Document:

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                                                                    EXHIBIT 10.5

                                                               EXECUTION VERSION

                            SHARE TRANSFER AGREEMENT

This SHARE TRANSFER AGREEMENT (this "AGREEMENT") is made on December 15, 2004 by
and between:

(1)   WEN XIN (the "TRANSFEROR"), whose ID number is 110105580421183;
      nationality is Chinese;

(2)   BEIJING MED-PHARM COPORATION ("BMP" or the "TRANSFEREE"), a corporation
      organized under the State of Delaware, the United States, with its
      domicile at 1180 Main Street, Coventry, CT 06238, whose legal
      representative being Xiaoying Gao (Title: Chief Executive Officer and
      President; Nationality: USA).

The Transferor and the Transferee hereinafter individually referred to as a
"PARTY" and collectively referred to as the "PARTIES".

                                    RECITALS

(1)   WHEREAS, Beijing Wanwei Pharmaceutical Co., Ltd. (the "COMPANY") is a
      limited liability company established under the laws of the People's
      Republic of China (the "PRC"), with its registered capital being RMB
      5,880,000. Beijing Wanhui Pharmaceutical Group ("WANHUI GROUP") holds 80%
      of its equity interests, and the Transferor holds the remaining 20%;

(2)   WHEREAS, the Transferor agrees to transfer its equity interests in the
      Company to the Transferee and the Transferee agrees to acquire such equity
      interests as per the terms and conditions of this Agreement;

(3)   WHEREAS, BMP has entered into a Share Transfer and Debt Restructuring
      Agreement with Wanhui Group on the date hereof to acquire Wanhui Group's
      equity interests in the Company;

(4)   WHEREAS, The Transferor and Wanhui Group agree to increase the registered
      capital of the Company from the current RMB5,880,000.00 yuan to US$
      1,750,000, and the amount of increased capital US$1,039,000 shall be fully
      subscribed by BMP; and

(5)   WHEREAS, both Parties acknowledge that the contemplated share transfer and
      capital increase shall be completed in compliance with the requirements of
      the relevant laws and regulations of the PRC and the provisions of the
      Articles of Association of the Company.

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NOW, THEREFORE Both Parties hereby agree as follows:

                            ARTICLE 1. SHARE TRANSFER

1.1   The Transferor agrees to transfer to BMP and BMP agrees to acquire from
      the Transferor the 20% equity interest (the "TRANSFERRED SHARES") held by
      The Transferor in the Company on the terms and conditions of this
      Agreement.

      The Transferor agrees that BMP shall fully subscribe the amount of the
      increased capital of the Company (the "AMOUNT OF INCREASED CAPITAL"),
      i.e.US$1,039,000. BMP shall contribute such Amount of Increased Capital to
      the Company in accordance with the revised Articles of Association of the
      Company.

1.2   Both Parties agree that from the date when all of the following conditions
      precedent have been satisfied (the "DATE OF TRANSFER"), BMP shall be the
      owner of the Transferred Shares and become the shareholder of the Company:

      (a)   Beijing Drug Administration Bureau has renewed the Pharmaceutical
            Distribution License of the Company for an additional five years and
            has approved the change of legal representative and other issues (if
            any) thereon;

      (b)   The share transfer contemplated under this Agreement, the share
            transfer contemplated under the Share Transfer and Debt
            Restructuring Agreement and the revised Articles of Association of
            the Company have been approved by the Ministry of Commerce or its
            authorized authority (the "EXAMINATION AND APPROVAL AUTHORITY") and
            the Company has been issued with an Approval Certificate of Foreign
            Investment Enterprise;

      (c)   The amendment registration in respect of the share transfer
            contemplated hereunder, the share transfer contemplated under the
            Share Transfer and Debt Restructuring Agreement between BMP and
            Beijing Wanhui Pharmaceutical Group, and the revised Articles of
            Association of the Company has been effected with Beijing
            Administration for Industry and Commerce ("REGISTRATION AUTHORITY");
            and

      (d)   There shall have been no material adverse change in the financial
            condition, operations or business prospects of the Company during
            the Transition Period, as such terms are defined in Article 3.1,
            with the exception of any such material adverse change resulting
            from an action or inaction taken by the Company with the approval of
            the Supervision Committee as such terms are defined in Article 3.1.

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      Upon the completion of the share transfer hereunder and the share transfer
      as contemplated under the share transfer agreement between BMP and Wanhui
      Group, BMP shall become the sole shareholder of the Company, and the
      Company shall be converted into a wholly foreign owned enterprise pursuant
      to PRC law.

1.3   The Transferor confirms that, prior to the execution of this Agreement,
      the shareholders' meeting of the Company has adopted a valid resolution
      approving the transfer of the Transferred Shares to BMP from the
      Transferor, the subscription by BMP of the Amount of Increased Capital and
      the corresponding amendments to the Articles of Association of the
      Company.

