Document:

<PAGE>

                                                                   Exhibit 10.42

                               Operating Agreement

     This Operating Agreement ("Agreement") is entered into on the day of May 5,
2004 among the following parties:

Party A:   Hurray! Times Communications (Beijing) Ltd.
Address:   Room B 07-A, Tong Heng Plaza, No.4 Huanyuan Road, Haidian District,
           Beijing

Party B:   Beijing Cool Young Information Technology Co., Ltd.
Address:   9E, Block 3, Huaao Center, No.31 Zizhuyuan Road, Haidian District,
           Beijing

Party C:   Wang Qindai
Address:   No 50, Dajue Hutong, Xicheng District, Beijing

Party D:   Hurray! Solutions Ltd.
Address:   Room 318, Floor 3, No.12 Fuxing Road, Handian District, Beijing

WHEREAS:

1.   Party A is a wholly foreign-owned enterprise registered in the People's
     Republic of China (the "PRC");

2.   Party B is a limited liability company registered in the PRC and is
     approved by competent governmental authorities to carry on the business of
     providing information services on the value-added telecommunication
     services;

3.   Party A has established a business relationship with Party B by entering
     into Exclusive Technical Consulting and Services Agreement;

4.   Pursuant to Exclusive Technical Consulting and Services Agreement between
     Party A and Party B, Party B shall pay a certain amount of money to Party
     A. However, the relevant payables have not been paid yet and the daily
     operation of Party B will have a material effect on its capacity to pay the
     payables to Party A.

5.   Party C is a shareholder of Party B who owns 5% equity in Party B.

6.   Party D is a shareholder of Party B who owns 95% equity in Party B.

7.   Party A, Party B, Party C and Party D, agree to further clarify matters
     relating to the operation of Party B pursuant to provisions herein.

<PAGE>

     NOW THEREFORE, Party A, Party B, Party C and Party D through mutual
     negotiations hereby agree as follows:

1.   In order to ensure Party B's normal operation, Party A agrees, subject to
     Party B's satisfaction of the relevant provisions herein, to act as the
     guarantor for Party B in the contracts, agreements or transactions in
     association with Party B's operation between Party B and any other third
     party and to provide full guarantee for Party B in performing such
     contracts, agreements or transactions subject to applicable laws. Party B
     agrees to mortgage the receivables of its operation and all of the
     company's assets which have not been mortgaged to any third party as at the
     execution date of this Agreement to Party A as a counter guarantee.
     Pursuant to the above guarantee arrangement, Party A, as the guarantor for
     Party B, shall enter into written guarantee contracts with Party B's
     counter parties.

2.   In consideration of the requirement of Article 1 herein and to ensure the
     performance of the various operation agreements between Party A and Party B
     and to ensure the payment of the various payables by Party B to Party A,
     Party B together with its shareholders Party C and Party D, hereby jointly
     agree that Party B shall not conduct any transaction which may materially
     affect its assets, obligations, rights or the company's operation without
     obtaining of a prior written consent from Party A or Party A's Affiliates,
     including without limitations to the following contents:

     2.1 To borrow money from any third party or assume any debt;

     2.2 To sell to any third party or acquire from any third party any assets
     or rights, including without limitations to any intellectual property
     rights;

     2.3 To provide real guarantee for any third party with its assets or
     intellectual property rights; and

     2.4 To assign to any third party the agreements entered into by it.

3.   In order to ensure the performance of the various agreements between Party
     A and Party B and to ensure the payment of the various payables by Party B
     to Party A, Party B together with its shareholders Party C and Party D
     hereby jointly agree to accept the provision of the corporate policies and
     guidance by Party A at any time in respects of appointment and dismissal of
     the company's employees, the company's daily operation administration and
     the company's financial administrative system.

4.   Party B together with its shareholders Party C and Party D hereby jointly
     agree that Party B, Party C and Party D shall appoint the personnel
     recommended by Party A as the directors of Party B, and Party B shall
     engage Party A's high ranking officers or any other candidate recommended
     by Party A as Party B's General Manager, Chief Financial Officer, and other
     high ranking officers. If any of the above officers leaves

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     or is fired by Party A, he or she will lose the qualification to undertake
     any positions in Party B and Party B, Party C and Party D shall appoint
     other high officers of Party A recommended by Party A to undertake such
     position.

