Document:

<PAGE>

                                                                    EXHIBIT 10.4

                                                                  Execution Copy

                       DATED THE 21 DAY OF SEPTEMBER 2006

                        XINHUA FINANCIAL NETWORK LIMITED
                                (the "Licensor")

                                       and

                          XINHUA FINANCE MEDIA LIMITED
                                (the "Licensee")

                                   ----------

                          TRADE MARK LICENCE AGREEMENT

                                   ----------

<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>
CLAUSE                                                                      PAGE
------                                                                      ----
<S>                                                                         <C>
1. INTERPRETATION........................................................     1
2. GRANT.................................................................     2
3. TERM..................................................................     2
4. USE OF TRADE MARKS....................................................     3
5. ACTION AGAINST THIRD PARTIES..........................................     3
6. TERMINATION CONSEQUENCES..............................................     4
7. INDEMNITY.............................................................     4
8. MISCELLANEOUS.........................................................     4
SCHEDULE.................................................................     6
</TABLE>

                                       -i-

<PAGE>

THIS AGREEMENT IS MADE ON 21ST DAY OF SEPTEMBER 2006

BETWEEN:

(1)  XINHUA FINANCIAL NETWORK LIMITED, a company incorporated under the laws of
     Hong Kong, whose office is located at Room 2003-5 Vicwood Plaza, 199 Des
     Voeux Road Central, Hong Kong

     (the "LICENSOR")

AND

(2)  XINHUA FINANCE MEDIA LIMITED, a company incorporated under the laws of Hong
     Kong, whose registered office is at Century Yard, Cricket Square, Hutchins
     Drive, P.O. Box 2681GT, George Town, Grand Cayman, Cayman Islands

     (the "LICENSEE")

WHEREAS:

(A)  The Licensor is the sole owner or otherwise has rights in the Trade Marks.

(B)  The Licensor has agreed to grant such a licence to use the Trade Marks to
     the Licensee on the terms set out in this Agreement.

NOW IT IS HEREBY AGREED as follows:

1.   INTERPRETATION

1.1  Definitions. In this Agreement (including the Recitals and the Schedule),
     unless the context otherwise requires, the following expressions shall have
     the following meanings:

<TABLE>
<S>                  <C>
     "SUBSIDIARY"    "means (i) with respect to any Party, any corporation,
                     partnership, limited liability company, association, joint
                     venture or other business entity of which more than 50% of
                     the total voting power of shares of stock or other
                     ownership interests entitled (without regard to the
                     occurrence of any contingency) to vote in the election of
                     the person (whether directors, managers, trustees or other
                     person performing similar functions) having the power to
                     direct or cause the direction of the management and
                     policies thereof is at the time owned or controlled,
                     directly or indirectly, by that Party or one or more of the
                     other Subsidiaries of that Person or a combination thereof

     "TRADE MARKS"   means the trade marks specified in the Schedule
</TABLE>

1.2  Interpretation. In this Agreement:

     (a)  the headings are inserted for convenience only and shall not affect
          the construction of this Agreement;

                                       -1-

<PAGE>

     (b)  references to statutory provisions shall be construed as references to
          those provisions as amended or re-enacted or as their application is
          modified by other statutory provisions (whether before or after the
          date hereof) from time to time and shall include any provisions of
          which they are re-enactments (whether with or without modification);

     (c)  all time and dates in this Agreement shall be Hong Kong time and dates
          except where otherwise stated;

     (d)  unless the context requires otherwise, words incorporating the
          singular shall include the plural and vice versa and words importing a
          gender shall include every gender; and

     (e)  references herein to Clauses, Recitals and Schedules are to clauses
          and recitals of and schedules to this Agreement.

1.3  Recitals, Schedules. All Recitals and Schedules form part of this Agreement
     and shall have the same force and effect as if expressly set out in the
     body of this Agreement and any reference to this Agreement shall include
     the Recitals and Schedules.

2.   GRANT

2.1  Grant. In consideration of a licence fee of US$ 50,000 per annum, payable
     annually in advance, the Licensor grants to the Licensee and its
     Subsidiaries a non-exclusive worldwide licence to use the Trademarks in
     compliance with the terms and conditions of this Agreement.

2.2  Representations and Warranties. The Licensor hereby represents and warrants
     to the Licensee during the term of this Agreement that:

     (a)  it is free to enter into this Agreement and to perform its obligations
          under this Agreement; and

     (b)  it has all necessary rights to the Trade Marks to grant the license
          described in Section 2 above, to the extent described in Section 2.1
          above.

3.   TERM

3.1  Term. Subject to Clause 3.2, this Agreement shall commence on the date of
     this Agreement and continue for a term of 15 years.