1.4   The Transferor confirms that Wanhui Group has waived its first right of
      refusal with respect to the Transferred Shares prior to the execution of
      this Agreement. Its consent letter is attached herein as Schedule 1.

1.5   No later than three (3) months after the date hereof, both parties shall
      cause the Company to submit this Agreement, the revised Articles of
      Association of the Company and an original copy of the duly signed
      resolution referred to in Article 1.3 above together with other necessary
      application documents to the Examination and Approval Authority.

1.6   Both Parties shall take their best endeavour to obtain the approval from
      the Examination and Approval Authority, to assist the Company in going
      through the amendment registration formalities with the Registration
      Authority.

                ARTICLE 2. CONSIDERATRION FOR THE SHARE TRANSFER

2.1   As consideration for transferring the Transferred Shares by the Transferor
      to BMP, BMP agrees to pay the Transferor US$ 1.00 ("TRANSFER VALUE").

2.2   Both Parties agree that the Transfer Value shall be paid in cash in US
      dollar within 10 working days after the Date of Transfer. The Transferor
      shall issue written receipt after receiving the Transfer Value.

                ARTICLE 3. ARRANGEMENTS DURING TRANSITION PERIOD

3.1   Both Parties shall take all necessary measures to ensure the proper
      operation and smooth transmission of the Company between the date hereof
      and the Date of Transfer ("TRANSITION PERIOD"). Both parties agree that
      BMP, Wanhui Group and the Transferor shall appoint respective delegates to
      establish a supervision committee. Such committee shall be composed of
      seven members, with BMP appointing three, Wanhui Group appointing three,
      the Transferor appointing one. The Transferor hereby authorizes BMP to
      nominate such member for and on behalf of itself. The chairman of the
      supervision committee shall be

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      from the delegates appointed by BMP. Any major decisions shall not be
      concluded unless approved by half (inclusive) of all the members of the
      supervision committee. No major business decision of the Company shall be
      made without prior consent of such supervision committee during the
      Transition Period.

3.2   During the Transition Period, The Transferor shall not enter into
      agreement or document related to the Transferred Shares with any third
      party, including but not limited to the transfer of the Transferred Shares
      in whatever means, pledge or any kinds of disposal of the Transferred
      Shares.

3.3   The Transferor agrees that the Company will not carry out dividend
      distribution, in whatever manner, during the Transition Period. BMP shall
      be entitled to delegate its financial personnel to supervise the financial
      operation of the Company.

             ARTICLE 4. REPRESENTATIONS, UNDETAKINGS AND WARRANTIES

4.1   Each Party represents and warrants to the other Party that, on the date
      hereof and the Date of Transfer,

      (1)   It has full power and authorization to execute and perform this
            Agreement and its Schedules;

      (2)   This Agreement shall be legally binding to each Party as of the
            Effective Date; the execution and performance of this Agreement does
            not violate its Articles of Association or the provisions of any
            contracts, agreements or other legal documents to which it is a
            party; and

      (3)   No lawsuit, arbitration or other legal or governmental proceeding is
            pending or threatened against it that would affect its ability to
            perform its obligations under this Agreement.

4.2   The Transferor hereby represents and warrants to BMP that, on the date
      hereof and the Date of Transfer:

      (1)   The Transferor is the sole legal owner of the Transferred Shares.
            The Transferred Shares shall be free of any security interest or any
            third party dispute;

      (2)   Except expressly provided herein, the execution and performance of
            this Agreement shall not be subject to any government approval,
            verification or filling requirement, not requiring any consent,
            permit or approval of other third party.

4.3   Both Parties confirm that the execution and performance of this Agreement
      by the parties is

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      in reliance on the above representations and warranties. Should any party
      find any change with respect to the above prior to the Date of Transfer,
      it shall promptly inform the other party. Except otherwise provided
      herein, both Parties shall negotiate to find solution.

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                    ARTICLE 5. EFFECTIVENESS AND TERMINATION

5.1   This Agreement shall be formed upon the signing by both Parties or the
      authorized representatives of the Parties and/or being affixed with their
      official chops, and it will become effective from the date when it is
      approved by the Examination and Approval Authority ("EFFECTIVE DATE").

5.2   Termination

      This Agreement may be terminated if any of the following situations
      occurs:

      (1)   If the transfer of the Transferred Shares to BMP has not been
            submitted to the Examination and Approval Authority, or the
            application has been rejected within three (3) months after the date
            hereof; or if the application has not been approved by the
            Examination and Approval Authority, or any of the other conditions
            precedent listed in Article 1.2 has not been met within six (6)
            months after the application has been submitted, either party has
            the right to terminate the Agreement upon written notice to the
            other party but that it will take the consent of both parties to
            extend either of the above periods;

      (2)   Should either Party breach its representation, warranties and
            undertakings herein and fail to cure such breach within 30 days
            after the notification of the other Party, the non-breaching Party
            shall be entitled to terminate this Agreement; or

      (3)   Other situations expressly provided herein or agreed by the Parties

                            ARTICLE 6. FORCE MAJEURE

Neither party shall be held liable in the event this Agreement is suspended, in
part or in whole, due to force majeure. The party such affected shall notify the
other party in writing within seventy-two (72) hours as of the happening of the
force majeure event, and provide the other party relevant evidencing documents
within seven (7) days as of the happening of the force majeure event. Where the
force majeure event has lasted for ninety (90) days, both parties shall
negotiate on the performance of this Agreement, including whether to terminate
this Agreement. For the purpose of this Agreement, any significant adverse
change to the business financial and/or operation of the Company between the
date hereof and the Date of Transfer caused or to be caused by change of law
shall be recognized as one type of force majeure.

