the lowest price permissible under
                    the
                    applicable laws.

                

        

        
          
            	
                     

                  	
                    1.3.2 如果适用的中华人民共和国法律在甲方履行选择权时要求评估股权 价格或者规定对股权购买价格的限制,各方同意购买价格设定为所 适用法律可允许的最低价格。

                  

          

          
 

        

      

    

    
      	
               

            	
              1.4
                Transfer of the Purchased Equity Interest. Up[on each exercise of
                the
                Option rights under this Agreement:

            

    

    
      
        	
                 

              	
                1.4
                  已购股权的转让。在协议范围内每次履行该选择权时:

              

      

       

    

    
       

      
        	
                 

              	
                1.4.1
                  The Transferor shall ask Party C to convene a shareholders’ meeting.
                  During the meeting, the resolutions shall be proposed, approving
                  the
                  transfer of the appropriate Equity Interest to Party A and/or the
                  Designated Persons;

              

      

      
        
          	
                   

                	
                  1.4.1出让方要求丙方召集股东会议。在会议中提出解决方法,允许将适 当的股权转让给甲方或者甲方指定的人员;

                

        

         

        
          
            	
                     

                  	
                    1.4.2
                      The Transferor shall, upon the terms and conditions of this
                      Agreement and
                      the Notice related to the Purchased Equity Interest, enter
                      into Equity
                      Interest purchase agreement in a form reasonably acceptable
                      to Party A,
                      with Party A and/or the Designated Persons (as
                      applicable);

                  

          

          
            
              	
                       

                    	
                      1.4.2 转让必须在本协议条款允许以及已购股权的相关注意事项下进行, 在甲方可接受的合理形式下讨论股权购买协议,甲方或者甲方指定 人员必须在场 (可适用)。

                    

            

             

            
 

            
              
                 

              

              
                4

                
                  

                

              

              
                 

              

            

            
              
                
                  	
                           

                        	
                          1.4.3
                            The related parties shall execute all other requisite
                            contracts,
                            agreements or documents, obtain all requisite approval
                            and consent of the
                            government, conduct all necessary actions, without any
                            security interest,
                            transfer
                            the valid ownership of the Purchased Equity Interest
                            to Party A and/or the
                            Designated Persons, and cause Party A and/or the Designated
                            Persons to be
                            the registered owner of the Purchased Equity Interest.
                            In this clause and
                            this Agreement, “Security Interest” means any mortgage, pledge, the right
                            or interest of the third party, any purchase right of
                            equity interest,
                            right of acquisition, right of first refusal, right of
                            set-off, ownership
                            detainment or other security arrangements, however, it
                            does not include
                            any security interest created under the Equity Pledge
                            Agreement.

                        

                

                
                  
                    	
                             

                          	
                            1.4.3 相关各方必须在没有任何担保物权的情况下采取所有必要行动履行 其余全部必备合同、协议或者文件,获得所有政府批文,向甲方或 甲方指定的人员出让有效已购股权,促成甲方或甲方指定人员成为 已购股权的登记拥有者。在该条款中,“担保物权”指的是抵押贷 款、抵押品、第三方的权利或利益,任何股权的购买权利,收购权, 优先取舍权,终止权,所有权扣留或者其他保密措施,但是,不包 括任何在股权抵押协议下所产生的担保物权。

                          

                  

                   

                  
                    
                      	
                               

                            	
                              1.5
                                Payment. The payment of the Purchase Price shall
                                be determined by the
                                consultation of Party A and/or the Designated Persons
                                with the Transferor
                                according to the applicable laws at the time of exercise
                                of the
                                Option.

                            

                    

                    
                      
                        	
                                 

                              	
                                1.5支付方式。 股权购买支付方式必须由甲方或甲方指定人员和出让方根据 履行选择权时所适用的法律协商决定。

                              

                      

                       

                    

                  

                  
                    
                      
                        
                           

                        

                      

                    

                  

                

              

            

          

        

      

    

    2.     Promises
      Relating Equity Interest.

    2.     与股权相关的承诺。

    
       

      
        
          	
                   

                	
                  2.1 Promises
                    Related to Party B. Party B, Party C hereby
                    promise:

                

        

        
          
            	
                     

                  	
                    2.1与乙方相关的承诺。 乙方,丙方在此作出以下承诺:

                  

          

           

        

      

    

    
      
        
          
            	
                     

                  	
                    
                      2.1.1
                        Without prior written consent by Party A, not, in any form,
                        to supplement,
                        change or renew the Articles of Association of Party B, to
                        increase or
                        decrease registered capital of the corporation, or to change
                        the structure
                        of the registered capital in any other
                        forms;

                    

                  

          

          
            
              	
                       

                    	
                      
                        2.1.1
                          未经甲方事先书面同意,不能以任何形式补充、更改或更新乙方条 款,增加或减少公司的注册资本或者以任何形式更改注册资本的结构。

                      

                    

            

             

             

            
              
                 

              

              
                5

                
                  

                

              

              
                 

              

            

             

          

        

      

    

    
      
        
          
            
              	
                       

                    	
                      
                        
                          2.1.2
                            According to customary fiduciary standards applicable
                            to managers with
                            respect to corporations and their shareholders, to maintain
                            the existence
                            of the corporation, prudently and effectively operate
                            the
                            business;

                        

                      

                    

            

            
              
                	
                         

                      	
                        
                          2.1.2
                            根据适用于公司经理和他们的股东的客户受托信义标准维持公司的 生存, 稳定有效地开展业务;

                        

                      

              

               

              
                
                  
                    
                      
                        
                          	
                                   

                                	
                                  
                                    
                                      
                                        2.1.3
                                          Without prior written consent by Party
                                          A, not, upon the execution of this
                                          Agreement, to sell, transfer, mortgage
                                          or dispose, in any other form, any
                                          asset, legitimate or beneficial interest
                                          of business or income of Party B,
                                          or encumber or approve any encumbrance
                                          or imposition of any security
                                          interest on Party A’s
                                          assets;

                                      

                                    

                                  

                                

                        

                        
                          
                            	
                                     

                                  	
                                    
                                      
                                        2.1.3
                                          未经甲方事先书面同意,在履行本协议时不能以任何形式出售、转让、 抵押或处理乙方任何资产、合法商业利润或收入,阻碍、默许阻碍 或是强迫接受甲方财产的担保物权;

                                      

                                    

                                  

                          

                           

                        

                      

                    

                  

                

              

              
                
                  
                    
                      
                        
                          
                            	
                                     

                                  	
                                    
                                      
                                        
                                          
                                            2.1.4
                                              Without prior written notice by Party
                                              A, not issue or provide any
                                              guarantee or permit the existence of
                                              any debt, other than (i) the debt
                                              arising from normal or daily business
                                              but not from borrowing; and (ii) the
                                              debt disclosed to Party A and obtained
                                              the written consent from Party
                                              A;

                                          

                                        

                                      

                                    

                                  

                          

                          
                            
                              	
                                       

                                    	
                                      
                                        
                                          2.1.3
                                            未经甲方事先的书面公告,不发布和提供任何形式的存在债务保证 和允诺。I)日常业务中非借贷引起的债务除外; II)甲方透露的债务 或者获得甲方书面允许透露的债务除外。

                                        

                                      

                                    

                            

                             

                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	
                                                     

                                                  	
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              2.1.5
                                                                To normally operate
                                                                all business to maintain
                                                                the asset value of
                                                                Party B,
                                                                without taking any
                                                                action or failing
                                                                to take any action
                                                                that would result
                                                                in a material adverse
                                                                effect on the business
                                                                or asset value of
                                                                Party
                                                                B;

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                          

                                          
                                            
                                              	
                                                       

                                                    	
                                                      
                                                        
                                                          
                                                            2.1.5
                                                              规范运做所有业务以维持乙方资产价值,不损害乙方业务或资产价 值。

                                                          

                                                        

                                                      

                                                    

                                            

                                             

                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              	
                                                                       

                                                                    	
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  2.1.6
                                                                                    Without
                                                                                    prior
                                                                                    written
                                                                                    consent
                                                                                    by
                                                                                    Party
                                                                                    A,
                                                                                    not
                                                                                    to
                                                                                    enter
                                                                                    into
                                                                                    any
                                                                                    material
                                                                                    agreement,
                                                                                    other
                                                                                    than
                                                                                    agreements
                                                                                    in
                                                                                    the
                                                                                    ordinary
                                                                                    course
                                                                                    of
                                                                                    business
                                                                                    (for
                                                                                    purposes
                                                                                    of
                                                                                    this
                                                                                    paragraph,
                                                                                    if
                                                                                    the
                                                                                    amount
                                                                                    of
                                                                                    the
                                                                                    Agreement
                                                                                    involves
                                                                                    an
                                                                                    amount
                                                                                    that
                                                                                    exceeds
                                                                                    a
                                                                                    hundred
                                                                                    thousand
                                                                                    Yuan
                                                                                    (RMB
                                                                                    100,000)
                                                                                    the
                                                                                    agreement
                                                                                    shall
                                                                                    be
                                                                                    deemed
                                                                                    material);

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                            

                                                            
                                                              
                                                              

                                                               

                                                               

                                                              
                                                                
                                                                   

                                                                

                                                                
                                                                  6

                                                                  
                                                                    

                                                                  

                                                                

                                                                
                                                                   

                                                                

                                                              

                                                              
 

                                                              
                                                                	
                                                                         

                                                                      	
                                                                        
                                                                          
                                                                            
                                                                              2.1.6
                                                                                未经甲方事先书面同意,不讨论任何实质性协定,用于正常商业目的 除外 (该段中,如果协议金额超过 100,000
                                                                                人民币, 该协议被视为实 质性协议)。

                                                                            

                                                                          

                                                                        

                                                                      

                                                              

                                                               

                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  	
                                                                                           

                                                                                        	
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        2.1.7
                                                                                                          Without
                                                                                                          prior
                                                                                                          written
                                                                                                          consent
                                                                                                          by
                                                                                                          Party
                                                                                                          A,
                                                                                                          not
                                                                                                          to
                                                                                                          provide
                                                                                                          loan
                                                                                                          or
                                                                                                          credit
                                                                                                          loan
                                                                                                          to
                                                                                                          any
                                                                                                          others;

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                

                                                                                
                                                                                  
                                                                                    	
                                                                                             

                                                                                          	
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    2.1.7
                                                                                                      未经甲方事先书面同意,不向他人或组织提供任何贷款或信用借款。

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                  

                                                                                   

                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        	
                                                                                                                 

                                                                                                              	
                                                                                                                
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          
                                                                                                                            
                                                                                                                              
                                                                                                                                2.1.8
                                                                                                                                  Upon
                                                                                                                                  the
                                                                                                                                  request
                                                                                                                                  of
                                                                                                                                  Party
                                                                                                                                  A,
                                                                                                                                  to
                                                                                                                                  provide
                                                                                                                                  all
                                                                                                                                  materials
                                                                                                                                  of
                                                                                                                                  operation
                                                                                                                                  and
                                                                                                                                  finance
                                                                                                                                  relevant
                                                                                                                                  to
                                                                                                                                  Party
                                                                                                                                  B;

                                                                                                                              

                                                                                                                            

                                                                                                                          

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                              

                                                                                                      

                                                                                                      
                                                                                                        
                                                                                                          	
                                                                                                                   

                                                                                                                	
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          
                                                                                                                            2.1.8
                                                                                                                              根据甲方要求,向乙方提供所有业务和财务相关材料。

                                                                                                                          

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                        

                                                                                                         

                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          
                                                                                                                            
                                                                                                                              
                                                                                                                                	
                                                                                                                                         

                                                                                                                                      	
                                                                                                                                        
                                                                                                                                          
                                                                                                                                            
                                                                                                                                              
                                                                                                                                                
                                                                                                                                                  
                                                                                                                                                    
                                                                                                                                                      
                                                                                                                                                        