3.2  Termination: Either Party may terminate this Agreement:

     (a)  if the other Party commits a material breach of this Agreement which
          is not capable of being remedied;

     (b)  if the other Party commits a material breach of this Agreement which
          is capable of being remedied but not remedied within thirty (30) days
          upon receiving written notice from the non-breaching party requiring
          remedy;

                                       -2-

<PAGE>

     (c)  if the other Party becomes insolvent or bankrupt; or

     (d)  if the Licensee ceases to be a Subsidiary of the Licensor.

4.   USE OF TRADE MARKS

4.1  No Assignment, Sublicense. The Licensee must not assign or sublicense any
     of its rights under this Agreement to any other person or party without the
     Licensor's prior written consent.

4.2  Further Acts. If necessary under applicable laws, the Licensor and Licensee
     shall use their respective best endeavours to assist each other and execute
     all such documents and do all such acts and things as may be necessary from
     time to time for the Licensor to apply for and be registered as the owner
     of the Trade Marks; and for the Licensee to apply for and be registered as
     the licensee of the Trade Marks.

4.3  Goodwill. The Licensee must at all times ensure that it does not commit any
     acts to damage the image, goodwill and reputation of the Licensor in the
     Trade Marks.

4.4  No Registration. The Licensee must not during the subsistence of this
     Agreement or at any future time register or apply for registration of the
     Trade Marks in its own name as proprietor.

4.5  Title. The Licensee recognises the Licensor's title to the Trade Marks and
     shall not claim any right title or interest in the Trade Marks or any of
     them save as is granted by this Agreement.

4.6  No Assignment. The Licensee must not assign the benefit of this Agreement
     or grant any sub-licence without the prior written consent of the Licensor.

4.7  Trust. The Licensee shall hold all goodwill generated by its use of the
     Trade Marks under this Agreement as bare trustee for the benefit of the
     Licensor.

5.   ACTION AGAINST THIRD PARTIES

5.1  Infringement. The Licensee must promptly inform the Licensor of any
     infringement, passing off or other unauthorised use committed or threatened
     with respect to any one or more of the Trade Marks.

5.2  Legal Action. The Licensor shall have the sole right to take action against
     third parties in respect of any such infringement of the Trade Marks and if
     required to do so by the Licensor, the Licensee must co-operate fully with
     the Licensor in any such action at the Licensee's reasonable expense.

5.3  Settlement of Claims. The Licensee must in no circumstances settle any
     claim or action against third parties without the prior written consent of
     the Licensor.

5.4  Damages. All damages recovered from third parties shall be the exclusive
     property of the Licensor.

                                       -3-

<PAGE>

6.   TERMINATION CONSEQUENCES

6.1  Rights on Termination. The termination of this Agreement for whatever cause
     shall be without prejudice to any rights and obligations of the parties
     existing before such termination.

6.2  Obligations on Termination. Upon termination of this Agreement for whatever
     cause:

     (a)  the Licensee and its Subsidiaries must forthwith discontinue all use
          of any or all of the Trade Marks;

     (b)  the Licensee shall immediately cease to hold the Licensor out as its
          licensor or to otherwise howsoever imply to third parties any
          misleading or untrue commercial connection with the Licensor; and

     (c)  the Licensee shall upon the request of the Licensor forthwith sign all
          documents and take all steps necessary for the removal or cancellation
          of the Licensee as registered user or licensee (if any) of the Trade
          Marks in the relevant trade mark registry and/or other governmental or
          official departments in any part of the world which would indicate or
          suggest any commercial connection with the Licensor.

7.   INDEMNITY

7.1  Licensee's Indemnity. The Licensee shall indemnify (and keep indemnified)
     and hold harmless the Licensor (including the Licensor's successors,
     affiliates, officers, directors, employees and agents) from and against all
     actions, claims, liability, costs, losses, damages and expenses suffered or
     sustained by the Licensor howsoever arising out of or in connection with
     the Licensee's breach of any of the provisions of this Agreement. This
     indemnity is additional to and cumulative of any other remedies the
     Licensor may have under this Agreement or otherwise in law and/or equity as
     a result of the actions or omissions of the Licensee.

7.2  Licensor's Indemnity. The Licensor shall indemnify (and keep indemnified)
     and hold harmless the Licensee (including the Licensee's successors,
     affiliates, officers, directors, employees and agents) from and against all
     actions, claims, liability, costs, losses, damages and expenses suffered or
     sustained by the Licensee howsoever arising out of or in connection with
     the Licensor's breach of any of the provisions of this Agreement including,
     without limitation, the representations and warranties given herein. This
     indemnity is additional to and cumulative of any other remedies the
     Licensee may have under this Agreement or otherwise in law and/or equity as
     a result of the actions or omissions of the Licensor.

