Document:

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                                                                    EXHIBIT 4.50

                       [Translated from Chinese original]

               LEASE CONTRACT FOR HOUSING UNIT OF CORPORATE SQUARE

                         Numbers: [2007] Guo Zu No. H06

PARTY A (the Lessor): China Galaxy Securities Company Limited
     Legal Representative: Xu Guoping
     Title:       chairman
     Address:     Tower C, Corporate Square, 35 Financial Street, Xicheng
                  District, Beijing
     Postal code: 100032
     Phone:       (8610) 66568629
     Fax:         (8610) 66568253

PARTY B (the Lessee): Fortune Software (Beijing) Co., Ltd.
     Legal Representative: Zhao Zhiwei
     Title:   CEO
     Address: Room 610, Ping'an Plaza, 23 Financial Street, Xicheng District,
     Beijing
     Postal code:
     Phone:
     Fax:

Pursuant to the Contracts Law and related laws and regulations of the People's
Republic of China, and for the purpose of defining their rights and obligations,
the Parties hereby agree on the contract as follows (the "Contract") after
friendly negotiations:

            ARTICLE 1. QUALIFICATION, REPRESENTATIONS AND WARRANTIES

1.1 Party A is a company duly established and existing under the laws of the
People's Republic of China and the legal owner of Tower C of Corporate Square
located at 35 Financial Street in Xicheng District in Beijing.

1.2 Party B is a company duly established and existing under the law of the
People's Republic of China and has the full qualification and power to sign and
perform the Contract hereto.

1.3 Party A and Party B both represent that they have completely understood and
agreed on each provision of the Contract and are clearly aware of the benefits,
risks and liabilities under the Contract.

1.4 Party A and Party B both undertake to perform the Contract in a positive,
careful and complete manner, following principles of fairness, justice and good
faith and in compliance with requirements of relevant policies, laws and
regulations.

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              ARTICLE 2. SCOPE, AREA, TERM AND PURPOSE OF THE LEASE

2.1 Per Party B's request, Party A agrees to lease to Party B the housing units
of 934 to 937 of the ninth floor of Tower C of Corporate Square as indicated in
Appendix 1 (the "Leased Units"), with a total area of 517.73 square meters
(referring to the construction area measured by the Bureau of Land Resources and
Housing Management of Beijing Municipality) for a lease term of 55 months (the
"Lease Term"), commencing on August 1, 2007 (the "Commencement Date") and ending
on February 28, 2011.

         ARTICLE 3. DELIVERY OF LEASED UNITS AND CONDITIONS FOR DELIVERY

3.1 Party A shall deliver to Party B the Leased Units on the Commencement Date.
Party A shall guarantee that the equipment for electricity, lighting, air
conditioning, elevators and washing have been installed in the public areas of
the Leased Units and are operating in good condition.

3.2 Party A provides Party B with equipment and facilities in the Leased Units
including but not limited to air conditioning, temperature controllers, alarms
and fire sprinkler system, which shall be examined and confirmed by Party B's
signature if no objection.

                       ARTICLE 4. DECORATION AND PLACEMENT

4.1 In the case of decoration, placement and other changes to the Leased Units
made by Party B, Party B shall give a prior notice to Party A and timely provide
Party A or the Property Management Department of Corporate Square with various
patterns, design plans, list of decoration materials and other documents with
respect to decorating and placing internal equipment and auxiliary objects to
facilitate the procedure for related approvals.

4.2 Party B shall conduct the decoration after receipt of examination and
approvals. Party B shall strictly perform in compliance with the approved
decoration plan and relevant regulations set forth in Appendix 1 by the Property
Management Department of Corporate Square. Party B shall pay the price of
decoration and other related expenses.

4.3 Party B shall undertake that decorations shall not have a negative impact
either on the structure and framework of Corporate Square or on the interests of
other lessees and users. Otherwise, Party B and not Party A shall exclusively
bear all liabilities and losses arisen thereby.

4.4 Party B shall undertake to be responsible for the equipment and facilities
altered and improved in the decoration and to never violate related laws,
regulations, rules or connected rules of Corporate Square listed in Appendix 1.

      ARTICLE 5. FREE LEASE PERIOD, PREEMPTED RIGHT OF RENEWAL AND SUBLEASE

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5.1 Party B has a right to a free lease period for 0 days from the Commencement
Date. The term of free lease period is included in the whole Lease Term. Within
the term of the free lease period, Party B shall have free rent, but it shall
pay for fees other than the rent specified in accordance with the Contract.

5.2 Upon the expiration of the Contract, Party B has a right to demand renewal
of the lease, provided the conditions of Party B are the same as other parties
have. Both parties shall negotiate and sign a new contract with respect to the
rent and other fees during the renewal of the lease. Party B shall be deemed to
waive the right of renewal in the event that Party B cannot notify Party A of
the renewal request at least 3 months prior to the expiration of the Contract or
both parties cannot reach a new contract at least 1 month prior to the
expiration of the Contract.

          ARTICLE 6. RENT, PROPERTY MANAGEMENT FEE, DEPOSIT AND PAYMENT

6.1 The rent and property management fee are calculated in accordance with
construction area measured by the Bureau of Land Resources and Housing
Management of Beijing Municipality.

