Document:

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                                                                    EXHIBIT 10.3

                 51JOB, INC. (FKA 51NET.COM CAYMAN ISLANDS INC.)

                        FORM OF INDEMNIFICATION AGREEMENT

      This Indemnification Agreement ("AGREEMENT") is entered into as of the
28th day of February, 2004 between 51job, Inc. (fka 51net.com Cayman Islands
Inc.), a Cayman Islands company (the "COMPANY") and [Name] ("INDEMNITEE").

                                    RECITALS

      A.    The Company and Indemnitee recognize the continued difficulty in
obtaining liability insurance for its directors, officers, employees, agents and
fiduciaries, the significant increases in the cost of such insurance and the
general reductions in the coverage of such insurance.

      B.    The Company and Indemnitee further recognize the substantial
increase in corporate litigation in general, subjecting directors, officers,
employees, agents and fiduciaries to expensive litigation risks at the same time
as the availability and coverage of liability insurance has been severely
limited.

      C.    Indemnitee does not regard the current protection available as
adequate under the present circumstances, and Indemnitee and other directors,
officers, employees, agents and fiduciaries of the Company may not be willing to
continue to serve in such capacities without additional protection.

      D.    The Company desires to attract and retain the services of highly
qualified individuals, such as Indemnitee, to serve the Company and, in part, in
order to induce Indemnitee to continue to provide services to the Company,
wishes to provide for the indemnification and advancing of expenses to
Indemnitees to the maximum extent permitted by law.

      E.    In view of the considerations set forth above, the Company desires
that Indemnitee be indemnified by the Company as set forth herein.

      NOW, THEREFORE, the Company and Indemnitee hereby agree as follows:

      1.    Indemnification.

            (a)   General Right to Indemnification. The Company shall indemnify
to the fullest extent permitted by law if Indemnitee was or is or becomes a
party to or witness or other participant in, or are threatened to be made a
party to or witness or other participant in, any threatened, pending or
completed action, suit, proceeding or alternative dispute resolution mechanism,
or any hearing, inquiry or investigation that Indemnitee in good faith believes
might lead to the institution of any such action, suit, proceeding or
alternative dispute resolution mechanism, whether civil, criminal,
administrative, investigative or other (hereinafter a "CLAIM"), by reason of (or
arising in part out of) any event or occurrence related to the fact that
Indemnitee is or was a director, officer, employee, agent or fiduciary of the
Company, or any subsidiary of the Company, or is or was serving at the request
of the Company as a director, officer, employee, agent or fiduciary of another
corporation,

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partnership, joint venture, trust or other enterprise, or by reason of any
action or inaction on the part of Indemnitee while serving in such capacity
(hereinafter an "INDEMNIFIABLE EVENT"), and the Indemnitee shall be indemnified
and held harmless by the Company to the fullest extent permitted by law, against
any and all costs, charges, expenses, liabilities, losses, (including attorneys'
fees and all other costs, expenses and obligations incurred in connection with
investigating, defending, being a witness in or participating in (including on
appeal), or preparing to defend, be a witness in or participate in, any such
action, suit, proceeding, alternative dispute resolution mechanism, hearing,
inquiry or investigation), judgments, fines, penalties and amounts paid in
settlement (if such settlement is approved in advance by the Company, which
approval shall not be unreasonably withheld) of such Claim and any federal,
state, local or foreign taxes imposed on Indemnitees as a result of the actual
or deemed receipt of any payments under this Agreement (collectively,
hereinafter "EXPENSES"), including all interest, assessments and other charges
paid or payable in connection with or in respect of such Expenses. Such
indemnification shall continue as to the Indemnitee when the Indemnitee ceases
to be a director, officer, employee, agent or fiduciary of the Company or any
subsidiary of the Company (or to serve another entity at the request of the
Company) and shall inure to the benefit of the Indemnitee's heirs, personal
representatives and estate. Such payment of Expenses shall be made by the
Company as soon as practicable but in any event no later than twenty days after
written demand by Indemnitees therefor is presented to the Company.

            (b)   Reviewing Party. Notwithstanding the foregoing, (i) the
obligations of the Company under Section 1(a) shall be subject to the condition
that the Reviewing Party (as described in Section 10(e) hereof) shall not have
determined (in a written opinion, in any case in which the Independent Legal
Counsel referred to in Section 1(c) hereof is involved) that Indemnitee would
not be permitted to be indemnified under applicable law, and (ii) the obligation
of the Company to make an advance payment of Expenses to Indemnitee pursuant to
Section 2(a) (an "EXPENSE ADVANCE") shall be subject to the condition that, if,
when and to the extent that the Reviewing Party determines that Indemnitee would
not be permitted to be so indemnified under applicable law, the Company shall be
entitled to be reimbursed by Indemnitee (who hereby agrees to reimburse the
Company) for all such amounts theretofore paid; provided, however, that if
Indemnitee has commenced or thereafter commences legal proceedings in a court of
competent jurisdiction to secure a determination that Indemnitee should be
indemnified under applicable law, any determination made by the Reviewing Party
that Indemnitee would not be permitted to be indemnified under applicable law
shall not be binding and Indemnitee shall not be required to reimburse the
Company for any Expense Advance until a final judicial determination is made
with respect thereto (as to which all rights of appeal therefrom have been
exhausted or lapsed). The Indemnitee's obligation to reimburse the Company for
any Expense Advance shall be unsecured and no interest shall be charged thereon.
If there has not been a Change in Control (as defined in Section 10(c) hereof),
the Reviewing Party shall be selected by the Board of Directors, and if there
has been such a Change in Control (other than a Change in Control which has been
approved by a majority of the persons surviving as members of the Company's
Board of Directors who comprised the Company's Board of Directors immediately
prior to such Change in Control), the Reviewing Party shall be the Independent
Legal Counsel referred to in Section 1(c) hereof. If there has been no
determination by the Reviewing Party or if the Reviewing Party determines that
Indemnitee substantively would not be permitted to be indemnified in whole or in
part under applicable law, Indemnitee shall have the right to commence
litigation seeking an initial determination by the court or challenging any such
determination by the

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Reviewing Party or any aspect thereof, including the legal or factual bases
therefor, and the Company hereby consents to service of process and to appear in
any such proceeding. Any determination by the Reviewing Party otherwise shall be
conclusive and binding on the Company and Indemnitee.

            (c)   Change in Control. The Company agrees that if there is a
Change in Control of the Company (other than a Change in Control which has been
approved by a majority of the persons surviving as members of the Company's
Board of Directors who were directors immediately prior to such Change in
Control) then, with respect to all matters thereafter arising concerning the
rights of Indemnitees to payments of Expenses and Expense Advances under this
Agreement or any other agreement or under the Company's Certificate of
Incorporation or Bylaws as now or hereafter in effect, Independent Legal Counsel
(as defined in Section 10(d) hereof) shall be selected by the Indemnitee and
approved by the Company (which approval shall not be unreasonably withheld).
Such counsel, among other things, shall render its written opinion to the
Company and Indemnitee as to whether and to what extent Indemnitee would be
permitted to be indemnified under applicable law, and the Company agrees to
abide by such opinion. The Company agrees to pay the reasonable fees of the
Independent Legal Counsel referred to above and to fully indemnify such counsel
against any and all expenses (including attorneys' fees), claims, liabilities
and damages arising out of or relating to this Agreement or its engagement
pursuant hereto.

            (d)   Mandatory Payment of Expenses. Notwithstanding any other
provision of this Agreement other than Section 9 hereof, to the extent that
Indemnitee has been successful on the merits or otherwise, including, without
limitation, the dismissal of an action without prejudice, in defense of any
action, suit, proceeding, inquiry or investigation referred to in Section (1)(a)
hereof or in the defense of any Claim, issue or matter covered by the Agreement,
or in defense of any Claim, issue or matter therein, Indemnitee shall be
indemnified against all Expenses incurred by Indemnitee or on Indemnitee's
behalf in connection therewith.

      2.    Expenses; Indemnification Procedure.

            (a)   Advancement of Expenses. The Company shall advance all
Expenses incurred by Indemnitee. The advances to be made hereunder shall be paid
by the Company to Indemnitee as soon as practicable but in any event no later
than twenty days after written demand by Indemnitee therefor to the Company.

            (b)   Notice/Cooperation by Indemnitee. Indemnitee shall, as a
condition precedent to Indemnitee's right to be indemnified under this
Agreement, give the Company notice in writing as soon as practicable of any
Claim made against Indemnitee for which indemnification will or could be sought
under this Agreement. Notice to the Company shall be directed to the Chief
Executive Officer of the Company at the address shown on the signature page of
this Agreement (or such other address as the Company shall designate in writing
to Indemnitee). In addition, Indemnitee shall give the Company such information
and cooperation as it may reasonably require and as shall be within Indemnitee's
power.

            (c)   No Presumptions; Burden of Proof. For purposes of this
Agreement, the termination of any Claim by judgment, order, settlement (whether
with or without court approval) or

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conviction, or upon a plea of nolo contendere, or its equivalent, shall not
create a presumption that Indemnitee did not meet any particular standard of
conduct or have any particular belief or that a court has determined that
indemnification is not permitted by applicable law. In addition, neither the
failure of the Reviewing Party to have made a determination as to whether
Indemnitee has met any particular standard of conduct or had any particular
belief, nor an actual determination by the Reviewing Party that Indemnitee has
not met such standard of conduct or did not have such belief, prior to the
commencement of legal proceedings by Indemnitee to secure a judicial
determination that Indemnitee should be indemnified under applicable law, shall
be a defense to Indemnitee's claim or create a presumption that Indemnitee has
not met any particular standard of conduct or did not have any particular
belief. In connection with any determination by the Reviewing Party or otherwise
as to whether Indemnitee is entitled to be indemnified hereunder, the burden of
proof shall be on the Company to establish that Indemnitee is not so entitled.

            (d)   Notice to Insurers. If, at the time of the receipt by the
Company of a notice of a Claim pursuant to Section 2(b) hereof, the Company has
liability insurance in effect which may cover such Claim, the Company shall give
prompt notice of the commencement of such Claim to the insurers in accordance
with the procedures set forth in the respective policies. The Company shall
thereafter take all necessary or desirable action to cause such insurers to pay,
on behalf of Indemnitee, all amounts payable as a result of such action, suit,
proceeding, inquiry or investigation in accordance with the terms of such
policies.

            (e)   Selection of Counsel. In the event the Company shall be
obligated hereunder to pay the Expenses of any Claim, the Company shall be
entitled to assume the defense of such Claim with counsel approved by
Indemnitee, which approval shall not be unreasonably withheld, upon the delivery
to Indemnitee of written notice of its election so to do. After delivery of such
notice, approval of such counsel by Indemnitee and the retention of such counsel
by the Company, the Company will not be liable to Indemnitee under this
Agreement for any fees of counsel subsequently incurred by Indemnitee with
respect to the same Claim; provided that, (i) Indemnitee shall have the right to
employ Indemnitee's counsel in any such Claim at Indemnitee's expense and (ii)
if (A) the employment of counsel by Indemnitee has been previously authorized by
the Company, (B) Indemnitee shall have reasonably concluded that there is a
conflict of interest between the Company and Indemnitee in the conduct of any
such defense, or (C) the Company shall not continue to retain such counsel to
defend such Claim, then the fees and expenses of Indemnitee's counsel shall be
at the expense of the Company. The Company shall have the right to conduct such
defense as it sees fit in its sole discretion, including the right to settle any
claim against Indemnitee without the consent of the Indemnitee.

