Document:

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                                                                   Exhibit 10.74

                      Beijing Palmsky Technology Co., Ltd.

        CONTRACT RELATING TO EXCLUSIVE PURCHASE RIGHT OF EQUITY INTEREST

                           Dated as of October 1, 2004

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                              CONTRACT RELATING TO
               THE EXCLUSIVE PURCHASE RIGHT OF AN EQUITY INTEREST

The Contract Relating to the Exclusive Purchase Right of An Equity Interest,
dated as of October 1, 2004 (this "Contract"), is made in Beijing by and among:

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

        (2)     Wang Jianhua, Citizen of the People's Republic of China (the
                "PRC"), holding the Identification Card of the PRC (No. [*]),
                with the address at [*] (the "Party B"); and

        (3)     Beijing Palmsky Technology Co., Ltd., a limited liability
                company organized and existing under the laws of the PRC, with
                the registered address at Room 915, Haitai Building, No. 229
                Beisihuang Middle Road Haidian District Beijing (the "Party
                C").

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

WHEREAS,

        1.      Party B has the ownership of 50% equity interest in Party C.

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

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

1.      Purchase and Sale of Equity Interest

Section 1.1 Authorization

Party B hereby irrevocably delivers to Party A, under the laws of the PRC, an
irrevocable sole authority ("Purchase Right of Equity Interest") for Party A or
one or more persons designated by Party A (the "Designated Persons") to purchase
(in accordance with steps decided by Party A and at the price specified in
Section 1.3 hereof) at any time from Party B all or part of Party B's equity
interest in Party C. Except for Party A and the Designated Persons, Party B
shall not grant such right to any other party. Party C hereby

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agrees to the delivery of Purchase Right of Equity Interest from Party B to
Party A. As specified in this Section and this Contract, "person" has the
meaning of Person, Corporation, Joint Venture, Partnership, Enterprise, Trust or
Non-Corporation Organization.

Section 1.2 Steps

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

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

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

        (c)     Purchase Date/Equity Interest Transfer Date.

Section 1.3 Purchase Price

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

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

Section 1.4 Transfer of the Purchased Equity Interest

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

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

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

(c)     The related parties shall execute all other requisite contracts,
        agreements or documents, acquire all requisite approval and consent of
        the government, and, without any security interest, perform all
        requisite action to transfer the valid ownership of the Purchased Equity
        Interest to Party A and (or) the Designated Person, and to cause party A
        and (or) the Designated Person to be the registered owner of the
        Purchased Equity Interest. For this Section and this Contract, "Security
        Interest" has

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

Section 1.5 Payment

Upon the performance of the Purchase Right of Equity Interest by Party A, the
Purchase Price shall be determined in such manner as required by the PRC laws
and regulation then in effect as the payment from Party B to Party A subject to
the loan. Party A does not need pay the Purchase Price to Party B anymore.

2.      Undertaking Relating to Equity Interest

Section 2.1 Undertaking by Party C

Party C hereby undertakes:

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

(2)     Following kind finance and business standard and practice, to maintain
        the existence of the corporation, operate business and deal with affairs
        in a prudent and effective manner;

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

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

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        Written consent from Part A;

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

(6)     Without prior written consent by Party A or Hurray! Times Communications
        (Beijing) Ltd., Party A's Affiliate in PRC, not to enter into any
        material contract, with the exception of the contract entered into
        during the normal business (As in this paragraph, a contract with a
        value more than RMB One Million (RMB1,000,000) shall be deemed as a
        material contract);

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

(8)     Upon the request of Party A, to provide it with the information relating
        to the operation and financial situation of Party C;

(9)     Party C purchases and holds all insurance from the insurance company
        accepted by Party A, the insurance amount and category shall be the same
        with those held by the companies in the same area, operating the similar
        business and owning the similar properties and assets;

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

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

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

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

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

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Section 2.2 Undertaking by Party B

Party B undertakes:

(1)     Without prior written consent by Party A or Hurray! Times Communications
        (Beijing) Ltd., Party A's Affiliate in PRC, not, from the execution date
        of this Contract, to sell, transfer, mortgage or dispose of in any other
        form any legitimate or beneficial interest of equity interest, or to
        approve any other security interest set on it, with the exception of the
        pledge set on the equity interest of Party B subject to Equity Interest
        Pledge Contract of Party B;