8.   MISCELLANEOUS

8.1  Transmission of Benefit. This Agreement shall be binding upon and enure to
     the benefit of the parties and their successors and assigns but shall not
     assigned by the Licensee without the prior written consent of the Licensor.

8.2  Governing Law. This Agreement shall be governed by and construed under the
     laws of Hong Kong and the parties hereto irrevocably submit to the
     non-exclusive jurisdiction of the Hong Kong courts in respect of any claim
     or matter arising under this Agreement.

                                       -4-

<PAGE>

8.3  Counterparts. This Agreement may be executed in two or more counterparts,
     each of which shall be deemed an original, but all of which together shall
     constitute one and the same instrument. The counterparts to this Agreement
     may be executed by way of exchange of facsimile transmission on the
     execution date with the executed originals of the counterparts delivered as
     soon as reasonably practicable thereafter.

8.4  Notices. Each notice, demand or other communication given or made under
     this Agreement shall be in writing and delivered or sent to the relevant
     party at its address or fax number set out below (or such other address or
     fax number as the addressee has by five (5) days' prior written notice
     specified to the other parties):

     To the Licensor:      Xinhua Financial Network Limited
                           Room 2003-5 Vicwood Plaza,
                           199 Des Voeux Road Central, Hong Kong
                           Attention: General Counsel

     To the Licensee:      Xinhua Finance Media Limited
                           Unit 3905-3909, 1 Grand Gateway, 1 Hongqiao
                           Road, Shanghai, PRC, 200030
                           Attention: Chief Executive Officer

     Any notice, demand or other communication so addressed to the relevant
     party shall be deemed to have been delivered (a) if given or made by
     letter, when actually delivered to the relevant address; and (b) if given
     or made by fax, when despatched.

8.5  No Waiver. No waiver by the Licensor of any of the Licensee's obligations
     under this Agreement shall be deemed effective unless made by the Licensor
     in writing nor shall any waiver by the Licensor in respect of any breach be
     deemed to constitute a waiver of or consent to any subsequent breach by the
     Licensee of its obligations.

8.6  Severance. If one or more provisions of this Agreement are held to be
     unenforceable under any applicable law, such provision shall be excluded
     from this Agreement and the balance of the Agreement shall be interpreted
     as if such provision were so excluded and shall be enforceable in
     accordance with its terms.

8.7  Entire Agreement. This Agreement and the documents referred to herein
     constitute the entire agreement among the parties and no party shall be
     liable or bound to any other party in any manner by any warranties,
     representations, or covenants except as specifically set forth herein or
     therein.

                                       -5-

<PAGE>

                                    SCHEDULE

Five Trademarks of the Licensor to be licensed to the Licensee by this
Agreement.

                                       -6-

<PAGE>

IN WITNESS WHEREOF the parties have executed this Agreement on the date first
above written.

SIGNED BY John McLean            )
for and on behalf of             )
XINHUA FINANCIAL NETWORK LIMITED )
in the presence of: ____________ )
                                 )
                                 )
                                 )   /s/
Signature of Witness:            )   ------------------------------
                                 )
Name:                            )
      -------------------------- )
Address:                         )
         ----------------------- )
                                 )

SIGNED BY Fredy Bush             )
for and on behalf of             )
XINHUA FINANCE MEDIA LIMITED     )
in the presence of:              )
                                 )
                                 )
                                 )   /s/ Fredy Bush
Signature of Witness:            )   ------------------------------
                                 )
Name:                            )
      -------------------------- )
Address:                         )
         ----------------------- )

                                       -7-<PAGE>

                                                                    EXHIBIT 10.5

                                                                     Translation

                                                                  Execution Copy

               REVISED AND RESTATED BUSINESS COOPERATION AGREEMENT

                                      AMONG

                         ECONOMIC OBSERVER PRESS OFFICE,

                 GUANGZHOU JINGSHI CULTURE INTERMEDIARY CO. LTD,

                 BEIJING JINGGUAN XINCHENG ADVERTISING CO. LTD,

                                       AND

                  BEIJING JINGSHI JINGGUAN ADVERTISING CO. LTD

<PAGE>

                                 NOVEMBER, 2006

                                TABLE OF CONTENTS

<TABLE>
<S>         <C>
Article 1   Definitions
Article 2   Joint Venture Corporation
Article 3   Business Cooperation
Article 4   Other Cooperation
Article 5   Confidentiality
Article 6   Effectiveness, Changes, and Termination of the Agreement
Article 7   Applicable Laws and Resolution of Disputes
Article 8   Notice
Article 9   Other Issues
</TABLE>