6.2 The rent and property management fee shall be calculated in RMB and shall be
collected monthly. The rent for each square meter per day is RMB4.62 yuan and
the property management fee for each square meter per day is RMB0.98 yuan.

6.3 The property management fee shall be calculated on the basis of the property
management fee charged by the Property Management Department in compliance with
the rules of Corporate Square. Party A can adjust reasonably the property
management fee pursuant to the conditions and procedures of Corporate Square.

6.4 Within 3 working days after the execution of the Contract, Party B shall pay
to Party A rent and property management fees for a 3 month period, in the total
amount of RMB 264,560.03 yuan as the deposit, functioning as the security of
Party B to make in time all payment of rent and property management fees to
Party A.

6.5 Within 3 working days after the execution of the Contract, Party B shall pay
to Party A the property management fee of the first month in the amount of RMB
88186.68 yuan. Party B shall pay for the rent and property management fee of
every month after term of the free lease period. Subsequent payment for the rent
and property management fee of each month shall be made by Party B within the
first 3 working days of such month. If the Commencement Date is not the initial
date of a month, payment for the rent and property management fee of the month
shall be calculated upon the actual days for lease.

6.6 Party B shall remit the money for payment through bank transfer to the
account designated by Party A as follows:

Account:        China Galaxy Securities Company Limited
Bank:           China Construction Bank, Beijing Fuxing Branch
Account Number: 11001046500053002517

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6.7 If Party B makes the payment by RMB within the territory of People's
Republic of China, the exchange rate between US dollars and RMB shall adopt the
middle rate announced by Bank of People's China on the first day of the month it
makes the payment.

                  ARTICLE 7. RIGHTS AND OBLIGATIONS OF PARTY A

7.1 Party A is entitled to the ownership and beneficial right of the Leased
Units and any other property rights provided pursuant to the laws and
regulations.

7.2 During the Lease Term, Party A has a right to transfer the ownership of the
Leased Units in whole to third parties. Party A shall transfer its rights and
obligations under the Contract to such third parties. The rights and obligations
of Party B under the Contract shall not be affected by the ownership transfer.
In the event Party A transfers separate parts of the Leased Units, Party B shall
has the right of first refusal based on the same conditions.

7.3 During the Lease Term, Party A has a right to set up a mortgage, offer to
compensate and exchange on the Leased Units, in whole or part, regardless of
consent from Party B. The rights and obligations of Party B under the Contract
shall not be affected by the Party A's activities as aforesaid.

7.4 During the Lease Term, Party A shall pay the taxes imposed upon it by
relevant laws and regulations.

7.5 Party A has a right to dispatch its personnel to inspect the equipment and
hardware of Corporate Square in the Leased Units, giving a prior notice to Party
B except in emergency circumstances. Party A shall use its best endeavors to
avoid any interruption to the ordinary working environment of Party B.

                  ARTICLE 8. RIGHTS AND OBLIGATIONS OF PARTY B

8.1 Party B is entitled to use the Leased Units in accordance with the Contract.
Party B may set a notable mark on the exit of elevators of the floor of leasing
pursuant to the relevant management regulations of the Corporate Squares. The
detailed conditions shall be discussed by both Parties.

8.2 Party B shall carry out the business activities in the Leased Units in
compliance with laws, regulations and rules of the People's Republic of China
and is prohibited to harm Party A's reputation through its activities.

8.3 Party B shall duly make the payments with respect to the rent, property
management fee, electricity usage fee and any other charges it shall be
responsible for.

8.4 Starting from the Commencement Date, Party B shall purchase insurance for
the properties in the Leased Units, including property insurance and third party
liability insurance. Otherwise, Party B and not Party A shall be solely
responsible for all liabilities and losses.

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8.5 Party B shall not alter the purpose of use of the Leased Units without
consent in writing from Party A.

8.6 Party B shall not re-lend, sublease, and exchange the Leased Units, in whole
or part, to third parties or allow third parties to use the Leased Units by
other means, without consent in writing from Party A.

8.7 Party B shall not alter the locking and security system on the gate of the
Leased Units without consent in writing from Party A or approval from related
departments.

8.8 Party B shall not alter or move the equipment for usage of water and
electricity and shall not enlarge the capacities of central air conditioning,
without consent in writing from Party A.

8.9 Party B shall take necessary actions to prevent the Leased Units from fires
accident or man-made damage. Party B shall immediately notify to Party A with
respect to any damage of the Leased Units. Party B shall restore the damaged
parts of the Leased Units to their former condition within one month upon
receipt of Party A's notice, provided that the damages resulted from negligence
by Party B and its employees. If Party B fails to do so timely, Party A has the
right to repair the damaged parts. All the expenses thus incurred shall be borne
by Party B.

8.10 Party B is entitled to require Party A repairing the Leased Units, and the
public facilities and equipment, and repair such based on the original standards
by itself if Party A fails to perform the obligation of repairing timely and
affects the normal use of such. All the expenses thus incurred shall be borne by
Party A. The equipment newly added or improved by Party B shall be repaired by
Party B.

                        ARTICLE 9. LIABILITIES FOR BREACH

9.1 The party in breach shall be responsible for the liabilities resulting from
the breach. If both parties are deemed to be in breach of the Contract,
liabilities shall be allocated between the two parties in accordance with
corresponding facts and actual results of the breach.

