Document:

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                                                                     Exhibit 4.8

                             SHARE TRANSFER CONTRACT

                            IN RELATION TO SHARES IN

            BEIJING FUHUA INNOVATION TECHNOLOGY DEVELOPMENT CO.,LTD.

                            THE TRANSFEROR: NING JUN

                                       AND

                           THE TRANSFEREE: ZHAO ZHIWEI

                                NOVEMBER 20, 2006

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                                TABLE OF CONTENT

<TABLE>
<S>                                                                            <C>
ARTICLE 1   DEFINITIONS.....................................................   1
   1.1      Definitions.....................................................   1
   1.2      Interpretation..................................................   2

ARTICLE 2   TRANSFER........................................................   2

ARTICLE 3   CONSIDERATION...................................................   2

ARTICLE 4   TERM AND TERMINATION............................................   2

ARTICLE 5   REPRESENTATIONS AND WARRANTIES OF THE TRANSFEROR................   3

ARTICLE 6   NOTICES.........................................................   3

ARTICLE 7   GOVERNING LAW AND DISPUTE RESOLUTION............................   3
   7.1      Governing Law...................................................   3
   7.2      Arbitration.....................................................   3

ARTICLE 8   MISCELLANEOUS...................................................   4
   8.1      Further Assurance...............................................   4
   8.2      Non-Assignability...............................................   4
   8.3      Waivers.........................................................   4
   8.4      Amendments......................................................   4
   8.5      Severability....................................................   4
   8.6      Entire Agreement................................................   5
   8.7      Force Majeure...................................................   5
   8.8      Successors and Assigns..........................................   5
   8.9      Counterparts....................................................   6
   8.10     Signature and Language..........................................   6
   8.11     Third Party Agreements..........................................   6
   8.12     No Third Party Beneficiaries....................................   6
</TABLE>

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                             SHARE TRANSFER CONTRACT

This Share Transfer Contract is entered into by the following Parties on
November 20, 2006:

     (1) NING JUN (the "TRANSFEROR"),

Address:   655-43, Jiefang Road, Dalian City, Liaoning Province, P.R.China
ID Number: __________; and

     (2) ZHAO ZHIWEI, (the "TRANSFEREE")

Address:   9th Floor of Tower C, Corporate Square, 35 Financial Street,
           Xicheng District, Beijing 100032, P.R.China
ID Number: _________

WHEREAS:

1. Fuhua Innovation Technology Development Co., Ltd. (the "Company") is a
limited liability company duly organized and validly existing under the laws of
China, and its registered capital is RMB 3,000,000.

2. The Transferor is a shareholder of the Company, and the beneficiary owner of
45% of equity shares of the Company, and contributed its full investment in
accordance with laws.

3. The Transferor intends to sell to the Transferee, and the Transferee intends
to purchase from the Transferor, all shares of the Company owned by the
Transferor, representing 45% of the total share capital of the Company.

THEREFORE, after friendly consultations conducted in accordance with the
principles of equality, the Transferor and the Transferee hereby agree as
follows:

ARTICLE 1 DEFINITIONS

1.1  Definitions

The following terms as used in this Contract shall have the meanings set forth
below unless otherwise specified herein:

(1) CONTRACT:  shall mean this Share Transfer Contract;

(2) SHARES:    shall mean all shares of the Company owned by the Transferor,
               representing 45% of the total share capital of the Company;

(3) RMB:       shall mean the lawful currency of China;

(4) PRC/CHINA: shall mean the People's Republic of China which, for the
               purposes of this Contract, does not include the

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               Hong Kong Special Administrative Regions, the Macau Special
               Administrative Region, and Taiwan.

1.2  Interpretation

(1) The articles of the Whereas clause and the Schedule of this Contract form an
integral part of this Contract and shall have the same effect as if set out in
the body of this Contract. References to this Contract shall be construed as
this Contract in its form as so supplemented, revised, altered, or amended, and
shall include their articles under the Whereas section and Schedules;

(2) The headings of each article and schedule are for convenience of reference
only and shall not affect or restrict the meaning or interpretation of this
Contract;

(3) Each of the Transferor and the Transferee is also be referred to as "a
Party" and collectively as "the Parties" to this Contract; and

ARTICLE 2 TRANSFER

     Subject to the terms and conditions of this Contract, the Transferor agrees
to sell the Shares to the Transferee, and the Transferee agrees to purchase the
Shares from the Transferor.