<PAGE>

                         BUSINESS COOPERATION AGREEMENT

     This business cooperation agreement (hereafter as "this agreement") was
signed on November 6, 2006 in Beijing, People's Republic of China (hereafter as
"PRC") by the following parties:

PARTY A: Economic Observer Press Office (hereafter as "EOPO"),

PARTY B: Guangzhou Jingshi Culture Intermediary Co. Ltd (hereafter as "Jingshi
Culture"),

PARTY C: Beijing Jingguan Xincheng Advertising Co. Ltd (hereafter as "JGXC"),
and

PARTY D: Beijing Jingshi Jingguan Advertising Co. Ltd (hereafter as
"Jingshi Jingguan" or the "Joint Venture Corporation").

Whereas:

1.   The EOPO is a publishing institution that is established according to the
     PRC laws and that is effectively surviving; it holds a "business license
     for publications", and administers and operates the Economic Observer
     Newspaper (see below for definitions), and is a lawful institutional
     business unit registered with the Registration Administration of Shandong
     Province for Institutional Units;

2.   Jingshi Culture is a legally existing corporation with limited liabilities,
     incorporated according to the PRC laws, and is engaged in businesses for
     cultural promulgation and event promotion;

3.   JGXC is a legally existing corporation with limited liabilities,
     incorporated according to the PRC laws, and pursuant to the terms in the
     "Amended and Restated Agreement on Business Cooperation" signed on November
     6, 2006 by the two parties of JGXC and the EOPO with Shangdong Sanlian
     Group Co. Ltd and Shandong Economic Observing Newspaper Co. Ltd, JGXC has
     acquired from the EOPO a sole exclusive advertising agency and has the
     right to make its own decisions on transfer, render, authorization, and
     permit of the agency to a third party; further JGXC has acquired
     authorization from the EOPO to use EOPO's intellectual properties.

4.   Jingshi Jingguan is a legally existing corporation with limited
     liabilities, incorporated according to the PRC laws, and is a joint venture
     corporation from Jingshi Culture and JGXC.

5.   It is the wish of the parties to sign this agreement on relevant issues of
     cooperation activities in order to define the terms and conditions for the
     cooperation.

                                        1

<PAGE>

6.   The parties signed the "agreement on business cooperation" ("the original
     agreement") on May 10, 2006.

Therefore, the parties, after friendly consultation and pursuant to the
stipulations in the PRC laws, have all agreed to make the following amendments
and restatements to the original agreement and implement what is in the amended
and restated agreement.

                              ARTICLE 1 DEFINITIONS

     Except where it is stipulated otherwise in this agreement or where there
are other requirements in the context, the following terms shall have meanings
as follows:

1.1  Certification of BPA international distribution volume: meaning the set of
     audit certification system with certain lawfully binding authority over the
     distribution volume provided to the media clients by BPA Worldwide (an
     international organization engaged in audit business of media's
     distribution volume).

1.2  The Preparatory Committee: see Article 2 in this agreement for definitions.

1.3  The Joint Venture Corporation: meaning the corporation with limited
     liabilities, already set up from JGXC and Jingshi Culture, pursuant to
     Article 2 of this agreement.

1.4  The parties: meaning the 4 parties including EOPO, Jingshi Culture, JGXC,
     and Jingshi Jingguan.

1.5  Financial institutions: meaning Chinese or foreign commercial banks, city
     credit unions, rural credit unions, investment trust corporations,
     financial corporations, financial leasing corporations, insurance
     corporations, investment banks, insurance corporations, foundations
     corporations, securities corporations, investment consultancy corporations,
     investment management service providers, foreign exchange corporations, and
     other financial institutions established inside and outside China,
     including institutions engaged in subordinate and derivative services in
     the financial industry such as financial training, financial public
     relations, and financial consultancy and advisory.

1.6  The EOPO: meaning the newspaper with its current name as the "Economic
     Observer Newspaper" and its predecessor, successor or replacement from
     changing its name or version, and its publications on finance and economy
     that come out from time to time in any format and any or all of the
     annexes, supplements, extra editions, and derivative publications, whether
     in printed texts, electronic forms or any other forms, or published or
     printed in any media carrier.

1.7  Lifestyle special issue: meaning the monthly special publication called
     "Lifestyle" that is inserted with the Economic Observer Newspaper.

                                        2

<PAGE>

1.8  Financial advertising business: meaning the advertising business entrusted
     by any financial institutions and their agents or trustees, which is
     released on the Economic Observer Newspaper or which is related to the
     Economic Observer Newspaper.