(2)     To cause the authorized representative(s) appointed by it not to approve
        at shareholder meetings, with no prior written notice by Party A or
        Hurray! Times Communications (Beijing) Ltd., Party A's Affiliate in PRC,
        the sale, transfer, mortgage or disposal of in any other form any
        legitimate or beneficial interest of equity interest, or to approve any
        other security interest set on it, with the exception of the pledge set
        on the equity interest of Party B subject to Equity Interest Pledge
        Contract of Party B;

(3)     To cause the authorized representative(s) appointed by it not to approve
        at shareholder meetings, with no prior written notice by Party A or
        Hurray! Times Communications (Beijing) Ltd., Party A's Affiliate in PRC,
        the merge or amalgamation of Party C with any person, or the acquisition
        of any person or investment in any person;

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

(5)     To cause the the authorized representative(s) appointed by it to vote to
        approve at shareholder meetings the transfer of the Purchased Equity
        Interest subject to this Contract;

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

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

(8)     Upon the request of Party A at any time, to immediately transfer its
        equity interest to the representative designated by Party A
        unconditionally and at any time, and waive its pre-emptive right over
        equity interest being transferred to another available shareholder; and

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

3.      Representations and Warranties

Representations and Warranties of Party B and Party C

Dated as of the execution date of this Contract and every tranfer date, Party B
and Party C hereby jointly and severally represents and warrants to Party A as
follows:

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

(2)     The execution, delivery of this Contract and any Transfer Contract and
        performance of the obligations under this Contract and any Transfer
        Contract do not: (i) result in violation of any relevant laws of PRC;
        (ii) constitute a conflict with its Articles of Association or other
        constituent documents; (iii) cause to breach any contract or instruments
        to which it is a party or having binding obligation on it, or constitute
        a breach of any contract or instruments to which it is a party or having
        binding obligation on it; (iv) cause to violate relevant authorization
        of any consent or approval to it and (or) any continuing valid
        condition; or (v) cause any consent or approval authorized to it to be
        suspended, removed, or into which other requests be added;

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

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

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

(6)     No litigations, arbitration or administration procedure relating to the
        equity interest, assets of Party C or the corporation is undergoing or
        pending or likely to occur.

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4.      Effective Date

        This Contract shall be effective from the execution date, with a term of
        10 years, and can be extended for another 10 years at the option of
        Party A.

5.      Applicable Law and Dispute Resolution

Section 5.1 Applicable Law

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

Section 5.2 Dispute Resolution

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

6.      Taxes and Expenses

Every party shall, according to laws of PRC, bear any and all transfer and
registration taxes, stamp duties and expenses for the preparation and execution
of this Contract and all Transfer Contracts, and for completion of any
transactions contemplated by this Contract and all Transfer Contracts that may
be incurred by or imposed on it.

7.      Notices

This Contract requires that any notices or other communications sent by any
party or corporation shall be written in Chinese, and be delivered in person, by
mail or telecopy to other parties at the following addresses or other specified
addresses noticed by other parties to the party. Any notices shall be deemed to
have been duly given or made as follows: (a) if delivered in person, it shall be
deemed to have been duly given or made when being delivered; (b) if delivered by
registered air mail with postage prepaid, it shall be deemed to have been duly
given or made after 10 days when it is posted (as shown on stamp); and (c) if
sent by telecopy, it shall be deemed to have been duly given or made at the time
shown on the transmission report to indicate that the document was sent.

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

Party B:    Wang Jianhua
Address:    Room 318, Level 3, No.12 Fuxing Road,
            Haidian District, Beijing

Party C:    Beijing Palmsky Technology Co., Ltd.
Address:    Room 915, Haitai Building,
            No. 229 Beisihuang Middle Road,
            Haidian District, Beijing

8.      Cofidentiality

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

9.      Further Warranties

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

10.     Miscellaneous

Section 10.1 Amendment, Modification and Supplement

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

Section 10.2 Observance of Laws and Regulations

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

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Section 10.3 Entire Contract

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

Section 10.4 Headings

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

Section 10.5 Language

This Agreement is executed by Chinese in three copies.