                                                                                                                                                          2.1.9
                                                                                                                                                            Purchases
                                                                                                                                                            and
                                                                                                                                                            holds
                                                                                                                                                            the
                                                                                                                                                            insurance
                                                                                                                                                            from
                                                                                                                                                            the
                                                                                                                                                            insurance
                                                                                                                                                            company
                                                                                                                                                            accepted
                                                                                                                                                            by
                                                                                                                                                            Party
                                                                                                                                                            A,
                                                                                                                                                            the
                                                                                                                                                            insurance
                                                                                                                                                            amount
                                                                                                                                                            and
                                                                                                                                                            category
                                                                                                                                                            shall
                                                                                                                                                            be
                                                                                                                                                            the
                                                                                                                                                            same
                                                                                                                                                            with
                                                                                                                                                            those
                                                                                                                                                            held
                                                                                                                                                            by
                                                                                                                                                            the
                                                                                                                                                            companies
                                                                                                                                                            in
                                                                                                                                                            the
                                                                                                                                                            same
                                                                                                                                                            industry
                                                                                                                                                            or
                                                                                                                                                            field,
                                                                                                                                                            operating
                                                                                                                                                            the
                                                                                                                                                            similar
                                                                                                                                                            business
                                                                                                                                                            and
                                                                                                                                                            owning
                                                                                                                                                            the
                                                                                                                                                            similar
                                                                                                                                                            properties
                                                                                                                                                            and
                                                                                                                                                            assets
                                                                                                                                                            as
                                                                                                                                                            Party
                                                                                                                                                            B;

                                                                                                                                                        

                                                                                                                                                      

                                                                                                                                                    

                                                                                                                                                  

                                                                                                                                                

                                                                                                                                              

                                                                                                                                            

                                                                                                                                          

                                                                                                                                        

                                                                                                                                      

                                                                                                                              

                                                                                                                              
                                                                                                                                
                                                                                                                                  	
                                                                                                                                           

                                                                                                                                        	
                                                                                                                                          
                                                                                                                                            
                                                                                                                                              
                                                                                                                                                
                                                                                                                                                  
                                                                                                                                                    
                                                                                                                                                      2.1.9
                                                                                                                                                        购买并保存甲方认可的保险公司所提供的保险,保险金额和种类必 须与同行业经营相同业务以及资产与乙方相当的公司所持有的保险 相同。

                                                                                                                                                    

                                                                                                                                                  

                                                                                                                                                

                                                                                                                                              

                                                                                                                                            

                                                                                                                                          

                                                                                                                                        

                                                                                                                                

                                                                                                                                 

                                                                                                                              

                                                                                                                            

                                                                                                                          

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          
                                                                                                                            
                                                                                                                              
                                                                                                                                
                                                                                                                                  	
                                                                                                                                           

                                                                                                                                        	
                                                                                                                                          
                                                                                                                                            
                                                                                                                                              
                                                                                                                                                
                                                                                                                                                  
                                                                                                                                                    
                                                                                                                                                      
                                                                                                                                                        
                                                                                                                                                          
                                                                                                                                                            
                                                                                                                                                              2.1.10Without
                                                                                                                                                                prior
                                                                                                                                                                written
                                                                                                                                                                consent
                                                                                                                                                                by
                                                                                                                                                                Party
                                                                                                                                                                A,
                                                                                                                                                                not
                                                                                                                                                                to
                                                                                                                                                                merge
                                                                                                                                                                or
                                                                                                                                                                associate
                                                                                                                                                                with
                                                                                                                                                                any
                                                                                                                                                                person,
                                                                                                                                                                or
                                                                                                                                                                acquire
                                                                                                                                                                or
                                                                                                                                                                invest
                                                                                                                                                                in
                                                                                                                                                                any
                                                                                                                                                                person;

                                                                                                                                                            

                                                                                                                                                          

                                                                                                                                                        

                                                                                                                                                      

                                                                                                                                                    

                                                                                                                                                  

                                                                                                                                                

                                                                                                                                              

                                                                                                                                            

                                                                                                                                          

                                                                                                                                        

                                                                                                                                

                                                                                                                                
                                                                                                                                  
                                                                                                                                    	
                                                                                                                                             

                                                                                                                                          	
                                                                                                                                            
                                                                                                                                              
                                                                                                                                                
                                                                                                                                                  
                                                                                                                                                    
                                                                                                                                                      
                                                                                                                                                        
                                                                                                                                                          2.1.10
                                                                                                                                                            未经甲方事先书面同意, 不进行任何合并、合作、收购或投资。

                                                                                                                                                        

                                                                                                                                                      

                                                                                                                                                    

                                                                                                                                                  

                                                                                                                                                

                                                                                                                                              

                                                                                                                                            

                                                                                                                                          

                                                                                                                                  

                                                                                                                                   

                                                                                                                                

                                                                                                                              

                                                                                                                            

                                                                                                                          

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          
                                                                                                                            
                                                                                                                              
                                                                                                                                
                                                                                                                                  
                                                                                                                                    	
                                                                                                                                             

                                                                                                                                          	
                                                                                                                                            
                                                                                                                                              
                                                                                                                                                
                                                                                                                                                  
                                                                                                                                                    
                                                                                                                                                      
                                                                                                                                                        
                                                                                                                                                          
                                                                                                                                                            
                                                                                                                                                              
                                                                                                                                                                2.1.11
                                                                                                                                                                  To
                                                                                                                                                                  notify
                                                                                                                                                                  Party
                                                                                                                                                                  A
                                                                                                                                                                  of
                                                                                                                                                                  the
                                                                                                                                                                  occurrence
                                                                                                                                                                  or
                                                                                                                                                                  the
                                                                                                                                                                  potential
                                                                                                                                                                  occurrence
                                                                                                                                                                  of
                                                                                                                                                                  the
                                                                                                                                                                  litigation,
                                                                                                                                                                  arbitration
                                                                                                                                                                  or
                                                                                                                                                                  administrative
                                                                                                                                                                  procedure
                                                                                                                                                                  related
                                                                                                                                                                  to
                                                                                                                                                                  the
                                                                                                                                                                  assets,
                                                                                                                                                                  business
                                                                                                                                                                  and
                                                                                                                                                                  income
                                                                                                                                                                  of
                                                                                                                                                                  Party
                                                                                                                                                                  B;

                                                                                                                                                              

                                                                                                                                                            

                                                                                                                                                          

                                                                                                                                                        

                                                                                                                                                      

                                                                                                                                                    

                                                                                                                                                  

                                                                                                                                                

                                                                                                                                              

                                                                                                                                            

                                                                                                                                          

                                                                                                                                  

                                                                                                                                  
                                                                                                                                    
                                                                                                                                      	
                                                                                                                                               

                                                                                                                                            	
                                                                                                                                              
                                                                                                                                                
                                                                                                                                                  
                                                                                                                                                    
                                                                                                                                                      
                                                                                                                                                        
                                                                                                                                                          
                                                                                                                                                            
                                                                                                                                                              2.1.11
                                                                                                                                                                向甲方通告已发生或可能发生的与乙方资产、业务和收入相关的诉 讼、仲裁或行政程序。

                                                                                                                                                            

                                                                                                                                                          

                                                                                                                                                        

                                                                                                                                                      

                                                                                                                                                    

                                                                                                                                                  

                                                                                                                                                

                                                                                                                                              

                                                                                                                                            

                                                                                                                                    

                                                                                                                                     

                                                                                                                                  

                                                                                                                                

                                                                                                                              

                                                                                                                            

                                                                                                                          

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  	
                                           

                                        	
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                2.1.12In
                                                                  order to keep the
                                                                  ownership of Party
                                                                  B to all its assets,
                                                                  to execute all
                                                                  requisite or appropriate
                                                                  documents, take
                                                                  all requisite or
                                                                  appropriate
                                                                  actions, and pursue
                                                                  all appropriate
                                                                  claims, or make
                                                                  requisite or appropriate
                                                                  pleas for all
                                                                  claims;

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
    

     

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    
 

    
      	
               

            	
              2.1.12执行所有适当必要的文件,采取所有适当必要的措施,寻求所有适 当的索赔或寻找一切必要合理的索赔借口 来保障乙方所有资产的拥 有权。

            

    

     

    
      	
               

            	
              2.1.1
                3Without prior written notice by Party A, not to assign equity interests
                to shareholders in any form; however, Party A shall distribute all
                or part
                of its distributable profits to their own shareholders upon request
                by
                Party A;

            

    

    
      	
               

            	
              2.1.13
                未经甲方事先书面允许,不以任何形式向股东派发股息;但是,甲 方必须在甲方的要求下将其所能够分配的所有或部分利润分配给股 东;

            

    

     

    
      
        	
                 

              	
                
                  2.1.14According
                    to the request of Party A, to appoint any person designated by
                    Party A to
                    be the directors of Party B.

                

              

      

      
        	
                 

              	
                2.1.14
                  根据甲方的要求,指派甲方指定的人员担任乙方主管。

              

      

       

    

    
      
        
          	
                   

                	
                  2.2 
                    Promises Related to Transferor. Party C hereby
                    promise:.

                

        

        
          
            	
                     

                  	
                    2.2  出让方的承诺。丙方在此作出如下承诺:

                  

          

           

        

      

    

    
      	
               

            	
              2.2.1
                Without prior written consent by Party A, not, upon the execution
                of this
                Agreement, to sell, transfer, mortgage or dispose in any other form
                any
                legitimate or beneficial interest of equity interest, or to approve
                any
                other security interest set on it, with the exception of the pledge
                set on
                the equity interest of the Transferor subject to Equity Pledge
                Agreement;

            

      	 	2.2.1
              未经甲方事先书面同意,在履行该协议时,不得以任何其他形式出 售、转让、抵押或处理任何合法得益的股息,允许附加担保物权。 出让方抵押股息根据股权抵押协议规定的除外;

    

     

    
      	
               

            	
              2.2.2
                Without the prior written notice by Party A, not to decide or support
                or
                execute any shareholder resolution at any shareholder meeting of
                Party B
                that approves any sale, transfer, mortgage or dispose of any legitimate
                or
                beneficial interest of equity interest, or allows any other security
                interest set on it, other than the pledge on the equity interests
                of
                Transferor pursuant to Equity Pledge
                Agreement;

            

    

    
      
      

       

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      
 

      
        	
                 

              	
                
                  2.2.2
                    未经甲方事先书面公告,不定夺、支持或履行任何乙方股东会议所 作出的允许出售、转让、抵押或处理任何合法得益的股息,允许附 加担保物权的股东决议。出让方抵押股息根据股权抵押协议规定的 除外;

                

              

      

       

      
        
          	
                   

                	
                  
                    2.2.3
                      Without prior written notice by Party A, the Parties shall
                      not agree or
                      support or execute any shareholders resolution at any shareholder
                      meeting
                      of Party B that approves Party B’s merger or association with any person,
                      acquisition of any person or investment in any
                      person;

                  

                

        

        
          
            	
                     

                  	
                    
                      
                        2.2.3
                          未经甲方事先书面同意,各方不得同意、支持或履行在乙方股东会议 作出的关于允许乙方合并、合作、收购或投资的决议;

                      

                    

                  

          

          
             

            
              
                	
                         

                      	
                        
                          
                            2.2.4
                              To notify Party A the occurrence or the potential occurrence
                              of the
                              litigation, arbitration or administrative procedure
                              related to the equity
                              interest owned by them;

                          

                        

                      

              

              
                
                  	
                           

                        	
                          
                            
                              
                                2.2.4
                                  向甲方通告所拥有股权已发生或可能发生的相关的诉讼、仲裁或行 政程序;

                              

                            

                          

                        

                

                
                   

                  
                    
                      	
                               

                            	
                              
                                
                                  
                                    2.2.5
                                      To cause the Board of Directors of Party B
                                      to approve the transfer of the
                                      Purchased Equity Interest subject to this
                                      Agreement;

                                  

                                

                              

                            

                    

                    
                      
                        	
                                 

                              	
                                
                                  
                                    
                                      
                                        2.2.5
                                          促使乙方董事会根据本协议允许 已购股权的转让;

                                      

                                    

                                  

                                

                              

                      

                      
                         

                        
                          
                            	
                                     

                                  	
                                    
                                      
                                        