      3.    Additional Indemnification Rights; Nonexclusivity.

            (a)   Scope. The Company hereby agrees to indemnify Indemnitee to
the fullest extent permitted by law, notwithstanding that such indemnification
is not specifically authorized by the other provisions of this Agreement, the
Company's Certificate of Incorporation, the Company's Bylaws or by statute. In
the event of any change after the date of this Agreement in any applicable law,
statute or rule which expands the right of a Cayman Islands company to indemnify
a member of its Board of Directors or an officer, employee, agent or fiduciary,
it is the intent of the parties hereto that Indemnitee shall enjoy by this
Agreement the greater benefits afforded by such change. In the

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event of any change in any applicable law, statute or rule which narrows the
right of a Cayman Islands company to indemnify a member of its Board of
Directors or an officer, employee, agent or fiduciary, such change, to the
extent not otherwise required by such law, statute or rule to be applied to this
Agreement, shall have no effect on this Agreement or the parties' rights and
obligations hereunder except as set forth in Section 8(a) hereof.

            (b)   Nonexclusivity. The indemnification and advances provided by
this Agreement shall be in addition to any rights to which Indemnitee may be
entitled under the Company's Certificate of Incorporation, its Bylaws, any
agreement, any vote of stockholders or disinterested directors, the Companies
Law of the Cayman Islands, as amended, or otherwise. The indemnification
provided under this Agreement shall continue as to Indemnitee for any action
Indemnitee took or did not take while serving in an indemnified capacity even
though Indemnitee may have ceased to serve in such capacity.

      4.    No Duplication of Payments. The Company shall not be liable under
this Agreement to make any payment in connection with any Claim made against
Indemnitee to the extent Indemnitee has otherwise actually received payment
(under any insurance policy, Certificate of Incorporation, Bylaw or otherwise)
of the amounts otherwise indemnifiable hereunder.

      5.    Partial Indemnification. If Indemnitee is entitled under any
provision of this Agreement to indemnification by the Company for some or a
portion of Expenses incurred in connection with any Claim, but not, however, for
all of the total amount thereof, the Company shall nevertheless indemnify
Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

      6.    Mutual Acknowledgment. Both the Company and Indemnitee acknowledge
that in certain instances, Federal law or applicable public policy may prohibit
the Company from indemnifying its directors, officers, employees, agents or
fiduciaries under this Agreement or otherwise. Indemnitee understands and
acknowledges that if the Company is subject to the informational requirements of
the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the
Company may be required to undertake with the Securities and Exchange Commission
to submit the question of indemnification to a court in certain circumstances
for a determination of the Company's right under public policy to indemnify
Indemnitee.

      7.    Liability Insurance. The Company shall, from time to time, make the
good faith determination whether or not it is practicable for the Company to
obtain and maintain a policy or policies of insurance with reputable insurance
companies providing the officers and directors of the Company with coverage for
losses from wrongful acts, or to ensure the Company's performance of its
indemnification obligations under this Agreement. Among other considerations,
the Company will weigh the costs of obtaining such insurance coverage against
the protection afforded by such coverage. In all policies of directors' and
officers' liability insurance, Indemnitee shall be named as an insured in such a
manner as to provide Indemnitee the same rights and benefits as are accorded to
the most favorably insured of the Company's directors, if Indemnitee is a
director; or of the Company's officers, if Indemnitee is not a director of the
Company but is an officer; or of the Company's key employees, if Indemnitee is
not an officer or director but is a key employee. Notwithstanding the foregoing,
the Company shall have no obligation to obtain or maintain such insurance if the
Company determines in good faith that such insurance is not reasonably
available, if the premium

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costs for such insurance are disproportionate to the amount of coverage
provided, if the coverage provided by such insurance is limited by exclusions so
as to provide an insufficient benefit, or if Indemnitee is covered by similar
insurance maintained by a subsidiary or parent of the Company.

      8.    Exceptions. Any other provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement:

            (a)   Excluded Action or Omissions. To indemnify Indemnitee for
Expenses resulting from acts, omissions or transactions for which Indemnitee is
prohibited from receiving indemnification under this Agreement or applicable
law;

            (b)   Claims Initiated by Indemnitee. To indemnify or advance
expenses to Indemnitee with respect to Claims initiated or brought voluntarily
by Indemnitee and not by way of defense, except (i) with respect to actions or
proceedings brought to establish or enforce a right to indemnification under
this Agreement or any other agreement or insurance policy or under the Company's
Certificate of Incorporation or Bylaws now or hereafter in effect relating to
Claims for Indemnifiable Events, (ii) in specific cases if the Board of
Directors has approved the initiation or bringing of such Claim, or (iii) as
otherwise required under the Companies Law of the Cayman Islands, as amended,
regardless of whether Indemnitee ultimately is determined to be entitled to such
indemnification, advance expense payment or insurance recovery, as the case may
be;

            (c)   Lack of Good Faith. To indemnify Indemnitee for any expenses
incurred by Indemnitee with respect to any proceeding instituted by Indemnitee
to enforce or interpret this Agreement, if a court of competent jurisdiction
determines that each of the material assertions made by Indemnitee in such
proceeding was not made in good faith or was frivolous; or

            (d)   Claims Under Section 16(b). To indemnify Indemnitee for
expenses and the payment of profits arising from the purchase and sale by
Indemnitee of securities in violation of Section 16(b) of the Exchange Act, or
any similar successor statute if the Company is subject to the informational
requirements of the Exchange Act.

      9.    Construction of Certain Phrases.

            (a)   For purposes of this Agreement, references to the "Company"
shall include, in addition to the resulting corporation, any constituent
corporation (including any constituent of a constituent) absorbed in a
consolidation or merger which, if its separate existence had continued, would
have had power and authority to indemnify its directors, officers, employees,
agents or fiduciaries, so that if Indemnitee is or was a director, officer,
employee, agent or fiduciary of such constituent corporation, or is or was
serving at the request of such constituent corporation as a director, officer,
employee, agent or fiduciary of another corporation, partnership, joint venture,
employee benefit plan, trust or other enterprise, Indemnitee shall stand in the
same position under the provisions of this Agreement with respect to the
resulting or surviving corporation as Indemnitee would have with respect to such
constituent corporation if its separate existence had continued.

            (b)   For purposes of this Agreement, references to "other
enterprises" shall include employee benefit plans; references to "fines" shall
include any excise taxes assessed on Indemnitee

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with respect to an employee benefit plan; and references to "serving at the
request of the Company" shall include any service as a director, officer,
employee, agent or fiduciary of the Company which imposes duties on, or involves
services by, such director, officer, employee, agent or fiduciary with respect
to an employee benefit plan, its participants or its beneficiaries; and if
Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to
be in the interest of the participants and beneficiaries of an employee benefit
plan, Indemnitee shall be deemed to have acted in a manner "not opposed to the
best interests of the Company" as referred to in this Agreement.

            (c)   For purposes of this Agreement a "Change in Control" shall be
deemed to have occurred if, on or after the date of this Agreement, (i) any
"person" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act),
other than a trustee or other fiduciary holding securities under an employee
benefit plan of the Company acting in such capacity or a corporation owned
directly or indirectly by the stockholders of the Company in substantially the
same proportions as their ownership of stock of the Company, becomes the
"beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Company representing more than 50% of the
total voting power represented by the Company's then outstanding Voting
Securities, (ii) during any period of two consecutive years, individuals who at
the beginning of such period constitute the Board of Directors of the Company
and any new director whose election by the Board of Directors or nomination for
election by the Company's stockholders was approved by a vote of at least two
thirds (2/3) of the directors then still in office who either were directors at
the beginning of the period or whose election or nomination for election was
previously so approved, cease for any reason to constitute a majority thereof,
or (iii) the stockholders of the Company approve a merger or consolidation of
the Company with any other corporation other than a merger or consolidation
which would result in the Voting Securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into Voting Securities of the surviving
entity) at least 80% of the total voting power represented by the Voting
Securities of the Company or such surviving entity outstanding immediately after
such merger or consolidation, or the stockholders of the Company approve a plan
of complete liquidation of the Company or an agreement for the sale or
disposition by the Company of (in one transaction or a series of related
transactions) all or substantially all of the Company's assets.

            (d)   For purposes of this Agreement, "Independent Legal Counsel"
shall mean an attorney or firm of attorneys, selected in accordance with the
provisions of Section 1(c) hereof, who shall not have otherwise performed
services for the Company or Indemnitees within the last three years (other than
with respect to matters concerning the rights of Indemnitees under this
Agreement, or of other indemnitees under similar indemnity agreements).

            (e)   For purposes of this Agreement, a "Reviewing Party" shall mean
any appropriate person or body consisting of a member or members of the
Company's Board of Directors or any other person or body appointed by the Board
of Directors who is not a party to the particular Claim for which Indemnitee are
seeking indemnification, or Independent Legal Counsel.

            (f)   For purposes of this Agreement, "Voting Securities" shall mean
any securities of the Company that vote generally in the election of directors.

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      10.   Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall constitute an original.

      11.   Binding Effect; Successors and Assigns. This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors, assigns, including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company, spouses, heirs,
and personal and legal representatives. The Company shall require and cause any
successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all, or a substantial part, of the business
and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place. This Agreement shall
continue in effect with respect to Claims relating to Indemnifiable Events
regardless of whether Indemnitee continues to serve as a director, officer,
employee, agent or fiduciary of the Company or of any other enterprise at the
Company's request.

      12.   Attorneys' Fees. In the event that any action is instituted by
Indemnitee under this Agreement or under any liability insurance policies
maintained by the Company to enforce or interpret any of the terms hereof or
thereof, Indemnitee shall be entitled to be paid all Expenses incurred by
Indemnitee with respect to such action, regardless of whether Indemnitee is
ultimately successful in such action, and shall be entitled to the advancement
of Expenses with respect to such action, unless, as a part of such action, a
court of competent jurisdiction over such action determines that each of the
material assertions made by Indemnitee as a basis for such action was not made
in good faith or was frivolous. In the event of an action instituted by or in
the name of the Company under this Agreement to enforce or interpret any of the
terms of this Agreement, Indemnitee shall be entitled to be paid all Expenses
incurred by Indemnitee in defense of such action (including costs and expenses
incurred with respect to Indemnitee's counterclaims and cross-claims made in
such action), and shall be entitled to the advancement of Expenses with respect
to such action, unless, as a part of such action, a court having jurisdiction
over such action determines that each of Indemnitee's material defenses to such
action was made in bad faith or was frivolous.