ARTICLE 3 CONSIDERATION

     Both Parties agree after negotiation that the consideration for the
transfer of the Shares shall be an aggregate of the RMB 1,350,000.

ARTICLE 4 TERM AND TERMINATION

4.1 This Contract and the rights and obligations of the Parties to this Contract
shall take effect upon the execution of this Contract and shall continue in full
force and effect unless earlier terminated as provided herein.

4.2 This Contract may be terminated as follows:

(1) The Parties unanimously agree to terminate this Contract through
consultation.

(2) If any Party enters into any voluntary or involuntary bankruptcy proceedings
unless the same are dismissed within 90 days after their commencement or such
Party is declared bankrupt by courts or any other Governing Authorities, any of
the other Parties may terminate this Contract upon written notice to such Party.

(3) This Contract may be terminated due to the occurrence of any event of Force
Majeure.

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ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF THE TRANSFEROR

5.1 The execution and performance by the Transferor of this Contract does not
contravene any law or contract binding on it.

5.2 The Transferor is the legal owner of the Shares and has full legal right,
power and authority to enter into this Contract, and to perform all its
obligations hereunder.

5.3 As of the Execution Date, the Company is duly incorporated and validly
existing. All required approval and permission relating to the production and
operations have been properly obtained. To the knowledge of the Transferor in
its capacity as the controlling shareholder of the Company, the Company is not
in material violation of any statute, rule or regulation and is not subject to
any ongoing or potential litigation, arbitration, or disputes.

ARTICLE 6 NOTICES

     Any and all notices, requests, demands and other communications required or
otherwise contemplated to be made under this Contract shall be in writing and in
English and Chinese and shall be provided by one or more of the following means,
and the effective date thereof shall be deemed to be (a) when received, if
delivered personally, (b) on the date of transmission with receipt of a
transmittal confirmation, if transmitted by facsimile, or (c) on the fourth
(4th) Business Day following the date of deposit with a courier service, or such
earlier delivery date as may be confirmed in writing to the sender by a courier
service, if sent by EMS or other courier service. All such notices, requests,
demands and other communications shall be addressed as follows or as a Party may
notify the other Party from time to time:

          Transferor:   Ning Jun
          Address:      655-43, Jiefang Road, Dalian City, Liaoning Province,
                        P.R.China
          Telephone:    [__________]
          Fax:          [__________]

          Transferee:   Zhao Zhiwei
          Address:      Floor 9 of Tower C, Corporate Square, 35 Financial
                        Street, Xicheng District, Beijing 100032, P.R.China
          Telephone:    [__________]
          Fax:          [__________]

ARTICLE 7 GOVERNING LAW AND DISPUTE RESOLUTION

7.1  Governing Law

     This Contract shall be governed by and construed under the laws of China.

7.2  Arbitration

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     Any dispute arising out of or in connection with, or related to, this
Contract, (including any question regarding its existence, validity or
termination or as to rights or obligations of the Parties hereunder) which is
not settled by friendly discussions shall be referred to the Beijing Arbitration
Commission for final resolution in accordance with its Arbitration Rules from
time to time in force which rules are deemed to be incorporated by reference
into this Article.

     The Parties hereby exclude any rights of appeals to any court on the merits
of the dispute subject to arbitration.

ARTICLE 8 MISCELLANEOUS

8.1  Further Assurance

     During all time after the Execution Date, for the realization of the
interests of the other Party, and in consummation of the Transaction described
herein, each Party shall take all necessary action and execute all documents as
reasonably requested by the other Party, and shall act as reasonably requested
by the other Party. The Parties shall use their best efforts to cause any other
third party to execute such documents and to perform such acts.

8.2  Non-Assignability

     Unless otherwise agreed in writing by the Parties to this Contract, neither
this Contract nor any of the rights, interests or obligations hereunder may be
assigned by either of the Parties without the prior written consent of the other
Party.

8.3  Waivers

     No waiver of any right of a Party under this Contract will be effective
unless evidenced by an instrument in writing duly executed by such Party. No
failure on the part of a Party to exercise, and no delay in exercising, any of
its rights hereunder will operate as a waiver thereof (for the avoidance of
doubt, if the exercise of any right is subject to a term, such right shall be
exercised within such term), nor will any single or partial exercise by either
Party of any right preclude any other or future exercise thereof or the exercise
of any other right.