9.2 The party in breach shall pay liquidated damages to the other party duly
performing the Contract. The other party is entitled to claim all of its losses
incurred but with a limit to all actual losses.

9.3 If Party A delays in delivering to Party B the Leased Units, it shall pay a
late payment charge in the amount of 0.5% of the monthly rent for each day of
delay.

9.4 If Party B delays in making payment of fees, it shall pay a late payment
charge in the amount of 0.5% of unpaid fees for each day of delay.

9.5 If Party B delays in moving out of the Leased Units, it shall pay a late
payment charge in amount of 1% of the monthly rent for each day of delay.

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9.6 If Party B in breach cannot duly pay the liquidated damages, late payment
charge or indemnity due upon receipt of a notice from Party A asking for
payment, Party B agrees that all the properties in the Leased Units can be taken
by Party A as a lien and Party A has a right to dispose the properties in
accordance with the laws.

             ARTICLE 10. EXPIRATION AND TERMINATION OF THE CONTRACT

10.1 The Contract shall be terminated automatically upon expiration of the Lease
Term. Party A shall return the deposit of the rent and property management fee
(less the amount ought to be paid by Party B and not including addition of
interests or indemnity) to Party B within 10 days after Party B's completion of
its performance.

10.2 Party B shall complete the obligations below upon the expiration of the
Lease Term or 7 days before the termination of the Contract:

(1) Party B shall deliver to Party A the equipment and facilities in the Leased
Units in good operating condition, except normal wear and tear, damages existing
before the Lease Term or caused by force majeure events.

(2) Party B shall uninstall the decoration and equipment subsequently improved
and restore the Leased Units to their former condition when moving out, except
if given a written consent from Party A to maintain the decoration and
improvement.

(3) Party B shall pay off the rent, property management fee and electricity
usage fee and other fees required.

10.3 Party A has a right to unilaterally terminate the contract and keep the
rent, provided that Party B has acted as follows. Party B shall be bound to pay
the liquidated damages equal to 3 months' rent and other damages to any economic
losses of Party A if:

(1) Party B conducts illegal business activities.

(2) Party B alters the purpose of use of the Leased Units without consent from
Party A.

(3) The Leased Units are used by third parties other than Party B without
consent from Party A.

(4) The Leased Units, in whole or part, are subleased, re-lent and exchanged to
third parties or used in common by Party B and third parties, without consent
from Party A.

(5) Party B delays for more than 30 days in making payment for the rent,
property management fee and other fees set forth in Article 6 of the Contract.

(6) Party B is in a breach of Article 7 of the Contract and cannot efficiently
redress within 30 days upon notice from Party A.

<PAGE>

10.4 Party B has a right to terminate the Contract before the expiration of the
Lease Term because of the business development, after giving notice to Party A 3
months in advance and obtaining mutual consent. This Contract may be terminated
in advance through the mutual agreement of both Parties, the deposit of Party B
will not be returned.

10.5 Party B has a right to terminate the contract and claim twice the amount of
the deposit, provided that Party A cannot deliver the Leased Units within 30
days from execution of the Contract and the receipt of the deposit from Party B.

10.6 If Party A terminates the Contract for no reason, it shall pay to Party B
twice the amount of the deposit and shall indemnify the direct losses suffered
by Party B, such as decoration expenses.

10.7 Upon the expiration of the Lease Term or 15 days after the termination of
the Contract, any properties in the Leased Units that have not been moved out
are regarded as being given up by Party B and Party B agrees to authorize Party
A to dispose of these properties and charge Party B for any related costs. Party
B warrants it will not interfere or intervene such disposal.

                            ARTICLE 11. FORCE MAJEURE

11.1 If one party cannot perform the Contract due to earthquake, typhoon, war,
turbulence and other unexpected and inevitable factors, the party encountering
the force majeure event shall immediately notify the other party and provide
detailed information about the force majeure event and a certificate of
non-performance, partial non-performance or delayed-performance within 15 days.
The certificate shall be issued by a local notary public from the place having
the force majeure event. The party encountering the force majeure event shall
not be held liable for indemnification.

11.2 If Party B cannot properly use the Leased Units due to the force majeure
event, both parties shall negotiate to agree on subtraction of the rent and
property management fee. If Party B cannot use the Leased Units at all due to
the force majeure event, the payment for the rent and property management fee
shall not be made until the Leased Units can be used in good condition. If the
Leased Units cannot be used in good condition continuously for 30 days or
accumulated for 90 days, Party B has a right to notify Party A of termination of
the Contract, Party B shall reimburse the deposit and the rent paid in advance
(less the actual usage fee and normal wear and tear) to Party B within 30 days
upon receipt of a notice.

                ARTICLE 12. GOVERNING LAW AND DISPUTE SETTLEMENT

12.1 The Contract shall be governed by and construed in accordance with the laws
of the People's Republic of China.

12.2 Any dispute arising out of or relating to the Contract shall be resolved
through friendly consultation between both parties. If the dispute is not
resolved through consultation, any party has a right to submit to the China
International Economic and

<PAGE>

Trade Arbitration ("CIETAC") for arbitration in accordance with the Arbitration
Rules of CIETAC. The award of the arbitration tribunal shall be final and
binding upon the two parties.

                            ARTICLE 13. MISCELLANEOUS

13.1 Party B agrees that the Leased Units shall be managed by Party A (or the
Property Management Company designated by Party A).