Section 10.6 Severability

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

Section 10.7 Successor

This Contract shall be binding upon and benefitial to the successor of each
party and the transferee allowed by each party.

Section 10.8 Survival

(a)     Any obligation arising or which is due in connection with the contract
        prior to the expiry or early termination hereof this Contract shall
        continue in hereof force and effect notwithstanding the expiry or early
        termination of the Contract.

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

Section 10.9 Waiver

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

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

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Party A: Hurray! Holding Co., Ltd.

By: /s/ Wang Jianhua
    -----------------------------------------
Name:Wang Jianhua
Title:

Party B: Wang Jianhua

By: /s/ Signed
    -----------------------------------------
Name:

Party C: Beijing Palmsky Technology Co., Ltd.

By: /s/ Signed
    -----------------------------------------
Name:
Title:

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                                                                   Exhibit 10.75

                        Equity Interests Pledge Agreement

This Equity Interests Pledge Agreement (the "Agreement") is entered into on the
day of October 1, 2004 by and between the following parties:

Pledgee:                        Hurray! Times Communications (Beijing) Ltd.
Registered Address:             Room B 05 B, level B, Tongheng Building,
                                No. 4, Huan yuan Road, Haidian District Beijing

Pledgor:                        Yang Haoyu
ID Card No.:                    130203720229151
Address:                        Room 3-3, 18th Floor, Meiyi Building,
                                Meiyi Lane, North District, Tangshan City Road,
                                Hebei Province

WHEREAS,

1.      Yang Haoyu, the Pledgor, is the citizen of the People's Republic of
        China ("PRC"). The Pledgor owns 50% of the equity interest in Beijing
        Palmsky Technology Co., Ltd. is a limited liability company registered
        in Beijing carrying on value added telecommunication business.

2.      The Pledgee, a wholly foreign-owned company registered in Beijing, PRC,
        has been licensed by the PRC relevant government authority to carry on
        the businesses of technological development, software production, system
        integration and technological services. The Pledgee and the
        Pledgor-owned Beijing Palmsky Technology Co., Ltd. enter into Exclusive
        Technical Consulting and Services Agreement (the "Service Agreement") on
        October 1, 2004.

3.      In order to make sure that the Pledgee collect technical and consulting
        service fees as normal from Beijing Palmsky Technology Co., Ltd., the
        Pledgor is willing to pledge all its equity interest in Beijing Palmsky
        Technology Co., Ltd. to the Pledgee as a security for the Pledgee to
        collect technical and consulting service fees under the Service
        Agreement.

        In order to perform the Service Agreement, the Pledgee and the Pledgor
        through mutual negotiations hereby enter into this Agreement based upon
        the following terms:

1.      Definitions and Interpretations

Unless otherwise provided in this Agreement, the following terms shall have the
following meanings:

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        1.1     Pledge means the full content of Article 2 hereunder

        1.2     Equity Interest means all its 50% equity interests in Beijing
                Palmsky Technology Co., Ltd. legally held by the Pledgor.

        1.3     Rate of Pledge means the ratio between the value of the pledge
                under this Agreement and the technical and consulting service
                fees under the Service Agreement.

        1.4     Term of Pledge means the period provided for under Article 3.2

        1.5     Service Agreement means the Exclusive Technical Consulting and
                Service Agreement entered into by and between Beijing Palmsky
                Technology Co., Ltd. and the Pledgee.

        1.6     Event of Default means any event in accordance with Article 7
                hereunder

        1.7     Notice of Default means the notice of default issued by the
                Pledgee in accordance with this Agreement.

2.      Pledge

        2.1     The Pledgor agrees to pledge all its equity interest in Beijing
                Palmsky Technology Co., Ltd. to the Pledgee as guarantee for the
                technical and consulting service fee payable to the Pledgee
                under the Service Agreement.

        2.2     Pledge under this Agreement refers to the rights owned by the
                Pledgee who shall be entitled to have priority in receiving
                payment by the evaluation or proceeds form the auction or sale
                of the equity interests pledged by the Pledgor to the Pledgee.