8.4  Amendments

     Amendments to this Contract (or documents mentioned herein) shall be made
in writing and signed by the Parties or their duly authorized representatives
and shall be subject to the completion of the examination and approval
procedures as required by laws and regulations (if applicable).

8.5  Severability

     If any provision of this Contract should be or become fully or partly
invalid,

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illegal or unenforceable in any respect for any reason whatsoever, such
provision shall have no effect to the extent that it is invalid or unenforceable
and shall be deemed to be excluded from this Contract. The validity and
enforceability of the remaining provisions of this Contract shall not be
impaired. The Parties shall use their best reasonable efforts to substitute such
invalid or unenforceable provision with a suitable and equitable provision that
serves the intent and purpose of such invalid or unenforceable provision. If the
exclusion of a provision of this Contract results in the inability of the
Parties to achieve the material objectives of this Contract, the Parties will
negotiate in good faith to amend or terminate this Contract on mutually
acceptable terms.

8.6  Entire Agreement

     This Contract and the Cooperation Framework Contract constitute the entire
agreement, and supersede all prior agreements and understandings, both written
and oral, among the Parties with respect to the subject matter hereof.

8.7  Force Majeure

     "Force Majeure" shall mean unforeseeable, unavoidable and insurmountable
objective conditions (such conditions include but shall not be limited to
earthquakes, typhoons, flood, fire, strikes, war, or riots). If an event of
Force Majeure occurs and affects a Party's performance of its obligations under
this Contract, such performance shall be suspended during the period of delay
caused by the Force Majeure and shall be extended, without penalty, for a period
equal to such suspension. The Party claiming Force Majeure shall promptly inform
the other Party in writing and shall, within seven (7) Business Days of the
occurrence of the event of Force Majeure, or in the event of communication
disruption, within seven (7) Business Days upon the restoration of the
communication facilities, furnish the other Party by fax and by express-mail
with sufficient detailed information regarding the event of Force Majeure and
shall provide proof of the occurrence and duration of such Force Majeure.

     If such Party claiming Force Majeure fails to notify the other Party and
furnish it with proof pursuant to the above provision, such Party shall not be
excused from the non-performance of its obligations hereunder. The Party so
affected by the event of Force Majeure shall use the reasonable efforts to
minimize the consequences of such Force Majeure and to promptly resume
performance hereunder whenever the causes of such excuse are cured. Should the
Party so affected by the event of Force Majeure fail to resume performance
hereunder when the causes of such excuse are cured, such Party shall be liable
to the other Party.

     In the event of Force Majeure, the Parties shall immediately consult with
each other in order to find an equitable solution and shall use all reasonable
endeavours to minimize the consequences of such Force Majeure.

8.8  Successors and Assignees

     This Contract is executed for the interests of the Parties and their
respective successors and authorized assignees and shall be binding among them.

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8.9  Counterparts

     This Contract may be executed in any number of counterparts, and each
counterpart, upon execution and delivery, shall constitute an original
instrument, but all such separate counterparts shall constitute only one and the
same instrument.

8.10 Signature and Language

     This Contact shall be executed in 2 original copies in Chinese with equal
validity.

8.11 Third Party Agreements

     Neither Party shall make any separate agreement with any third party that
is inconsistent with any of the provisions of this Contract.

8.12 No Third Party Beneficiaries

     No provisions of this Contract, whether expressed or implied, are intended
or shall be construed to confer upon or give to any person or entity other than
the specific parties hereto any rights, remedies or other benefits under or by
reason of this Contract.

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(Execution Page)

IN WITNESS WHEREOF, the Parties hereto have signed this Contract as of the date
first written above.

Transferor: Ning Jun

/s/ Jun Ning              (signature)
-------------------------

Transferee: Zhao Zhiwei

/s/ Zhiwei  Zhao          (signature)
-------------------------

                                        7<PAGE>

                                                                     Exhibit 4.9

                                 LOAN AGREEMENT

     The Loan Agreement (the "Agreement") is entered into as of November 20,
2006 between the following two parties:

     (1)  CHINA FINANCE ONLINE CO., LTD. (the "Lender"), a limited liability
          company established and registered in Hong Kong, SAR.

          REGISTERED ADDRESS: Unit C, 8/F, East Wing, Sincere Insurance Building
          4-6, Hennessy Road, Hong Kong, SAR.