      13.   Notice. All notices and other communications required or permitted
hereunder shall be in writing, shall be effective when given, and shall in any
event be deemed to be given (a) five (5) days after deposit with the U.S. Postal
Service or other applicable postal service, if delivered by first class mail,
postage prepaid, (b) upon delivery, if delivered by hand, (c) one business day
after the business day of deposit with Federal Express or similar overnight
courier, freight prepaid, or (d) one day after the business day of delivery by
facsimile transmission, if delivered by facsimile transmission, with copy by
first class mail, postage prepaid, and shall be addressed if to Indemnitee, at
the Indemnitee's address as set forth beneath Indemnitee's signature to this
Agreement and if to the Company at the address of its principal corporate
offices (attention: Secretary) or at such other address as such party may
designate by ten days' advance written notice to the other party hereto.

      14.   Consent to Jurisdiction. The Company and Indemnitee each hereby
irrevocably consent to the jurisdiction of the courts of the State of Delaware
for all purposes in connection with any action or proceeding which arises out of
or relates to this Agreement and agree that any action instituted under this
Agreement shall be commenced, prosecuted and continued only in the Court of

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Chancery of the State of Delaware in and for New Castle County, which shall be
the exclusive and only proper forum for adjudicating such a claim.

      15.   Severability. The provisions of this Agreement shall be severable in
the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) are held by a court of competent
jurisdiction to be invalid, void or otherwise unenforceable, and the remaining
provisions shall remain enforceable to the fullest extent permitted by law.
Furthermore, to the fullest extent possible, the provisions of this Agreement
(including, without limitations, each portion of this Agreement containing any
provision held to be invalid, void or otherwise unenforceable, that is not
itself invalid, void or unenforceable) shall be construed so as to give effect
to the intent manifested by the provision held invalid, illegal or
unenforceable.

      16.   Choice of Law. This Agreement shall be governed by and its
provisions construed and enforced in accordance with the laws of the State of
Delaware, as applied to contracts between Delaware residents, entered into and
to be performed entirely within the State of Delaware, without regard to the
conflict of laws principles thereof.

      17.   Subrogation. In the event of payment under this Agreement, the
Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee who shall execute all documents required and shall do
all acts that may be necessary to secure such rights and to enable the Company
effectively to bring suit to enforce such rights.

      18.   Amendment and Termination. No amendment, modification, termination
or cancellation of this Agreement shall be effective unless it is in writing
signed by both the parties hereto. No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other provisions
hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver.

      19.   Integration and Entire Agreement. This Agreement sets forth the
entire understanding between the parties hereto and supersedes and merges all
previous written and oral negotiations, commitments, understandings and
agreements relating to the subject matter hereof between the parties hereto.

      20.   No Construction as Employment Agreement. Nothing contained in this
Agreement shall be construed as giving Indemnitee any right to be retained in
the employ of the Company or any of its subsidiaries.

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      IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

                                                   ____________________________,
                                                   a Cayman Islands Company

                                                   By:__________________________

                                                   AGREED TO AND ACCEPTED BY:

                                                   _____________________________
                                                   (Signature of Indemnitee)

                                                   _____________________________
                                                   (Type Name)

                                                   _____________________________

                                                   _____________________________

                                                   _____________________________
                                                   Address:

                                      -10-<PAGE>

                                                                    EXHIBIT 10.4

                                 BUILDING LEASE

SHANGHAI CITY                                                           CONTRACT

                       COMMERCIAL BUILDING ADVANCE LEASING

                   (CONTRACT NO: HONG DONG HU ZU LIN NO. 0302)

Parties to this Contract:

                  Lessor (Party A): Shanghai Office of China Orient Asset
                  Management Corporation

                  Lessee (Party B): (Shanghai) Qianjin Culture Communication
                  Co., Ltd.

            Party A and Party B hereby enter into this Contract with respect to
the leasing by Party B of the commercial building premise that Party A may lease
legally after reaching an agreement through consultation on the basis of
equality, willingness, fairness and good faith, and in accordance with Contract
Law of the People's Republic of China and Rules on Leasing of Buildings in
Shanghai City (hereinafter referred to as the "Rules").

            I.    Details of the Building to be Leased

      1.    The building premise to be leased to Party B by Party A is located
            at the whole fourteenth floor, No. 755, Weihai Rd, Jing'an District,
            Shanghai. The as- measured floorage of such building premise is
            1614.87 square meters, which premise, in connection of usage, is a
            building premise used for office work, and, in connection of type,
            is an office premise. The structure of the premise is a composite
            steel-concrete structure. The layout of such premise is attached to
            this Contract as Annex 1. Party A has presented to Party B:

            The Title Certificate of Building and Estate; [Serial number of the
            Certificate: hu fang di jing zi (2003) No. 005548].

      2.    As the title owner of such premise, Party A hereby enters into a
            lease relationship with Party B. Prior to the execution of this
            Contract, Party A has informed Party B that no mortgage has been
            created on such premise.

      3.    Party A and Party B have set forth in Annex 2 and Annex 3,
            respectively, the areas for public use or sharing, conditions and
            requirements, conditions of existing decoration, auxiliary
            facilities, and equipment, and the scope, standards and other
            matters that need to be agreed on by the Parties with respect to the
            decoration and addition of auxiliary equipment by Party B with the
            permission of Party A. Party A and Party B agree that such Annexes
            shall be used as the acceptance basis when Party A delivers the

                                       1
<PAGE>

            premise to Party B and when Party B returns the premise to Party A
            upon termination of this Contract.

            II.   Purpose of the Lease

      1.    Party B hereby covenants to Party A that such leased premise shall
            be used as office space, and that it will comply with the state and
            municipal regulations on the use of building premises and property
            management.

      2.    Party B warrants that it will not use the premise for purposes other
            than as set forth above without the written consent of Party B and
            the approval by relevant authorities, if required.

            III.  Date of Delivery and Term of the Lease

      1.    Party A and Party B have agreed that Party A shall deliver the
            premise to Party B by July 1, 2003. The term of the lease shall
            begin on July 1, 2003, ending on December 31, 2006.

      2.    Upon the expiry of the term of the lease, Party A shall have the
            right to recall such premise, and Party B shall return the same on
            time. Where Party B needs to renew the lease of such premise, Party
            B shall deliver a written request to renew three months before the
            expiry of the term of the lease, and, when agreed by Party A, enter
            into a new lease contract with Party A.

            IV.   Rent, Payment Terms and Due Dates

      1.    Party A and Party B have agreed that, the rent per day per square
            meter of the floorage of this premise shall be (RMB) 2.15. The
            monthly rent shall be (RMB) 104,159 (RMB one hundred and four
            thousand, one hundred and fifty nine) in aggregate.

            The rent of the premise shall remain unchanged for a period of three
            years.

      2.    Party B shall pay to Party A the rent by the fifteenth day of each
            month. In the event of payment delay, Party B shall pay a breach
            penalty of 0.3% of the daily rent for each day when such payment is
            delayed.

            V.    Deposit and other Expenses

                                       2
<PAGE>

      1.    Party A and Party B have agreed that, Party B shall pay a deposit on
            the lease of the premise, the amount of which shall equal 2 months'
            rent, i.e., (RMB) 208,318.

            Party A shall issue a receipt certificate to Party B upon the
            receipt of such deposit.

            Upon the termination of the lease relationship, Party A shall return
            the balance of the deposit without interest to Party B after setting
            off the expenses that shall be born by Party B as agreed in this
            contract.

      2.    During the term of the lease, expenses related to water,
            electricity, gas, communications, equipment, property management,
            and other expenses shall be born by Party B.

      3.    The calculation or allocation, payment terms and time for the above
            expenses born by Party B are set forth below: Party B shall make
            payments according to the rules of Shanghai Wenhui Xinmin Property
            Management Company.

            VI.   Requirements in Using the Premise and the Obligations to
                  Repair

      1.    During the term of the lease, if Party B discovers any damage or
            failure in the premise or its auxiliary facilities, Party B shall
            notify Party A for repair on a timely basis. Party A shall conduct
            the repair within three days after the receipt of such notice from
            Party B. In the case of delay in repair, Party B may conduct the
            repair on Party A's behalf with all expenses born by Party A.

      2.    During the term of the lease, Party B shall properly use and protect
            such premise and its auxiliary facilities. In the case of any damage
            or failure in such premise or its auxiliary facilities due to
            improper or unreasonable use by Party B, Party B shall be
            responsible for the repair. If Party B refuses to repair, Party A
            may repair on Party B's behalf, with all expenses born by Party B.

      3.    During the term of the lease, Party B warrants to keep such premise
            and its auxiliary facilities under useable and safe conditions.
            Party A shall give Party B a notice of three days if it wishes to
            examine and conduct maintenance on the premise. Party B shall assist
            in such examination and maintenance. Party A shall minimize the
            effect on the use of the premise by Party B.

      4.    Other than as set forth in Annex 3 or this Contract, if Party B
            needs additional decoration or auxiliary facilities and equipment,
            Party B shall proceed only after it has obtained Party A's prior
            written consent, and, in the event that an approval from relevant
            authority is required, the approval from such authority after Party
            A reports to such authority. The ownership

                                       3
<PAGE>

            and responsibilities of maintenance of the auxiliary facilities and
            equipment added by Party B shall be agreed by Party A and Party B in
            a separate written document.

            VII.  Condition of the Premise when Returned

      1.    Unless Party A agrees to the renew by Party B, Party B shall return
            such premise within three days after the expiry of the term of lease
            under this Contract. In the event of delay in returning the premise
            without Party A's consent, for each day that such return is delayed,
            Party B shall pay a fee of 3.0 yuan / square meter (RMB) for using
            the premise during period that it occupies such premise.

      2.    The premise returned by Party B shall be under a condition after
            ordinary use. When the premise is returned, it shall be inspected
            and accepted by Party A, and the Parties shall settle with each
            other payments of the expenses for their own account.

            VIII. Sub-lease, Assignment and Exchange

      1.    Unless Party A has agreed that Party B may sub-lease in the
            supplementary provisions of this Contract, during the term of the
            lease, Party B may sub-lease any part or all of this premise to
            other parties only with the prior written consent of Party A.
            However, the same room for residence shall not be divided into
            portions for sub-lease.

      2.    To sub-lease such premise, Party B shall enter into a written
            sub-lease contract with the sub-lessee according to the regulations,
            and shall file such sub-lease with the real estate trading center of
            the district or county where the premise is located, or with the
            registration and acceptance office for buildings and estate
            established by the municipal building and estate bureau in the
            farming system.

      3.    During the term of the lease, Party B shall obtain the prior written
            consent of Party A if Party B is to assign the lease of such premise
            to another party or exchange such premise with another premise
            leased by another party. After such assignment or exchange, the
            assignee of the lease obligations or the other party of the exchange
            shall enter into an amendment contract to change the party to this
            Contract and continue to perform this Contract.

      4.    During the term of the lease, Party A shall give Party B a notice of
            three months if it needs to sell such premise. Party B shall have
            the preemptive right under the same circumstances.