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                          ARTICLE 7. BREACH OF CONTRACT

Subject to other provisions of this Agreement, one Party shall be deemed to have
violated this Agreement if it fails to fulfill any obligations under this
Agreement, or any of its representations and/or warranties under this Agreement
is proved to be untrue or materially incorrect. The breaching Party shall
correct its violation at its own cost in the period required by the other Party
in the breaching notice and within no more than thirty (30) days since it
receives such notice from the other Party. Except for the other remedies
provided in this Agreement, should the violation have not been corrected after
the period requested in the breaching notice or thirty (30) days, the breaching
Party shall compensate the other Party all direct losses incurred from such
violation, including but not limited to all costs arising from the execution of
this Agreement.

                          ARTICLE 8. DISPUTE RESOLUTION

8.1   Friendly Consultations

      In the event of any dispute, controversy or claim (collectively,
      "DISPUTE") arising out of or relating to this Agreement, or the breach,
      termination or invalidity thereof, the Parties shall attempt in the first
      instance to resolve such Dispute through friendly consultations.

8.2   Arbitration

      (a)   If the Dispute is not resolved by friendly consultations within
            thirty (30) days after the commencement of such consultations, then
            at any time either party may submit the Dispute to Hong Kong
            International Arbitration Center (the "HKIAC") in accordance with
            the United Nations Commission on International Trade Law (the
            "UNCITRAL") Arbitration Rules presently in force, which rules are
            deemed to be incorporated by reference into this clause.

      (b)   The place of arbitration shall be Hong Kong and the arbitration
            shall be conducted in English.

      (c)   The arbitration award shall be final and binding on both the
            parties, and both the parties agree to be bound thereby and to act
            accordingly.

      (d)   The costs of arbitration shall be borne by the Party or Parties as
            designated in the arbitration award.

8.3   Continuing Rights and Obligations

      When any Dispute occurs and is the subject of friendly consultations,
      joint conciliation or arbitration, the parties shall continue to exercise
      their remaining respective rights, and

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      fulfil their remaining respective obligations, under this Agreement,
      except in respect of those matters under Dispute.

                            ARTICLE 9. GOVERNING LAW

The validity, interpretation and implementation of this Agreement and dispute
resolution shall be governed by the laws of the PRC which are published and
publicly available.

                               ARTICLE 10. NOTICES

Any notice or written communication in connection with this Agreement by any
Party to the other shall be made in both Chinese and English by courier service
or by facsimile. The date of receipt of a notice or communication hereunder
shall be deemed to be seven (7) working days after the letter is given to the
courier service in the case of a courier service delivered letter and two (2)
working days after dispatch in the case of a facsimile. All notices and
communications shall be sent to the appropriate address set forth below, until
the same is changed by notice given in writing to the other Party:

          WEN XIN

          No. 208, 5th building, Tuan Jie Hu Bei Kou, Chaoyang District, Beijing

          BEIJING MED-PHARM CORPORATION

          1180 Main Street, Coventry, CT 06238
          Attention: Edvin Norse
          Facsimile No: 001-860-742-1598

                      ARTICLE 11. MISCELLANEOUS PROVISIONS

11.1  Neither Party may assign this Agreement without the written consent of the
      other Party.

11.2  This Agreement is executed in Chinese and English, each in four (4)
      originals. Both language versions shall be equally authentic.

11.3  Unless otherwise provided in this Agreement, this Agreement is severable
      in that if any provision hereof is determined to be illegal or
      unenforceable, the invalid provisions shall be deemed deleted without
      affecting the remaining provisions of this Agreement. The Parties shall
      attempt to replace the invalid provisions with valid provisions as closely
      aligned with the original intent of the parties as possible.

11.4  This Agreement constitutes the entire agreement between the Parties with
      respect to the

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      subject matter hereof, supersedes any prior expression of intent or
      understanding relating hereto and may only be modified or amended by a
      written instrument signed by the authorized representatives of the parties
      thereto.

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed
by their legal representatives on the date first set forth above.

                                     - 9 -
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SIGNATURE PAGE

WEN XIN                                        BEIJING MED-PHARM CORPORATION

By:                                            By:
    ------------------------------                 -----------------------------

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                                   SCHEDULE 1

                CONSENT LETTER ON WAIVING OF FIRST REFUSAL RIGHT

To:  BEIJING MED-PHARM CORPORATION

      RE: THE TRANSFER OF 20% EQUITY INTEREST OF BEIJING WANWEI PHARMACEUTICAL
          CO., LTD.