     To ensure performance of such arrangement, Party A and Party B agree to
cause such directors and high ranking officers to enter into director or high
ranking officer engagement agreements with Party B in compliance with the above
arrangement.

     Party C and Party D hereby agree to sign an authorization agreement upon
execution of this Agreement, by which Party C and Party D will authorize the
individual employed by Party A to exercise all of their respective voting rights
as a shareholder at Party's shareholder meetings according to laws and articles
of association of the company.

5.   Party B together with its shareholders Party C and Party D hereby jointly
     agree and confirm that except the stipulation set forth in Article 1
     herein, Party B shall seek a guarantee from Party A first if Party B needs
     any guarantee for its performance of any contract or loan of working
     capital in the course of operation. In this case, Party A shall have the
     right but not the obligation to provide appropriate guarantee to Party B on
     its own discretion. If Party A decides not to provide such guarantee, Party
     A shall issue a written notice to Party B immediately and Party B shall
     seek a guarantee from other third party.

6.   In the event that any of the agreements between Party A and Party B
     terminates or expires, Party A shall have the right but not the obligation
     to terminate all agreements between Party A and Party B including without
     limitation to Exclusive Technical Consulting and Services Agreement.

7.   Any amendment and supplement of this Agreement shall be in a written form.
     The amendment and supplement after being duly executed by each Party shall
     be part of this Agreement and shall have the same legal effect as this
     Agreement.

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

9.   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, each party can submit such matter to China International
     Economic and Trade Arbitration Commission ("CIETAC") for arbitration in
     accordance with the current rules of CIETAC. The arbitration proceedings
     shall take place in Beijing and shall be conducted in Chinese. The
     arbitration award shall be final and binding upon the parties.

10.  Notice. Any notice which is given by the parties hereto for the purpose of
     performing the rights, duties 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

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     the addressee; where such notice is transmitted by telex or 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 from time to time. The
     writing form includes facsimile and telex.

11.  This Agreement shall be executed by a duly authorized representative of
     each party as of the date first written above and become effective
     simultaneously. The term of this agreement is ten years unless early
     termination occurs in accordance with the relevant provisions herein. This
     Agreement may be renewed only upon Party A's written confirmation prior to
     the term of this Agreement expires. The renewed term shall be determined
     pursuant to Party A's written confirmation.

12.  This Agreement shall be terminated on the expiring date unless it is
     renewed in accordance with the relevant provision herein. During the valid
     term of this Agreement, Party B, Party C and Party D shall not terminate
     this Agreement. Notwithstanding the above stipulation, Party A shall have
     the right to terminate this Agreement at any time by issuing a thirty days
     prior written notice to Party B, Party C and Party D.

13.  This Agreement is executed in four copies in Chinese.

     IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly
executed on their behalf by a duly authorized representative as of the Effective
Date first written above.

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Operating Agreement
(No text on this page)

By: /s/ Xiang Songzuo
   ---------------------------------------------------------
Party A: Hurray! Times Communications (Beijing) Ltd.

Authorized Representative:
Name: Xiang Songzuo
Position:
Date:

By: /s/ Wei Hongbin
   ---------------------------------------------------------
Party B: Beijing Cool Young Information Technology Co., Ltd.

Authorized Representative:
Name: Wei Hongbin
Position:
Date:

By: /s/ Wang Qindai
   ---------------------------------------------------------
Party C: Wang Qindai

Date:

By: /s/ Xiang Songzuo
   -------------------------------------------------------------
Party D: Hurray! Solutions Ltd.

Date:

                                        5<PAGE>

                                                                   Exhibit 10.43

               Beijing Cool Young Information Technology Co., Ltd.

              CONTRACT RELATING TO THE EXCLUSIVE PURCHASE RIGHT OF
                                 EQUITY INTEREST

                             Dated as of May 5, 2004

<PAGE>

                              CONTRACT RELATING TO
               THE EXCLUSIVE PURCHASE RIGHT OF AN EQUITY INTEREST

The Contract  Relating to the Exclusive  Purchase  Right of An Equity Interest,
dated as of May 5, 2004 (this "Contract"), is made in Beijing by and among:

     (1)  Hurray! Holding Co., Ltd. (the "Lender"), a limited company
          established and registered in Cayman Islands, with the address at
          Century Yard, Cricket Square, Hutchins Drive, P.O. Box 2681GT, George
          Town, Grand Cayman, British West Indies (the "Party A");

     (2)  Wang Qindai, Citizen of the People's Republic of China (the "PRC"),
          holding the Identification Card of the PRC (No. 110102641107115), with
          the address at No.50, Dajue Hutong, Xicheng District, Beijing (the
          "Party B"); and

     (3)  Beijing Cool Young Information Technology Co., Ltd., a limited
          liability company organized and existing under the laws of the PRC,
          with the registered address at 9E Block 3, Huaao Center, No.31
          Zizhuyuan Road, Haidian District, Beijing (the "Party C").