13.2 The property management services shall include the cleaning of toilets,
elevators, public corridors and maintenance of the equipment of Corporate
Square, excluding the equipment improved by Party B inside the Leased Units.

13.3 Party A and Party B both agree that they will conclude a separate contract
with respect to the lease of underground parking spaces.

                                ARTICLE 14. ANNEX

14.1 Any notice under the Contract shall be sent by means of fax, registered
mail, courier or sent by specific individual to the legal addresses of the
parties.

14.2 If any provision of the Contract shall be held invalid, illegal or
unenforceable, the validity and legality of the remaining provisions shall not
be affected and shall not form a basis for both parties to refuse the
performance of the Contract.

14.3 Any matters not covered by the Contract may be negotiated and included in a
supplementary contract entered into by both parties. Any supplementary contract
and appendices shall be integrated into the Contract and have the same legal
effect as that of the Contract.

14.4 The Contract is made in four copies. Each party shall hold two. All copies
have the same legal effect.

14.5 The Contract comes into effect upon the signing by legal representatives or
authorized representatives with chopped seals and comes to an end upon
expiration of the Lease Term.

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APPENDIX

1.   MAP OF LEASED UNITS

<PAGE>

PARTY A: China Galaxy Securities Company Limited

/s/ [COMPANY SEAL]
-------------------------------------

By: /s/ Zhu Li
-------------------------------------
Legal Representative or authorized
representative
Date:

PARTY B:

By: /s/ [COMPANY SEAL]
    ---------------------------------

/s/ Junling Cai
-------------------------------------
Legal Representative or authorized
representative
Date:

Place: 10/F, Tower C, Corporate Square<PAGE>

                                                                    Exhibit 4.51

                      DATED THE ______ DAY OF _____, 2007

                                  WANG WILLIAM

                                       and

                       FNG INTERNATIONAL HOLDINGS LIMITED

                                       and

                        CHINA FINANCE ONLINE CO. LIMITED

                                   ----------

                                    AGREEMENT
                            for the sale and purchase
                                  of shares in
                     Daily Growth Investment Company Limited
                              (Chinese Characters)

                                   ----------

                                F. ZIMMERN & CO.
                              Solicitors & Notaries
                 Suites 1501-1503, 15th Floor, Gloucester Tower,
                The Landmark, 15 Queen's Road Central, Hong Kong
                              Tel: (852) 2526-4373
                              Fax: (852) 2801-4548
                               Ref: AN/PC/S14/2007

<PAGE>

THIS AGREEMENT is made on the ______ day of ____________, 2007.

BETWEEN :-

1.   WANG WILLIAM whose correspondence address is at Block D, 6th Floor, Dragon
     Industrial Building, 93-95 King Lam Street, Lai Chi Kok, Kowloon, Hong Kong
     (the "VENDOR");

2.   FNG INTERNATIONAL HOLDINGS LIMITED, a company incorporated in the British
     Virgin Islands whose registered address is at Trident Chambers, P.O. Box
     146, Road Town, Tortola, British Virgin Islands (the "PURCHASER"); and

3.   CHINA FINANCE ONLINE CO. LIMITED, a company incorporated in Hong Kong whose
     registered office is situate at Room 908, 9th Floor, Hutchison House, 10
     Harcourt Road, Central, Hong Kong (the "GUARANTOR").

(The Vendor and the Purchaser are collectively referred to as the "PARTIES" and
each as a "PARTY")

WHEREAS :-

(A)  Daily Growth Investment Company Limited (Chinese Characters) (the
     "COMPANY") is a private limited company incorporated under the laws of Hong
     Kong on 6 October 1971 and has an authorised share capital of HK$10,000,000
     divided into 100,000 ordinary shares of HK$100 each, of which 100,000
     ordinary shares have been issued and are fully paid up. The Company is a
     licensed corporation to engage in type 1 regulated activity (dealing in
     securities) under the Securities and Futures Ordinance, Chapter 571 of the
     laws of Hong Kong. Particulars of the Company are set out in Schedule 1.

(B)  The Vendor is the legal and beneficial owner of 5,000 issued ordinary
     shares of the Company, representing 5 per cent. of the entire issued share
     capital of the Company (the "SALE SHARES").

(C)  The Vendor has agreed to sell, and the Purchaser has agreed to purchase,
     the

                                        1

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     Sale Shares on the terms and conditions hereinafter appearing.

(D)  The Purchaser is a wholly owned subsidiary of the Guarantor.

(E)  The Guarantor has agreed to guarantee as the primary obligor for the due
     performance of the Purchaser under this Agreement.