We, owning 80% equity interest of the Beijing Wanwei Pharmaceutical Co., Ltd.
(hereinafter the "COMPANY"), hereby unconditionally:

1.    consent Beijing Med-Pharm Corporation ("BMP") to acquire the 20% equity
      interest (hereinafter the "TRANSFERRED SHARES") in the Company held by Wen
      Xin (the "TRANSFEROR") in accordance with the Share Transfer Agreement
      (hereinafter the "SHARE TRANSFER AGREEMENT") it entered into with the
      Transferor. This Letter of Consent shall become one appendix to the Share
      Transfer Agreement.

2.    expressly declare to waive the first refusal right to the Transferred
      Shares;

3.    promise to provide all assistances necessary to complete the transaction
      under the Share Transfer Agreement.

This Letter of Consent shall come into effect upon signing by our duly
authorized reprehensive and affixed with our official seal.

This Letter of Consent shall be executed in both Chinese and English. Both
versions shall be equally authentic.

BEIJING WANHUI PHARMACEUTICAL GROUP

-----------------------------------
Authorized representative
Date: December 15, 2004

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                                                                    EXHIBIT 10.6

                             ENGLISH TRANSLATION OF

                      THE EXECUTED ENTRUSTED LOAN AGREEMENT

                                  BY AND AMONG

                  BEIJING MED-PHARM MARKET CALCULATING CO. LTD.

                                       AND

                              CITIC INDUSTRIAL BANK

                                       AND

                     BEIJING WANWEI PHARMACEUTICAL CO. LTD.

                                       1
<PAGE>

                             ENTRUSTED LOAN CONTRACT

                                       CONTRACT NO.: 2004 YIN WEI DAI ZI NO.3045

Party A: Beijing Med-pharm Market Calculating Co. Ltd.(principal)
Domicile: 2002, Capital Mansion, No. 6 South Xinyuan Road, Chaoyang District,
Beijing China
Post Code: 10004
Telephone: 84862122
Fax: 84862121
Legal Representative: Gao Xiaoying
Account Bank and Account Number: CITIC Industrial Jingcheng Branch,
7110210182400027772

Party B:  CITIC Industrial Bank (entrusted party)
Domicile: Fuhua Plaza, C Building, Chaoyang Men Bei Da Jie, Dong Cheng District,
Beijing
Post Code: 100027
Telephone: 65541658
Fax: 65541671
Legal representative/Person in Charge: Dou Jianzhong
Account Bank and Account Number: the Bank of China, Business Department

Party C:  Beijing Wanwei Pharmaceutical Co. Ltd. (the party using the loan)
Domicile: No. 25, A Dong Hua Shi Bei Li, Chongwen District, Beijing, China
Post Code: 100062
Telephone:
Fax:
Legal representative/Person in charge: Guo Yong
Account Bank and Account Number:

Signature place of the contract: Beijing_
Signature date of the contract: December 27, 2004

                                       2
<PAGE>

In order to utilize its own fund more efficiently, Party A entrusted Party B to
advance a loan to Party C. In accordance with the Contract Law and other
relevant laws and regulations, after the equal consultation, Party A, Party B
and Party C mutually agreed on the following terms:

ARTICLE 1 KIND OF CURRENCY, AMOUNT AND TERM OF THE ENTRUSTED LOAN

Party A entrusts its own fund to Party B to advance a loan to Party C, and shall
recover the principal and obtain the interest within the agreed period. The
currency of the loan under this Contract is RMB; the amount of the loan is seven
hundred million; the term of the loan is nine months starting from December 27,
2004 to September 27, 2005.

ARTICLE 2 COMMISSION FEES

1.    The rate of commission fees determined by Party B as per the actual amount
      and term of the loan provided shall be 2%.

2.    Method of collecting the commission fees

      Within three (3) business days after effectiveness of this Contract, such
      fees shall be paid by Party C to Party B in a lump sum or be directly
      deducted from the account of Party C in a lump sum.

3.    Collection of such commission fees shall not be affected by whether the
      entrusted loan has been repaid or is early repaid.

ARTICLE 3 USAGE OF THE LOAN

1.    Party C will use the principal under this Contract for the repayment of
      the indebtedness due and payable to Beijing Wanhui Pharmaceutical Group,
      but Party B shall not take any responsibility for utilization of such loan
      by Party C.

2.    Without the written consent by Party A, Party C shall not change the usage
      of the loan.

ARTICLE 4 ACCOUNT OF PARTY A

1.    Party A shall open a savings account of the entrusted loan with Party B
      within three (3) days after the signing of this Contract.

2.    Party A shall deposit the full amount of the entrusted loan in the amount
      of RMB seven million yuan into the savings account of the entrusted loan
      in a lump sum within three (3) days after the signing of this Contract.