3.      Rate of Pledge and Term of Pledge

        3.1     The rate of Pledge

                3.1.1   The rate of pledge shall be 100%

        3.2     The term of Pledge

                3.2.1   The Pledge of equity interests under this Agreement
                        shall take effect as of the date when the equity
                        interests under this Agreement are recorded

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                        in the Register of Shareholder of Beijing Palmsky
                        Technology Co., Ltd. and registered with the competent
                        Administration for Industry and Commerce. The term of
                        the Pledge is the same as the term of Service Agreement.

                3.2.2   During the term of the Pledge, the Pledgor shall be
                        entitled to dispose of the Pledge in accordance with
                        this Agreement in the event that Beijing Palmsky
                        Technology Co., Ltd. fails to pay technical and
                        consulting service fee in accordance with the Service
                        Agreement.

4.      Physical Possession of Documents

        4.1     The Pledgee shall be entitled to collect the dividends from the
                equity interests.

5.      Warranties and Representations of the Pledgor

        5.1     The Pledgor is the legal owner of the equity interests.

        5.2     Except as otherwise provided hereunder, the Pledgee shall not be
                interfered with any parties at any time when the Pledgee
                exercises its rights in accordance with this Agreement.

        5.3     Except as otherwise provided hereunder, the Pledgee shall be
                entitled to dispose or assign the pledge in accordance with this
                Agreement.

        5.4     The Pledgor has not Pledged or encumbered the equity interests
                to any other person except for the Pledgee.

6.      Covenant of the Pledgor

        6.1     During the effective term of this Agreement, the Pledgor
                covenants to the Pledgee that the Pledgor shall:

                6.1.1.  Except for the transfer of equity interest by the
                        Pledgor, as subject to the Exclusive Purchase Right
                        Contract entered into among the Pledgor,

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                        Hurray! Holding Co., Ltd. and Beijing Palmsky Technology
                        Co., Ltd., to the person designated by Hurray! Holding
                        Co., Ltd., not transfer or assign the equity interests,
                        create or permit to be created any pledges which may
                        have an adverse effect on the rights or benefits of the
                        Pledgee without prior written consent from the Pledgee;

                6.1.2   Comply with and implement laws and regulations with
                        respect to the pledge of rights, present to the Pledgee
                        the notices, orders or suggestions with respect to the
                        Pledge issued or made by the competent authority within
                        five days upon receiving such notices, orders or
                        suggestions and comply with such notices, orders or
                        suggestions, or object to the foregoing matters at the
                        reasonable request of the Pledgee or with consent from
                        the Pledgee.

                6.1.3   Timely notify the Pledgee of any events or any received
                        notices which may affect the Pledgor's equity interest
                        or any part of its right, and any events or any received
                        notices which may change the Pledgor's any covenant and
                        obligation under this Agreement or which may affect the
                        Pledgor's performance of its obligations under this
                        Agreement.

        6.2     The Pledgor agrees that the Pledgee's right to exercise the
                Pledge obtained from this Agreement shall not be suspended or
                hampered through legal procedure by the Pledgor or any
                successors of the Pledgor or any person authorized by the
                Pledgor.

        6.3     The Pledgor warrants to the Pledgee that in order to protect or
                perfect the security over the payment of the technical and
                consulting service fees under the Service Agreement, the Pledgor
                shall execute in good faith and cause other parties who have
                interests in the pledge to execute all the title certificates,
                contracts, and/or perform and cause other parties who have
                interests to take action as required by the Pledgee and make
                access to exercise the rights and authorization vested in the
                Pledgee under this Agreement, and execute all the documents with
                respect to the changes of certificate of equity interests with
                the Pledgee or the person (natural person or legal entity)
                designed by the Pledgee, and provides all the notices, orders
                and decisions regarded as necessary by the Pledgee with the
                Pledgee within the reasonable time.

        6.4     The Pledgor warrants to the Pledgee that the Pledgor will comply
                with and perform all the guarantees, covenants, agreements,
                representations and conditions for the benefits of the Pledgee.
                The Pledgor shall compensate all the

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                losses suffered by the Pledgee for the reasons that the Pledgor
                does not perform or fully perform their guarantees, covenants,
                agreements, representations and conditions.