                                          
                                            2.2.6
                                              In order to keep its ownership of the
                                              equity interest, to execute all
                                              requisite or appropriate documents,
                                              conduct all requisite or appropriate
                                              actions, and make all requisite or
                                              appropriate claims, or make requisite
                                              or appropriate defend against fall
                                              claims of
                                              compensation;

                                          

                                        

                                      

                                    

                                  

                          

                          
                            
                              	
                                       

                                    	
                                      
                                        
                                          
                                            
                                              
                                                2.2.6执行所有适当必要的文件,采取所有适当必要的措施,寻求所有适 当的索赔或寻找必要合适的途径避免补偿性索赔以保障自身所拥有 的股权;

                                              

                                            

                                          

                                        

                                      

                                    

                            

                            
                               

                              
                                
                                  	
                                           

                                        	
                                          
                                            
                                              
                                                
                                                  
                                                    2.2.7
                                                      Upon the request of Party A,
                                                      to appoint any person designated
                                                      by Party A
                                                      to be the directors of Party
                                                      B;

                                                  

                                                

                                              

                                            

                                          

                                        

                                

                                
                                  
                                    	
                                             

                                          	
                                            
                                              
                                                
                                                  
                                                    
                                                      2.2.7
                                                        根据甲方的要求,指派甲方指定的人员担任乙方主管;

                                                    

                                                  

                                                

                                              

                                            

                                          

                                  

                                  
                                     

                                     

                                    
                                      
                                         

                                      

                                      
                                        9

                                        
                                          

                                        

                                      

                                      
                                         

                                      

                                    

                                     

                                    
                                      
                                        	
                                                 

                                              	
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            2.2.8
                                                              Upon the request of
                                                              Party A at any time,
                                                              to transfer its Equity
                                                              Interest
                                                              immediately to the
                                                              representative designated
                                                              by Party A unconditionally
                                                              at
                                                              any time and abandon
                                                              its prior right of
                                                              first refusal of such
                                                              equity
                                                              interest transferring
                                                              to another available
                                                              shareholder;

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                      

                                      
                                        
                                          	
                                                   

                                                	
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              2.2.8
                                                                任何时候甲方提出要求,必须在任何时候无条件将所持股权转让给甲方指定代表并且放弃自身向其它股东转让股权的优先取舍权;

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                        

                                        
                                           

                                          
                                            
                                              	
                                                       

                                                    	
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    2.2.9
                                                                      To prudently
                                                                      comply with
                                                                      the provisions
                                                                      of this Agreement
                                                                      and other
                                                                      Agreements
                                                                      entered into
                                                                      collectively
                                                                      or respectively
                                                                      by the Transferor,
                                                                      Party B and
                                                                      Party A and
                                                                      perform all
                                                                      obligations
                                                                      under these
                                                                      Agreements,
                                                                      without taking
                                                                      any action
                                                                      or any nonfeasance
                                                                      that sufficiently
                                                                      affects the
                                                                      validity and
                                                                      enforceability
                                                                      of these
                                                                      Agreements;

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                            

                                            
                                              
                                                	
                                                         

                                                      	
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      2.2.9
                                                                        为了切实遵守本协议规定以及其他与之相关或独立的出 让方协议, 乙方和甲方必须履行所有协议中的义务,不得懈怠执行或采取任何 足以影响这些协议合法性和有效性的行为;

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                              

                                              

                                                3.     Representations
                                                  and
                                                  Warranties. As of the execution
                                                  date of this Agreement and every
                                                  transferring
                                                  date, Party B, Party C hereby represent
                                                  and warrant collectively and
                                                  respectively to Party A as follows:

                                                3.     声明和担保。 每当履行该协议或每个转让日期,乙方和丙方在此单独或联合 向甲方作如下声明和担保:

                                                 

                                                
                                                  
                                                    	
                                                             

                                                          	
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            3.1
                                                                              It
                                                                              has
                                                                              the
                                                                              power
                                                                              and
                                                                              ability
                                                                              to
                                                                              enter
                                                                              into
                                                                              and
                                                                              deliver
                                                                              this
                                                                              Agreement,
                                                                              and
                                                                              any
                                                                              equity
                                                                              interest
                                                                              transferring
                                                                              Agreement
                                                                              (“Transferring
                                                                              Agreement,”
                                                                              respectively)
                                                                              having
                                                                              it
                                                                              as
                                                                              a party,
                                                                              for
                                                                              every
                                                                              single
                                                                              transfer
                                                                              of
                                                                              the
                                                                              Purchased
                                                                              Equity
                                                                              Interest
                                                                              according
                                                                              to
                                                                              this
                                                                              Agreement,
                                                                              and
                                                                              to
                                                                              perform
                                                                              its
                                                                              obligations
                                                                              under
                                                                              this
                                                                              Agreement
                                                                              and
                                                                              any
                                                                              Transferring
                                                                              Agreement.
                                                                              Upon
                                                                              execution,
                                                                              this
                                                                              Agreement
                                                                              and
                                                                              the
                                                                              Transferring
                                                                              Agreements
                                                                              having
                                                                              it
                                                                              as
                                                                              a
                                                                              party
                                                                              will
                                                                              constitute
                                                                              a legal,
                                                                              valid
                                                                              and
                                                                              binding
                                                                              obligation
                                                                              of
                                                                              it
                                                                              enforceable
                                                                              against
                                                                              it
                                                                              in
                                                                              accordance
                                                                              with
                                                                              its
                                                                              terms;

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                  

                                                  
                                                    
                                                      	
                                                               

                                                            	
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              3.1
                                                                                根据该协议的每次已购股权的转让,甲方有权利和能力讨论和发表该协 议,任何股权转让协议(单指转让协议)必须将甲方包括在内,并且在该 协议或其他转让协议条件下履行其义务。在履行过程中,该协议或其他转 让协议会将甲方包括在内并根据协议条款制定一个合法、有效、可行的绑 定义务。

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                    

                                                     

                                                     

                                                    
                                                      
                                                         

                                                      

                                                      
                                                        10

                                                        
                                                          

                                                        

                                                      

                                                      
                                                         

                                                      

                                                    

                                                    
                                                       

                                                      
                                                        
                                                          	
                                                                   

                                                                	
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  3.2
                                                                                    The
                                                                                    execution,
                                                                                    delivery
                                                                                    of
                                                                                    this
                                                                                    Agreement
                                                                                    and
                                                                                    any
                                                                                    Transferring
                                                                                    Agreement
                                                                                    and
                                                                                    performance
                                                                                    of
                                                                                    the
                                                                                    obligations
                                                                                    under
                                                                                    this
                                                                                    Agreement
                                                                                    and
                                                                                    any
                                                                                    Transferring
                                                                                    Agreement
                                                                                    will
                                                                                    not:
                                                                                    (i)
                                                                                    cause
                                                                                    to
                                                                                    violate
                                                                                    any
                                                                                    relevant
                                                                                    laws
                                                                                    and
                                                                                    regulations
                                                                                    of
                                                                                    PRC;
                                                                                    (ii)
                                                                                    constitute
                                                                                    a
                                                                                    conflict
                                                                                    with
                                                                                    its
                                                                                    Articles
                                                                                    of
                                                                                    Association
                                                                                    or
                                                                                    other
                                                                                    organizational
                                                                                    documents;
                                                                                    (iii)
                                                                                    cause
                                                                                    to
                                                                                    breach
                                                                                    any
                                                                                    Agreement
                                                                                    or
                                                                                    instruments
                                                                                    to
                                                                                    which
                                                                                    it
                                                                                    is
                                                                                    a
                                                                                    party
                                                                                    or
                                                                                    having
                                                                                    binding
                                                                                    obligation
                                                                                    on
                                                                                    it,
                                                                                    or
                                                                                    constitute
                                                                                    the
                                                                                    breach
                                                                                    under
                                                                                    any
                                                                                    Agreement
                                                                                    or
                                                                                    instruments
                                                                                    to
                                                                                    which
                                                                                    it
                                                                                    is
                                                                                    a
                                                                                    party
                                                                                    or
                                                                                    having
                                                                                    binding
                                                                                    obligation
                                                                                    on
                                                                                    it;
                                                                                    (iv)
                                                                                    cause
                                                                                    to
                                                                                    violate
                                                                                    relevant
                                                                                    authorization
                                                                                    of
                                                                                    any
                                                                                    consent
                                                                                    or
                                                                                    approval
                                                                                    to
                                                                                    it
                                                                                    and/or
                                                                                    any
                                                                                    continuing
                                                                                    valid
                                                                                    condition;
                                                                                    or
                                                                                    (v)
                                                                                    cause
                                                                                    any
                                                                                    consent
                                                                                    or
                                                                                    approval
                                                                                    authorized
                                                                                    to
                                                                                    it
                                                                                    to
                                                                                    be
                                                                                    suspended,
                                                                                    removed,
                                                                                    or
                                                                                    into
                                                                                    which
                                                                                    other
requests
                                                                                    be
                                                                                    added;

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                        

                                                        
                                                          
                                                            	
                                                                     

                                                                  	
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    3.2
                                                                                      该协议或其他转让协议的履行和发布以及义务的履行不得:

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                          

                                                           

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	
              a)

            	
              违反任何中华人民共和国的法律、法规;

            
	
              b)

            	
              制定违反共同协议的条款或其他组织文件;

            
	
              c)

            	
              致使受约束协议方或承担义务方违反相关协议或文件,或者构成协

            
	 	
              议或文件促使协议方或承担义务方违反相关协议或文件;

            
	
              d)

            	
              违反任何同意或批准的授权和/或和危害其持续有效的条件;

            
	
              e)

            	
              延迟、取消此协议的执行和通过,或者产生附加条件。

            

    

     

    
      
        
          
            	
                     

                  	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    3.3
                                      The shares of Party B are transferable, and
                                      Party B has not permitted or
                                      caused any
                                      security interest to be imposed upon the shares
                                      of Party
                                      B.

                                  

                                

                              

                            

                          

                        

                      

                    

                  

          

          
            
              	
                       

                    	
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      3.3
                                        乙方的股份可转让,但乙方不得将担保物权强加于乙方所持的股份。

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

            

             

          

        

      

    

    
      
        
          
            
              	
                       

                    	
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        3.4
                                          Party B does not have any unpaid debt,
                                          other than (i) debt arising from
                                          its normal business; and (ii) debt disclosed
                                          to Party A and obtained by
                                          written consent
                                          of Party
                                          A;

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

            

            
              
                	
                         

                      	
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          3.4
                                            乙方没有任何负债, (1)由此正常业务产生的债务除外; (2)向甲方公示的、经甲方书面允诺而获得的债务除外。

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

              

               

            

          

        

      

    

    
      
        
          
            
              
                	
                         

                      	
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          3.5
                                            Party B has complied with all PRC laws
                                            and regulations applicable to the
                                            acquisition
                                            of assets and securities in connection
                                            with this
                                            Agreement;

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

              

              
                
                  	
                           

                        	
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              3.5
                                                乙方遵守所有中国与此协议相关、有关获得资产和有价债券的法律和规 定。

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                

                 

              

            

          

        

      

    

    
      
        
          
            
              
                
                  	
                           

                        	
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              3.6
                                                No litigation, arbitration or administrative
                                                procedure relevant to the
                                                Equity Interests and assets of Party
                                                B or Party B itself is in process
                                                or
                                                to be settled and the
                                                Parties have no knowledge of any
                                                pending or threatened
                                                claim;

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                

                
                  
                  

                   

                   

                  
                    
                       

                    

                    
                      11

                      
                        

                      

                    

                    
                       

                    

                  

                  
 

                  
                    	
                             

                          	
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  3.6
                                                    不得有任何与乙方的股权、资产或乙方自身相关的起诉、仲裁或行政程序 正在进行或即将被解决等情况的出现,或协议各方不了解乙方存在某些未 决或有威胁的索赔的情况出现。

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                  

                   

                

              

            

          

        

      

    

    
      
        
          
            
              
                
                  
                    	
                             

                          	
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  3.7
                                                    The Transferor bears the fair
                                                    and salable ownership of its
                                                    Equity Interest
                                                    free of encumbrances of any kind,
                                                    other than the security interest
                                                    pursuant to the Equity Pledge
                                                    Agreement.