            IX.   Conditions of Termination of this Contract

                                       4
<PAGE>

      1.    Party A and Party B have agreed that, upon the occurrence of any of
            the following events, this Contract shall be terminated and none of
            the Parties shall be held liable to the other:

            (1)   the land use right covered by such premise shall have been
                  recalled early by law;

            (2)   such premise shall have been expropriated for public interest;

            (3)   such premise shall have been included in the building
                  demolition permitted by law due to the requirements of urban
                  construction;

            (4)   such premise shall have been destroyed, disappeared or shall
                  have been verified as a dangerous building;

      2.    Party A and Party B have agreed that, either Party may terminate
            this Contract by written notice to the other Party upon the
            occurrence of any of the following events. The breaching Party shall
            pay to the other Party a breach penalty of six times the monthly
            rent, and in the event that such breach has caused losses to the
            other Party, and the breach penalty paid is not sufficient to set
            off such losses, a compensation shall be made in the amount of the
            difference between the losses thus incurred and the amount of the
            breach penalty.

            (1)   Party A shall have failed to deliver such premise on time, and
                  still haven't delivered within seven days after receipt of
                  notice from Party B;

            (2)   The premise delivered by Party A shall have been incompliant
                  with the agreements contained in this Contract, which shall
                  have led to the failure to use the premise for the original
                  purpose under the lease; or the premise delivered by Party A
                  shall have born defects that threaten the safety of Party B;

            (3)   Party B shall have altered the usage of the premise without
                  the written consent of Party A, which shall have caused
                  damages to the premise;

            (4)   Damages to the main structure of the premise due to Party B's
                  fault;

            (5)   Party B shall have, without permission, sub-leased such
                  premise, assigned the lease of the premise or exchanged each
                  other's leased premises with another party;

            (6)   Party B shall have failed to pay rent for 2 months
                  cumulatively;

            (7)   Either Party A or Party B shall have material breach under
                  other provisions of this Contract;

                                       5
<PAGE>

            X.    Liabilities of Breach of the Contract

      1.    In the event that the premise has defect when delivered, Party A
            shall repair the premise within seven days after the delivery,
            failing which, Party A agrees to decrease the rent or amend the
            relevant provisions on the rent.

      2.    In the event that Party A fails to inform Party B of the fact that
            such premise has been mortgaged or the transfer of the title of such
            premise is subject to restriction prior to the lease, which results
            in losses sustained by Party B, Party A shall indemnify Party B for
            such losses.

      3.    During the term of the lease, if Party A fails to perform its
            obligations under this Contract to repair or maintain the premise on
            a timely basis, which results in damages to the premise, property
            loss sustained by Party B or personal injuries, Party A shall be
            responsible for indemnification.

      4.    During the term of the lease, if Party A terminates this Contract
            and recalls the premise early other than as provided in this
            Contract, Party A shall pay to Party B a breach penalty in an amount
            2 times of the rent for the number of days that the premise is
            recalled early. In the event that the breach penalty is not
            sufficient to set off the losses sustained by Party B, Party A shall
            also indemnify Party B of such losses.

      5.    If Party B decorates the premise or add auxiliary facilities without
            the written consent of Party A or in addition to the scope consented
            by Party A, Party A may demand Party B to restore the premise to its
            original condition.

      6.    During the term of the lease, if Party B terminates the lease early
            at its sole discretion other than as provided in this Contract,
            Party B shall pay to Party A a breach penalty in an amount 2 times
            of the rent for the number of days that the lease is terminated
            early. In the event that the breach penalty is not sufficient to set
            off the losses sustained by Party A, Party B shall indemnify Party A
            of such losses. Party A may set off the losses from the deposit. In
            the event that the deposit is not sufficient to set off the losses,
            Party B shall make additional payment of the amount that falls
            short.

            XI.   Miscellaneous

      1.    During the term of the lease, if Party A needs to mortgage such
            premise, it shall notify Party B of such mortgage in writing, and
            Party A warrants to Party B that it will consult Party A for its
            intention to purchase such premise thirty days prior to disposition
            of the premise by the parties to the mortgage by agreement through
            discount and selling off.

      2.    This Contract shall become effective after the company seals of the
            Parties are affixed hereto. Within 15 day after this Contract comes
            into effect, Party A shall be responsible for completing
            registration and filing

                                       6
<PAGE>

            formalities with the real estate trading center of the district or
            county where the premise is located, or with the registration and
            acceptance office for buildings and estate established by the
            municipal building and estate bureau in the farming system and
            obtaining the filing certificate of building lease. After the
            registration and filing of this Contract, in the event of amendment
            or termination of this Contract, Party A shall complete the
            registration and filing formalities of such amendment and
            termination with the original registration authority within 15 days
            after such amendment or termination. Party A shall be responsible
            for all legal disputes resulting from the failure of Party A to
            complete the registration and filing formalities of the building
            lease, the amendment hereto or the termination hereof.

      3.    Issues not covered in this Contract may be agreed by the Parties in
            supplementary provisions. The supplementary provisions and the
            annexes of this Contract constitute an integral part of this
            Contract. The handwriting filled in the blank in this Contract and
            its supplementary provisions and annexes shall have the same force
            and effect with the printed contents.

      4.    Party A and Party B fully understand their respective rights,
            obligations and responsibilities at the time of execution of this
            Contract, and are willing to perform this Contract in strict
            accordance with its provisions. In case of breach of this Contract
            by either Party, the other Party shall have the right to claim
            compensation from the breaching Party.

      5.    Disputes arising in the course of performance of this Contract by
            the Parties shall be settled through consultation, failing which,
            the Parties are willing to choose the first option set forth below:

            (1)   submission to Shanghai Arbitration Commission for arbitration;

            (2)   submission to the people's court for litigation according to
                  law.

      6.    There are four counterparts of this Contract and its annexes. Party
            A and Party B shall each hold a counterpart, Jing'an District real
            estate trading center or the registration and acceptance office for
            buildings and estate established by the municipal building and
            estate bureau in the farming system shall keep one copy, while each
            party shall keep back-up copy, all of which shall have the same
            force.

                                       7
<PAGE>

Lessor (Party A)                        Lessee (Party B)

Shanghai Office of China Orient Asset   Qianjin (Shanghai) Culture Communication
Management Corporation                  Co., Ltd

Nationality:                            Nationality:

Legal Representative:                   Legal Representative:

Registration Certificate/ID No.         Registration Certificate/ID No.

Address:18th floor, Ruijin Plaza,       Address:
No. 205 Maoming Nan Rd, Shanghai

Post Code: 200020                       Post Code:

Tel: 64729268                           Tel:

Authorized Agent:                       Authorized Agent: Huang Lan

Signature and Seal:                     Signature and Seal:

Date: June 30, 2003                     Date: June 30, 2003

Place: Shanghai                         Place:

Name of the Brokerage Entity:

Name of the Broker:

Qualification Certificate Number of the Broker:

                                       8
<PAGE>

                 SUPPLEMENTARY PROVISIONS TO THE LEASE CONTRACT

                  Party A and Party B hereby make the following supplementary
provisions according to Article 11-3 of this Contract in connection with the
issues not covered in this Contract. In the event of conflict between this
Contract and the supplementary provisions, these supplementary provisions shall
prevail.

Supplementary Provision 1

                  The term of the lease of this premise shall begin on July 1,
2003, ending on December 31, 2006, in which 60 days shall be the decoration
period exempted from the rent. During this period, Party B is not required to
pay the rent, provided however, Party B shall pay for property management fee,
management fee on decoration, decoration deposit and miscellaneous expenses such
as water, electricity and communication.

Supplementary Provision 2

      1.    If this Contract is terminated or dissolved for any reason prior to
            the expiry of the term of the lease, unless previously consented by
            Party A in writing, Party B shall restore the premise to its
            original condition (expect normal wear and tear) before returning
            the premise to Party A with the restoration expenses born by Party
            B.

      2.    If Party A agrees that Party B may return the premise without
            restoring it to its original condition, Party A shall not be
            obligated to pay any consideration for taking over the decoration,
            facilities and items left by Party B.

      3.    If Party B refuses to restore the premise to its original condition
            without the consent of Party A, Party A shall have the right to
            restore such premise to its original conditions without informing
            Party B. All decoration, facilities, equipment and items left by
            Party B in the premise, regardless of the value thereof, shall
            become Party A's belongs without costs, which may be dispose of at
            Party A's sole discretion. Party B shall not have the right to
            request Party A to set off Party B's payables with or to otherwise
            pay any consideration for the left-over decoration, facilities,
            equipment and items. Costs of demolition, removal and disposal of
            the above decoration, facilities, equipment and items by Party A
            shall be born by Party B.

Supplementary Provision 3

                                       9
<PAGE>

                  Upon the expiry of the term of the Lease or the termination or
cancellation of this Contract for any reason, if Party B continues to occupy
such premise without the consent of Party A, Party A shall have the right to
charge Party B a fee for use and occupation of the premise in accordance with
the provisions of Article VII of this Contract, and shall have the right to
recover from Party B such losses it incurred as a result of Party B's failure to
evacuate in time. Party A's claim of such remedy for breach shall not be deemed
as Party A's consent to Party B's continued occupation of such premise.

Supplementary Provision 4

      1.    Upon the execution of this Contract, Party B shall pay a lease
            deposit to Party A, which is equal to two months' rent.

      2.    Party B shall pay the rent of current month by the fifteenth day of
            such month.

      3.    During the term of the lease, Party B shall bear the payment of
            property management fee and other miscellaneous expenses such as
            water, electricity and communications. Party B shall pay various
            fees on time according to the regulations of the Property Management
            Company of Wenxin Newspaper Plaza. Party B shall be solely liable
            for all consequences of its late payment of such fees. In the event
            that Party A is jointly held liable for such consequences, Party B
            shall bear all losses thus caused to Party A.

Supplementary Provision 5

                  Party B shall by itself apply for telephone lines and bear all
costs related to application, installation and phone bills. Party A agrees to
afford necessary assistance to Party A in its application for telephone lines.

Supplementary Provision 6

      1.    Party B shall pay a deposit equal to two months' rent to Party A
            concurrent with the execution of this Contract to secure its
            performance of all the provisions under this Contract.

      2.    Party A shall have the right to deduct and set off any rent,
            management fee and other fees payable but unpaid by Party B, or
            losses caused to Party A as a result of Party B's breach of
            Contract. Party A shall have the right to recover the amount short
            from Party B. When the deposit decreases, Party B shall promptly
            replenish the deposit within 7 days after receipt of Party A's
            notice, failing which, Party A shall have the right to deem it as
            one of the material breach events by Party B, and hold Party B
            liable for such breach according to the provisions of Article
            9-2(7).

                                       10
<PAGE>

      3.    Upon the expiry of the term of the lease, if there is no default by
            Party B as contemplated in this Contract, Party A shall return the
            deposit to Party B within 14 days after Party B returns and Party A
            conducts the acceptance examination on the premise, and after Party
            B settles the payment of all rent, property management fee, fees for
            water, electricity, coal, communications during the term of the
            lease. There is no interest on the deposits returned to Party B.