7.      Events of Default

        7.1     The following events shall be regarded as the event of default:

                7.1.1   Beijing Palmsky Technology Co., Ltd. fails to make full
                        payment of the technical and consulting service fees
                        payable as scheduled under the Service Agreement;

                7.1.2   The Pledgor makes any material misleading or fraudulent
                        representations or warranties under Article 5 herein,
                        and/or the Pledgor is in violation of any
                        representations and warranties under Article 5 herein,

                7.1.3   The Pledgor violates the covenants under Article 6
                        herein;

                7.1.4   The Pledgor violates any terms and conditions herein;

                7.1.5   The Pledgor waives the pledged equity interests or
                        transfers or assigns the pledged equity interests
                        without prior written consent of the Pledgee, except as
                        provided in Article 6.1.1 in this Agreement;

                7.1.6   The Pledgor's any external loan, security, compensation,
                        covenants or any other compensation liabilities (1) are
                        required to be repaid or performed prior to the
                        scheduled date; or (2) are due but cannot be repaid or
                        performed as scheduled and thereby cause the Pledgee to
                        deem that the Pledgor's capacity to perform the
                        obligations herein is affected;

                7.1.7   The Pledgor is incapable of repaying the general debt or
                        other debt;

                7.1.8   This Agreement is illegal for the reason of the
                        promulgation of the related laws or the Pledgor's
                        incapability of continuing to perform the obligations
                        herein;

                7.1.9   Any approval, permits, licenses or authorization from
                        the competent authority of the government needed to
                        perform this Agreement or validate this Agreement are
                        withdrawn, suspended, invalidated or materially amended;

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                7.1.10  The property of the Pledgor is adversely changed and
                        causes the Pledgee to deem that the capability of the
                        Pledgor to perform the obligations herein is affected;

                7.1.11  The successors or assignees of the Pledgor are only
                        entitled to perform a portion of or refuse to perform
                        the payment liability under the Service Agreement;

                7.1.12  Other circumstances whereby the Pledgee is incapable of
                        exercising the right to dispose the Pledge in accordance
                        with the related laws.

        7.2     The Pledgor shall immediately give a written notice to the
                Pledgee if the Pledgor is aware of or find that any event under
                Article 7.1 herein or any events that may result in the
                foregoing events have happened.

        7.3     Unless the event of default under Article 7.1 herein has been
                solved to the Pledgee's satisfaction, the Pledgee, at any time
                when the event of default happens or thereafter, may give a
                written notice of default to the Pledgor and require the Pledgor
                to immediately make full payment of the outstanding service fees
                under the Service Agreement and other payables or dispose the
                Pledge in accordance with Article 8 herein.

8.      Exercise of the Right of the Pledge

        8.1     The Pledgor shall not transfer or assign the equity interests
                without prior written approval from the Pledgee prior to the
                full repayment of the consulting service fee under the Service
                Agreement.

        8.2     The Pledgee shall give a notice of default to the Pledgor when
                the Pledgee exercises the right of pledge.

        8.3     Subject to Article 7.3, the Pledgee may exercise the right to
                dispose the Pledge at any time when the Pledgee gives a notice
                of default in accordance with Article 7.3 or thereafter.

        8.4     The Pledgee is entitled to have priority in receiving payment by
                the evaluation or proceeds from the auction or sale of whole or
                part of the equity interests pledged herein in accordance with
                legal procedure until the outstanding technical and consulting
                service fees and all other payables under the Service Agreement
                are repaid.

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        8.5     The Pledgor shall not hinder the Pledgee from disposing the
                Pledge in accordance with this Agreement and shall give
                necessary assistance so that the Pledgee could realize his
                Pledge.

9.      Transfer or Assignment

        9.1     The Pledgor shall not have the right to donate or transfer his
                rights and obligations herein without prior consent from the
                Pledgee.

        9.2     This Agreement shall be binding upon the Pledgor and his
                successors and be effective to the Pledgee and his each
                successor and assignee.

        9.3     The Pledgee may transfer or assign his all or any rights and
                obligations under the Service Agreement to its designated party
                (natural person/legal entity) at any time. In this case, the
                assignee shall enjoy and undertake the same rights and
                obligations herein of the Pledgee as if the assignee is a party
                hereto. When the Pledgee transfers or assigns the rights and
                obligations under the Service Agreement, at the request of the
                Pledgee, the Pledgor shall execute the relevant agreements
                and/or documents with respect to such transfer or assignment.