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                  

                  
                    
                      	
                               

                            	
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      3.7
                                                        转让人接受任何形式合理、可销售、可自由转让的股权,根据股权转让协 议的担保物权除外。

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                    

                     

                  

                

              

            

          

        

      

    

    4.  Assignment
      of Agreement

    4. 
      协议项下权利义务的转让

     

    
       

      
        
          
            
              
                
                  
                    
                      	
                               

                            	
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    4.1
                                                      Party B and Party C shall not
                                                      transfer their rights and obligations
                                                      under
                                                      this Agreement
                                                      to any third party without
                                                      the prior written consent of
                                                      the Party
                                                      A.

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                    

                    
                      
                        	
                                 

                              	
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        4.1
                                                          未经甲方事先书面允许,乙方、丙方不得向第三方转让他们的权利和义务。

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                      

                       

                    

                  

                

              

            

          

        

      

    

    
      
         

        
          
            
              
                
                  
                    
                      
                        	
                                 

                              	
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      4.2
                                                        Party B and Party C hereby
                                                        agrees that Party A shall
                                                        be able to transfer
                                                        all of its
                                                        rights and obligation under
                                                        this Agreement to any third
                                                        party with its
                                                        needs, and
                                                        such transfer shall only
                                                        be subject to a written notice
                                                        sent to Party B,
                                                        Party C
                                                        by Party A, and no any further
                                                        consent from Party B and
                                                        Party C will be
                                                        required

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                      

                      
                        
                          	
                                   

                                	
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            4.2
                                                              乙方、丙方同意甲方可以根据自身需要向第三方转让其所有权利和义务。 但只有当甲方向乙方、丙方送达通知书才可转让,并且不需要乙方、丙方 的进一步许可。

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                        

                         

                      

                    

                  

                

              

            

          

        

      

    

    5.  Effective
      Date and Term

    5.
      有效日期和期限

     

    
      
        
          
            
              
                
                  
                    
                      
                        	
                                 

                              	
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        5.1
                                                          This Agreement shall be
                                                          effective as of the date
                                                          first set forth
                                                          above.

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                      

                      
                        
                          	
                                   

                                	
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            5.1
                                                              此协议有效期至上述签订的有效 日期。

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                        

                         

                         

                        
                          
                             

                          

                          
                            12

                            
                              

                            

                          

                          
                             

                          

                        

                         

                      

                    

                  

                

              

            

          

        

      

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                   

                                	
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            5.2
                                                              The term of this Agreement
                                                              is ten (10) years unless
                                                              the early termination
                                                              in accordance with
                                                              this Agreement or other
                                                              terms of the relevant
                                                              agreements stipulated
                                                              by the Parties. This
                                                              Agreement may be extended
                                                              according to the written
                                                              consent of Party A
                                                              before the expiration
                                                              of this Agreement.
                                                              The term of
                                                              extension will be decided
                                                              unanimously through
                                                              mutual agreement of
                                                              the
                                                              Parties.

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                        

                        
                          
                            	
                                     

                                  	
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                5.2
                                                                  除非各方提前终止协议或签订相关协议重新规定期限,此协议的期限为十 年。在协议到期前,由甲方书面同意可以延长协议期限。延长的期限由各 方相互签约协商决定。

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                          

                           

                          
                             

                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  	
                                                           

                                                        	
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      5.3
                                                                                        If
                                                                                        Party
                                                                                        A
                                                                                        or
                                                                                        Party
                                                                                        B
                                                                                        terminates
                                                                                        by
                                                                                        the
                                                                                        expiration
                                                                                        of
                                                                                        its
                                                                                        operating
                                                                                        period
                                                                                        (including
                                                                                        any
                                                                                        extended
                                                                                        period)
                                                                                        or
                                                                                        other
                                                                                        causes
                                                                                        in
                                                                                        the
                                                                                        term
                                                                                        set
                                                                                        forth
                                                                                        in
                                                                                        Section
                                                                                        5.2,
                                                                                        this
                                                                                        Agreement
                                                                                        shall
                                                                                        be
                                                                                        terminated
                                                                                        simultaneously,
                                                                                        except
                                                                                        Party
                                                                                        A
                                                                                        has
                                                                                        transferred
                                                                                        its
                                                                                        rights
                                                                                        and
                                                                                        obligations
                                                                                        in
                                                                                        accordance
                                                                                        with
                                                                                        Section
                                                                                        4.2
                                                                                        of
                                                                                        this
                                                                                        Agreement.

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                

                                                
                                                  
                                                    	
                                                             

                                                          	
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          5.3
                                                                                            如果甲方和乙方由于协议执行期(包括延长期)到期或者是在 5.2
                                                                                            中的其 他原因退出,此协议将被同时终止;甲方在此之前已根据协议的 4.2
                                                                                            将其 权利和义务转让的情况除外。

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                  

                                                   

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    6.    
      Applicable Law and Dispute Resolution

    6.适用法律和争议的解决

     

    
      	
               

            	
              6.1
                Applicable Law. The execution, validity, construing and performance
                of
                this Agreement and the resolution of disputes under this Agreement
                shall
                be governed by the laws of PRC.

            

    

    
      	
               

            	
              6.1
                适用法律。 此协议的可执行性、有效期、解释和执行以及争端的解决均以 中华人民共和国的法律为指导。

            

    

     

    
      	
               

            	
              6.2
                Dispute Resolution. The parties shall strive to settle any dispute
                arising
                from the interpretation or performance in connection with this Agreement
                through friendly consultation. In case no settlement can be reached
                through consultation within thirty (30) days after such dispute is
                raised,
                each party can submit such matter to China International Economic
                and
                Trade Arbitration Commission (the “CIETAC”) in accordance with its rules.
                Arbitration shall take place in Beijing and the proceedings shall
                be
                conducted in Chinese. Any resulting arbitration award shall be final
                conclusive and binding upon both
                parties.

            

    

    
      
      

       

       

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

       

      
 

      
        	
                 

              	
                
                  6.2
                    争议的解决。各方应当友好磋商解决在此协议的解释和执行过程中所引发 的争议。如果在争议引发生 30
                    天内不能达成一致意见,各方可以将此问 题提交中国国际经济贸易仲裁委员会根据其制定的规定受理。仲裁将在北 京进行,所有程序以中文进行。任何仲裁将成为最终的结果,各方应当一 并承担。

                

              

      

       

      
        
          	
                  7.  

                	
                  Taxes
                    and Expenses. Each Party shall, according to the PRC laws, bear
                    any and
                    all registering taxes, costs and expenses for equity transfer
                    arising from
                    the preparation and execution of this Agreement and all Transferring
                    Agreements, and the completion of the transactions under this
                    Agreement
                    and all Transferring Agreements.

                

        

        
        

        
          
            
              	
                      7.  

                    	
                      税收和花费。根据中国法律,各方应承担所有在此协议和其他股权转让协议 下股权转让的准备、执行和完成交易过程中所产生的注册税,成本以及花费。

                    

            

            
            

             

          

        

      

    

    
      	
              8.  

            	
              Notices.
                Notices or other communications required to be given by any party
                pursuant
                to this Agreement shall be written in English and Chinese and delivered
                personally or sent by registered mail or postage prepaid mail or
                by a
                recognized courier service or by facsimile transmission to the address
                of
                relevant each party or both parties set forth below or other address
                of
                the party or of the other addressees specified by such party from
                time to
                time. The date when the notice is deemed to be duly served shall
                be
                determined as the follows: (a) a notice delivered personally is deemed
                duly served upon the delivery; (b) a notice sent by mail is deemed
                duly
                served the tenth (10th) day after the date when the air registered
                mail
                with postage prepaid has been sent out (as is shown on the postmark),
                or
                the fourth (4th) day after the delivery date to the internationally
                recognized courier service agency; and (c) a notice sent by facsimile
                transmission is deemed duly served upon the receipt time as is shown
                on
                the transmission confirmation of relevant
                documents.

            

    

    
    

    
      
        	
                8.  

              	
                
                  通知。 任何一方发出的、与此协议相关的通知或信息都应当用中文和英文书 写,并以以下方式:专人、使用挂号信件、 已付邮资的信件,急件送信服务, 传真发送到相关各方的地址、本页下方的地址、各方的其他地址或各方特定 的其他地址。通知适时送达的日期应当遵循如下原则: (1)个人递送的通知 的日期即应在送达之时; (2)用邮件递送的通知的日期在用已付邮资的空运
                    挂号信件送出当天(以邮戳为准) 后的第十天,或者用国际公认的急件送信 服务机构递送日期后的第四天;(3)用传真发送的通知的接收日期即相关文 件上递送确认书显示的日期。

                

              

      

      
      

    

    
    

     

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    Party
      A

     

    
      
        	
                
                  甲方:

                

              	
                Hong
                  Kong Yi Tat International Investment Limited

                香港易达国际投资有限公司

                
                  Address:RM1302-3
                    13/F Crocodile House II 55 Connaught Road Central, HK

                  地址: RM1302-3
                    13/F Crocodile House II 55 Connaught Road Central, HK

                

                Attn:

                联系人

                Fax:

                传真

                Tel:

                电话

              

      

       

    

    Party
      B:

     

    
      	
              乙方

            	
              Fujian
                Jiaoguang Media Co., Ltd

              福建教广传媒有限公司

              Address:
                Wang Jiang Building, No. 18 Long Gu Du Jia Village, Lang Qi Economic
                Zone,
                Fuzhou, China.

              地址:福州市琅岐经济区龙鼓度假村 18号望江楼

              Attn:

              联系人

              Fax:

              传真

              Tel:

              电话

            

    

     

    Party
      C:

     

    
      
        	
                丙方

              	
                Party
                  

                C1

                丙 方
                  CHEN Minhua

                1.  
陈敏华

                Address:
                  

                地址:

                Tel:

                电话

                
                  Fax:

                  传真

                

              

      

      

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

    

     

    
       

      
        
          	
                   

                	
                  Party
                    

                  C2

                  丙 方
                    FAN Yanling

                  2.  
范艳 玲

                  Address:
                    

                  地址:

                  Tel:

                  电话

                  
                    Fax:

                    传真

                  

                

        

        

           

          
            	
                    9.  

                  	
                    Confidentiality.
                      The Parties acknowledge and confirm any oral or written materials
                      exchanged by the Parties in connection with this Agreement
                      are
                      confidential. The Parties shall maintain the secrecy and confidentiality
                      of all such materials. Without the written approval by the
                      other Parties,
                      any Party shall not disclose to any third party any relevant
                      materials,
                      but the following circumstances shall be
                      excluded:

                  

          

          
          

          
            
              	
                      9.  

                    	
                      
                        保密条款。各方之间应当认识到任何与此文件相关的口头或书面资料都是保 密的,应当确保所有这样的文件的机密性。未经其他三方的书面允许, 任何 一方不得向第三方提供相关的资料。但下述资料不应被甲、乙、丙三方认为 是保密资料:

                      

                    

            

            
            

          

          
          

           

        

      

    

    
       

      
        	
                a)

              	
                The
                  materials that is known or may be known by the general public
                  (but not include the materials disclosed by each party receiving
                  the
                  materials);

              
	
                a)

              	
                
                  公众获悉或者可能被公众获悉的资料(但不包括各方收到资料后公布的);

                

              
	 	 
	b)	   
                The
                materials required to be disclosed subject to the applicable laws
                or the
                rules or provisions of stock exchange; or
	
                b)

              	
                由股票交易市场相关的法律、制度、规则规定应当公开的资料;

              

      

       

       

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      
 

      
        	
                c)

              	
                The
                  materials disclosed by each Party to its legal or financial
                  consultant relating
                  the transaction of this Agreement, and this legal or financial
                  consultant
                  shall
                  comply with the confidentiality set forth in this Section. The
                  disclosure
                  of
                   the confidential materials by staff or employed institution of
                  any Party
                  shall be deemed as the disclosure of such materials by such Party,
                  and
                  such Party shall bear the liabilities for breaching the contract.
                  This
                  clause shall survive whatever this Agreement is invalid, amended,
                  revoked,
                  terminated or unable to implement by any reason.