Supplementary Provision 7

      1.    If Party B needs to decorate the premise after moving into the
            premise, Party B shall pay a decoration deposit of RMB 50,000 to
            Party A or Shanghai Wenhui Xinmin Property Management Company. Party
            B shall also pay for the decoration management fee, waste removal
            fee and other miscellaneous expenses (if any) in the decoration as
            required by the Property Management Company.

      2.    If Party B needs to decorate the premise after moving into the
            premise, Party B must submit the design drawing of the decoration to
            Party A prior to the commencement of the decoration, and shall not
            commence the decoration without the approval of Party A or relevant
            government authorities.

      3.    During the decoration, Party B shall compensate Party A for any
            damages it makes to any part of the premise.

Supplementary Provision 8

                  Party A and Party B shall pay their respective taxes and
relevant fees on time according to the requirement of the laws and regulations.
Party A shall bear the lease registration fee for this Contract.

Supplementary Provision 9

                  Party B shall itself purchase property insurance for all the
properties that belong to it in the premise, and insurance for risk of theft
and/or pilferage and risk of public liability. Party A shall not be responsible
for any economic loss and risks of Party B in such premise.

Supplementary Provision 10

      1.    After the expiry of the term of the lease, Party B shall have the
            priority right to renew the lease under the same conditions based on
            the market situation.

                                       11
<PAGE>

      2.    Party A shall have the right to take clients to visit the premise
            during the last three months prior to the expiry of the Contract
            with reasonable advance notice and with the consent of Party B,
            provided however, Party A shall use its best efforts to minimize the
            effect on Party B.

      3.    Party A or the Property Management Company shall have the right to
            enter into the premise to rescue in case of emergency (e.g. fire,
            water pipe explosion).

Supplementary Provision 11

                  Supplement to Article VI

      1.    Party B agrees to be responsible for the maintenance and care of the
            interior of the premise during the term of the lease, and to keep
            such premise under good conditions, except for normal wear and tear.
            Any damage to the premise caused by the willful act or misconduct of
            Party B or its visitors shall be restored within reasonable time by
            a repair service provider retained by Party B, which repair service
            provider shall meet the requirements of the Property Management
            Company and have relevant professional qualification. If the damage
            is not restored within reasonable time, Party A may instead conduct
            the repair, while Party B shall reimburse Party A for all costs and
            expenses incurred for such repair.

      2.    Party B shall actively assist and cooperate with Party A in Party
            A's maintenance of the premise and its auxiliary facilities.

      3.    Upon the expiry of the term of the lease, or the termination or
            cancellation of this Contract for any reason, Party B shall not
            damage the structure of the premise when removing the facilities or
            equipment it added to the premise. Party B shall not undertake the
            formalities of terminating the lease until Party A has inspected and
            accepted the premise.

      4.    In the event of damage to the premise or losses caused to Party B
            due to force majeure, the Parties shall not be held liable for each
            other.

Supplementary Provision 12

                  Supplement to Article 9-2

                  In the event where Party A has the right to terminate the
Contract as provided in the Contract, the Contract shall be automatically
terminated upon the delivery of a written notice of termination or cancellation
of the Contract to the premise by Party A. Party B shall promptly return the
premise to Party A.

Supplementary Provision 13

                                       12
<PAGE>

                  Other Relevant Issues:

                  Party B shall comply with the Property Management Code of
Wenxin Newspaper Plaza and other property management regulations during the term
of the lease. Party B shall be liable for the damages to any part of the plaza,
facilities or persons caused by Party B, its employees or visitors.

Supplementary Provision 14

                  All notices and vouchers issued according to this Contract and
in connection with the performance of this Contract shall be made in writing and
sent to the following address via facsimile or registered mail:

                  Party A: Shanghai Office of China Orient Asset Management
                  Corporation

                  Address: 18th floor, Ruijin Plaza, No. 205 Maoming Nan Rd,
                  Shanghai

                  Fax: 021-6445 7489

                  Party B: Qianjin (Shanghai) Culture Communication Co., Ltd

                  Address: 21st Floor, Wenxin Newspaper Plaza, No. 755 Weihai
Rd, Shanghai

                  Fax: 021-6360 5788

                  The communication shall be deemed to have been effectively
received upon the transmission if transmitted via facsimile, and three days
after the delivery if delivered by registered mail. Any Party shall inform the
other Party through registered mail of any change of its fax number or address
and shall be responsible itself for all losses caused by its negligence in
making the notification.

                                       13
<PAGE>

                                     ANNEX 1

                              LAYOUT OF THE PREMISE

                                       14
<PAGE>

                                     ANNEX 2

                   THE SCOPE, CONDITIONS AND REQUIREMENTS FOR
              USE OF THE PORTION OF THE PREMISE UNDER THIS CONTRACT

                As per the covenants contained in this Contract.

                                       15
<PAGE>

                                     ANNEX 3

AGREEMENTS ON THE CONDITIONS OF THE CURRENT DECORATION, AUXILIARY FACILITIES AND
EQUIPMENT, AND PARTY A'S CONSENT ON DECORATION OF THE PREMISE AND ADDITION OF
AUXILIARY FACILITIES AND EQUIPMENT BY PARTY B

            The conditions of the current decoration, auxiliary facilities and
equipment are as set forth in the Hand-over List of Equipment and Premise
executed by the Parties. Party A agrees that the decoration and addition of
auxiliary facilities and equipment by Party B shall be as per the agreements
contained in this Lease Contract.

                                       16
<PAGE>

                                 BUILDING LEASE

SHANGHAI CITY                                                           CONTRACT

                       COMMERCIAL BUILDING ADVANCE LEASING

                             (CONTRACT NO:JJSW03023)

Parties to this Contract:

                  Lessor (Party A): Shanghai Wailao Property Management Service
                  Co., Ltd.

                  Lessee (Party B): Shanghai Qianjin Culture Communication Co.,
                  Ltd

            Party A and Party B hereby enter into this Contract with respect to
the leasing by Party B of the building premise that Party A may lease legally
after reaching an agreement through consultation on the basis of equality,
willingness, fairness and good faith, and in accordance with Contract Law of the
People's Republic of China and Rules on Leasing of Buildings in Shanghai City
(hereinafter referred to as the "Rules").

            I.    Details of the Building to be Leased:

      1.    The building premise to be leased to Party B by Party A is located
            at the west wing of the seventh floor, 755 Weihai Rd, Jing'an
            District, Shanghai. The as- measured floorage of such building
            premise is 2609.81 square meters, which premise, in connection of
            usage, is a building premise used for office work, and, in
            connection of type, is an office premise. The structure of the
            premise is a frame-tube structure. The layout of such premise is
            attached to this Contract as Annex 1. Party A has presented to Party
            B:

            The Title Certificate of Building and Estate. Serial number of the
            certificate: Hu Fang Di Jing Zi (2003) No. 004457.

      2.    As the trustee of such premise, Party A hereby enters into a lease
            relationship with Party B. Prior to the execution of this Contract,
            Party A has informed Party B that no mortgage has been created on
            such premise.

      3.    Party A and Party B have set forth in Annex 2 and Annex 3,
            respectively, the areas for public use or sharing, conditions and
            requirements, conditions of existing decoration, auxiliary
            facilities, and equipment, and the scope, standards and other
            matters that need to be agreed on by the Parties with respect to the
            decoration and addition of auxiliary equipment by Party B with the
            permission of Party A. Party A and Party B agree that such Annexes
            shall be used as the acceptance basis when Party A delivers the
            premise to Party B

                                       1
<PAGE>

            and when Party B returns the premise to Party A upon termination of
            this Contract.

                  II.      Purpose of the Lease

      1.    Party B hereby covenants to Party A that such leased premise shall
            be used as office space, and that it will comply with the state and
            municipal regulations on the use of building premises and property
            management.

      2.    Party B warrants that it will not use the premise for purposes other
            than as set forth above without the written consent of Party B and
            the approval by relevant authorities, if required.

            III.  Date of Delivery and Term of the Lease

      1.    Party A and Party B have agreed that Party A shall deliver the
            premise to Party B by December 1, 2003. The term of the lease shall
            begin on December 1, 2003, ending on December 31, 2006.

      2.    Upon the expiry of the term of the lease, Party A shall have the
            right to recall such premise, and Party B shall return the same on
            time. Where Party B needs to renew the lease of such premise, Party
            B shall deliver a written request to renew six months before the
            expiry of the term of the lease, and, when agreed by Party A, enter
            into a new lease contract with Party A.

            IV.   Rent, Payment Terms and Due Dates

      1.    Party A and Party B have agreed that, the rent per day per square
            meter of the floorage of this premise shall be (RMB) 2.0. The
            monthly rent shall be (RMB) 158,763.44 (RMB one hundred and fifty
            eight thousand, seven hundred and sixty three point forty four) in
            aggregate.

            The rent of the premise shall remain unchanged for a period of three
            (years/months).

      2.    Party B shall pay to Party A the rent by the fifteenth day of each
            month. In the event of payment delay, Party B shall pay a breach
            penalty of 0.2% of the daily rent for each day when such payment is
            delayed.

      3.    The terms of payment by Party B are set forth as below: Payments
            shall be made with check or via wire transfer.

            V.    Deposit and other Expenses

                                       2
<PAGE>

      1.    Party A and Party B have agreed that, Party B shall pay a deposit on
            the lease of the premise, the amount of which shall equal 2 months'
            rent, i.e., (RMB) 317,526.88.

            Party A shall issue a receipt certificate to Party B upon the
            receipt of such deposit.

            Upon the termination of the lease relationship, Party A shall return
            the balance of the deposit without interest to Party B after setting
            off the expenses that shall be born by Party B as agreed in this
            contract.

      2.    During the term of the lease, expenses related to water,
            electricity, gas, communications, equipment, property management,
            and parking expenses shall be born by Party B. Other relevant
            expenses shall be born by Party A.

      3.    The calculation or allocation, payment terms and time for the above
            expenses born by Party B are set forth below: Deposit shall be paid
            to Party A within 3 day after the execution of this Contract, while
            other expenses shall be paid to Wenhui Xinmin Property Management
            Co., Ltd. on a monthly basis according its rules.

            VI.   Requirements in Using the Premise and the Obligations to
                  Repair

      1.    During the term of the lease, if Party B discovers any damage or
            failure in the premise or its auxiliary facilities, Party B shall
            notify Party A for repair on a timely basis. Party A shall conduct
            the repair within three days after the receipt of such notice from
            Party B. In the case of delay in repair, Party B may conduct the
            repair on Party A's behalf with all expenses born by Party A.

      2.    During the term of the lease, Party B shall properly use and protect
            such premise and its auxiliary facilities. In the case of any damage
            or failure in such premise or its auxiliary facilities due to
            improper or unreasonable use by Party B, Party B shall be
            responsible for the repair. If Party B refuses to repair, Party A
            may repair on Party B's behalf, with all expenses born by Party B.