3.    Under no circumstances shall the amount of each drawdown by Party C exceed
      the

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<PAGE>

      balance amount in the account of Party A.

ARTICLE 5 ACCOUNT OF PARTY C

1.    After effectiveness of this Contract but before using the loan, Party C
      shall open the loan account and the RMB settlement account with Party B or
      its branches, in order to handle the formalities for drawdown, repayment
      of the principal, payment of interests and payment of fees, etc.

2.    Party C shall deposit sufficient sum into the account for the payment by
      no less than 5 days before each due date of principle and interest.

3.    B party or its branches shall be given the first priority to deal with the
      settlement for sale of product in connection with the project [or the
      trade] under this loan on the same conditions.

ARTICLE 6 INTEREST RATE OF THE ENTRUSTED LOAN AND METHOD OF INTEREST CALCULATION

1.    The annual interest rate of the entrusted loan is 5.2 %. If Party A and
      Party C adjust the interest rate or change the method of interest
      calculation during the term of performing the Contract, party A shall
      inform Party B in writing, and Party B shall calculate the interest in
      accordance with the adjusted interest rate from the second business day
      after receipt of the notice. The agreed interest rate shall not violate
      the provisions of the People's Bank of China.

2.    The method of interest calculation: The interest is computed on the basis
      of the actual amount of drawdown and number of days elapsed from the first
      date of drawdown by Party C. The calculation is based on there are 360
      days per year.

3.    Payment of interests: Party C shall make payment for interest on quarterly
      basis, the interest payment dates being March 21, June 21, September 21
      and December 21 each year. If the last repayment date of the loan
      principal does not fall on an interest payment date, Party C shall pay off
      all the interest payable on the last repayment date of loan principal.
      Party B must make payment for interest on each interest payment date, or
      Party B may directly deduct the sum from the savings account of Party C.
      If Party C fails to pay interest in full on time and the balance amount of
      the savings account of Party C is not sufficient for payment of the
      interest due, Party B has the right to charge liquidated damages on the
      unpaid amount of interest falling due at the rate of 0.1% per day.

ARTICLE 7 INTEREST OVERDUE

If Party C fails to make repayment in accordance with the repayment schedule or
reach any agreement on extension of the loan, it shall constitute overdue loan.
Party B shall have right to charge the overdue interest on the amount of the
loan overdue in accordance with the interest

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rates stipulated by the People's Bank of China. If the People's Bank of China
changes the interest rates, such changed rates shall apply.

ARTICLE 8 CONDITIONS PRECEDENT TO DRAWDOWN

Party C can make drawdown only after the following conditions are satisfied in
full:

1.    Party C has opened loan account and relevant Renminbi account with Party B
      or its branches.

2.    This Contract has become duly effective.

3.    Party C has submitted to Party B the name list and specimen signatures of
      the personnel of the said company (enterprise) who have the right to
      execute this Contract and the documents and instruments hereunder.

4.    Party B have received the "application for drawing the entrust loan"
      submitted by Party C.

5.    The conditions to drawdown agreed by the parties hereto.

ARTICLE 9 DRAWDOWN PLAN

After effectiveness of this Contract, Party C must apply for using the loan
under this Contract in accordance with the following drawdown plan. If Party C
needs to make an early drawdown, it must obtain the consent from Party A and
Party B.

<TABLE>
<CAPTION>
Drawing    Drawdown      Drawdown      Drawing   Drawdown    Drawdown
 Times      Dates         Amount        Times     Dates       Amount
-------   ----------   ------------    -------   --------    --------
<S>       <C>          <C>             <C>       <C>         <C>
 First    27/12/2004   7,000,000.00    Fifth        --          --
 Second           --             --    Sixth        --          --
 Third            --             --
 Fourth           --             --
</TABLE>

ARTICLE 10 REPAYMENT AND EARLY REPAYMENT

1.    After making drawdowns, Party C must repay the loan under this Contract
      strictly in accordance with the repayment schedule. If Party C needs to
      adjust the repayment schedule, it must apply in writing 30 days prior to
      the due date and shall obtain the written consent from Party A.

<TABLE>
<CAPTION>
Repayment   Repayment      Repayment     Repayment    Repayment    Repayment
  Times       Dates         Amount         Times        Dates       Amount
---------   ----------   ------------    ---------    ---------    ---------
<S>         <C>          <C>             <C>          <C>          <C>
 First      27/09/2005   7,000,000.00      Fifth          --           --
Second              --             --      Sixth          --           --
</TABLE>

                                       5
<PAGE>

<TABLE>
<S>         <C>          <C>
 Third              --             --
Fourth              --             --
</TABLE>

2.    Party C shall make early repayments without the written consent from Party
      A.

3.    If Party C intends to make early repayment, it shall apply in writing to
      Party A and Party B at the same time. Party A shall also reply in writing.
      The amount of early repayment agreed by Party A shall be first used for
      repayment of the installment last due, i.e., repayment in a reversed
      order.