AND NOW IT IS HEREBY AGREED as follows

1.   DEFINITIONS AND INTERPRETATION

1.1  In this Agreement, unless otherwise expressed or required by context, the
     following expressions shall have the respective meanings set opposite
     thereto :-

<TABLE>
<CAPTION>
Expression              Meaning
----------              -------
<S>                     <C>
"Accounts"              means the audited profit and loss accounts for the
                        period ended on and the balance sheet as at the Accounts
                        Date of the Company;

"Accounts Date"         means 31 December 2006;

"Approval"              have the meaning ascribed to it in Clause 2.1(b) hereof;

"Business Day"          means a day, other than a "general holiday" (as defined
                        in the General Holidays Ordinance (Chapter 149 of the
                        Laws of Hong Kong)), Saturday and any day on which a
                        tropical cyclone warning No. 8 or above is hoisted or
                        remains hoisted between 9:00 a.m. and 12:00 noon and is
                        not lowered at or before 12:00 noon or on which a
                        "black" rainstorm warning signal is hoisted or remains
                        in effect between 9:00 a.m. and 12:00 noon and is not
                        discontinued at or before 12:00 noon, on which
                        commercial banks are generally
</TABLE>

                                       2

<PAGE>

<TABLE>
<S>                     <C>
                        open for banking business in Hong Kong;

"Completion Accounts"   means the profit and loss accounts for the period ended
                        on and the balance sheet as at the Completion Date of
                        the Company;

"Completion Date"       means the date on which completion of the sale and
                        purchase of the Sale Shares takes place as mentioned in
                        Clause 4 hereof;

"Consideration"         has the meaning ascribed to it in Clause 3 hereof;

"Deposit"               has the meaning ascribed to it in Clause 3.2(a) hereof;

"Disclosure Letter"     means the disclosure letter from the Vendor to
                        the Purchaser to be delivered at Completion in the form
                        identical to that attached hereto as Schedule 3 hereto
                        or with lesser disclosures;

"Hong Kong"             means the Hong Kong Special Administrative Region
                        of the People's Republic of China;

"Liabilities"           means the total liabilities of the Company whether
                        actual or contingent as at Completion, and for the
                        avoidance of doubt, including all provisions for
                        taxation and bad debts;

"NAV"                   means the Tangible Assets less the Liabilities;

"Shares"                means issued ordinary shares of HK$100 each in the
                        capital of the Company, and "Shareholders" shall be
                        construed accordingly;

"SFC"                   means the Securities and Futures Commission;

"SFO"                   means the Securities and Futures Ordinance (Chapter 571
                        of the laws of Hong Kong);
</TABLE>

                                       3

<PAGE>

<TABLE>
<S>                     <C>
"Stock Exchange"        The Stock Exchange of Hong Kong Limited;

"Tangible Assets"       means the total tangible assets of the Company
                        as at Completion, including an amount of HK$794,157.41
                        due from Mr. Cheung Wing Cheung as at 1 August 2007 to
                        the Company to be accepted by the Parties as accounts
                        receivable without any provision for non-recovery;

"Vendor's Solicitors"   means F. Zimmern & Co; and

"HK$" and "Cent"        means Hong Kong Dollars and Cents respectively.
</TABLE>

1.2  The headings to the Clauses of this Agreement are for ease of reference
     only and shall be ignored in interpreting this Agreement.

1.3  Reference to Clauses and Schedules are references to Clauses and Schedules
     of or to this Agreement.

1.4  Words and expressions in the singular include the plural and vice versa.

1.5  Reference to person include any public body and any body of persons,
     corporate or unincorporated.

1.6  Reference to ordinances, statutes, legislation or enactments shall be
     construed as a reference to such Ordinances, statutes, legislation or
     enactments as may be amended or re-enacted from time to time and for the
     time being in force.

2.   CONDITIONS PRECEDENT

2.1  Completion of this Agreement shall be conditional upon :-

     (a)  the Company remains a licensed corporation to engage in type 1
          regulated activity (dealing in securities) under the SFO up to
          Completion;

                                       4

<PAGE>

     (b)  the SFC giving its written approval to approve the Purchaser to become
          a substantial shareholder of the Company (the "APPROVAL"); and

     (c)  the Purchaser shall, in addition to the Sale Shares to be acquired
          pursuant hereto, acquire on the Completion Date Shares from other
          existing Shareholders which together with the Sale Shares, shall in
          aggregate represent not less than 75% of the entire issued share
          capital of the Company as at the Completion Date.

2.2  The Vendor will use his best endeavours to procure the fulfilment of the
     condition set out in Clauses 2.1 (a) and 2.1(c) hereof and the Purchaser
     will use its best endeavours to procure the fulfilment of the condition set
     out in Clause 2.1(b) hereof.

2.3  If (i) the condition as set out in Clause 2.1(a) hereof cannot be fulfilled
     on the Completion Date, the Vendor or the Purchaser may, or (ii) the
     condition as set out in Clause 2.1(c) hereof cannot be fulfilled on the
     Completion Date, the Purchaser may terminate this Agreement. In any of such
     event, the Deposit shall be returned to the Purchaser in full together with
     interest calculated at the rate of three (3) per cent. per annum from the
     date of payment of the Deposit by the Purchaser up to the date of refund.
     Upon the refund, this Agreement shall lapse and no Party shall have any
     claim against the other Party except in respect of any antecedent breach.

2.4  If the condition as set out in Clause 2.1(b) hereof cannot be fulfilled on
     or before 31 December 2007 (the "CONDITIONS DEADLINE"), the Vendor will
     allow the Purchaser to extend the Conditions Deadline for a period up to
     three (3) calendar months from 1 January 2008 (the "EXTENDED PERIOD")
     provided that the Purchaser shall pay compensation (the "COMPENSATION") to
     the Vendor, unless the delay is due to the proven default of the Vendor, to
     be arrived at by the following formula :-

          C = [(HK$3 * S) * 3] * D/91

          C = the total Compensation payable by the Purchaser to the Vendor

          S = the number of the Sale Shares

          D = the number of days from 1 January 2008 up to and including (i)

                                       5

<PAGE>

               the Completion Date; or (ii) the day of the receipt of the Notice
               (as defined below) by the Vendor; or (iii) 31 March 2008, as the
               case may be, to be determined in the manner as provided in
               Clauses 2.5 (a) and (b)

     The Purchaser may serve a written notice to the Vendor not to proceed with
     the Completion (the "NOTICE") during the Extended Period.