      3.    During the term of the lease, Party B warrants to keep such premise
            and its auxiliary facilities under useable and safe conditions.
            Party A shall give Party B a notice of three days if it wishes to
            examine and conduct maintenance on the premise. Party B shall assist
            in such examination and maintenance. Party A shall minimize the
            effect on the use of the premise by Party B.

      4.    Other than as set forth in Annex 3 or this Contract, if Party B
            needs additional decoration or auxiliary facilities and equipment,
            Party B shall proceed only after it has obtained Party A's prior
            written consent, and, in the event that an approval from relevant
            authority is required, the approval from such authority after Party
            A with Party B acting on its behalf reports to such authority. The
            ownership and responsibilities of maintenance of the auxiliary
            facilities and

                                       3
<PAGE>

            equipment added by Party B shall be agreed by Party A and Party B in
            a separate written document.

            VII.  Condition of the Premise when Returned

      1.    Unless Party A agrees to the renew by Party B, Party B shall return
            such premise within seven days after the expiry of the term of lease
            under this Contract. In the event of delay in returning the premise
            without Party A's consent, for each day that such return is delayed,
            Party B shall pay a fee of 4.0 yuan / square meter (RMB) for using
            the premise during period that it occupies such premise.

      2.    The premise returned by Party B shall be under a condition after
            ordinary use. When the premise is returned, it shall be inspected
            and accepted by Party A, and the Parties shall settle with each
            other payments of the expenses for their own account.

            VIII. Sub-lease, Assignment and Exchange

      1.    Unless Party A has agreed that Party B may sub-lease in the
            supplementary provisions of this Contract, during the term of the
            lease, Party B may sub-lease any part or all of this premise to
            other parties only with the prior written consent of Party A.
            However, the same room for residence shall not be divided into
            portions for sub-lease.

      2.    To sub-lease such premise, Party B shall enter into a written
            sub-lease contract with the sub-lessee according to the regulations,
            and shall file such sub-lease with the real estate trading center of
            the district or county where the premise is located, or with the
            registration and acceptance office for buildings and estate
            established by the municipal building and estate bureau in the
            farming system.

      3.    During the term of the lease, Party B shall obtain the prior written
            consent of Party A if Party B is to assign the lease of such premise
            to another party or exchange such premise with another premise
            leased by another party. After such assignment or exchange, the
            assignee of the lease obligations or the other party of the exchange
            shall enter into an amendment contract to change the party to this
            Contract and continue to perform this Contract.

      4.    During the term of the lease, Party A shall give Party B a notice of
            three months if it needs to sell such premise. Party B shall have
            the preemptive right under the same circumstances.

            IX.   Conditions of Termination of this Contract

                                       4
<PAGE>

      1.    Party A and Party B have agreed that, upon the occurrence of any of
            the following events, this Contract shall be terminated and none of
            the Parties shall be held liable to the other:

            (1)   the land use right covered by such premise shall have been
                  recalled early by law;

            (2)   such premise shall have been expropriated for public interest;

            (3)   such premise shall have been included in the building
                  demolition permitted by law due to the requirements of urban
                  construction;

            (4)   such premise shall have been destroyed, disappeared or shall
                  have been verified as a dangerous building;

            (5)   the premise shall have been under disposal due to the mortgage
                  created prior to the lease of the premise, Party B has been
                  informed of which mortgage by Party A;

            (6)   the premise shall have been damaged and become useable due to
                  a force majeure.

      2.    Party A and Party B have agreed that, either Party may terminate
            this Contract by written notice to the other Party upon the
            occurrence of any of the following events. The breaching Party shall
            pay to the other Party a breach penalty of two times the monthly
            rent, and in the event that such breach has caused losses to the
            other Party, and the breach penalty paid is not sufficient to set
            off such losses, a compensation shall be made in the amount of the
            difference between the losses thus incurred and the amount of the
            breach penalty.

            (1)   Party B shall have failed to deliver such premise on time, and
                  still haven't delivered within ten days after receipt of
                  notice from Party B;

            (2)   The premise delivered by Party A shall have been incompliant
                  with the agreements contained in this Contract, which shall
                  have led to the failure to use the premise for the original
                  purpose under the lease; or the premise delivered by Party A
                  shall have born defects that threaten the safety of Party B;

            (3)   Party B shall have altered the usage of the premise without
                  the written consent of Party A, which shall have caused
                  damages to the premise;

            (4)   Damages to the main structure of the premise due to Party B's
                  fault;

            (5)   Party B shall have, without permission, sub-leased such
                  premise, assigned the lease of the premise or exchanged each
                  other's leased premises with another party;

            (6)   Party B shall have failed to pay rent for 2 months
                  cumulatively;

                                       5
<PAGE>

            X.    Liabilities of Breach of the Contract

      1.    In the event that the premise has defect when delivered, Party A
            shall repair the premise within ten days after the delivery, failing
            which, Party A agrees to decrease the rent or amend the relevant
            provisions on the rent.

      2.    In the event that Party A fails to inform Party B of the fact that
            such premise has been mortgaged or the transfer of the title of such
            premise is subject to restriction prior to the lease, which results
            in losses sustained by Party B, Party A shall indemnify Party B for
            such losses.

      3.    During the term of the lease, if Party A fails to perform its
            obligations under this Contract to repair or maintain the premise on
            a timely basis, which results in damages to the premise, property
            loss sustained by Party B or personal injuries, Party A shall be
            responsible for indemnification.

      4.    During the term of the lease, if Party A terminates this Contract
            and recalls the premise early other than as provided in this
            Contract, Party A shall pay to Party B a breach penalty in an amount
            2 times of the rent for the number of days that the premise is
            recalled early. In the event that the breach penalty is not
            sufficient to set off the losses sustained by Party B, Party A shall
            also indemnify Party B of such losses.

      5.    If Party B decorates the premise or add auxiliary facilities without
            the written consent of Party A or in addition to the scope consented
            by Party A, Party A may demand Party B to indemnify Party A of
            losses.

      6.    During the term of the lease, if Party B terminates the lease early
            at its sole discretion other than as provided in this Contract,
            Party B shall pay to Party A a breach penalty in an amount 2 times
            of the rent for the number of days that the lease is terminated
            early. In the event that the breach penalty is not sufficient to set
            off the losses sustained by Party A, Party B shall indemnify Party A
            of such losses. Party A may set off the losses from the deposit. In
            the event that the deposit is not sufficient to set off the losses,
            Party B shall make additional payment of the amount that falls
            short.

            XI.   Miscellaneous

      1.    During the term of the lease, if Party A needs to mortgage such
            premise, it shall notify Party B of such mortgage in writing.

      2.    This Contract shall become effective (upon signing by the Parties/
            after signing by the Parties). Within 15 day after this Contract
            comes into effect, Party A shall be responsible for completing
            registration and filing formalities with the real estate trading
            center of the district or county where the premise is located, or
            with the registration and acceptance office for buildings and estate

                                       6
<PAGE>

            established by the municipal building and estate bureau in the
            farming system and obtaining the filing certificate of building
            lease. After the registration and filing of this Contract, in the
            event of amendment or termination of this Contract, (Party A/Party
            B) shall complete the registration and filing formalities of such
            amendment and termination with the original registration authority
            within 15 days after such amendment or termination. Party A shall be
            responsible for all legal disputes resulting from the failure of
            Party A to complete the registration and filing formalities of the
            building lease, the amendment hereto or the termination hereof.

      3.    Issues not covered in this Contract may be agreed by the Parties in
            supplementary provisions. The supplementary provisions and the
            annexes of this Contract constitute an integral part of this
            Contract. The handwriting filled in the blank in this Contract and
            its supplementary provisions and annexes shall have the same force
            and effect with the printed contents.

      4.    Party A and Party B fully understand their respective rights,
            obligations and responsibilities at the time of execution of this
            Contract, and are willing to perform this Contract in strict
            accordance with its provisions. In case of breach of this Contract
            by either Party, the other Party shall have the right to claim
            compensation from the breaching Party.

      5.    Disputes arising in the course of performance of this Contract by
            the Parties shall be settled through consultation, failing which,
            the Parties are willing to choose the second alternative set forth
            below:

            (1)   submission to ______ Arbitration Commission for arbitration;

            (2)   submission to the people's court for litigation according to
                  law.

      6.    There are four counterparts of this Contract and its annexes. Party
            A and Party B shall each hold two counterparts, all of which shall
            have the same force.

                                       7
<PAGE>

Lessor (Party A)                          Lessee (Party B)

Shanghai Wailao Property Management       Shanghai Qianjin Culture Communication
Service Co., Ltd.                         Co., Ltd.

Nationality:                              Nationality:

Legal Representative: Shen, Zhiwei        Legal Representative:

Registration Certificate N./ID No.        Registration Certificate N./ID No.

Address: No 45, Anyuan R, Shanghai.       Address: No. 755, Weihai Rd.

Post Code: 200041                         Post Code: 200041

Tel: 62774770                             Tel: 32014688

Authorized Agent:                         Authorized Agent: Huang Lan

Signature and Seal:                       Signature and Seal:

Date: November 21, 2003                   Date: November 21, 2003

Place:                                    Place:

Name of the Brokerage Entity:

Name of the Broker:

Qualification Certificate Number of the Broker:

                                       8
<PAGE>

                            SUPPLEMENTARY PROVISIONS

Party A and Party B hereby make the following supplementary provisions in
connection with the issues not covered in this Contract. The contents of this
Contract and its supplementary provisions shall have the same legal effect. In
the event of conflict between this Contract and the supplementary provisions,
these supplementary provisions shall prevail.

      1.    Property Management and the Fees Thereof During the Term of the
            Lease

            (1)   The property management of the building shall be the
                  responsibility of Shanghai Wenhui Xinmin Property Management
                  Co., Ltd. (hereinafter referred to as the Property Company).

            (2)   During the term of the Lease, Party B shall comply with the
                  property management rules of the Property Company, and shall
                  affix its seal to the property management contract to assume
                  the relevant responsibilities.

            (3)   Party B shall, in addition to payment of rent on a monthly
                  basis to Party A, pay a property management fee to the
                  Property Company. The property management fee shall be charged
                  at 1.00 yuan/m(2)/day. The property management fee includes
                  fees for water, electricity and 12 hours' use of air condition
                  for normal office work. Party B shall pay for the over time
                  use of air condition according to the rules of the Property
                  Company.

            (4)   In the event of adjustment of property management fee during
                  the term of the lease, Party B shall pay the fee according to
                  the adjusted rate.

            (5)   If Party B wishes to add a separate generator room to increase
                  the electricity for use beyond its normal office work, the
                  expenses of installation of such additional generator room to
                  increase electricity for use as well as such portion of the
                  daily electricity consumption shall be paid for by Party B.

      2.    Delivery of the Premise and Decoration

            (1)   Party A shall deliver the premise to Party B with rough
                  flooring in conditions as in the existing north wing of the
                  seventh floor.