     (2)  ZHAO ZHIWEI (the "Borrower")
          PRC ID NUMBER: _____________
          ADDRESS: 9th Floor of Tower C, Corporate Square, 35 Financial Street,
                   Xicheng District, Beijing 100032, P.R.China

     Lender and Borrower will each be referred to as a "Party" and collectively
referred to as the "Parties."

     WHEREAS, Borrower is to acquire from an existing shareholder (Mr. Ning Jun)
45% of the equity ("Fuhua Equity") of Fuhua Innovation Technology Development
Co., Ltd. ("Fuhua"), a limited liability company established and registered in
the People's Republic of China (the "PRC") corresponding to the registered
capital contribution of RMB 1,350,000.

     WHEREAS, Borrower wishes to borrow a loan from Lender to finance his
investment in Fuhua and Lender agrees to provide such loan to Borrower.

     NOW THEREFORE, the Parties agree as follows:

1.   LOAN

1.1  Lender agrees to provide a loan to Borrower with the principal amount equal
     to the US Dollar equivalent of RMB 1,350,000 in accordance with the terms
     and conditions set forth herein (the "Loan"). Term for such loan shall be
     ten (10) years which may be extended upon the agreement of the Parties (the
     "Term"). Notwithstanding the foregoing, in the following circumstances,
     Borrower shall repay the Loan regardless if the Term has expired:

     (1)  Borrower deceases or becomes a person without legal capacity or with
          limited legal capacity;

     (2)  Borrower commits a crime or is involved in a criminal act; or

     (3)  Lender or its designated assignee can legally purchase Borrower's
          interest in Fuhua under the PRC law and Lender chooses to do so.

1.2  Borrower hereby irrevocably instructs Lender to remit the amount of the
     Loan direct to Ning Jun as Borrower's payment of the purchase price of the
     equity.

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1.3  The Loan shall only be used by Borrower to acquire the equity of Fuhua.
     Without Lender's prior written consent, Borrower shall not use the Loan for
     any other purpose or transfer or pledge his interest in Fuhua to any third
     party.

1.4  Borrower can only repay the Loan by transferring all of his interest in
     Fuhua to Lender or a third party designated by Lender when such transfer is
     permitted under the PRC law.

1.5  In the event Borrower transfers his interest to any third party other than
     Lender, Borrower shall pay the full amount of the proceeds it receives from
     such transfer to Lender regardless if the amount of such proceeds exceeds
     the amount of the Loan.

1.6  Lender and Borrower hereby jointly agree and confirm that Lender has the
     right to, but has no obligation to, purchase or designate a third party
     (legal person or natural person) to purchase all or part of Borrower's
     interest in Fuhua at a price equal to the amount of the Loan when such
     purchase is allowed under the PRC law. If Lender or the third party
     assignee designated by Lender only purchases part of Borrower's interest in
     Fuhua, the purchase price shall be reduced on a pro rata basis.

1.7  In the event when Borrower transfers his interest in Fuhua to Lender or a
     third party transferee designated by Lender, (i) if the actual transfer
     price paid by Lender or the third party transferee equals or is less than
     the principal amount of the Loan, the Loan shall be deemed as interest
     free; or (ii) if the actual transfer price paid by Lender or the third
     party transferee is higher than the principal amount of the Loan, the
     amount exceeding the principal amount of the Loan shall be deemed as an
     interest accrued on the Loan and paid by Borrower to Lender in full.

2.   CONDITIONS PRECEDENT TO DISBURSEMENT

     The following conditions must be satisfied before the Loan is disbursed to
     Borrower:

2.1  The representation and warranties under Section 3 remain true and correct
     on the day when the disbursement notice is delivered to Lender and on the
     date the Loan is disbursed to Borrower as if such representations and
     warranties are made as of such dates.

2.2  Borrower has not materially breached any terms or conditions hereof.

3.   REPRESENTATION AND WARRANTIES

3.1  Lender hereby represents and warrants to Borrower that:

     (a)  Lender is a company registered and validly existing under the laws of
          Hong Kong, SAR;

     (b)  subject to its Memorandum and Articles of Association and other
          organizational documents, Lender has full right, power and all
          necessary approvals and authorizations to execute and perform this
          Agreement;

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     (c)  the execution and the performance of this Agreement will not
          contravene any provision of law applicable to Lender or any
          contractual restriction binding on or affecting him; and

     (d)  this Agreement shall constitute the legal, valid and binding
          obligations of Lender, which is enforceable against Lender in
          accordance with its terms upon its execution.

