Document:

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                                                                   Exhibit 10.46

                        Equity Interests Pledge Agreement

This Equity Interests Pledge Agreement (the "Agreement") is entered into on the
day of May 5, 2004 by and between the following parties:

Pledgee: Hurray! Times Communications (Beijing) Ltd.
Registered Address:

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

WHEREAS,

1.   Hurray! Solutions Ltd., the Pledgor, is a limited liability company
     established and existed according to the laws of PRC with the registered
     address at Room 318, Floor 3, No.12, Fuxing Road, Handian District,
     Beijing. The Pledgor owns 95% of the equity interest in Beijing Cool Young
     Information Technology Co., Ltd. Beijing Cool Young Information 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
     business of technical service on software development, software production,
     and system integration. The Pledgee and the Pledgor-owned Beijing Cool
     Young Information Technology Co., Ltd. enter into Exclusive Technical
     Consulting and Services Agreement (the "Service Agreement") on May 5,
     2004].

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

     In order to define each Party's rights and obligations, 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

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following meanings:

     1.1  Pledge means the full content of Article 2 hereunder

     1.2  Equity Interest means all its 95% equity interests in Beijing Cool
          Young Information 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 consulting fees under the Service
          Agreement.

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

     1.5  Service Agreement means the Exclusive Technical Consulting and Service
          Agreement entered into by and between Beijing Cool Young Information
          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 Cool
          Young Information Technology Co., Ltd. to the Pledgee as guarantee for
          the technical 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 from 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

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               of the date when the equity interests under this Agreement are
               recorded in the Register of Shareholder of Beijing Cool Young
               Information 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 Cool Young Information Technology Co., Ltd.
               fails to pay exclusive technical Consulting and 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 by 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 will not pledge or encumber 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 the transfer of equity interest by the Pledgor, as
               subject to the Exclusive Purchase Right Contract entered into
               among the Pledgor, Hurray! Holding Co., Ltd. and Beijing Cool
               Young Information Technology Co., Ltd., to Hurray! Holding Co.,
               Ltd. or 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

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

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7.   Events of Default

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

          7.1.1 Beijing Cool Young Information Technology Co., Ltd. fails to
               make full payment of the exclusive technical consulting and
               service fees 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 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 can not 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;

          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;

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          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 or is going on.

     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 and 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 consulting and service fees and all
          other payables under the Service Agreement are repaid.

     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.

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9.   Transfer or Assignment

     9.1  The Pledgor shall not 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 any individual (natural
          person or 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 consulting and service fees
under the Service Agreement are paid off and Beijing Cool Young Information
Technology Co., Ltd. will not undertake any obligations under the Service
Agreement any more, and the Pledgee shall cancel or terminate this Agreement
within reasonable time as soon as practicable.

11.  Formalities Fees And Other Expenses

     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 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

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          Pledgee has recourse to any foregoing taxes, charges or fees by any
          means for other reasons.

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, typhoon, flood,
          earthquake, tide, lightning, war, means any unforeseen events beyond
          the prevented 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 Pledge 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.

     12.2 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, both 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 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.

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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 or facsimile, the notice time is
          the time when such notice is transmitted. If such notice does not
          reach the addressee on business date or reaches the addressee after
          the business time, the next business day following such day is the
          date of notice. The delivery place is the address first written above
          of the parties hereto or the address advised in writing 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 in writing and come into effect
          upon being executed and sealed by the parties hereto.

     15.2 This Agreement is executed in duplicate in Chinese.

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     Equity Interests Pledge Agreement

     (No text on this page)

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

Authorized Representative: Xiang Songzuo

By: /s/ Xiang Songzuo
    ------------------------------------
The Pledgor: Hurray! Solutions Ltd.

Authorized Representative: Xiang Songzuo

                                      10<PAGE>

                                                                   Exhibit 10.47

                        DOMAIN NAME ASSIGNMENT AGREEMENT

     This Domain Name Assignment Agreement (the "Agreement") is entered into as
of May 5, 2004 between the following two parties.

Assignor:        Beijing Cool Young Information Technology Co., Ltd.
Legal Address:   Hua ao Center, Block 3, Apt. 9E, Zizhuyuan Road, Haidian
                 District, Beijing

Assignee:        Hurray! Times Communications (Beijing) Ltd.
Legal Address:   No.B07, Floor B, Tong Heng Plaza, No.4 Huayuan Road, Haidian
                 District, Beijing

     WHEREAS, the Assignor is a limited company company registered in Beijing
under the laws of the People's Republic of China (the "PRC") and owns certain
domain names of (the "Domain Names", as listed in Appendix 1).