     As used in this Contract, Party A, Party B, and Party C is "the Party"
     respectively, and "Parties to the Contract" in all.

     WHEREAS,

     1.   Party B has the ownership of 5% equity interest in Party C.

     2.   Party C and Hurray! Times Communications (Beijing) Ltd., a 100% owned
          subsidiary company of Party A within PRC, entered into a series of
          contracts such as Exclusive Technical Consulting and Services
          Agreement Contracts.

NOW, THEREFORE, the parties to this Contract hereby agree as follows:

1.   Purchase and Sale of Equity Interest
     ------------------------------------

Section 1.1 Authorization
            -------------

Party B hereby irrevocably delivers to Party A, under the laws of the PRC, an
irrevocable sole authority ("Purchase Right of Equity Interest") for Party A or
one or more persons designated by Party A (the "Designated Persons") to purchase
(in accordance with steps decided by Part A and at the price specified in
Section 1.3 hereof) at any time from Party

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B all or part of Party B's equity interest in Party C. Except for Party A and
the Designated Persons, Party B shall not grant such right to any other party.
Party C hereby agrees to the delivery of Purchase Right of Equity Interest from
Party B to Party A. As specified in this Section and this Contract, "person" has
the meaning of Person, Corporation, Joint Venture, Partnership, Enterprise,
Trust or Non-Corporation Organization.

Section 1.2 Steps
            -----

     The performance of Purchase Right of Equity Interest of Party A shall be
upon and subject to the laws and regulations of PRC. Party A shall send a
written notice (the "Notice of Purchase of Equity Interest") to Party B upon its
performance of Purchase Right of Equity Interest, the Notice of Purchase of
Equity Interest shall have in it the following contents:

     (a)  Party A's decision of the performance of purchase right;

     (b)  The Equity Interest to be purchased by Party A from Party B (the
          "Purchased Equity Interest");

     (c)  Purchase Date/Equity Interest Transferring Date.

Section 1.3 Purchase Price
            --------------

Except as required by law to evaluate, the price of the Purchased Equity
Interest ("Purchase Price") shall be an equivalent of the actual amount of the
Purchased Equity Interest contributed by Party B.

The Purchase Price is subject to applicable laws and regulations of PRC.

Section 1.4 Transfer of the Purchased Equity Interest
            -----------------------------------------

Every time upon Party A's performance of the Purchase Right of Equity Interest:

(a)  Party B shall urge Party C to convene the shareholders meeting, and during
     the meeting, to pass the decision or resolution to transfer the equity
     interest from Party B to Party A and/or the Designated Persons;

(b)  Party B shall, upon the terms and conditions of this Contract and the
     Notice of Purchase of Equity Interest, enter into Equity Interest Transfer
     Contract with Party A (or, in applicable situation, the Designated
     Persons);

(c)  The related parties shall execute all other requisite contracts, agreements
     or documents, acquire all requisite approval and consent of the government,
     and, without any security interest, perform all requisite action to
     transfer the valid

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     ownership of the Purchased Equity Interest to Party A and/or the Designated
     Person, and to cause Party A and/or the Designated Person to be the
     registered owner of the Purchased Equity Interest. For this Section and
     this Contract, "Security Interest" has the meaning of security, mortgage,
     right or interest of the third party, any purchase right of equity
     interest, right of acquisition, prior purchase right, right of set-off,
     ownership detainment or other security arrangements. To further define the
     meaning, it does not include any security interest subject to this Contract
     or the equity interest pledge contract of Party B. As described in this
     Section and this Contract, "the Equity Interest Pledge Contract of Party B"
     has the meaning of the Equity Interest Pledge Contract entered into by
     Hurray! Times Communications (Beijing) Ltd. and Party B dated as of the
     execution date of this Contract. According to the said Contract, to secure
     Party C to perform the obligations subject to the Exclusive Technology
     Consulting and Service Agreement entered into between Party C and Hurray!
     Times Communications (Beijing) Ltd., Party B pledges all its equity
     interest in Party C to Hurray! Times Communications (Beijing) Ltd.