3.2  Borrower hereby represents and warrants to Lender that:

     (a)  Fuhua is a limited liability company registered and validly existing
          under the laws of PRC;

     (b)  Borrower has full right, power and all necessary and appropriate
          approval and authorization to execute and perform this Agreement;

     (c)  the execution and the performance of this Agreement will not
          contravene any provision of law applicable to Borrower or any
          contractual restriction binding on or affecting Borrower;

     (d)  this Agreement shall constitute the legal and valid obligations of
          Borrower, which is enforceable against Borrower in accordance with its
          terms upon its execution; and

     (e)  there are no legal or other proceedings before any court, tribunal or
          other regulatory authority pending or threatened against Borrower.

4.   NOTIFICATIONS

     Notice or other communications under this Agreement shall be delivered
     personally or sent by facsimile transmission or by registered mail to the
     address set forth below, except that such address has been changed in
     writing. The date noted on the return receipt of the registered mail is the
     service date of the notice if the notice is sent by registered mail; the
     sending date is the service date of the notice if the notice is sent
     personally or by facsimile transmission. The original of the notice shall
     be sent personally or by registered mail to the following address after the
     notice is sent by facsimile.

     Lender:   China Finance Online Co., Ltd.

               Address: Unit C, 8/F, East Wing
                        Sincere Insurance Building 4-6
                        Hennessy Road, Hong Kong, SAR.

     Borrower: Zhao Zhiwei

               Address: 9th Floor of Tower C, Corporate Square, 35 Financial
                        Street, Xicheng District, Beijing 100032, P.R.China

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5.   CONFIDENTIALITY

     The Parties acknowledge and confirm that any oral or written materials
     concerning this Agreement exchanged between them are confidential
     information. The Parties shall protect and maintain the confidentiality of
     all such confidential data and information and shall not disclose to any
     third party without the other party's written consent, except (a) the data
     or information that was in the public domain or later becomes published or
     generally known to the public, provided that it is not released by the
     receiving party, (b) the data or information that shall be disclosed
     pursuant to applicable laws or regulations, and (c) the data or information
     that shall be disclosed to One Party's legal counsel or financial counsel
     who shall also bear the obligation of maintaining the confidentiality
     similar to the obligations hereof. The undue disclosing of the confidential
     data or information of One Party's legal counsel or financial counsel shall
     be deemed the undue disclosing of such party who shall take on the
     liability of breach of this Agreement.

6.   GOVERNING LAW AND SETTLEMENT OF DISPUTES

6.1  The execution, validity, interpretation, performance, implementation,
     termination and settlement of disputes of this Agreement shall be governed
     by the laws of Hong Kong, SAR.

6.2  In event of any dispute arising from or in connection with this Agreement,
     the Parties shall attempt to resolve the dispute through friendly
     consultations. In the event that satisfactory resolution is not reached
     within thirty (30) days after commencement of such consultation, the
     dispute shall be submitted (which submission may be made by either Borrower
     or Lender) to resolution by arbitration administered by Hong Kong
     International Arbitration Center(the "Center") in Hong Kong, in accordance
     with the procedural rules of the Center, which are in effect at the time
     the application for arbitration is made. The arbitral award shall be final
     and binding upon all parties hereto.

6.3  In case of any disputes arising out of the interpretation and performance
     of this Agreement or any pending arbitration of such dispute, the Parties
     shall continue to perform their rights and obligations under this
     Agreement, except that such maters are involved in the disputes.

7.   MISCELLANEOUS

7.1  This Agreement can only be amended by written agreements jointly executed
     by the parties.

7.2  Any provision of this Agreement that is invalid or unenforceable shall not
     affect the validity and enforceability of any other provisions hereof.

IN WITNESS WHEREOF, the Parties have duly executed this Agreement, or have
caused this Agreement to be duly executed on their behalf, as of the date and
year first hereinabove set forth.

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                                        LENDER:

                                        CHINA FINANCE ONLINE CO., LTD

                                        /s/ company seal
                                        ----------------------------------------
                                        By:
                                            ------------------------------------
                                        Title:
                                               ---------------------------------

                                        BORROWER:

                                        ZHAO ZHIWEI

                                        /s/ ZHIWEI ZHAO
                                        ----------------------------------------

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