2.5  (a)  In the event that Completion takes place before the expiry of the
          Extended Period, the Purchaser shall pay the Compensation calculated
          up to the Completion Date to the Vendor on the Completion Date.

     (b)  In the event that the Purchaser shall fail to complete the purchase of
          the Sale Shares in accordance with the terms of this Agreement
          (including failure to complete by reason of the failure to obtain the
          Approval) other than due to the proven default of the Vendor, half of
          the Deposit shall be forfeited to the Vendor as liquidated damages
          (the "FORFEITURE") and in addition, if the Conditions Deadline is
          extended, the Vendor shall also be entitled to deduct the Compensation
          (calculated up to the day of the receipt of the Notice by the Vendor
          if the Notice is served by the Purchaser or calculated up to 31 March
          2008 if no Notice is served by the Purchaser) from the balance of
          the Deposit (the "DEDUCTION"). The remaining balance of the Deposit
          (after the Forfeiture and any Deduction) shall be returned to the
          Purchaser without interest within seven (7) days from the date of the
          receipt of the Notice by the Vendor or 31 March 2008, as the case may
          be. After the Forfeiture and any Deduction, the Vendor shall have no
          claim whatsoever against the Purchaser under this Agreement.

2.6  If the Vendor shall fail to complete the sale of the Sale Shares in
     accordance with the terms of this Agreement due to the proven default of
     the Vendor, the Deposit shall be returned to the Purchaser in full together
     with interest calculated at the rate of three (3) per cent. per annum from
     the date of payment of the Deposit by the Purchaser up to the date of
     refund. Subject to the aforesaid payment, the Purchaser shall have no claim
     whatsoever against the Vendor under this Agreement.

                                       6

<PAGE>

3.   SALE AND PURCHASE OF THE SALE SHARES AND THE CONSIDERATION

3.1  Subject to the terms and conditions of this Agreement, the Vendor as
     beneficial owner hereby agrees to sell to the Purchaser and the Purchaser,
     relying on the representations and warranties made or given by the Vendor
     and subject to the terms and conditions contained in this Agreement, agree
     to purchase from the Vendor the Sale Shares free from all claims, charges,
     liens, encumbrances, equities and third party rights and together with all
     rights attached thereto and all dividends and distributions declared, paid
     or made in respect thereof after the Completion Date at a consideration
     (the "CONSIDERATION") to be arrived at by the following formula :-

     C = P * S

     C = the total consideration payable by the Purchaser to the Vendor for
         the Sale Shares

     P = the price per Share based on the NAV as at the Completion Date plus
         a premium of HK$15 per Share (which is to reflect the value of the
         trading right held by the Company in the Stock Exchange)

     S = the number of Sale Shares

3.2  Subject to Clause 3.3 hereof, the Consideration shall be paid by the
     Purchaser to the Vendor as follows:-

     (a)  a sum of HK$250,000 (i.e. HK$50 per Sale Share) as deposit and part
          payment of the Consideration (the "DEPOSIT") to be paid on the signing
          of this Agreement by way of delivering a solicitor's cheque to the
          Vendor's Solicitors as stakeholder to be held by it subject to the
          provisions of this Agreement and the sum of HK$1,000,000 being the
          earnest money already paid by the Purchaser to the Purchaser's
          Solicitors as stakeholder under the term sheet dated 25 July 2007 be
          released to the Purchaser after payment of the Deposit; and

     (b)  the balance of the Consideration to be paid on Completion by way of a
          solicitor's cheque to the Vendor.

                                       7

<PAGE>

3.3  (a)  The Vendor shall procure that the draft pro-forma Completion Accounts
          (the "DRAFT PRO-FORMA COMPLETION ACCOUNTS") be drawn up and delivered
          to the Purchaser not less than six (6) days prior to the Completion
          Date. Completion shall take place on the basis of the draft pro-forma
          Completion Accounts.

     (b)  After Completion, the Vendor shall procure the final Completion
          Accounts (the "FINAL COMPLETION ACCOUNTS") be drawn up and delivered
          to the Purchaser within fourteen (14) days after the Completion Date.
          Subject to Clause 3.3(d), if the final Completion Accounts shall show
          that the NAV per Share is less than the NAV per Share as shown in the
          draft pro-forma Completion Accounts, the Vendor shall pay the amount
          of the difference of the NAV per Share multiplied by the number of the
          Sale Shares to the Purchaser within ten (10) days from the date of
          delivery of the final Completion Accounts by way of solicitor's
          cheque. If the final Completion Accounts shall show that the NAV per
          Share is more than the NAV per Share as shown in the draft pro-forma
          Completion Accounts, the Purchaser shall pay the amount of the
          difference of the NAV per Share multiplied by the number of the Sale
          Shares to the Vendor within ten (10) days from the date of delivery of
          the final Completion Accounts by way of solicitor's cheque. The
          Purchaser shall provide with the Vendor full access to the books,
          records and resources of the Company so as to enable the Vendor to
          procure the final Completion Accounts to be drawn up.