Section 1.5 Payment
            -------

The purchase price at the time when Party A excersizes its purchase right of
equity interests should be determined in a way that meets the relevant
requirements of PRC law.

2.   Promises Relating to Equity Interest
     ------------------------------------

Section 2.1 Promises of Party C
            -------------------
Party C hereby promises:

(a)  Without prior written consent by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, not, in any form, to
     complement, change or renew the Articles of the Association of Party C, to
     increase or decrease registered capital of the corporation, or to change
     the structure of the registered capital in any other forms;

(b)  Following kind finance and business standard and tradition, to maintain the
     existence of the corporation and prudently and effectively operate business
     and process affairs;

(c)  Without prior written consent by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, not, from the execution date of
     this Contract, to sell, transfer, mortgage or dispose in any other form any
     assets, legitimate or beneficial interest of the business or income of
     Party C, or to approve any other security interest set on it;

(d)  Without prior written notice by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, no debt shall take place, be
     inherited, be guaranteed, or be allowed to exist, with the exception of:
     (i) debt from normal or daily business but not from borrowing; (ii) debt
     having been disclosed to Party A or having gained

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     written consent from Party A;

(e)  To normally operate all business to maintain the asset value of Party C,
     without doing or otherwise taking any action that sufficiently adversely
     affects the operation and asset value;

(f)  Without prior written consent by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, not to enter into any material
     contract, with the exception of the contract entered into during the normal
     business (As in this paragraph, a contract with a value more than One
     Million Yuan (RMB 1,000,000) shall be seemed as a material contract);

(g)  Without prior written consent by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, not to provide loan or credit
     loan to anyone;

(h)  Upon the request of Party A, to provide all operation and finance materials
     relevant to Party C;

(i)  Party C purchases and holds all 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 area, operating the similar
     business and owning the similar properties and assets;

(j)  Without prior written consent by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, not to merge or associate with
     any person, or purchase any Person or invest in any Person;

(k)  To immediately notify Party A the occurrence or the probable occurrence of
     the litigation, arbitration or administrative procedure related to the
     assets, business and income of Party C;

(l)  In order to keep the ownership of Party C to all its assets, to execute all
     requisite or appropriate documents, do all requisite or appropriate action,
     and advance all requisite or appropriate accusation, or make requisite or
     appropriate plea for all claims;

(m)  Without prior written notice by Party A, not to assign stock interests to
     shareholders in any form, but upon the request of Party A, to assign all or
     part of its assignable profits to their own shareholders; and

(n)  Upon the request of Hurray! Times Communications (Beijing) Ltd., Party A's
     Affiliate in PRC, to commission any person designated by Hurray! Times
     Communications (Beijing) Ltd. to be the member of the Board of Directors of
     Party C.

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Section 2.2 Promises of Party B
            -------------------

Party B promises:

(a)  Without prior written consent by Party A or Hurray! Times Communications
     (Beijing) Ltd., Party A's Affiliate in PRC, not, from the execution date of
     this Contract, 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 Party B subject to Equity Interest Pledge Contract
     of Party B;

(b)  To cause the authorized representative(s) commissioned by it not to approve
     at the Board of Shareholders to, with no prior written notice by Party A or
     Hurray! Times Communications (Beijing) Ltd., Party A's Affiliate in PRC,
     sale, 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 Party B subject to Equity Interest Pledge Contract of Party B;

(c)  To cause the authorized representative(s) commissioned by it not to approve
     at the Board of Shareholders Party C to, with no prior written notice by
     Party A or Hurray! Times Communications (Beijing) Ltd., Party A's Affiliate
     in PRC, merger or associate with any person, or purchase any person or
     invest in any person;

(d)  To immediately notify Party A the occurrence or the probable occurrence of
     the litigation, arbitration or administrative procedure related to the
     equity interest owned by it;

(e)  To cause the the authorized representative(s) commissioned by it to vote to
     approve at Board of Shareholders the transfer of the Purchased Equity
     Interest subject to this Contract;

(f)  In order to keep its ownership of the equity interest, to execute all
     requisite or appropriate documents, do all requisite or appropriate action,
     and advance all requisite or appropriate accusation, or make requisite or
     appropriate plea for all claims;