1.9  "Money Journal" magazine: meaning the nationwide monthly publication with
     its domestic publication code as CN64-1024/G, whether it is in a printed
     format, on a website and/or in any other format of display and publication.

1.10 Promotion activities: meaning the various events and activities conducted
     to promote the Economic Observer or to promote the use of brands of the
     Economic Observer. The forms include but are not limited to distribution of
     flyers, salons, seminars, forums, exhibitions, advertisement publicity, and
     large scale theme events.

1.11 Promotion Special Issue: meaning the magazines stipulated under Article 3.2
     in the agreement.

1.12 A party: meaning any party of the EOPO or Jingshi Culture or JGXC or
     Jingshi Jingguan.

1.13 PRC: meaning the People's Republic of China, and for the purpose of this
     agreement, not including the Special Administrative Region of Hong Kong,
     the Special Administrative Region of Macau, or the region of Taiwan.

1.14 The PRC laws: meaning any law, act, regulation and regulatory documents
     publicly announced by the PRC governments (including the central and local
     governments), and the amendments, additions, and interpretations made at
     any time with respect to these laws.

                       ARTICLE 2 JOINT VENTURE CORPORATION

2.1  Jingshi Culture and JGXC, pursuant to the terms in Article 2 in the
     original agreement, have already jointly set up a corporation with limited
     liabilities ("Joint Venture Corporation") in the city of Beijing, PRC,
     i.e.: Jingshi Jingguan, with a registered capital of RMB Yuan 6,000,000, of
     which 3,000,000 (which is 50% of the registered capital of the Joint
     Venture Corporation) is an investment from JGXC, and 3,000,000 (which is
     50% of the registered capital of the Joint Venture Corporation) is an
     investment from Jingshi Culture.

2.2  The Joint Venture Corporation has a board of directors of 5 members, 2
     assigned by JGXC and 3 assigned by Jingshi Culture, and the chairman of the
     board nominated by Jingshi Culture. The Joint Venture Corporation has one
     General Manager, who is nominated by Jingshi Culture, appointed by the
     Board of Directors, and is accountable to the Board. The General Manager is
     responsible

                                        3

<PAGE>

     for the daily operation and management of the Joint Venture Corporation and
     has decision power over the various issues in the operation and management.

2.3  Jingshi Culture and JGXC assign staff responsible for commercial ads and
     promotion business or other related staff to form a preparatory group
     ("Preparatory Group"), and the group will take charge of issues concerning
     incorporating the Joint Venture Corporation; expenses in the due course of
     it will first be borne by Jingshi Culture. After the Joint Venture
     Corporation is set up, the expenses that Jingshi Culture has paid for
     during the preparatory course shall be reimbursed to Jingshi Culture. The
     Preparatory Group is automatically dismissed on the date of the
     incorporation of the Joint Venture Corporation.

2.4  After the Joint Venture Corporation is set up, the parties shall make use
     of their advantages to provide necessary economic and technical support for
     the operation and development of the Joint Venture Corporation.

2.5  The operational revenues of the Joint Venture Corporation, whether or not
     to be distributed to another or other parties, shall first be collected by
     the Joint Venture Corporation from clients and entered into the account(s)
     of the Joint Venture Corporation. At the end of the year after accounting
     verification, the distribution can then be processed according to the
     proportions stipulated in this agreement.

2.6  JGXC authorizes the Joint Venture Corporation to engage in the following
     advertising businesses:

     (1)  financial advertising businesses, and

     (2)  promotional activities related to advertising businesses; in order not
          to cause doubtful points, the "promotion-related advertising
          businesses" mean the invitation to clients for them to sponsor the
          promotion, or as a return to such sponsorship from the clients, the
          provision of ads by the Joint Venture Corporation to the clients,
          whether it has been entrusted through a financial institution or not;
          and

     (3)  advertising businesses published on the Special Editions for
          Promotion, whether or not it has been entrusted by a financial
          institution.

2.7  The sales price, as well as sales discounts and pricing policies, executed
     by the Joint Venture Corporation in conducting any advertising business
     should be, through consultation, made consistent with the sales policies of
     JGXC. Neither JGXC nor the Joint Venture Corporation is to unilaterally
     implement its own sales policies and interfere with each other's normal
     business activities.

2.8  The Joint Venture Corporation will set up an advertisement sales department
     to take charge of the advertising businesses of the Joint Venture
     Corporation. In the first year upon setting up of the Joint Venture
     Corporation, JGXC and Jingshi Culture can participate in the advertising
     sales of the Joint Venture Corporation and the specific sales methods will
     be stipulated elsewhere. That particular policy

                                        4

<PAGE>

     is treated as a temporary clause and is subject to changes from time to
     time according to the status quo of business development of the Joint
     Venture Corporation.