     (c)  The basis and policy of accounting adopted in preparing the pro-forma
          draft Completion Accounts and the final Completion Accounts shall be
          in accordance with the generally accepted accounting practices in Hong
          Kong.

     (d)  In the event of a dispute between the Parties as to the amount of the
          NAV as shown in the final Completion Accounts, the Vendor or the
          Purchaser may procure that the final Completion Accounts be audited by
          the auditors of the Company within forty-five (45) days from the date
          of delivery of the final Completion Accounts provided that the
          procurement of the audited final Completion Accounts shall be made by
          the relevant Party within seven (7) days from the date of delivery of

                                       8

<PAGE>

          the final Completion Accounts.

     (e)  If the audited Completion Accounts shall show that the NAV per Share
          is less than the NAV per Share as shown in the draft pro-forma
          Completion Accounts, the Vendor shall pay the amount of the difference
          of the NAV per Share multiplied by the number of the Sale Shares to
          the Purchaser within seven (7) days from the date of delivery of the
          audited Completion Accounts by way of solicitor's cheque. If the
          audited Completion Accounts shall show that the NAV per Share is more
          than the NAV per Share as shown in the draft pro-forma Completion
          Accounts, the Purchaser shall pay the amount of the difference of the
          NAV per Share multiplied by the number of the Sale Shares to the
          Vendor within seven (7) days from the date of delivery of the audited
          Completion Accounts by way of solicitor's cheque. The Vendor together
          with the other vendors of the one part and the Purchaser of the other
          part shall each be responsible for payment of 50% of the cost and
          expenses for the preparation and completion of the audited Completion
          Accounts.

4.   COMPLETION

4.1  Subject to the provisions in Clause 2 hereof, completion of the sale and
     purchase of the Sale Shares shall take place at the offices of Arculli Fong
     & Ng (the "PURCHASER'S SOLICITORS"), the Solicitors for the Purchaser, at
     908 Hutchison House, Central, Hong Kong or any other place as the Parties
     may agree at 5:00 p.m. on a Friday of the week immediately following the
     week when the Approval is granted by the SFC, when the following business
     shall simultaneously be transacted :-

     (a)  the Purchaser shall deliver to the Vendor the following :-

          (i)  a solicitor's cheque for payment of the balance of the
               Consideration and the Vendor's Solicitors will release the
               Deposit to the Vendor; and

          (ii) a certified copy of each of the minutes of the board of directors
               of the Purchaser and the Guarantor approving this

                                       9

<PAGE>

               Agreement and authorizing/confirming the authorization of an
               authorised person for signing of this Agreement and (for the
               Purchaser) the bought note and the instrument of transfer and any
               other incidental documents hereof;

     (b)  the Vendor shall deliver to the Purchaser the following :-

          (i)  sold notes and instrument of transfer in favour of the Purchaser
               in respect of the Sale Shares all executed by the Vendor in
               accordance with the Stamp Duty Ordinance;

          (ii) original share certificate(s) or re-issued share certificate(s)
               in respect of the Sale Shares;

          (iii)such other documents as may be reasonably required to give a good
               and effective transfer of title to the Sale Shares to the
               Purchaser and to enable them to become the registered holders
               thereof;

          (iv) a cheque drawn in favour of the Government of the Hong Kong
               Special Administrative Region for an amount equivalent to the
               stamp duty payable under the Stamp Duty Ordinance in respect of
               the sold notes in respect of the Sale Shares;

          (v)  a certified copy of the minutes of the board of directors of the
               Vendor (if the Vendor is a corporate) approving the sale of the
               Sale Shares and authorizing/confirming the authorization of an
               authorised person for signing of this Agreement and the sold note
               and the instrument of transfer and any other incidental documents
               hereof;

          (vi) to the extent that the same are not already in the possession of
               the Company or its agents, the certificate of incorporation,
               business registration certificate, common seal of the Company,
               all copies of memorandum and articles of association of the
               Company, the statutory books of the Company duly made up to date,
               any unissued share

                                       10

<PAGE>

               certificates, all current insurance policies, books and accounts
               and other records, cheque books, title deeds and evidence of
               ownership to all assets of the Company and all current contracts;

          (vii) an original of the Disclosure Letter duly executed by the Vendor
               in the form identical to that attached as Schedule 3 hereto or
               with lesser disclosures;

     (c)  the Vendor shall cause a meeting of the board of directors of the
          Company to be held at which resolutions shall be passed to :-

          (i)  approve the transfer of the Sale Shares;

          (ii) register (subject to stamping) the transfer of the Sale Shares
               referred to above and to issue new certificate(s) for the Sale
               Shares in the name(s) of the Purchaser;

          (iii) appoint one person as the Purchaser may nominate as the Chairman
               of the Company and such person(s) as the Purchaser may nominate
               as director(s) of the Company and (subject to the approval of the
               SFC) one person as the Purchaser may nominate as the Responsible
               Officer of the Company all to take effect from the close of
               business of the said meeting if so required by the Purchaser; and

          (iv) amend all banking authorisations, instructions and mandates of
               the Company in such manner as the Purchaser may direct; and

     (d)  the Purchaser shall :-

          (i)  produce for inspection by the Vendor the bought notes in respect
               of the Sale Shares executed by the Purchaser in compliance with
               the Stamp Duty Ordinance; and

          (ii) procure the stamping of the bought and sold notes and the
               instrument of transfer in respect of the Sale Shares as soon

                                       11

<PAGE>

               as practicable thereafter and present the said instrument of
               transfer together with the share certificate(s) in respect of the
               Sale Shares to the Company for registration of the transfer.