(g)  Upon the request of Hurray! Times Communications (Beijing) Ltd., Party A's
     Affiliate in PRC, to commission any person designated by Hurray! Times
     Communications (Beijing) Ltd. to be the member of the Board of Directors of
     Party C;

(h)  Upon the request of Party A at any time, to immediately transfer its equity
     interest to the representative designated by Party A unconditionally and at
     any time, and abandon its prior purchase right of such equity interest
     transferring to another available shareholder; and

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(i)  To prudently comply with the terms and conditions of this Contract and
     other contracts entered into totally or respectively by Party B, Party C
     and Party A and Hurray! Times Communications (Beijing) Ltd., to actually
     perform all obligations under these contracts, without doing or otherwise
     any action that sufficiently affects the validity and enforceability of
     these contracts.

3.   Representations and Warranties
     ------------------------------

Representations and Warranties of Party B and Party C
-----------------------------------------------------

Dated as of the execution date of this Contract and every transferring date,
Party B and Party C hereby represents and warrants together and respectively to
-------------------
Party A as follows:

(a)  It has the power and ability to enter into and deliver this Contract, and
     any equity interest transferring contract ("Transferring Contract",
     respectively) having it as a party, for every single transfer of the
     purchased equity interest according to this Contract, and to perform its
     obligations under this Contract and any Transferring Contract. Upon
     execution, this Contract and the Transferring Contracts having it as a
     party constitute a legal, valid and binding obligation of it enforceable
     against it in accordance with its terms;

(b)  The execution, delivery of this Contract and any Transferring Contract and
     performance of the obligations under this Contract and any Transferring
     Contract do not: (i) cause to violate any relevant laws of PRC; (ii)
     constitute a conflict with its Articles of Association or other
     organizational documents; (iii) cause to breach any contract or instruments
     to which it is a party or having binding obligation on it, or cause to
     breach any contract 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;

(c)  Party C bears the kind and sellable ownership of its equity interest in
     Party C. Party C does not set any security interest on the said assets,
     with the exception of the pledge of equity interests agreed by Party A and
     Hurray! Times Communications (Beijing) Ltd., Party A's Affiliate in PRC;

(d)  Party C does not have any undischarged debt, with the exception of (i) debt
     from its normal business; and (ii) debt having been disclosed to Party A
     and having gained written consent from Party A;

(e)  Party C abides by all laws and regulations applicable to the purchase of
     assets; and

(f)  No litigation, arbitration or administrative procedure relating to equity
     interest, assets of Party C or the corporation is underway or to be decided
     or to probably take place.

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4.   Effective Date
     --------------

     This Contract shall be effectively dated from the execution date, with the
     term of effect as 10 years, and can be extended to another 10 years by the
     choice of Party A.

5.   Applicable Law and Dispute Resolution
     -------------------------------------

Section 5.1 Applicable Law
            --------------

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

Section 5.2 Dispute Resolution
            ------------------

Any dispute arising from the construing and performance of this Contract shall
be settled through friendly consultation between the parties of this Contract.
If no settlement can be reached through such consultation within thirty (30)
days after the date of the written notice sent by one party to the other
requesting to settle the dispute, then each of the parties shall have the right
to refer the matter to China International Economic and Trade Arbitration
Commission, for settlement by arbitration according to the its valid arbitration
rules at the appointed time. The arbitration shall take place in Beijing. The
arbitration result is final, and is binding to both parties of this Contract.

6.   Taxes and Expenses
     ------------------

Every party shall, according to laws of PRC, bear any and all transferring and
registering taxes, costs and expenses for the preparation and execution of this
Contract and all Transferring Contracts, and those arising from or imposed on
the party, to complete the transactions of this Contract and all Transferring
Contracts.

7.   Notices
     -------

This Contract requires that notices or other communications sent by any party or
corporation shall be written in Chinese, and be delivered in person, by mail or
telecopy to other parties at the following addresses or other specified
addresses noticed by other parties to the party. The date deemed to be duly
given or made shall be confirmed as follows: (a) for notices delivered in
person, the date of delivery shall be deemed as having been duly given or made;
(b) for notices delivered by mail, the tenth day of the delivery date of air
certified mail with postage prepaid (as shown on stamp) shall be deemed as
having been duly given or made; and (c) for notices by telecopy, the receipt
date showed on the delivery confirming paper of the relevant document shall be
deemed as having been duly given or made.