        9.4     After the Pledgee's change resulting from the transfer or
                assignment, the new parties to the pledge shall reexecute a
                pledge contract.

10.     Termination

This Agreement shall not be terminated until the technical and consulting
service fees under the Service Agreement are paid off and Beijing Palmsky
Technology Co., Ltd. will no longer undertake any obligations under the Service
Agreement, and the Pledgee shall cancel or terminate this Agreement within
reasonable time as soon as practicable.

11.     Formalities Fees and other Charges

        11.1    The Pledgor shall be responsible for all the fees and actual
                expenditures in relation to this Agreement including but not
                limited to legal fees, cost of production, stamp tax and any
                other taxes and charges. If the Pledgee pays the relevant taxes
                in accordance with the laws, the Pledgor shall fully indemnify
                such taxes paid by the Pledgee.

        11.2    The Pledgor shall be responsible for all the fees (including but
                not limited to

                                        7

<PAGE>

                any taxes, formalities fees, management fees, litigation fees,
                attorney's fees and various insurance premiums in connection
                with disposition of Pledge) incurred by the Pledgor for the
                reason that (1) the Pledgor fails to pay any payable taxes, fees
                or charges in accordance with this Agreement; or (2) the Pledgee
                has recourse to any foregoing taxes, charges or fees by any
                means for other reaons.

12.     Force Majeure

        12.1    If this Agreement is delayed in or prevented from performing in
                the Event of Force Majeure ("Event of Force Majeure"), only
                within the limitation of such delay or prevention, the affected
                party is absolved from any liability under this Agreement. Force
                Majeure, which includes acts of governments acts of nature,
                fire, explosion, geographical change, typhoon, flood,
                earthquake, tide, lightning, war, means any unforeseen events
                beyond the affected party's reasonable control and cannot be
                prevented with reasonable care. However, any shortage of credit,
                capital or finance shall not be regarded as an event beyond a
                Party's reasonable control. The Party being effected by Force
                Majeure who claims for exemption from performing any obligations
                under this Agreement or under any Article herein shall notify
                the other party of such exemption promptly and advice him of the
                steps to be taken for completion of the performance.

        12.1    The party affected by Force Majeure shall not assume any
                liability under this Agreement. However, subject to the party
                affected by Force Majeure having taken its reasonable and
                practicable efforts to perform this Agreement, the Party
                claiming for exemption of the liabilities may only be exempted
                from performing such liability as within limitation of the part
                performance delayed or prevented by Force Majeure. Once causes
                for such exemption of liabilities are rectified and remedied,
                the parties agree to resume performance of this Agreement with
                their best efforts.

13.     Dispute Resolution

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

        13.2    The parties shall strive to settle any dispute arising from the
                interpretation or performance, or in connection with this
                Agreement through friendly consultation. In case no settlement
                can be reached through consultation, each party can submit such
                matter to China International Economic and Trade Arbitration
                Commission ("CIETAC") for arbitration. The arbitration shall

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                follow the current rules of CIETAC, and the arbitration
                proceedings shall be conducted in Chinese and shall take place
                in Beijing. The arbitration award shall be final and binding
                upon the parties.

14.     Notice

        14.1    Any notice which is given by the parties hereto for the purpose
                of performing the rights, duties and obligations hereunder shall
                be in writing. Where such notice is delivered personally, the
                time of notice is the time when such notice actually reaches the
                addressee; where such notice is transmitted by telex of
                facsimile, the notice time is the time when such notice is
                transmitted. If such notice does not reach the addressee on
                business date or reaches the addressee after the business time,
                the next business day following such day is the date of notice.
                The delivery place is the address first written above of the
                parties hereto or the address advised in writing including
                facsimile and telex from time to time.

15.     Effectiveness

        15.1    This agreement and any amendments, modification, supplements,
                additions or changes hereto shall be writing and come into
                effect upon being executed and sealed by the parties hereto.

        15.2    This Agreement is executed in duplicate in Chinese.

                                        9

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                        Equity Interest Pledge Agreement

        (No text on this page)

By: /s/ signed
    ----------------------------------------------------
The Pledgee: Hurray! Times Communications (Beijing) Ltd.

Authorized Representative:

By: /s/ signed
    ----------
The Pledgor: Yang Haoyu

                                       10

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