              
	
                c)

              	
                各方向其法律顾问或财务顾问提供的、与该协议相关的资料,该法律顾问 或财务顾问应当遵守此章节提出的保密条款。任何一方的员工或者受雇的 机构披露机密资料将被视为该方泄密的行为,并且该方将承担相应的违约 责任。无论此协议是否有效,或者由于某些原因修改、废除、终止此协议, 此条条款始终有效。

              

      

       

      
         

        
          	
                  10.  

                	
                  
                    Further
                      Warranties. The Parties agree to promptly execute documents
                      reasonably
                      required to perform the provisions and the aim of this Agreement
                      or
                      documents beneficial to it, and to take actions reasonably
                      required to
                      perform the provisions and the aim of this Agreement or actions
                      beneficial
                      to it.

                  

                

        

        
        

        
          
            	
                    10.  

                  	
                    
                      担保条款。各方允诺应立即执行对本协议规定实现有益的文件中的合理要求。 并采取对本协议规定实现有益的的措施。

                    

                  

          

          
          

        

        
        

         

        
          
            
              	
                      11.  

                    	
                      
                        
                          Miscellaneous.

                        

                      

                    

            

            
            

            
              
                	
                        11.  

                      	
                        
                          其他条款。

                        

                      

              

              
              

            

            
            

             

          

          
            
              	
                       

                    	
                      
                        11.1
                          Amendment, Modification and Supplement. Any amendment and
                          supplement to
                          this Agreement shall only be effective is made by the Parties
                          in
                          writing.

                      

                    

            

            
              	
                       

                    	
                      
                        11.1
                          协议的改善、修正和补充。任何对协议的改善和补充必须由各方书面 签定才能生效。

                      

                    

            

             

          

        

        
          
            
              	
                       

                    	
                      
                        
                          11.2
                            Entire Agreement. Notwithstanding the Article 5 of this
                            Agreement, the
                            Parties acknowledge that this Agreement constitutes the
                            entire agreement
                            of the Parties with respect to the subject matters therein
                            and supercede
                            and replace all prior or contemporaneous agreements and
                            understandings in
                            verb or/and in writing.

                        

                      

                    

            

            
              	
                       

                    	
                      
                        
                          11.2
                            协议的完整性。协议的第 5
                            款除外,各方应当认识到该协议阐述了各方 关于协议所述问题所达成的一致。该协议取代任何先前和同时期所有的 口头或书面协议。

                        

                      

                    

            

             

             

            
              
                 

              

              
                17

                
                  

                

              

              
                 

              

            

             

            
              
                
                  
                    	
                             

                          	
                            
                              
                                
                                  11.3
                                    Severability. If any provision of this Agreement
                                    is judged as invalid or
                                    non-enforceable according to relevant Laws, the
                                    provision shall be deemed
                                    invalid only within the applicable laws and regulations
                                    of the PRC, and
                                    the validity, legality and enforceability of
                                    the other provisions hereof
                                    shall not be affected or impaired in any way.
                                    The Parties shall, through
                                    fairly consultation, replace those invalid, illegal
                                    or non-enforceable
                                    provisions with valid provisions that may bring
                                    the similar economic
                                    effects with the effects caused by those invalid,
                                    illegal or
                                    non-enforceable
                                    provisions.

                                

                              

                            

                          

                  

                  
                    	
                             

                          	
                            
                              
                                
                                  11.3
                                    协议的可分性。如果根据相关法律任何该协议的规定失效或者不可实施, 则该规定只有在适用的中华人民共和国法律和法规范围内失效,但是其 他条款的有效性、合法性和可执行性不会受到任何影响和削弱。各方需 通过合理的协商,通过使用产生相同经济效益的其他有效规定来取代这 些无效、不合法或不可实施的规定。

                                

                              

                            

                          

                  

                   

                  
                    
                      
                        
                          
                            	
                                     

                                  	
                                    
                                      
                                        
                                          
                                            11.4
                                              Headings. The headings contained in
                                              this Agreement are for the convenience
                                              of reference only and shall not affect
                                              the interpretation, explanation or
                                              in any other way the meaning of the
                                              provisions of this
                                              Agreement.

                                          

                                        

                                      

                                    

                                  

                          

                          
                            	
                                     

                                  	
                                    
                                      
                                        
                                          
                                            11.4
                                              标题。此协议所含的标题仅供参考的方便,不会影响协议中的阐述、解 释或条款的含义。

                                          

                                        

                                      

                                    

                                  

                          

                           

                        

                      

                    

                  

                  
                    
                      
                        
                          
                            
                              	
                                       

                                    	
                                      
                                        
                                          
                                            
                                              
                                                11.5
                                                  Language and Copies. This Agreement
                                                  has been executed in English in
                                                  four
                                                  (4) duplicate originals; each Party
                                                  holds one (1) original and each
                                                  duplicate original shall have the
                                                  same legal
                                                  effect.

                                              

                                            

                                          

                                        

                                      

                                    

                            

                            
                              	
                                       

                                    	
                                      
                                        
                                          
                                            
                                              
                                                11.5
                                                  语言和副本。此协议由英文起草,一式四份,各方各执一份,具同等法 律效力。

                                              

                                            

                                          

                                        

                                      

                                    

                            

                             

                            
                              
                                
                                  
                                    
                                      
                                        
                                          	
                                                   

                                                	
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              11.6
                                                                Successor. This Agreement
                                                                shall bind and benefit
                                                                the successor of
                                                                each
                                                                Party and the transferee
                                                                allowed by each
                                                                Party.

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                        

                                        
                                          	
                                                   

                                                	
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              11.6
                                                                继承。此协议将约束各方的承继人,并惠及各方承继者或各方认可的承 让方。

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                        

                                         

                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        	
                                                                 

                                                              	
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              11.7
                                                                                Survival.
                                                                                Any
                                                                                obligation
                                                                                taking
                                                                                place
                                                                                or
                                                                                at
                                                                                term
                                                                                hereof
                                                                                prior
                                                                                to
                                                                                the
                                                                                end
                                                                                or
                                                                                termination
                                                                                ahead
                                                                                of
                                                                                the
                                                                                end
                                                                                of
                                                                                this
                                                                                Agreement
                                                                                shall
                                                                                continue
                                                                                in
                                                                                force
                                                                                and
                                                                                effect
                                                                                notwithstanding
                                                                                the
                                                                                occurrence
                                                                                of
                                                                                the
                                                                                end
                                                                                or
                                                                                termination
                                                                                ahead
                                                                                of
                                                                                the
                                                                                end
                                                                                of
                                                                                the
                                                                                Agreement.
                                                                                Article
                                                                                6,
                                                                                Article
                                                                                8,
                                                                                Article
                                                                                9
                                                                                and
                                                                                Section
                                                                                11.7
                                                                                hereof
                                                                                shall
                                                                                continue
                                                                                in
                                                                                force
                                                                                and
                                                                                effect
                                                                                after
                                                                                the
                                                                                termination
                                                                                of
                                                                                this
                                                                                Agreement.

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                      

                                                      
                                                      

                                                       

                                                       

                                                      
                                                        
                                                           

                                                        

                                                        
                                                          18

                                                          
                                                            

                                                          

                                                        

                                                        
                                                           

                                                        

                                                      

                                                       

                                                      
 

                                                      
                                                        	
                                                                 

                                                              	
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              11.7
                                                                                效力。 在协议到期前停止协议或终止协议,各方应当继续履行义务。 在 终止条约后,第6、8、9章节和 11.7
                                                                                条款仍然有效。

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                      

                                                       

                                                       

                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      	
                                                                               

                                                                            	
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              11.8
                                                                                                Waiver.
                                                                                                Any
                                                                                                Party
                                                                                                may
                                                                                                waive
                                                                                                the
                                                                                                terms
                                                                                                and
                                                                                                conditions
                                                                                                of
                                                                                                this
                                                                                                Agreement
                                                                                                in
                                                                                                writing
                                                                                                with
                                                                                                the
                                                                                                signature
                                                                                                of
                                                                                                the
                                                                                                Parties.
                                                                                                Any
                                                                                                waiver
                                                                                                by
                                                                                                a
                                                                                                Party
                                                                                                to
                                                                                                the
                                                                                                breach
                                                                                                by
                                                                                                other
                                                                                                Parties
                                                                                                within
                                                                                                certain
                                                                                                situation
                                                                                                shall
                                                                                                not
                                                                                                be
                                                                                                construed
                                                                                                as
                                                                                                a
                                                                                                waiver
                                                                                                to
                                                                                                any
                                                                                                similar
                                                                                                breach
                                                                                                by
                                                                                                other
                                                                                                Parties
                                                                                                within
                                                                                                other
                                                                                                situations.

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                    

                                                                    
                                                                      	
                                                                               

                                                                            	
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              11.8
                                                                                                弃权。各方书面签字同意后,一方可以放弃协议规定的条款。某种情况 下当事人一方对其他方违约不能视作在其他情况下对其他方违约的弃 权者处理。

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                    

                                                                     

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                       

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    [SIGNATURE
      PAGE FOLLOWS]

     

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    [SIGNATURE
      PAGE]

     

    IN
      WITNESS WHEREOF, the parties hereof
      have caused this Agreement
      to be
      executed by their
duly
authorized
representatives
as
of
the
      date first written above.

     

     

    
       

      
        

          
            	
                    PARTY
                      A:

                  	
                    Hong
                      Kong Yi Tat International Investment Limited

                  	
                    For
                      and on behalf of

                  
	 甲方:	
                    Legal/Authorized
                      Representative

                  	
                    Hong
                      Kong International Investment Limited

                  
	 	 	
                    /s/

                  
	 	 	
                    Authorized
                      Signature(s)

                  
	 	
                    Name:____________________________

                  	 
	 	 	 
	 	
                    Title:
                      ____________________________

                  	 

          

        

         

         

        
          
            	
                    PARTY
                      B:

                  	
                    Fujian
                      Jiaoguang Media Co., Ltd.

                  	
                  
	乙方	
                    Legal/Authorized
                      Representative:  /s/ 

                  	
                     

                  
	 	 	
                     

                  
	 	 	 
	 	
                    Name:____________________________

                  	 
	 	 	 
	 	
                    Title:
                      ____________________________

                  	 

          

        

         

         

        
          
             

          

          
            20

            
              

            

          

          
             

          

        

        
           

           

           

          
            
              	
                      PARTY
                        C:

                    	
                      /s/
                        Chen Minhua                     

                    	
                    
	丙 方	
                      By:  CHEN
                        Minhua 

                    	
                       

                    
	 	(PRC
                      ID Card No. 362133195701293336)	
                       

                    
	 	
                      Shares
                        of Fujian Jiaoguang Media Co., Ltd. Owned by CHEN Minhua:
                        50%

                    	 
	 	 	 
	 	 	 
	 	/s/
                      Fan Yaning                      	 
	 	By:  FAN
                      Yanling	 
	 	
                      
                        (PRC
                          ID Card No. 142724197302033128)

                      

                    	 
	 	 Shares
                      of Fujian Jiaoguang Media Co., Ltd. Owned by FAN Yanling:
                      50%	 
	 	
                       

                    	 

            

          

           

        

         

        21pledgeagreement.htm

    EQUITY
      PLEDGE AGREEMENT

    股权质押协议

     

    This
      Equity Pledge Agreement (hereinafter this “Agreement”) is dated October 9, 2004,
      and is entered into in Fujian by Hong Kong Yi Tat International Investment
      Limited, a limited company incorporated under the laws of Hong Kong Special
      Administration Region, located at RM1302-3 13/F Crocodile House II 55 Connaught
      Road Central, HK (“Pledgee”), and each of the shareholders of Party B listed on
      the signature pages hereto (collectively, the “Pledgors”), and Fujian Jiaoguang
      Media Co., Ltd., a limited liability company organized under the laws of China,
      (“Party B” or “Company”), with a registered address at Wang Jiang Building, No.
      18 Long Gu Du Jia Village, Lang Qi Economic Zone, Fuzhou, China.