4.    Party C shall not request to draw down the part which is prepaid with the
      consent from Party A.

5.    If Party C fails to make repayment in accordance with the repayment
      schedule, Party B has the right to deduct any sum in all of Party C's bank
      accounts opened with the branches of CITIC Industrial Bank so as to set
      off such amount overdue.

6.    Any sum paid by Party C under this Contract and any sum deducted by Party
      B from the account(s) of Party C shall be used first to pay for the
      interest due and the liquidated damages, and then be used to repay the
      principal falling due.

ARTICLE 11 CERTIFICATE OF INDEBTEDNESS

Party B shall record all the principal, interest, expenses and any other sums
owed by Party C under this Contract in the internal account book of Party B.
This record and the instruments and receipts normally occurred and maintained by
Party B in the course of its handling the drawdown, repayment of principal and
payment of interest by Party C shall be the valid evidence of the credit right
and debt between Party A and Party C.

ARTICLE 12 SECURITY

The principal and interest (including default interest and relevant expenses)
      shall be provided separately in Article 2.2.3 (3) of the Share Transfer
      and Debt Restructuring Agreement between Beijing Med-pharm Corporation and
      Beijing Wanhui Pharmaceutical Group.

ARTICLE 13 REPRESENTATIONS AND WARRANTIES OF PARTY A

1.    Party A hereby represents as follows:

      (1)   The loan supplied by Party A belongs to its own lawful funds which
            it may freely disburse.

      (2)   Party A shall have the right to undertake the activities under this
            Contract in the light of the laws, policies and its own rules and
            systems.

                                       6
<PAGE>

      (3)   Party A executes and performs this Contract voluntarily, which
            represent its true intention and have obtained all necessary lawful
            authorizations, and the formalities necessary for execution and
            performance of this Contract by Party A have been completed.

      (4)   The borrower of the entrusted loan under this Contract is designated
            by Party A; the usage, interest rate and term of the loan are all
            confirmed by Party A.

      (5)   The risks of loan losses under this Contract shall be borne by Party
            A. Party B shall not bear any risks of loan losses.

2.    Party A hereby warrants as follows:

      It will deposit its own funds into savings account of the entrusted loan
      in accordance with Article 4 of this Contract, and guarantee that balance
      of the account shall be no less than the fund that Party C will draw upon
      under this Contract.

ARTICLE 14 REPRESENTATIONS AND WARRANTIES OF PARTY B

1.    Party B hereby represents as follows:

      (1)   Party B is eligible to execute this Contract and the relevant
            documents, and has the right to perform the rights and obligations
            under this Contract.

      (2)   Execution of this Contract by Party B shall not be deemed as
            providing security for Party C by Party B.

2.    Party B hereby warrants as follows:

      (1)   It will assist Party A in examining Party C's credit and handling
            relevant lending formalities.

      (2)   It will advance the loan as per the provisions of this Contract and
            assist Party A to recover the principal and interest of the loan.

      (3)   It undertakes that it will not increase interest at will or do so in
            a disguised form.

ARTICLE 15 REPRESENTATIONS AND WARRANTIES OF PARTY C

1.    Party C hereby represents as follows:

      (1)   Party C has the civil legal capacity and capacity for civil acts
            required for execution and performance of this Contract, and can
            independently assume the civil responsibilities.

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      (2)   Party B executes and performs this Contract voluntarily, which
            represent its true intention and have obtained all necessary lawful
            authorizations. The above-mentioned authorization and execution and
            performance under such authorization does not breach the Articles of
            Association of Party C or any laws and regulations or contract
            binding on Party C. And the formalities necessary for execution and
            performance of this Contract by Party C have been legally and
            validly completed.

      (3)   All documents, information, statements and vouchers provided by
            Party C to Party A and Party B for obtaining the loan under this
            Contract are precise, true, complete and valid.

      (4)   Party C does not hide any event occurred or threatening to occur
            which may make Party A disagree to provide the loan under this
            Contract.

2.    Party C hereby warrants as follows:

      (1)   It will use the loan in accordance with the purpose provided in this
            Contract, and will not occupy the loan by way of misappropriation or
            inappropriate disbursement.

      (2)   It will repay the principal and pay the interest as well as relevant
            expenses in accordance with the repayment schedule under this
            Contract.

      (3)   It will provide credit certification and/or the most updated
            financial statements as requested by Party B.

      (4)   No matter that Party C has entered into or will enter into any
            counter security agreement or like agreement with the security
            provider regarding the latter's obligations of providing security,
            such agreement shall prejudice any right and interest of Party A
            under this Contract in law or in fact.

      (5)   It shall accept the credit inspection and supervision by Party B,
            and provide sufficient assistance and cooperation.

      (6)   It will not reduce its registered capital by any means; will not
            conduct any material change in ownership or any adjustment of its
            method of business operation without the written consent from Party
            A.

      (7)   It will inform Party A and Party B in a timely manner if it provides
            any credit guarantee or creates any mortgage or pledge over its own
            assets for a third party.