2.9  The Joint Venture Corporation shall make a monthly payment of RMB 250,000
     to JGXC as authorization fees for financial advertising business and
     related special permit fees for using the intellectual properties.

                         ARTICLE 3 BUSINESS COOPERATION

3.1  Promotional Activities

     3.1.1 Pursuant to the terms of this agreement, the EOPO authorizes the
          Joint Venture Corporation to conduct various kinds of promotions under
          the name of the EOPO and irrevocably agrees that the Joint Venture
          Corporation has all rights and benefits of an exclusive sole agency
          over the promotions, including but not limited to the rights of
          operation, advertisement release, organization of events, name(s), and
          projects to attract investments.

     3.1.2 The EOPO shall provide all necessary assistance, including but not
          limited to transferring to the Joint Venture Corporation completely
          the specific action plans and related materials of promotion
          activities that have already been listed into the promotion plan of
          the EOPO. The EOPO undertakes to dismiss its former Department of
          Promotions and its functions and will assign 8 employees to the Joint
          Venture Corporation to carry out promotions. The Joint Venture
          Corporation can sign necessary labor contracts or service agreements
          with these employees when it deems necessary.

     3.1.3 JGXC authorizes the Joint Venture Corporation, in its promotion
          activities, to use the intellectual properties of the EOPO, including
          but not limited to the brands, trademarks, and service icons of the
          EOPO.

     3.1.4 When the Joint Venture Corporation is engaged in promotion
          activities, whether it is for profit or not, the EOPO and JGXC shall
          support by allocating, free of charge, an extra space of no less than
          50 pages in the pages for promotion activity advertisements in the
          Economic Observer Newspaper per annum. Except when the lawfully
          allowable space quota for advertisements is fully sold out, JGXC
          cannot reject the request from the Joint Venture Corporation for
          additional free advertisements in the advertising space for promotion
          activities. The pages for promotion activities are limited to
          advertisements only for the promotion activities. Within the space of
          these pages, the Joint Venture Corporation has the right, according to
          the scope of promotion activities and the needs for publicity, to
          verify and adjust, ahead of each activity, with the EOPO, the

                                        5

<PAGE>

          publicity pages and time (dates) as required in the activity. To avoid
          doubts, the "Economic Observer Newspaper" in this clause only refers
          to the published newspaper by the EOPO coded CN37-0027 and its
          publications after changing its name or version, not including its
          supplements, extra editions, attached sheet or other subordinate
          publications.

     3.1.5 Jingshi Culture shall provide all necessary assistance to the Joint
          Venture Corporation, including but not limited to transferring the
          former's or the former's affiliated enterprises' current businesses of
          Financial Seminars and Forums to the latter at a time when the former
          deems appropriate, and assigns 9 of its employees to the Joint Venture
          Corporation to take charge of promoting the businesses, whereas the
          Joint Venture Corporation has its own right to decide whether or not
          to sign necessary labour contracts or service agreements with these
          employees.

3.2  Promotion Special Issue

     3.2.1 The parties agree to set up a Special Issue for financial information
          and promotion activities ("Promotion Special Issue"), published twice
          a month, the format for the Special Issue is 24 pages with
          measurements and paper quality similar to those of Lifestyle Special
          Issue. JGXC and the EOPO agree to make, from time to time, adjustments
          to the aforementioned issues according to the requests of the Joint
          Venture Corporation. The EOPO shall make sure that it acquires all
          necessary approvals, permits, and other related legal procedures for
          the publication and issuance of the Promotion Special Issue.

     3.2.2 In order to push forward the Joint Venture Corporation's
          advertisements for attracting investments, the EOPO agrees that the
          Joint Venture Corporation will provide specific contents for the
          Promotion Special Issue and make suggestions for the writing and
          editing of the Special Issue. The EOPO has the final review and
          editing right to the content in the special issue. The parties shall
          provide full human resources and materialistic support to the Joint
          Venture Corporation in its businesses of advertisements to attract
          investments, including but not limited to inputting their data and
          material collecting, artistic design, printing, distribution staffing,
          and providing their plates, articles, and other contents.

     3.2.3 Promotion Special Issue as a supplement of the Economic Observer
          Newspaper is to be distributed along with the Economic Observer
          Newspaper. The places issued to are Beijing, Shanghai and Guangdong,
          and other Chinese provinces, cities or regions agreed upon by the
          Joint Venture Corporation and JGXC. The distribution focuses on banks'
          financial management centers, securities corporations and upscale
          display sites (such as high class office buildings). The distribution
          is through

                                        6

<PAGE>

          special channels (such as entrusting airlines to deliver) and through
          subscriptions.