     

    此股权质押协议(以下作
      “协议” )在 2004 年 10 月 9
日在福建,由按中国香港特 别行政区法设立的法定住址为 RM1302-3 13/F Crocodile House II 55
      Connaught Road Central HK
的香港易达国际投资有限公司(“质押权方”),签字页所示乙方股东 (“出质方”)以及按中国法设立的法定地址为福州市琅岐经济区龙鼓度假村 18
号望 江楼的有限责任公司福建教广传媒有限公司(”乙方“或“公司” )共同订立。

     

    RECITALS

     

    说 明

     

    1.  The
      Pledgee, a limited company incorporated under the laws of Hong Kong Special
      Administration Region, has the expertise in the business of investment regarding
      tourism and media development.

    1.  
      质押权方为依中国香港特别行政区法设立的有限责任公司,专业开 展旅游和传媒发展投资业务。

     

    2.  The
      Pledgors are shareholders of the Company. The Pledgors collectively own over100%
      of the outstanding equity interests of the Company.

    2.  出质人是公司股东。出质方拥有超过 100%的已发行公司股权权益。

     

    3.        Pledgee
      and the Company have executed a Consulting Services Agreement
      (hereinafter “Consulting Services Agreement” or “Services
      Agreement”) concurrently
      herewith. Based on this agreement, The Company shall pay technical consulting
      and service fees (hereinafter the “Consulting Services Fees” or
“Services Fees”) to Pledgee for offering consulting and related
      services.

    3.质押权方和公司签署了服务协议(以下作“咨询服务协议”或者“服 务协议”)。基于该协议,公司需向质押权方就其提供的咨询和其他相关服务支付 技术咨询和服务费(以下作“咨询服务费”或者“服务费”)。

     

     

    
      
        EQUITY
          PLEDGE AGREEMENT

        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

     

    4.
      In
      order to ensure that the Company will perform its obligations under the
      Consulting Services Agreement, and in order to provide an additional mechanism
      for the Pledgee to enforce its rights to collect the Consulting Services Fees
      from the Company, the Pledgors agree to pledge all their equity interest in
      the
      Company as security for the performance of the obligations of the Company under
      the Consulting Services Agreement and the payment of Consulting Services Fees
      under such agreement.

    4. 为确保公司在咨询服务协议下履行他们的职责,质押权人能够照常收 取咨询服务费,出质人允诺抵押所有公司股权权益作为对咨询服务协议和该协议下 的咨询服务费用的支付的职责履行的担保。

     

    NOW
      THEREFORE, the Pledgee, the Company and the Pledgors through mutual
      negotiations hereby enter into this Agreement based upon the following
      terms:

    现今, 因此,质押权方,公司和抵押方通过双边协议进入该协议下列条款:

     

    1.  Definitions
      and
      Interpretation. Unless otherwise provided in this Agreement,
      the following terms shall have the following meanings:

    1.  定义和解释。如果该协议不另作说明,下述条款将有下述含义:

     

            1.1  “Pledge”
refers
      to the
      full content of Section 2 hereunder.

            1.1  “质押”指的是下文第 2
      节的全部内容。

     

            1.2  “Equity
      Interest” refers
      to all the equity interest in the Company legally
      held by the Pledgors

            1.2  “股权权益”指的是由出质方合法拥有的公司所有股权权益。

     

            1.3   “Term
      of Pledge”
refers to the period provided for under Section 3.2
      hereunder.

                1.3   “抵押期限”
      指的是下文 3.2 节所提到的期限。

     

            1.4   “Event
      of Default”
refers to any event in accordance with Section 7.1
      hereunder.

            1.4   “不履行职责事项”指的是下文 7.1
      节所列任何事项。

     

            1.5   “Notice
      of Default”
refers to the notice of default issued by the Pledgee
      in accordance with this Agreement.

            1.5  “不履行职责通知”
      指的是由质押权方根据该协议发出的不履行 职责通知。

     

     

    
      
        EQUITY
          PLEDGE AGREEMENT

        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     

    2.   Pledge.
      The Pledgors agree to pledge their equity interest in the Company to the
      Pledgee (“Pledged Collateral”) as a security for the obligations of the
      Company under the Consulting Services Agreement. Pledge under this Agreement
      refers to the rights owned by the Pledgee, who shall be entitled to a priority
      in receiving payment by the evaluation or proceeds from the auction or sale
      of
      the equity interest pledged by the Pledgors to the Pledgee.

    2. 质押。出质方同意向质押权方抵押他们股权权益(“质押担保”)以 作为在该咨询服务协议中所涉及的公司实施责任的保证。协议中的质押指的是质押 权方所拥有的权利,该方将在接受由出质方向质押权方质押的股权权益的拍卖或销 售 的估价支付时获得优先权。

     

    3.  Term
      of Pledge.

    3.  质押期限。

     

             3.1  The
      Pledge shall take effect as
      of the date when the Pledge of the equity interest under this Agreement is
      recorded in the Register of Shareholder of The Company. The term of the Pledge
      shall last until two (2) years after the obligations under the Consulting
      Services Agreement are fulfilled.

            3.1  质押将从该协议下的股权在公司股东登记薄上载明质押事项当
      天开始生效。抵押期限将是两 (2)年, 在咨询服务协议下的职责充分履行后。

     

            3.2  During
      the term of the Pledge,
      the Pledgee shall be entitled to vote, control, sell, or dispose of the pledged
      assets in accordance with this Agreement in the event that Pledgors do not
      perform their obligation under the Consulting Services Agreement and the Company
      fails to pay the Consulting Service Fees in accordance with the Consulting
      Services Agreement.

             3.2  在抵押期间,如果出质方没有实施咨询服务协议下的职责,以 及公司没有完整支付该咨询服务协议下的技术咨询服务费,质押权方根据本协议有 权投票,控制, 出售或处理被抵押资产。

     

            3.3  During
      the term of the Pledge,
      the Pledgee shall be entitled to collect
      any and all dividends declared or paid in connection with the equity
      interest.

                           
      3.3  在股权质押期间,质押权人应当有权收取任何或所有支付或宣
      告的与股权利益有关的红利。

     

     

    
      
        EQUITY
          PLEDGE AGREEMENT

        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     

     

    4.  Pledge
      Procedure and
      Registration

           
      4.  质押程序和登记

     

            4.1  The
      Pledge under this Agreement
      shall be recorded in the Register of Shareholders of the Company. The Pledgor
      shall, within 10 days after the date of this Agreement, process the registration
      procedures with Administration for Industry and Commerce concerning the
      Pledge.

            4.1  本协议下的股权质押应在公司股东登记薄上载明。 出质人应当
      在本协议生效 10
      日内,提交工商行政管理局相关申请以办理相关质押登记。

     

         
      5.  Representation
      and Warranties of Pledgors.

         
      5.  出质方的陈述和保证

     

            5.1  The
      Pledgors are the legal owners
      of the equity interest pledged.

            5.1  出质方是被抵押资产的法定所有人。

     

            5.2  The
      Pledgors have not pledged the
      equity interest to any other party, and or the equity interest is not encumbered
      to any other person except for the Pledgee.

            5.2  除质押权方出质方不能质押其股权权益给其它任何第三人或
      在股权上设定其他对第三人的负担。

     

    6.  Covenants
      of
      Pledgors.

    6.  抵押契约

     

    6.1  During
      the effective term
      of this Agreement, the Pledgors promise to
      the
      Pledgee for its benefit that the Pledgors shall:

    6.1  在此协议有效期内,出质方向质押权人保证其取得对出质方的
      利益。 出质方必须做到:

     

    6.1.1  Not
      transfer or assign
      the equity interest, create or permit to create any pledges which may have
      an
      adverse effect on the rights or benefits of the Pledgee without prior written
      consent from the Pledgee.

    6.1.1  不转让或分配股权,未经质押权方事先书面同意不得作 任何对质押权方权利或利益产生负面影响的质押,或质押
      诺。

     

    6.1.2  Comply
      with and implement
      laws and regulations with respect to the pledge of rights; present to the
      Pledgee the notices, orders or suggestions with respect to the Pledge issued
      or
      made by the competent authority within five (5) days upon receiving such
      notices, orders or suggestions; and comply with such notices, orders or
      suggestions; or object to the foregoing matters at the reasonable request of
      the
      Pledgee or with consent from the Pledgee.

    6.1.2  遵守并实施相应关于质押权利的法律、法规; 在接到 主管单位发布或制作的关于抵押的公告、命令或者建议 5
      天内转交给接受出质方; 遵守这些公告、命令或者建议;或者根据接受出质方提出的适当理由或接受出质方 的允许拒绝上述公告、命令或建议;

     

    6.1.3  Timely
      notify the Pledgee
      of any events or any received notices which may affect the Pledgor’s equity
      interest or any part of its right, and any events or any received notices which
      may change the Pledgor’s any warranty and obligation under this Agreement or
      affect the Pledgor’s performance of its obligations under this
      Agreement.

    6.1.3  适时的通报可能影响出质方股权或其部分股权的事件 或收到的通知,这些事件或通知可以在本协议条件下改变出质方的担保和义务或者 影响出质方对该协议条件下义务的履行。

     

     

    
      
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             6.2  The
      Pledgors agree that the
      Pledgee’s right to the Pledge obtained from this Agreement shall not be
      suspended or inhibited by any legal procedure launched by the Pledgor or any
      successors of the Pledgor or any person authorized by the Pledgor or any such
      other person.

            6.2  出质方认可接受出质方对于根据本协议获得的质押物品的权
      利不能通过出质方面、出质方继承者、出质方指派的人员或诸如此类人员的合法手 续被推迟或受约束。

     

             6.3  The
      Pledgors promise to the
      Pledgee that in order to protect or perfect the security for the payment of
      the
      Services Fees, the Pledgors shall execute in good faith and cause other parties
      who have interests in the Pledge to execute all the title certificates,
      contracts, and perform actions and cause other parties who have interests to
      take action, as required by the Pledgee; and make access to exercise the rights
      and authorization vested in the Pledgee under this Agreement.

            6.3  出质方向质押权人保证为了服务费用支付保障的完善,出质方 必须很好得履行并且促使其他对质押物感兴趣的各方履行产权契约
      明,合同;根 据接受出质方的要求,采取行动或促使其他对抵押物感兴趣的各方采取行动;根据 该协议促使接受出质方履行协议或授予权利。

     

             6.4  The
      Pledgors promise to the
      Pledgee that they will execute all amendment documents (if applicable and
      necessary) in connection with any registration of the Pledge with the Pledgee
      or
      its designated person (natural person or a legal entity), and provide the
      notice, order and decision to the Pledgee as necessary, within a reasonable
      amount of time upon request.

            6.4  出质方向质押权方保证会根据载明质押权人或其指定的人员 (自然人或法人实体)的质押登记履行所有修正文件(如果适用且必要的话),并 且根据要求在合理的时间内向质押权方转达通知、命令或作出决定。

     

            6.5  The
      Pledgors promise to the
      Pledgee that they will comply with and perform all the guarantees, covenants,
      warranties, representations and conditions for the benefits of the Pledgee.
      The
      Pledgors shall compensate all the losses suffered by the Pledgee as a result
      of
      the Pledgors failing perform or fully perform their guarantees, covenants,
      warranties, representations and conditions.

            6.5  出质方向质押权人保证会遵守和执行所有的体现质押权方利 益的承诺、契约、担保、法律声明和接受条款。出质方必须对由于出质方没有执行 或没有完全执行承诺、契约、担保、法律声明和利益条款而造成的损失向接受出质 方作出赔偿。

     

     

    
      
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    7.  Events
      Of
      Default.