            (2)   Party B will decorate the existing premise prior to the use of
                  the premise. Party A grants Party B a decoration period of 2
                  month with rent exemption, which shall begin on December 1,
                  2003, ending on January 21, 2004. During such period, Party B
                  shall still pay the property management fee. Party B shall
                  have the right to move in early upon the completion of the
                  decoration.

                                       9
<PAGE>

            (3)   Party A shall provide Party B with the layout drawing of the
                  premise, and shall assist Party B in completing the move-in
                  formalities and approval formalities of the decoration.

            (4)   Party B shall not commence the decoration until the decoration
                  plan has been examined and approved by Party A and the
                  Property Company, as well as by the Fire Protection Bureau of
                  Jinan District. The move-in shall be subject to the inspection
                  and acceptance by the above parties upon the completion of the
                  decoration. Party B shall provide Party A with the as-built
                  drawing upon the completion of the decoration.

            (5)   After the decoration by Party B, the title of the fixed
                  facilities and equipment attached to the building shall rest
                  with Party A after the expiry of the term of the lease. During
                  the term of the lease, Party B shall be responsible for the
                  maintenance of the above facilities and equipment.

            (6)   Party A agrees to commission the inspection and repair of the
                  discharge system of the condensed water tray for the air
                  condition and the ceiling infiltration covered by the lease of
                  Party B to the Property Company, to ensure that no leakage in
                  the ceiling will occur in the air conditioning system when it
                  is used next summer. The expenses of the inspection and repair
                  shall be born by Party A, which inspection and repair shall be
                  conducted at the same time with the decoration. Restoration
                  and paining of the ceiling shall be completed by Party B
                  during the decoration.

            (7)   Party A, Party B and Orient International Commercial (Group)
                  Co., Ltd. shall jointly discuss with the Property Company the
                  vertical removal plan to ensure the convenience and efficiency
                  of the construction and to minimize the effect to the parties.
                  Party B shall have the obligation to cause the construction
                  company to conduct the construction in the manner to minimize
                  the effect on the normal office work in the building. Party B
                  shall bear losses caused by the construction.

      3.    Communication Expenses

            (1)   Party A agrees to pay for expenses in connection with
                  connection of optical wires and use of bridge frame, totaling
                  RMB 61,000. All expenses other than the above with respect to
                  the connection fee, installation fee and equipment expenses
                  for communication lines shall be born by Party B.

            (2)   Party B shall pay the fee of daily use of the communication
                  lines on a monthly basis to the Property Company.

      4.    Parking Spaces

                                       10
<PAGE>

         (1)      During the term of the lease, Party A agrees to provide four
                  parking spaces to Party B in basement 1 with no costs,
                  numbered 152, 153, 154, and 155. Party A shall assist Party B
                  to obtain parking certificates, with the property management
                  fees for the parking spaces born by Party B.

         (2)      Party B shall comply with the parking rules of the Property
                  Company. Party A shall be liable for compensation for damages
                  to the parking facilities or other vehicles due to Party B's
                  fault.

      5.    Renew, Return of the Premise and the Deposit Upon Expiry of the Term
            of the Lease

            (1)   If Party B wishes to renew the lease upon the expiry of the
                  term of the lease, it shall submit a written request to Party
                  A six months prior to the expiry. Party B shall have the
                  preemptive right to renew the lease under the same
                  circumstances. If Party B does not renew the lease, it shall
                  cooperate with party A in Party A's efforts to let.

            (2)   Party B may return the premise to party A without restoring it
                  to the original conditions prior to the decoration, provided
                  however, Party B shall return the premise in complete and good
                  condition without damages as it is after the decoration and
                  when used by Party B, and shall maintain the property in an
                  orderly and clean manner.

            (3)   After the expiry of the term of the lease, the balance of the
                  deposit received by Party A shall be returned to Party B with
                  no interest within 30 days after the premised has been
                  inspected and recalled by Party A and after the expenses born
                  by Party B as agreed in this Contract have been set off from
                  the deposit.

      6.    Miscellaneous

            (1)   This Contract shall become effective when signed by the
                  Parties and with the company seals of the Parties affixed
                  hereto. Article 11-2 is hereby invalidated.

            (2)   All expenses of personal injuries or property damages caused
                  not as a result of Party A's fault, or by any third person
                  entering into the premise without Party A's permit shall be
                  born by Party B, except those expenses to be born by the party
                  involved as required by laws and regulations, and Party A
                  shall not be liable for such expenses.

            (3)   Party B shall keep the favorable rent and conditions granted
                  by Party A confidential without disclosure to any third party.

                                       11
<PAGE>

                                     ANNEX 1

                              LAYOUT OF THE PREMISE

                                       12
<PAGE>

                                     ANNEX 2

                   THE SCOPE, CONDITIONS AND REQUIREMENTS FOR
              USE OF THE PORTION OF THE PREMISE UNDER THIS CONTRACT

      The area shown in the layout drawing of this Contract may be decorated by
Party B as needed before its use. The decoration plan shall be examined and
approved by Party A and the Property Company.

                                       13
<PAGE>

                                     ANNEX 3

AGREEMENTS ON THE CONDITIONS OF THE CURRENT DECORATION, AUXILIARY FACILITIES AND
EQUIPMENT, AND PARTY A'S CONSENT ON DECORATION OF THE PREMISE AND ADDITION OF
AUXILIARY FACILITIES AND EQUIPMENT BY PARTY B

      1.    Air conditions, lighting and ceiling have all been decorated and
            completed.

      2.    Re-decoration shall comply with the safety requirements of fire
            protection.

      3.    Users of the floor shall all have the right to share the use of
            existing public facilities of the floor.

                                       14
<PAGE>

                                 BUILDING LEASE

SHANGHAI CITY                                                           CONTRACT

                       COMMERCIAL BUILDING ADVANCE LEASING

                                (CONTRACT NO:  )

Parties to this Contract:

                  Lessor (Party A): Shanghai Xiesheng Industry Co., Ltd.

[Lease]

                  Lessee (Party B): Shanghai Qianjin Culture Communication Co.,
                  Ltd.

            Party A and Party B hereby enter into this Contract with respect to
the leasing by Party B of the commercial building premise that Party A may lease
legally after reaching an agreement through consultation on the basis of
equality, willingness, fairness and good faith, and in accordance with Contract
Law of the People's Republic of China and Rules on Leasing of Buildings in
Shanghai City (hereinafter referred to as the "Rules").

            I.    Details of the Building to be Leased or Leased in Advance:

      1.    The building premise to be leased to Party B by Party A is located
            at twenty-first floor, 755 Weihai Rd, Jing'an District, Shanghai.
            The as- measured floorage of such building premise is 1614.87 square
            meters, which premise, in connection of usage, is a building premise
            used for general purpose, and, in connection of type, is an office
            premise. The structure of the premise is constituted with structured
            shear walls. The layout of such premise is attached to this Contract
            as Annex 1. Party A has presented to Party B:

            The serial number of the Title Certificate of Building and Estate:
            (2002) No. 009869.

      2.    As the title owner of such premise, Party A hereby enters into a
            lease relationship with Party B. Prior to the execution of this
            Contract, Party A has informed Party B that no mortgage has been
            created on such premise.

      3.    Party A and Party B have set forth in Annex 2 and Annex 3,
            respectively, the areas for public use or sharing, conditions and
            requirements, conditions of existing decoration, auxiliary
            facilities, and equipment, and the scope, standards and other
            matters that need to be agreed on by the Parties with respect to the
            decoration and addition of auxiliary equipment by Party B with the
            permission of Party A. Party A and Party B agree that such Annexes
            shall be used as the acceptance basis when Party A delivers the
            premise to Party B and when Party B returns the premise to Party A
            upon termination of this Contract.

                                       1
<PAGE>

            II.   Purpose of the Lease

      1.    Party B hereby covenants to Party A that such leased premise shall
            be used as office space, and that it will comply with the state and
            municipal regulations on the use of building premises and property
            management.

      2.    Party B warrants that it will not use the premise for purposes other
            than as set forth above without the written consent of Party B and
            the approval by relevant authorities, if required.

            III.  Date of Delivery and Term of the Lease

      1.    Party A and Party B have agreed that Party A shall deliver the
            premise to Party B by January 1, 2004. The term of the lease shall
            begin on January 1, 2004, ending on December 31, 2006.

      2.    Upon the expiry of the term of the lease, Party A shall have the
            right to recall such premise, and Party B shall return the same on
            time. Where Party B needs to renew the lease of such premise, Party
            B shall deliver a written request to renew three months before the
            expiry of the term of the lease, and, when agreed by Party A, enter
            into a new lease contract with Party A.

            IV.   Rent, Payment Terms and Due Dates

      1.    Party A and Party B have agreed that, the rent per day per square
            meter of the floorage of this premise shall be (RMB) 2.2. The
            monthly rent shall be (RMB) 108,062 (RMB one hundred and eight
            thousand, sixty two) in aggregate.

            The rent of the premise shall remain unchanged for a period of three
            (years/months).

      2.    Party B shall pay to Party A the rent by the fifteenth day of each
            month. In the event of payment delay, Party B shall pay a breach
            penalty of 0.1% of the daily rent for each day when such payment is
            delayed.

      3.    The terms of payment by Party B are set forth as below: The rent
            shall be paid on a monthly basis, and a sum equal to two months'
            rent shall be paid as deposit. Upon the expiry of the term of this
            contract, such deposit shall be returned to Party B within 10
            business days without interest after the inspection and acceptance
            of the premise by Party A, less various expenses owed by Party B
            (including late payment penalty and breach penalty). Payments shall
            be made in RMB with check, or in cash, or with credit note, all of
            which are acceptable.

                                       2
<PAGE>

            V.    Deposit and other Expenses

      1.    Party A and Party B have agreed that, Party B shall pay a deposit on
            the lease of the premise, the amount of which shall equal 2 months'
            rent, i.e., (RMB) 216,124.

            Party A shall issue a receipt certificate to Party B upon the
            receipt of such deposit.

            Upon the termination of the lease relationship, Party A shall return
            the balance of the deposit without interest to Party B after setting
            off the expenses that shall be born by Party B as agreed in this
            contract.

      2.    During the term of the lease, expenses related to water,
            electricity, gas, communications, equipment, property management,
            and other expenses shall be born by Party B. Other relevant expenses
            shall be born by Party B.

      3.    The calculation or allocation, payment terms and time for the above
            expenses born by Party B (Party A/ Party B) are set forth below:
            Property management fee shall be paid to property management company
            in the amount incurred by the fifteenth day of each month. Payments
            shall be made in RMB with check, or in cash, or with credit note,
            all of which are acceptable.

            VI.   Requirements in Using the Premise and the Obligations to
                  Repair

      1.    During the term of the lease, if Party B discovers any damage or
            failure in the premise or its auxiliary facilities, Party B shall
            notify Party A for repair on a timely basis. Party A shall conduct
            the repair within three days after the receipt of such notice from
            Party B. In the case of delay in repair, Party B may conduct the
            repair on Party A's behalf with all expenses born by Party A.