     3.2.4 Promotion Special Issue's target distribution volume is to be decided
          according to the market status quo. As long as the laws permit,
          including but not limited to after the Joint Venture Corporation has
          acquired necessary operational credentials, the distribution volume of
          Promotion Special Issue will not be restricted by the distribution
          volume of the Economic Observer Newspaper, and the Joint Venture
          Corporation can, on its own, distribute to its large users such as
          major banks' financial management centers and securities corporations.

     3.2.5 The expenses and costs of Promotion Special Issue are the
          responsibilities of the Joint Venture Corporation, and the advertising
          revenues from the Special Issue, the revenues from promotion
          activities, the distribution revenues conforming to the conditions
          stipulated in the previous clause, and other lawful revenues obtained
          pursuant to the terms of this agreement stay with the Joint Venture
          Corporation (unless otherwise stipulated in this agreement).

3.3  Financial Advertising

     3.3.1 Without an advance written consent from JGXC, the Joint Venture
          Corporation cannot transfer, render, authorize or permit the whole or
          part of the operation right to the financial advertising business to a
          third party (but not including Jingshi Culture).

     3.3.2 When the Joint Venture Corporation is exercising its advertising
          agency right, it can be done under the name of a financial advertising
          business agency or under its own name of the Joint Venture
          Corporation, including but not limited to signing contracts under its
          own name with advertising clients or their agents.

     3.3.3 The EOPO shall stipulate in the newspaper's relevant sales
          information (e.g.: publications, websites or copyright page, etc.)
          that the Joint Venture Corporation is the sole exclusive agent for
          financial advertising in the newspaper.

                           ARTICLE 4 OTHER COOPERATION

4.1  In order to assist Jingshi Culture and its affiliated enterprises to
     promote the "Money Journal" magazine, the EOPO is committed to offer
     necessary support, including but not limited to providing Jingshi Culture
     with distribution channels and clients information, and publishing
     promotion advertisements for subscriptions to the "Money Journal".

                                        7

<PAGE>

                            ARTICLE 5 CONFIDENTIALITY

5.1  Without an advance written consent of a party, no other party can make any
     public statement with respect to the content that this agreement and any
     other consecutive documents deal with.

5.2  Except where it is otherwise stipulated in 5.1 and 5.3, the parties shall
     deem any information on the following contents obtained during the course
     of setting up this agreement (or of setting up any agreements according to
     this agreement) as confidential information, which is not allowed to be
     disclosed or utilized:

     5.2.1 the articles and clauses in this agreement and articles and clauses
          in any agreements set up according to this agreement;

     5.2.2 negotiations about this agreement (and other agreements of the same
          category); or

     5.2.3 business, finance or other issues (including future plans and goals)
          of any party.

5.3  Under the following circumstances, the previous 5.2 is not applicable in
     forbidding from disclosing or utilizing any information:

     5.3.1 where the laws, any regulatory body or any publicly recognized rules
          and regulations for securities exchange require the disclosure and
          utilization;

     5.3.2 where this agreement or the setting up of any other agreement
          according to this agreement has caused any legal proceeding that
          requires the disclosure and utilization, or the appropriate disclosure
          to the taxation authorities of the tax related issues of the
          disclosing party;

     5.3.3 where there is disclosure to professional advisors of the parties;
          however the parties shall request these advisors to abide by the rules
          in 5.2 about the relevant category of information, as if he/she were a
          party of this agreement;

     5.3.4 where the information has already become public knowledge, not due to
          breach of this agreement; or

     5.3.5 where the disclosure or utilization has already been consented to in
          writing in advance by a party.

       ARTICLE 6 EFFECTIVENESS, CHANGES, AND TERMINATION OF THE AGREEMENT

This agreement is effective upon the signing or stamping of the authorized
representative of the parties. Except where there are other regulations under
the PRC laws or where

                                        8

<PAGE>

there are other terms in this agreement, no change or discontinuation can be
allowed without a unanimous written consensus from the parties of this
agreement.

              ARTICLE 7 APPLICABLE LAWS AND RESOLUTION OF DISPUTES

7.1  The setting up, effectiveness, implementation, and interpretation of this
     agreement and the resolution of disputes are all applicable under the PRC
     laws.