    7.  违约事项。

     

            7.1  The
      following events shall be
      regarded as the events of default:

            7.1  如下事项将被视为违约事项

     

                7.1.1  This
      Agreement is deemed illegal
      by a governing authority
      in the PRC, or the Pledgor is not capable of continuing to perform the
      obligations herein due to any reason except force majeure;

    
                  7.1.1  该协议被中华人民共和国监管部门视作非法或出 质方由于除外力无法抗拒因素以外的任何原因不 能继续履行规定的义务;

    

     

                7.1.2  The
      Company fails to make full
      payment of the Services Fees as scheduled under the Service
      Agreement

                7.1.2  公司不能如期全额支付服务协议中的服务费用;

     

                7.1.3  A
      Pledgor makes any materially
      false or misleading representations or warranties under Section 5 herein,
and/or
      the Pledgor breaches any warranties under Section 5 herein;

    
                  7.1.3  出质方根据第 5
        款作出任何实质性误导、错误说 明或担保,或者出质方违反第 5
        款规定的担保;

    

     

    
                  7.1.4  A
        Pledgor breaches the covenants
        under Section 6 herein;

    

    
                  7.1.4  出质方违反第 6
        款规定的契约;

    

     

                7.1.5  A
      Pledgor breaches the term or
      condition herein;

                7.1.5  出质方违反协议规定的条款或条件

     

    
                  7.1.6  A
        Pledgor waives the pledged
        equity interest or transfers or assigns the pledged equity interest without
        prior written consent of the Pledgee;

    

    
                  7.1.6  出质方放弃抵押股权或在事先未经接受出质方的 书面允许的情况下将其转让或分配。

    

     

    
                  7.1.7  The
        Company is incapable of
        repaying the general debt or other debt;

    

                7.1.7  公司无力偿付日常或其他债务

     

    
                  7.1.8  The
        property of the Pledgor is
        adversely affected causing the Pledgee to believe that the capability of
        the
        Pledgor to perform the obligations herein is adversely
        affected;

    

    
                  7.1.8  出质方的财产的不利影响导致接受质押权人方确 信出质方履行义务的能力也受到影响;

    

     

    
      
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                7.1.9  The
      successors or agents of the
      Company are only able to perform a portion of or refuse to perform the payment
      obligations under the Service Agreement;

    
                  7.1.9  公司的承继人或代理人仅能仅能支付部分或拒绝 支付服务合同中的支付义务

    

     

                7.1.10  The
      breach of the other terms by
      action or inaction under this agreement by the Pledgor.

                7.1.10  出质方对该协议其他条款实际违反或不作为。

     

    
              7.2  The
        Pledgor shall immediately
        give a written notice to the Pledgee if the Pledgor is aware of or discovers
        that any event under Section 7.1 herein or any event that may result in the
        foregoing events has occurred or is likely to occur.

    

    
      
                7.3  出质方一旦意识到或发现 7.1
          款中事件或其他导致先前叙述的 发生或进行,必须马上给予接受出质方书面通知。

      

    

     

    
              7.4  Unless
        the event of default under
        Section 7.1 herein has been solved to the Pledgee’s satisfaction, the Pledgee,
        at any time when the event of default occurs or thereafter, may give a written
        notice of default to the Pledgor and require the Pledgor to immediately make
        full payment of the outstanding Service Fees under the Service Agreement
        and
        other payables or exercise other rights in accordance with Section 8
        herein.

    

            7.4  除非在 7.1
      款中的违约情况已经解决,并且接受出质方对此满 意,接受出质方可以在任何违约事件发生时或之后给予出质方 一个书面的违约通知并且要求出质方根据第 8
      款的规定立即支 付全额贷款和服务协议以及其他应付的抵押权利支付中的未偿 费用。

     

             
      8.  Exercise of
      Remedies.

             
      8.  补救措施

     

            8.1  Authorized
      Action by Secured
      Party. The Pledgors hereby irrevocably appoint Pledgee the attorney-in-fact
      of the Pledgors for the purpose of carrying out the security provisions of
      this
      Agreement and taking any action and executing any instrument that the Pledgee
      may deem necessary or advisable to accomplish the purposes of this Agreement.
      If
      an event of default occurs, or is continuing, Pledgee shall have the right
      to
      exercise the following rights and powers:

            8.1  担保方授权措施。 出质方为了执行该协议的安全规定或采取 任何接受出质方认为必要措施或履行该协议可行的的手段指派一个不可撤消的实际 法律代理人。 如果一个违约事件发生,或者正在进行,接受出质方有权利执行如下 权利:

             

              (a)
      Collect by legal proceedings
      or otherwise and endorse and/or receive all payments, proceeds and other sums
      and property now or hereafter payable on or on account of the Pledged
      Collateral;

    
                (a)
        以法定程序及其它事项,签注,接收及收据形式所收集的现今 及今后的所有费用,收益及其它金额及财产将直接支付或间接 抵押。

    

     

              (b) Enter
      into any extension, reorganization, deposit, merger, consolidation or other
      agreement pertaining to, or deposit, surrender, accept, hold or apply other
      property in exchange for the Pledged Collateral;

              (b)
      任何扩展,重组,保证,兼并,合并及其它允诺或保证,放 弃,接受,保持或其它财产的应用用以交换间接抵押。

     

     

    
      
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              (c)
      Transfer the Pledged
      Collateral to its own or its nominee’s name;

              (c)
将质押担保转交给本人或被提名者。

    
       

                (d) Make
        any compromise or
        settlement, and take any action it deems advisable, with respect to the Pledged
        Collateral;

    

              (d) 关于质押担保将作折衷或昀终解决,并采取明智措施。

    

                (e) Notify
        any obligor with
        respect to any Pledged Collateral to make payment directly to the
        Pledgee;

    

              (e) 通知有关于直接支付给质押权方任何质押担保的任何债务人。

     

    
                (f) 
All
        rights of the
        Pledgors to exercise the voting and other consensual rights it would otherwise
        be entitled to exercise without any action or the giving of any notice shall
        cease, and all such rights shall thereupon become vested in the
        Pledgee;

                (f) 出质方将执行投票权及双方意愿下的权利,否则在没有任何行 动或终止通知下,所有权利归属于质押权方。

       

      
                  (g)
          All rights of the Pledgors to
          receive distributions with respect to the Pledged Collateral which it would
          otherwise be authorized to receive and retain shall cease and all such
          rights
          shall thereupon become vested in the Pledgee; and

      

      
                  (g)
          质方有权收到间接协议的分配,否则该权利归属于质押权方。

         

        
                    (h)
            The Pledgors shall execute
            and deliver to the Pledgee appropriate instruments as the Pledgee may
            request in
            order to permit the Pledgee to exercise the voting and other rights which
            it may
            be entitled to exercise and to receive all distributions which it may
            be
            entitled to receive.

        

                  (h)为 了许可质押人实施出质人有权实施的投票和其他权利或可能 收到的分配,出质方根据质押权人可能的要求制作和交付适当 的 票证。

      

       

    

    The
      Pledgors hereby grant to Pledgee an exclusive, irrevocable power of attorney,
      with full power and authority in the place and stead of the Pledgors to take
      all
      such action permitted under this Section 8.1. Such power of attorney
      shall be effective, automatically and without the necessity of any action
      (including any transfer of any Pledged Collateral) by any person, upon the
      occurrence and continuance of an event of default. Pledgee shall not have any
      duty to exercise any such right or to preserve the same and shall not be liable
      for any failure to do so or for any delay in doing so.

    据此出质方同意质押权方唯一的,不可取消的代理权,以全部权利和 威信替代出质方来采取 8.1
      节下允许的措施。该代理权是有效的,自 动的,不受任何举动,任何人,及拖欠事项的出现及继续的干预(包 括间接抵押的转移)。质押权方不应该有任何职责执行该权利或者对 任何失败和拖延负责。

     

    
      
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            8.2  Event
      of defaults; Remedies.
Upon the occurrence of an event of default, Pledgee
      may, without notice to or demand on the Pledgors and in addition to all rights
      and remedies available to Pledgee, at law, in equity or otherwise, do any of
      the
      following:

            8.2  过错事项;补救措施。在任何过错事项出现,质押权方可能无须通知
      或出质方要求,此外,在法律,资产或其它方面所授予质押权方权利及补救措施, 需完成以下:

    
       

                (a)
        Require the Pledgors to
        immediately pay all outstanding unpaid amounts due under the Consulting Services
        Agreement;

    

    
                (a)
要求出质方立即支付
        “咨询服务协议”中的到期债务总 额;

    

     

    
                (b)
        Foreclose or otherwise
        enforce Pledgee’s security interest in any manner permitted by law or provided
        for in this Agreement;

                (b)
取消抵押品赎回权或其它方式来保障法律或协议中的质押
        权方的权利;

    

     

              (c)
      Terminate this Agreement
      pursuant to Section 11;

    
                (c)依照 11
        节终止该协议;

       

      
                  (d)
          Exercise any and all rights
          as beneficial and legal owner of the Pledged Collateral, including, without
          limitation, perfecting assignment of and exercising any and all voting,
          consensual and other rights and powers with respect to any Pledged Collateral;
          and

      

      
                  (d)行使任何和所有质押担保的法定所有人和受益的的任何和 所有权利,包括但不限于转让,行使任何及所有有关质 押担保的投票,合意和其他权利和权力;并且

      

       

      
                  (e)
          Exercise any and all the
          rights and remedies of a secured party upon default under applicable
          law.

      

    

              (e)
      行使所有都被法律予以保障的担保方的权利及补救措施。

     

     

    
      
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            8.3  The
      Pledgee shall give a notice
      of default to the Pledgors when the Pledgee
      exercises its remedies under this Agreement.

            8.3  当质押权方执行协议下的补救措施,质押权方应给予出质方予
      拖欠通知。

     

            8.4  Subject
      to Section 7.3, the
      Pledgee may exercise its remedies under this Agreement at any time after the
      Pledgee gives a notice of default in accordance with Section 7.3 or
      thereafter.

            8.4  根据7.3节,质押权方将在任何时候执行补救措施,在质押权
      方给予拖欠通知后。

     

            8.5  The
      Pledgee is entitled to
      priority in receiving payment by the evaluation or proceeds from the auction
      or
      sale of whole or part of the equity interest pledged herein in accordance with
      legal procedure until the unpaid Services Fees under the Services Agreement
      are
      repaid.

            8.5  质押权方在接受拍卖或销售被抵押资产的整体或部分的支付中
      有预先权,根据法律协议直至未被支付服务协议下的服务费偿清为止。

     

            8.6  The
      Pledgor shall not hinder the
      Pledgee from exercising its rights in accordance with this Agreement and shall
      give necessary assistance so that the Pledgee may exercise its rights in
      full.

            8.6  出质方根据协议不可阻碍质押权方行使权利,应给予必要的帮
      助以确保质押权方充分行使权利。

     

           
      9.  Assignment.

     

           
      9.  转让

     

            9.1  The
      Pledgors shall not donate or
      transfer rights and obligations herein
      without prior consent from the Pledgee.

                           
      9.1  未经质押权方的事先允许,出质方不得捐赠及转移它的权利
      和义务。

     

            9.2  This
      Agreement shall be binding
      upon each of the Pledgors and his, her
      or
      its successors and be binding on the Pledgee and his each successor and
      assignee.

            9.2  本协议将约束每个出质方及其继承者,质押权方及其继承者及
      受让人。

     

            9.3  The
      Pledgee may transfer or
      assign his all or any rights and obligations under the Service Agreement to
      any
      individual specified by it (natural person or legal entity) at any time. In
      this
      case, the assignee shall enjoy and undertake the same rights and obligations
      herein of the Pledgee as if the assignee is a party hereto. When the
Pledgee
      transfers or assigns the rights and obligations under the Service Agreement,
      and
      such transfer shall only be subject to a written notice serviced to Pledgors,
      and at the request of the Pledgee, the Pledgors shall execute the relevant
      agreements and/or documents with respect to such transfer or
      assignment.

            9.3  质押权方可转让他的服务协议中的所有或任何权利及义务在任 何时给指定的任何个人 (自然人或法人实体)。在此情况下,受让人如同合同中一 方可享有和执行质押权人的同样的权利和义务。当质押权方转让服务协议中的权利 及义务时,该转让将只要求以书面通知出质方,在质押权方要求下,出质方将执行 有关转让相关的协议及文件。

     

     

    
      
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            9.4  In
      the event of a change in
      control of the Pledgee’s resulting in the transfer or assignment of this
      agreement, the successor parties to the pledge shall execute a new pledge
      contract.