      (8)   The order of priority of the debt repayment by Party C under this
            Contract shall not

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<PAGE>

            be lower than that of the debts of same kind owing other creditors.

      (9)   Party C undertakes to inform Party A and Party C within 3 days after
            the following events occur:

            -     an event of default occurs under this Contract and any loan
                  contract or security contract it entered into with any
                  department or branch of the CITIC Industrial Bank, other banks
                  or non-banking financial institutions or entities;

            -     any change in the subordination relationship of Party C or its
                  senior management, amendment to its Articles of Association,
                  or any adjustment of its organizational structure;

            -     Party C encounters severe difficulty(ies) in its business
                  operation or its financial situation deteriorates;

            -     material dispute on credit right and debt incurred by Party C
                  leading to law suit or arbitration, etc.

      (10)  Party C undertakes that it will pay the commission fees to Party B
            as agreed.

3.    The representations and warranties made by Party C in this Article shall
      be continuously valid and shall be deemed as being repeated by Party C
      when this Contract is amended, supplemented or modified.

4.    Party C acknowledges that the execution of this Contract by Party A and
      Party B is based on the confidence in the above-mentioned representations
      and warranties.

ARTICLE 16 EVENT OF BREACH AND LIABILITY OF BREACH

1.    Any of the following events constitutes a default by Party C under this
      Contract:

      (1)   Party C fails to use the loan in accordance with the usages provided
            in this Contract;

      (2)   Party C fails to pay the commission fee to Party B on time in
            accordance with this Contract;

      (3)   Party C fails to repay the amount of principal or pay the amount of
            interest falling due or other sums payable in accordance with this
            Contract;

      (4)   Party C violates any warranty made in Article 15 or any of its
            representations is untrue.

                                       9
<PAGE>

      (5)   Party C violates any other provisions in respect of its obligation
            under this Contract.

2.    In case of occurrence of the above-mentioned events of default, Party C
      shall notify Party A and Party B in time, and Party B may, upon obtaining
      consent from Party A, take the following actions individually or
      simultaneously:

      (1)   to demand Party C to correct its acts of default within limited
            period of time;

      (2)   to deduct the unpaid commission fee owned by Party C to Party B;

      (3)   to cease using or cancel the facility undrawn by Party C;

      (4)   to declare immediate maturity of the principal and the interest
            under this Contract in whole, and demand Party C to immediately pay
            off the principal and interest of the loan and the expenses owed;

3.    Party B's events of default and consequence thereof

      (1)   Party B rejects Party C's drawdown in accordance with the provision
            of this Contract without due reason;

      (2)   violation of any provision agreed in Article 14 of this Contract.

4.    In the event of the above-mentioned events of default on the side of Party
      B, Party A or Party C has the right to take the following actions
      individually or simultaneously:

      (1)   to demand Party B to correct its act of default;

      (2)   Party C has the right of early repayment.

5.    Occurrence of the following events shall constitute default by Party A
      under this Contract:

      (1)   failure to deposit or remit the sufficient amount of fund to the
            savings account of the entrusted loan opened with Party B in
            accordance with the provisions of this Contract;

      (2)   the source of the entrusted loan is illegal or not regulatory

6.    In case of occurrence of the above-mentioned events of default, Party B or
      Party C has the right to take one or more actions as follows:

      (1)   Party B or Party C has the right to demand Party A to correct the
            circumstances

                                       10
<PAGE>

            mentioned above within limited period of time;

      (2)   Party C has the right to refuse to handle the entrusted loan
            business for Party A;

      (3)   Party C has the right of early repayment;

      (4)   in case of any losses caused to Party B and Party C, it has the
            right to demand compensation from Party A.

ARTICLE 17 TAXATION

Party B shall withhold Party A's business tax and surcharge in accordance with
law. In case of any adjustment of business tax and surcharge during the term of
this Contract, Party B shall withhold the business tax and surcharge pursuant to
the adjusted tax rate.

ARTICLE 18 EXPENSES

All the expenses (including but not limited to notary expense) in connection
with this Contract shall be borne by Party C, unless otherwise stipulated by law
or agreed in this Contract.

ARTICLE 19 ASSIGNMENT OF DEBT

1.    Party C shall not assign any rights or obligations under this Contract to
      any third person without prior consent in writing by Party A.

2.    Party C may, upon the prior consent in writing by Party A, assign the
      rights and obligations under this Contract to a third person, and the
      third person shall unconditionally observe all terms under this Contract.

ARTICLE 20 PERFORMANCE OF THE OBLIGATIONS AND WAIVER OF RIGHTS

1.    Unless otherwise stipulated in this Contract, obligations of Party C under
      this Contract are independent and shall not be affected by the
      relationship between any party hereto and a third person.