     WHEREAS, the Assignee is a wholly foreign-owned enterprise registered under
the laws of the PRC in Beijing;

     WHEREAS, the Assignor agrees to assign the Domain Names to the Assignee and
the Assignee agrees to accept the assignment of the Domain Names.

     NOW, THEREFORE, the parties agree as follows:

1.   Transfer of Domain Names

     The Assignor agrees to change the registered owner of the Domain Names into
     the Assignee and the Assignee agrees to accept the change of the registered
     owner of the Domain Names. The Assignee shall pay the Assignor an amount of
     RMB 1,000 as a transfer fee for the Domain Names transferred hereunder.

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2.   Registration Fees

     The registration for the change of the registered owner of the Domain Names
     shall be undertaken by the Assignor and the Assignor shall bear the
     registration fees incurred hereby.

3.   Representations and Warranties

     3.1  The Assignor hereby represents and warrants as follows:

     3.1.1 the Assignor is a limited liability company duly registered and
          validly existing under the laws of the PRC.

     3.1.2 the Assignor has the exclusive ownership of the Domain Names and no
          rights of any third party is prejudiced due to the use of the Domain
          Names. There is no litigation or any other disputes arising from or
          relating to the Domain Names.

     3.1.3 the Assignor executes and performs this Agreement within its
          corporate authority and business scope; it has obtained all consents
          and approvals of any other third party and government authority
          necessary for this Agreement, and shall not be against any enforceable
          and effective laws or contracts.

     3.1.4 once this Agreement is duly executed by both parties, it will
          constitute a legal, valid and binding agreement of the Assignor and is
          enforceable against it in accordance with its terms.

     3.1.5 the Assignor will not engage in any action that will be of detriment
          to the validity of the Domain Names after the completion of the
          assignment.

     3.2  The Assignee hereby represents and warrants as follows:

     3.2.1 the Assignee is a wholly foreign-owned enterprise duly registered and
          validly existing under the laws of the PRC.

     3.2.2 the Assignee executes and performs this Agreement within its
          corporate authority and business scope and has obtained all consents
          and approvals of any other third party and government authority
          necessary for this Agreement, which shall not be against any
          enforceable and effective laws or contracts.

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     3.2.3 once this Agreement is duly executed by both parties, it will
          constitute a legal, valid and binding agreement of the Assignee and is
          enforceable against it in accordance with its terms.

4.   Effective Date and Term

     This Agreement is duly executed by their authorized representatives as of
     the date first set forth above and shall be effective simultaneously.

5.   Settlement of Disputes

     The parties shall strive to settle any dispute arising from the
     interpretation or performance through friendly consultation. In case no
     settlement can be reached through consultation within 30 days after one
     party asks for consultation, each party can submit such matter to China
     International Economic and Trade Arbitration Commission (the "CIETAC"). The
     arbitration shall 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 and shall
     be enforceable in accordance with its terms.

6.   Applicable Law

     The validity, interpretation and implementation of this Agreement shall be
     governed by the laws of the PRC.

7.   Amendment and Supplement

     Any amendment and supplement of this Agreement shall come into force only
     after a written agreement is signed by both parties. The amendment and
     supplement duly executed by both parties shall form a part of this
     Agreement and shall have the same legal effect as this Agreement.

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8.   Severability

     Any provision of this Agreement which is invalid or unenforceable in a
     jurisdiction due to conflict of law shall, in that jurisdiction, be
     ineffective to the extent of such invalidity or unenforceability, without
     affecting in any way the remaining provisions hereof in such jurisdiction
     or rendering that any other provision of this Agreement invalid or
     unenforceable in any other jurisdiction.

9.   Appendix

     The Appendix referred to in this Agreement are an integral part of this
     Agreement and have the same legal effect as this Agreement.

10.  Miscellaneous

     This Agreement shall be executed in Chinese in duplicate.

     IN WITNESS THEREOF the parties hereto have caused this Agreement to be duly
executed on their behalf by a duly authorized representative as of the date
first set forth above.

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     Domain Name Assignment Agreement

     (No Text on This Page)

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

Representative: Wei Hongbin

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

Representative: Xiang Songzuo

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                                   Appendix 1

                              List of Domain Names

1. hawa.cn
----------
2. www.coolyoung.com.cn
-----------------------

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