            9.4  在质押权方由于控制人改变导致本协议转让,抵押的承继方将制作 新的质押抵合同。

     

    10.  Formalities,
      Fees and
      Other Charges.

    10.  形式,费用及其他支出。

     

            10.1  The
      Pledgors shall be responsible
      for all the fees and actual expenses in relation to this Agreement including
      but
      not limited to legal fees, cost of production, stamp tax and any other taxes
      and
      charges. If the Pledgee pays the relevant taxes in accordance with applicable
      law, the Pledgors shall fully indemnify the Pledgee such taxes paid by the
      Pledgee.

            10.1  出质人将负责所有及实际联系到该协议的费用,包括但不限 于:法律费用,产品成本,印花税及其它税金及花费。如果被出质人根据法律支付 相关的税金, 出质方将全额赔偿质押权人该笔税金。

     

            10.2  The
      Pledgors shall be responsible
      for all the fees (including but not limited to any taxes, formalities fees,
      management fees, litigation fees, attorney’s fees, and various insurance
      premiums in connection with disposition of Pledge) incurred by the Pledgors
      for
      the reason that the Pledgors fail to pay any payable taxes, fees or charges
      for
      other reasons which cause the Pledgee to recourse by any means or
      ways.

            10.2  出质方将负责所有费用(包括但不限于与处理抵押有关的税 金,手续费,管理费用,诉讼费,律师费及各种保险费),该费用由于出质方因某 种原因没有支付应付的税金、费用及其他花费而导致质押权方寻求追索权而引起。

     

    11.  Force
      Majeure.

    11.  不可抗力

     

            11.1  “Force
      Majeure” shall
      include but not be limited to acts of governments, acts of nature, fire,
      explosion, typhoon, flood, earthquake, tide, lightning, war, refers to any
      unforeseen events beyond the party’s reasonable control and cannot be prevented
      with reasonable care. However, any shortage of credit, capital or finance shall
      not be regarded as an event beyond a Party’s reasonable control. The affected
      the Company Force Majeure shall notify the other party of such event
      resulting in exemption promptly.

            11.1  不可抗力,包括但不限于: 政府行为,自然力,火灾,爆炸, 台风,洪水, 地震,涨潮, 闪电, 战争,各方无法预料并超出合理控制范围,不能 因维护得宜而预防。但是,任何贷款、资金或融资的短缺不应被视作超出某方合理 控制范围。受不可抗力影响的一方应立即通知另一方已获得豁免。

     

            11.2  In
      the event that the affected
      party is delayed in or prevented from performing its obligations under this
      Agreement by Force Majeure, only 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 minimize or remove the effects of Force Majeure
and attempt to resume performance of the obligations delayed or prevented
      by the event of Force Majeure. After occurrence of an event of
Force Majeure, when such event or condition ceases to exist, both
      parties agree to resume the performance of this Agreement with their best
      efforts.

            11.2  如果受影响一方由于不可抗力推迟或被阻碍执行其协议中的义 务,只在推迟或阻碍的范围内,受影响方无须对该损失负责。受影响方需采取合适 措施来昀小化或转移不可抗力的影响,并重新执行被不可抗力推迟或阻碍的义务。 在不可抗力消除后,双方应尽昀大努力继续履行协议。

     

     

     

    
      
        EQUITY
          PLEDGE AGREEMENT

        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

     

    12.  Confidentiality.
      The parties of this agreement acknowledge and make sure that all the oral and
      written materials exchanged relating to this contract are confidential. All
      the
      parties have to keep them confidential and can not disclose them to any other
      third party without other parties’ prior written approval, unless: (a) the
      public know and will know the materials (not because of the disclosure by any
      contractual party); (b) the disclosed materials are required by laws or stock
      exchange rules; or (c) materials relating to this transaction are disclosed
      to
      parties’ legal consultants or financial advisors, however, who have to keep them
      confidential as well. Disclosure of confidential information by Employees or
      hired institutions of the parties is deemed as the act by the parties,
      therefore, subjecting them to liability.

        
12.
      保密条款。各方之间应当认识到任何与此文件相关的口头或书面资料都 是保密的,应当确保所有这样的文件的机密性。未经其他三方的书面允许,任何一 方不得向第三方提供相关的资料。但下述资料不认为是保密资料:a.公众获悉或者 可能被公众获悉的资料(但不包括各方收到资料后公布的); b.由股票交易市场相 关的法律、制度、规则规定应当公开的资料;c.各方向其法律顾问或财务顾问提供 的、与该协议相关的资料,该法律顾问或财务顾问应当遵守此章节提出的保密条 款。任何一方的员工或者受雇的机构披露机密资料将被视为该方泄密的行为,并且 该方将承担相应的违约责任。无论此协议是否有效,或者由于某些原因修改、废 除、终止此协议,此条条款始终有效。

     

    13.  Dispute
      Resolution.

                   
      13.  争议的解决。

     

            13.1  This
      Agreement shall be governed
      by and construed in accordance with the PRC law.

            13.1  此协议的应适用中华人民共和国的法律并根据其解释。

     

            13.2  The
      parties shall strive to
      settle any dispute arising from the interpretation or performance, or in
      connection with this Agreement through friendly consultation. In case no
      settlement can be reached through consultation, each party can submit such
      matter to China International Economic and Trade Arbitration Commission
      (“CIETAC”) for arbitration. The arbitration shall follow the current rules of
      CIETAC, and
      the
      arbitration proceedings shall be conducted in Chinese and shall take place
      in
      Beijing. Any resulting arbitration award shall be final and binding upon the
      parties.

            13.2  各方应当友好磋商解决在此协议的解释和执行过程中所引发的争 议。如果在争议引发生 30
      天内不能达成一致意见,各方可以将此问题提交中国国 际经济贸易仲裁委员会根据其制定的规定受理。 仲裁将在北京进行,所有程序以中 文进行。任何仲裁将成为昀终的结果,各方应当一并承担。

     

    14.  Notices.
Any
      notice which is given by the parties hereto for the purpose of performing the
      rights and obligations hereunder shall be in writing. Where such notice is
      delivered personally, the time of notice is the time when such notice actually
      reaches the addressee; where such notice is transmitted by facsimile, the notice
      time is the time when such notice is transmitted. If such notice does not reach
      the addressee on business date or reaches the addressee after the business
      time,
      the next business day following such day is the date of notice. The delivery
      place is the address first written above of the parties hereto or the address
      advised in writing including via facsimile from time to time.

    14   通知。 任何一方发出的、与此协议行使权利和履行义务为目的的通知 应当为书面形式。当上述通知以专人送交时,通知时间为通知实际到达被通知人; 当通知以传真形式传送,通知时间为传送 时间。假如通知没在工作日到达被通知人 或在工作日之后到达被通知人,该日的下一个工作日是通知日,递送地址为为各方 上述第一个地址或书面建议的包括通过传真发送的地址。

     

     

    
      
        EQUITY
          PLEDGE AGREEMENT

        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

     

    15.  Entire
      Contract.
All Parties agree that this Agreement constitute the entire agreement of
      the
      Parties with respect to the subject matter therein upon its effectiveness and
      supersedes and replaces all prior oral and/or written agreements and
      understandings relating to this Agreement.

    15.  协议的完整性。各方应当认识到该协议阐述了各方关于协议所述问题
      所达成的一致。该协议取代任何先前和同时期所有的口头或书面协议。

     

    16.  Severability.
Any
      provision of this Agreement which is invalid or unenforceable
      because of inconsistent with the relevant laws shall, as to that jurisdiction,
      be
      ineffective to the extent of such invalidity or unenforceability, without
      affecting in any way the remaining provisions hereof.

    16.  协议的可分性。如果根据相关法律任何该协议的规定失效或者不可实 施,则该规定只有在适用的中华人民共和国法律和法规范围内失效,但是其他条款 的有效性、合法性和可执行性不会受到任何影响和削弱。

     

    17.   Appendices.
      The appendices to this Agreement are entire and integral part of this
      Agreement.

    17.  附录。该协议的附录构成协议的完整和必要部分。

     

    18.  Amendment
      or Supplement.

    18.  改正和补充。

     

            18.1  Parties
      may amend and supply this
      Agreement with a written agreement,
      provided that such amendment shall be duly executed and signed by the Pledgee,
      The Company, and holders of a majority of the shares of The Company held by
      the
      Pledgors, and such amendment shall thereupon become a part of this Agreement
      and
      shall have the same legal effect as this Agreement.

            18.1  各方可用书面协议修改和补充该协议。由各方执行并签署的修改 及补充将成为协议的部分与该协议具有相同的法律效果。

     

            18.2  This
      agreement and any
      amendments, modification, supplements, additions or changes hereto shall be
      in
      writing and come into effect upon being executed and sealed by the parties
      hereto.

            18.2  协议和任何改正, 修改,补充,附加及改变均以书面表示,由各 方执行并盖章之日起生效。

     

    19.  Language
      and Copies of
      the Agreement. This Agreement has been executed in four (4) duplicate
      originals in English, each Party has received one (1) duplicate original, and
      all originals shall be equally valid.

                   
      19.  语言和协议的副本。 本协议由英语制作四份。各方持有一份,每份具
有相同的法律效力。

     

    

     

    [SIGNATURE
      PAGE FOLLOWS]

     

     

    
      
        EQUITY
          PLEDGE AGREEMENT

        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      

       

      SIGNATURE
        PAGE

       

       

      IN
        WITNESS WHEREOF each party hereto has caused this
        Agreement duly executed by itself or a duly authorized representative on
        its
        behalf as of the date first written above.

       

      

       

      PLEDGEE:        Hong
        Kong Yi Tat
        International Investment Limited

       

                 
        By:  /s/ CHEN Minhua

                                                 
        Name: CHEN Minhua

                                                 
        Title:

       

      

       

      THE
        COMPANY:    Fujian Jiaoguang.
        Media Co., Ltd.

       

                                                 
        By:/s/ FAN Yanling

                                                 
        Name:
        FAN
        Yanling

                                                 
        Title: President & General Manager

      

       

      
        
          EQUITY
            PLEDGE AGREEMENT

          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

       

       

      PLEDGEE
        SIGNATURE PAGE

       

      PLEDGORS:

       

              SHAREHOLDERS
        OF THE
        COMPANY:

       

              /s/
        CHEN
        Minhua

              By:
        CHEN
        Minhua

              (PRC
        ID Card No.:
        362133195701293336)

              Shares
        of Fujian
        Jiaoguang Media Co., Ltd. owned by CHEN Minhua: 50%

      

       

              /s/
        FAN
        Yanling

              By:
        FAN
        Yanling

              (PRC
        ID Card No.:
        142724197302033128)

              Shares
        of Fujian
        Jiaoguang Media Co., Ltd. owned by FAN Yanling: 50%.

      

       

       

       

      
        
          EQUITY
            PLEDGE AGREEMENT

          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

       

       

      Appendix
        1 

       

      RESOLUTIONS
        OF THE GENERAL SHAREHOLDERS'

      MEETING
        OF THE COMPANY

       

      WHEREAS,
        that certain significant shareholders of Company have agreed to pledge their
        shares of the company under an Equity Pledge Agreement dated October 9, 2004;
        and

       

      WHEREAS,
        it is in the best interest of the Company for the shareholders to enter into
        such Equity Pledge Agreement.

       

      RESOLVED,
        that the pledge of shares held by the shareholders of the company under the
        Equity Pledge Agreement is hereby approved.

       

      This
        resolution was executed and submitted on October 9, 2004 by the undersigned
        shareholders:

       

       

       

      SHAREHOLDERS:

       

                  Signature:/s/
        CHEN Minhua

                  Name:     
        CHEN Minhua

                  

                  Address:                                              
         

                                                              
         
                                                   
         

       

                  ID
        Card No.:
        362133195701293336

                  

                  Telephone:

                  Facsimile:

      

       

       

       

                  Signature:/s/
        FAN Yanling

                  Name:      
        FAN Yanling

                

                  Address:                                              
         
                                                                
           
                                                   
           

      

       

                  ID
        Card No.:
        142724197302033128

       

                  Telephone:

                  Fascimile:

       

       

      EQUITY
        PLEDGE AGREEMENT

       

      16

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