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<PAGE>

Party A:   Hurray! Holding Co., Ltd.
Address:   Century Yard, Cricket Square, Hutchins Drive, P.O. Box 2681GT, George
           Town, Grand Cayman, British West Indies, Cayman Islands, British West
           Indies

Party B:   Wang Qindai
Address:   No.50, Dajue Hutong, Xicheng District, Beijing

Party C:   Beijing Cool Young Information Technology Co., Ltd.
Address:   9E Block 3, Huaao Center, No.31 Zizhuyuan Road, Haidian District,
           Beijing

8.   Confidentiality
     ---------------

Both the parties admit and confirm any oral or written materials exchanged by
the parties relating to this Contract are confidential. Both parties shall
maintain the secrecy and confidentiality of all such materials. Without written
approval by the other party, the party shall not disclose to any third party any
relevant materials, but with the exception of the following: (a) the public know
or may know such materials (but not disclosed by the party accepting the
materials); (b) materials needed to be disclosed subject to applicable
ordinances; or (c) any party necessarily discloses materials to its legal or
financial consultant relating the transaction of this Contract, and this legal
or financial consultant shall have the obligation of confidentiality similar to
that set forth in this Section. The breach of the obligation of confidentiality
by staff or employed institution of any party shall be deemed as the breach of
such obligation by that party, and by whom the liabilities for breach shall be
bored. No matter this Contract may terminate by any reason, this Section shall
continue in force and effect.

9.   Further Warranties
     ------------------

The Parties to the Contract agree to promptly execute documents reasonably
requisite to the performance of the provisions and the aim of this Contract or
documents beneficial to it, and to take actions reasonably requisite to the
performance of the provisions and the aim of this Contract or actions beneficial
to it.

10.  Miscellaneous
     -------------

Section 10.1 Amendment, Modification and Supplement
             --------------------------------------

Amendment, modification and supplement of this Contract shall be subject to the
written agreement executed by each party.

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Section 10.2 Observance of Laws and Regulations
             ----------------------------------

The parties of the contract shall observe and make sure the operation of each
party fully observe all laws and regulations of PRC officially published and
publicly gainable.

Section 10.3 Entire Contract
             ---------------

Except for a written amendment, supplement and modification of this Contract
following the date of execution, this contract constitutes the entire contract
of the parties hereto with respect to the object hereof and supersedes all prior
oral or written agreements, representation and contracts with respect to the
object hereof.

Section 10.4 Headings
             --------

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

Section 10.5 Language
             --------

This Agreement is executed by Chinese in three copies.

Section 10.6 Severability
             ------------

If any one or more provisions of this Contract are judged as invalid, illegal or
non-enforceable in any way according to any laws or regulations, the validity,
legality and enforceability of other provisions hereof shall not be affected or
impaired in any way. All parties shall, through sincere consultation, urge to
replace those invalid, illegal or non-enforceable provisions with valid ones,
and from such valid provisions, similar economic effects shall be tried to reach
as from those invalid, illegal or non-enforceable provisions.

Section 10.7 Successor
             ---------

This Contract shall bind and benefit the successor of each party and the
transferee allowed by each party.

Section 10.8 Survival
             --------

(a)  Any obligation taking place or at term hereof prior to the end or
     termination ahead of the end of this Contract shall continue in force and
     effect notwithstanding the occurrence of the end or termination ahead of
     the end of the Contract.

(b)  Section 5, Section 8 and Section 10.8 hereof shall continue in force and
     effect after the termination of this Contract.

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<PAGE>

Section 10.9 Waiver
             ------

Any party to this Contract may waive the terms and conditions of this Contract.
Such waiver shall be valid only if set forth in an instrument in writing signed
by the party or parties to be bound thereby. Any waiver by a party to the breach
hereof by other parties in certain situation shall not be construed as a waiver
to any similar breach by other parties in other situation.

IN WITNESS THEREFORE, the parties hereof have caused the Contract Relating to
the Exclusive Purchase Right of An Equity Interest to be executed by their duly
authorized representatives as of the date first written above.

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<PAGE>

By: /s/ Wang Qindai
    ------------------------------------
Party A: Hurray! Holding Co., Ltd.

By: /s/ Wang Qindai
    ------------------------------------
Party B: Wang Qindai

By: /s/ Wei Hongbin
    ------------------------------------
Party C: Beijing Cool Young Information Technology Co., Ltd.

                                       12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}]]