2.    Any tolerance, grace period or favor granted to Party C by Party A or
      deferred exercising of any rights under this Contract by Party A shall not
      affect, prejudice or limit all rights and interests enjoyed by Party A in
      accordance with this Contract, the laws and regulations, and shall not be
      deemed as any waiver of the rights and interests of Party A and Party B
      under this Contract.

ARTICLE 21 DISPUTE, JURISDICTION AND IMMUNITY

1.    The PRC law shall be applicable to the execution, validity, interpretation
      and

                                       11
<PAGE>

      performance of this Contract and settlement of disputes. During the term
      of this Contract, any dispute or controversy arising out of or in
      connection with the performance of this Contract may be solved by
      consultation between the parties thereto. In case of failure to be solved
      by consultation, the three parties agree to accept the jurisdiction of the
      people's court in the locality of Party B.

2.    All the provisions of this Contract shall be remain valid during the
      course of litigation. Party C shall not refuse to perform its obligations
      under this Contract by using settlement of the dispute as its excuse.

3.    The execution and performance of this Contract by Party C and any
      activities related to this Contract carried out by it shall be civil acts.
      Party C is not and will not be entitled to take any economic or
      administrative measures against Party B or raise objection to or challenge
      any jurisdiction, trial and enforcement by reason that its organizations,
      conducts or assets enjoy any immunity rights.

ARTICLE 22 MISCELLANEOUS

   1.    Advance payment arrangement between Party A and Party C:

      (1)   Should the Share Transfer and Debt Restructuring Agreement between
            Beijing Med-pharm Corporation and Wanhui Group executed on the same
            day as this Contract (the" SHARE TRANSFER AND DEBT RESTRUCTURING
            AGREEMENT") be approved by the examination and approval authority
            prior to the expiration of this Contract, Party C shall arrange the
            repayment of the loan hereunder promptly upon the receipt of advance
            payment notice from Party B providing Beijing Med-pharm Corporation
            has become the shareholder of Party C and has input the amount of
            capital increase to Party C;

      (2)   Should the Share Transfer and Debt Restructuring Agreement be
            terminated for reasons not attributable to Beijing Med-pharm
            Corporation, the principal and interests hereunder shall become due
            immediately. Party C shall repay all the principal, interests and
            fees within two working days upon the receipt of advance payment
            notice from Party B;

      (3)   Should the Share Transfer and Debt Restructuring Agreement be
            terminated for reasons attributable to Beijing Med-pharm
            Corporation, the Contract shall be terminated. Party C shall repay
            the principal hereunder within two working days upon the receipt of
            advance payment notice from Party B;

      (4)   In the incurrence of the above mentioned advance payment, Party A
            shall inform Party B. Party B shall issued Party C advance payment
            notice at the instruction of Party A.

   2.    Party B acknowledges that the liquidated damages provided in Article
         6.3 herein and default interests provided in Article 7 herein are
         charged for the benefit of Party A.

                                       12
<PAGE>

ARTICLE 23 NOTICES

1.    Any notices, request for payment and all kinds of communications under
      this Contract shall be delivered to the counterparty in accordance with
      the addresses and fax numbers under this Contract.

2.    In case of any change to the address of any party, it shall promptly
      notify the other two parties.

3.    Any notice, request or other correspondence given to Party A and Party C
      by Party B, including but not limited to those by way of telex, telegraph,
      facsimile or other means, shall be deemed as delivered once it has been
      dispatched; the mail shall be deemed as delivered on the third day from
      the date when the relevant letter has been registered and posted; where
      the correspondence is sent in person, it shall be deemed as having been
      delivered when the recipient signs the return receipt.

ARTICLE 24 CONDITIONS TO THE EFFECTIVENESS OF THE CONTRACT

This Contract shall come into force once the following conditions are satisfied
at the same time and the term of validity shall run until the repayment of
principal and payment of the interest of loan and other related expense
hereunder in full:

1.    this Contract has been signed by the legal representatives or authorized
      representatives of the three parties hereto and chopped with the official
      chops thereof;

2.    the security contract has become effective, if applicable.

ARTICLE 25 MISCELLANEOUS

1.    This Contract may be amended and supplemented as agreed to by the three
      parties in writing; any amendment and supplement hereto shall constitute
      integral part of the Contract and shall have the equal legal effect with
      this Contract.

2.    In case any provisions of the Contract become illegal, invalid or
      unenforceable due to any change in laws, regulations or judicial practice,
      and the legality, validity or enforceability of the remaining provisions
      of this Contract shall not be affected. Where the above occurs, the three
      parties shall cooperate closely to amend the relevant provisions of the
      Contract that have become illegal, invalid or unenforceable as soon as
      possible.

3.    This Contract shall be six originals, each party holding 2 originals, and
      all the originals shall have equal binding force.

                                       13
<PAGE>

PARTY A (official chop)                      By Legal Representative
                                             (or Authorized Representative):

PARTY B (official chop)                      By Legal Representative
as the entrusted party                       (or Authorized Representative):

PARTY C (official chop)                      By Legal Representative
                                             (or Authorized Representative):

                                       14

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