7.2  Any disputes related to this agreement or caused by this agreement shall be
     resolved by way of friendly consultation. If a consultation fails, the
     dispute shall be submitted to Beijing Sub-Committee of China International
     Economic and Trade Arbitration Committee to be mediated according to the
     current applicable and effective arbitration rules at the time of the
     submission for arbitration. The decision from the arbitration is final and
     binding on both sides. During the course of arbitration, except for issues
     of disputes submitted for arbitration, the parties shall continue to
     fulfill the other articles of this agreement.

                                ARTICLE 8 NOTICE

8.1  Except otherwise stipulated in this agreement, any party, when sending
     notice under this agreement or notices related to this agreement, should be
     in writing. In the case of delivery by a designated person, or faxing, or
     using a publicly recognized express mail service to send to the following
     addresses or the fax number(s), or sending to another address or fax number
     the recipient has already notified in advance, it is considered to have
     been delivered.

     Economic Observer Press Office
     Contact Person: Zhang Lijuan
     Mail Address: Building 7A, Xinghuali East, Hepingli, Dongcheng District,
                   Beijing
     Postal Code: 100013
     Tel.: 010-64209021
     Fax: 010-64297071

     Guangzhou Jingshi Culture Intermediary Co. Ltd
     Contact Person: Jiang Guibin
     Mail Address: Rm 802, Yuanhui Commerce Tower, 423 Tianhe Rd North, Tianhe
                   District, Guangzhou
     Postal Code: 510620
     Tel.: 020-38846220
     Fax: 020-38811374

     Beijing Jingguan Xincheng Advertising Co. Ltd
     Contact Person: Zhang Lijuan

                                        9

<PAGE>

     Mail Address: Building 7A, Xinghuali East, Hepingli, Dongcheng District,
                   Beijing
     Postal Code: 100013
     Tel.: 010-64209021
     Fax: 010-64297071

     Beijing Jingshi Jingguan Advertising Co. Ltd
     Contact Person: Fan Zude
     Mail Address: Rm 410, Wangfu Century Tower, 55 Donganmen Ave., Dongcheng
                   District, Beijing
     Postal Code: 100006
     Tel.: 010-65258675
     Fax: 010-65258979

8.2  Except otherwise stipulated in this agreement, any notice sent via fax is
     deemed to have been immediately delivered when faxed in a normal way to the
     above fax number(s) of the recipient during 08: 00 - 17:00 Beijing time on
     a statutory business day; however, the notice shall be immediately sent via
     a publicly recognized express mail service to the recipient for
     verification. If sent via a publicly recognized express mail service, the
     notice is deemed delivered within 5 days upon sending to the address of the
     recipient.

                             ARTICLE 9 OTHER ISSUES

9.1  The sub-title added for each article and clause is only for convenient
     reference and does not affect the interpretation of the content of articles
     in this agreement.

9.2  If any article or clause and terms in this agreement are deemed as illegal
     or unable to be executed with force according to applicable laws, that
     article or clause is already deleted from this agreement, and is already
     void; however, this agreement is still effective and shall be deemed as
     never containing that article or clause from the very beginning. The
     parties shall fully consult with each other in order to replace the deleted
     article(s) or clause(s) with ones that are acceptable, satisfactory, lawful
     and effective to all the parties.

9.3  The time, dates, and length of terms stipulated in this agreement are
     critically important to this agreement, and anything departing from the
     time, dates or length of terms as stipulated in this agreement shall be
     deemed as a breach of agreement.

9.4  Not any party can transfer its rights and/or duties under this agreement to
     any non-party to this agreement, unless with a written consent from other
     parties.

9.5  The parties shall individually bear their own expenses incurred during the
     course of signing and implementing this agreement.

                                       10

<PAGE>

9.6  The appendices to this agreement constitute an inseparable party of this
     agreement and have the same legal effects as the texts in the main body of
     this agreement.

9.7  This agreement has 4 counterparts, 1 for each of the 3 parties and 1 for
     the Joint Venture Corporation. All counterparts have the same legal
     effects.

                                       11

<PAGE>

The Signature Page for the "Business Cooperation Agreement"

Economic Observer Press Office [Company chop of Economic Observer Press Office]

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

Guangzhou Jingshi Culture Intermediary Co., Ltd. [Company chop of Guangzhou
Jingshi Culture Intermediary Co., Ltd.]

Authorized Representative:
                           ------------------------------

Beijing Jingguan Xincheng Advertising Co. Ltd [Company chop of Beijing Jingguan
Xincheng Advertising Co. Ltd]

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

Beijing Jingshi Jingguan Advertising Co., Ltd. [Company chop of Beijing Jingshi
Jingguan Advertising Co., Ltd.]

Authorized Representative:
                           ------------------------------

                                       12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]