      2.    During the term of the lease, Party B shall properly use and protect
            such premise and its auxiliary facilities. In the case of any damage
            or failure in such premise or its auxiliary facilities due to
            improper or unreasonable use by Party B, Party B shall be
            responsible for the repair. If Party B refuses to repair, Party A
            may repair on Party B's behalf, with all expenses born by Party B.

      3.    During the term of the lease, Party B warrants to keep such premise
            and its auxiliary facilities under useable and safe conditions.
            Party A shall give Party B a notice of seven days if it wishes to
            examine and conduct maintenance on the premise. Party B shall assist
            in such examination and maintenance. Party A shall minimize the
            effect on the use of the premise by Party B.

      4.    Other than as set forth in Annex 3 or this Contract, if Party B
            needs additional decoration or auxiliary facilities and equipment,
            Party B shall proceed only after it has obtained Party A's prior
            written consent, and, in the event that an

                                       3
<PAGE>

            approval from relevant authority is required, the approval from such
            authority after Party A with Party B acting on its behalf reports to
            such authority.

            VII.  Condition of the Premise when Returned

      1.    Unless Party A agrees to the renew by Party B, Party B shall return
            such premise within seven days after the expiry of the term of lease
            under this Contract. In the event of delay in returning the premise
            without Party A's consent, for each day that such return is delayed,
            Party B shall pay a fee of 4.4 yuan / square meter (RMB) for using
            the premise during period that it occupies such premise.

      2.    The premise returned by Party B shall be under a condition after
            ordinary use. When the premise is returned, it shall be inspected
            and accepted by Party A, and the Parties shall settle with each
            other payments of the expenses for their own account.

            VIII. Sub-lease, Assignment and Exchange

      1.    Unless Party A has agreed that Party B may sub-lease in the
            supplementary provisions of this Contract, during the term of the
            lease, Party B may sub-lease any part or all of this premise to
            other parties only with the prior written consent of Party A.
            However, the same room for residence shall not be divided into
            portions for sub-lease.

      2.    To sub-lease such premise, Party B shall enter into a written
            sub-lease contract with the sub-lessee according to the regulations,
            and shall file such sub-lease with the real estate trading center of
            the district or county where the premise is located, or with the
            registration and acceptance office for buildings and estate
            established by the municipal building and estate bureau in the
            farming system.

      3.    During the term of the lease, Party B shall obtain the prior written
            consent of Party A if Party B is to assign the lease of such premise
            to another party or exchange such premise with another premise
            leased by another party. After such assignment or exchange, the
            assignee of the lease obligations or the other party of the exchange
            shall enter into an amendment contract to change the party to this
            Contract and continue to perform this Contract.

      4.    During the term of the lease, Party A shall give Party B a notice of
            three months if it needs to sell such premise. Party B shall have
            the preemptive right under the same circumstances.

            IX.   Conditions of Termination of this Contract

                                       4
<PAGE>

      1.    Party A and Party B have agreed that, upon the occurrence of any of
            the following events, this Contract shall be terminated and none of
            the Parties shall be held liable to the other:

            (1)   the land use right covered by such premise shall have been
                  recalled early by law;

            (2)   such premise shall have been expropriated for public interest;

            (3)   such premise shall have been included in the building
                  demolition permitted by law due to the requirements of urban
                  construction;

            (4)   such premise shall have been destroyed, disappeared or shall
                  have been verified as a dangerous building;

      2.    Party A and Party B have agreed that, either Party may terminate
            this Contract by written notice to the other Party upon the
            occurrence of any of the following events. The breaching Party shall
            pay to the other Party a breach penalty of ___times the monthly
            rent, and in the event that such breach has caused losses to the
            other Party, and the breach penalty paid is not sufficient to set
            off such losses, a compensation shall be made in the amount of the
            difference between the losses thus incurred and the amount of the
            breach penalty.

            (1)   Party B shall have failed to deliver such premise on time, and
                  still haven't delivered within ____days after receipt of
                  notice from Party B;

            (2)   The premise delivered by Party A shall have been incompliant
                  with the agreements contained in this Contract, which shall
                  have led to the failure to use the premise for the original
                  purpose under the lease; or the premise delivered by Party A
                  shall have born defects that threaten the safety of Party B;

            (3)   Party B shall have altered the usage of the premise without
                  the written consent of Party A, which shall have caused
                  damages to the premise;

            (4)   Damages to the main structure of the premise due to Party B's
                  fault;

            (5)   Party B shall have, without permission, sub-leased such
                  premise, assigned the lease of the premise or exchanged each
                  other's leased premises with another party;

            (6)   Party B shall have failed to pay rent for 2 months
                  cumulatively;

            (7)   Party B shall have failed to pay property management fee for 2
                  months cumulatively;

            X.    Liabilities of Breach of the Contract

                                       5
<PAGE>

      1.    In the event that the premise has defect when delivered, Party A
            shall repair the premise within _____days after the delivery,
            failing which, Party A agrees to decrease the rent or amend the
            relevant provisions on the rent.

      2.    In the event that Party A fails to inform Party B of the fact that
            such premise has been mortgaged or the transfer of the title of such
            premise is subject to restriction prior to the lease, which results
            in losses sustained by Party B, Party A shall indemnify Party B for
            such losses.

      3.    During the term of the lease, if Party A fails to perform its
            obligations under this Contract to repair or maintain the premise on
            a timely basis, which results in damages to the premise, property
            loss sustained by Party B or personal injuries, Party A shall be
            responsible for indemnification.

      4.    During the term of the lease, if Party A terminates this Contract
            and recalls the premise early other than as provided in this
            Contract, Party A shall pay to Party B a breach penalty in an amount
            2 times of the rent for the number of days that the premise is
            recalled early. In the event that the breach penalty is not
            sufficient to set off the losses sustained by Party B, Party A shall
            also indemnify Party B of such losses.

      5.    If Party B decorates the premise or add auxiliary facilities without
            the written consent of Party A or in addition to the scope consented
            by Party A, Party A may demand Party B to indemnify Party A of
            losses.

      6.    During the term of the lease, if Party B terminates the lease early
            at its sole discretion other than as provided in this Contract,
            Party B shall pay to Party A a breach penalty in an amount 2 times
            of the rent for the number of days that the lease is terminated
            early. In the event that the breach penalty is not sufficient to set
            off the losses sustained by Party A, Party B shall indemnify Party A
            of such losses. Party A may set off the losses from the deposit. In
            the event that the deposit is not sufficient to set off the losses,
            Party B shall make additional payment of the amount that falls
            short.

            XI.   Miscellaneous

      1.    During the term of the lease, if Party A needs to mortgage such
            premise, it shall notify Party B of such mortgage in writing, and
            Party A warrants to Party B that it will consult Party A for its
            intention to purchase such premise fifteen days prior to disposition
            of the premise by the parties to the mortgage by agreement through
            discount and selling off.

      2.    This Contract shall become effective (upon signing by the Parties/
            after signing by the Parties) when signed by the Parties and with
            the company seals of the Parties affixed hereto. Within 15 day after
            this Contract comes into effect, Party A shall be responsible for
            completing registration and filing formalities with the real estate
            trading center of the district or county where the premise is
            located, or with the registration and acceptance office for

                                       6
<PAGE>

            buildings and estate established by the municipal building and
            estate bureau in the farming system and obtaining the filing
            certificate of building lease. After the registration and filing of
            this Contract, in the event of amendment or termination of this
            Contract, Party A (Party A/Party B) shall complete the registration
            and filing formalities of such amendment and termination with the
            original registration authority within 15 days after such amendment
            or termination. Party A shall be responsible for all legal disputes
            resulting from the failure of Party A to complete the registration
            and filing formalities of the building lease, the amendment hereto
            or the termination hereof.

      3.    Issues not covered in this Contract may be agreed by the Parties in
            supplementary provisions. The supplementary provisions and the
            annexes of this Contract constitute an integral part of this
            Contract. The handwriting filled in the blank in this Contract and
            its supplementary provisions and annexes shall have the same force
            and effect with the printed contents.

      4.    Party A and Party B fully understand their respective rights,
            obligations and responsibilities at the time of execution of this
            Contract, and are willing to perform this Contract in strict
            accordance with its provisions. In case of breach of this Contract
            by either Party, the other Party shall have the right to claim
            compensation from the breaching Party.

      5.    Disputes arising in the course of performance of this Contract by
            the Parties shall be settled through consultation, failing which,
            the Parties are willing to choose the ____th alternative set forth
            below:

            (1)   submission to Shanghai Arbitration Commission for arbitration;

            (2)   submission to the people's court for litigation according to
                  law.

      6.    There are two counterparts of this Contract and its annexes. Party A
            and Party B shall each hold a counterpart, (Shanghai City /
            ______District/County) real estate trading center the registration
            and acceptance office for buildings and estate established by the
            municipal building and estate bureau in the farming system shall
            keep one copy, while ________shall keep one copy each, all of which
            shall have the same force.

                                       7
<PAGE>

Lessor (Party A)                          Lessee (Party B)

Shanghai Xiesheng Industry Co., Ltd.      Shanghai Qianjin Culture Communication
                                          Co., Ltd.

Nationality:                              Nationality:

Legal Representative:                     Legal Representative:

Registration Certificate N./ID No.        Registration Certificate N./ID No.

Address: Bldg. 2, No.888, Dongdaming Rd.  Address:

Post Code: 200082                         Post Code:

Tel: 55100355                             Tel:

Authorized Agent:                         Authorized Agent:

Signature and Seal:                       Signature and Seal:

Date: June 3, 2003                        Date:

Place:                                    Place:

Name of the Brokerage Entity:

Name of the Broker:

Qualification Certificate Number of the Broker:

                                       8
<PAGE>

       SUPPLEMENTARY CONTRACT IN CONNECTION WITH THE LEASE FOR PREMISE ON
                                 THE 21ST FLOOR

Party A: Shanghai Xiesheng Industry Co., Ltd.

Party B: Shanghai Qianjin Culture Communication Co., Ltd.

Party A and Party B entered into a Building Premise Lease Contract on June 3,
2003 for the premise on the 21st floor of "Wenxin Newspaper Plaza". The Parties
agreed on the rent as set forth below:

      1.    The rent for the period from January 1, 2004 to December 31, 2004
            shall be RMB 2.2/day/m(2);

      2.    The rent for the period from January 1, 2005 to December 31, 2005
            shall be RMB 2.31/day/m(2);

      3.    The rent for the period from January 1, 2006 to December 31, 2006
            shall be RMB 2.42/day/m(2);

This Supplementary Contract shall have the same legal effect as the Shanghai
Building Premise Lease Contract entered into by the Parties.

There are two counterparts of this Supplementary Contract, with Party A and
Party B holding one counterpart each.

Party A: Shanghai Xiesheng Industry           Party B: Shanghai Qianjin Culture
Co., Ltd.                                     Communication Co., Ltd.

Seal:                                         Seal:

Authorized Agent:                             Authorized Agent: Huang Lan

                                                             Date: June 12, 2003

                                       9

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