4.2  The transactions described in Clause 4.1 hereof shall take place at the
     same time, so that in default of the performance of any such transactions
     by a Party, the other Party shall not be obliged to complete the sale and
     purchase aforesaid.

5.   REPRESENTATIONS AND WARRANTIES AND GUARANTEE

5.1  Save as disclosed in the Disclosure Letter and documents and information
     provided to the Purchaser and/or its advisors, the Vendor hereby represents
     and warrants to the Purchaser that each of the matters set out in Schedule
     2 are as at the date hereof and will be for all times up to and including
     the Completion Date, true and correct in all material respects.

5.2  From the date of this Agreement until the Completion Date the Vendor shall
     use his best endeavours to procure that (save with the prior consent in
     writing or of the Purchaser, such consent not to be unreasonably withheld
     or delayed) the Company shall not :-

     (a)  issue or agree to issue any of its share or loan capital or grant or
          agree to grant any option over or right to acquire any of its share or
          loan capital;

     (b)  enter into any contract (otherwise than in the ordinary course of
          business) or any capital commitment;

     (c)  create or permit to arise any lien, charge, pledge, mortgage or other
          security interest on or in respect of any of its undertaking, property
          or assets;

     (d)  appoint any directors other than as provided in this Agreement; or

     (e)  increase the remuneration of its employees (save as payment of
          discretionary bonus and save that the increase is made pursuant to the

                                       12

<PAGE>

          relevant employment contract)

     and the Vendor shall use his best endeavours to procure that the Purchaser
     be kept regularly informed of the affairs of the Company until the
     Completion Date.

5.3  The liability of the Vendor in respect of any breach of the warranties or
     representations as set out in Schedule 2 shall be limited as follows:-

     (a)  the maximum liability of the Vendor, if any, under this Agreement
          shall be 25% of the Consideration;

     (b)  no claims may be brought against the Vendor in respect of any claim of
          damages for breach of warranty(ies) or representation(s) as set out in
          Schedule 2 after the expiry of six months from the Completion Date.

5.4  In consideration of the Vendor agreeing to enter into this Agreement, the
     Guarantor (as principal obligor and not merely as surety) unconditionally
     and irrevocably guarantees performance by the Purchaser of all its
     obligations and liabilities under or arising out of or in connection with
     this Agreement (referred to herein as the "GUARANTEED OBLIGATIONS") and
     undertakes to the Vendor that if and whenever the Purchaser is in default,
     the Guarantor shall duly and promptly perform or procure such performance
     of the Guaranteed Obligations and indemnify the Vendor against any loss,
     damage, costs, expenses and liabilities that he may suffer in connection
     with or arising out of any such failure on the part of the Purchaser.

6.   SEVERABILITY

     If at any time any one or more provisions hereof is or becomes invalid,
     illegal, unenforceable or incapable of performance in any respect, the
     validity, legality, enforceability or performance of the remaining
     provisions hereof shall not thereby in any way be affected or impaired.

7.   ENTIRE AGREEMENT

     This Agreement constitutes the entire agreement and understanding between

                                       13

<PAGE>

     the Parties in connection with the subject-matter of this Agreement and
     supersedes all previous proposals, representations, warranties, agreements
     or undertakings relating thereto whether oral, written or otherwise and
     none of the Parties has relied on any such proposals, representations,
     warranties, agreements or undertakings.

8.   TIME

8.1  Time shall be of the essence of this Agreement.

8.2  No time or indulgence given by any Party to the other Party shall be deemed
     or in any way be construed as a waiver of any of his/its rights and
     remedies hereunder.

9.   CONFIDENTIALITY

     Other than such disclosure as may be required by law, the SFC, the Stock
     Exchange or other competent authority, neither of the parties hereto shall
     make any announcement or release or disclose any information concerning
     this Agreement or the transactions herein referred to or disclose the
     identity of the other party(ies) hereto (save disclosure to their
     respective professional advisers under a duty of confidentiality) without
     the written consent of the other parties hereto.

10.  ASSIGNMENT

     This Agreement shall be binding on and shall enure for the benefits of the
     successors and assigns of the Parties but shall not be assigned by any
     party hereto without the prior written consent of the other parties hereto.

11.  NOTICES AND OTHER COMMUNICATION

11.1 Any notice or other communication to be given under this Agreement shall be
     in writing and may be given by hand, by post or facsimile to the following

                                       14

<PAGE>

     address/number of the party hereto to be served or to such other
     address/number as shall be notified by such party to the other in writing:-

     The Vendor

     Address         :   Block D, 6th Floor,
                         Dragon Industrial Building,
                         93-95 King Lam Street,
                         Lai Chi Kok, Kowloon, Hong Kong

     Facsimile no.   :   852-2516 6596

     The Purchaser

     Address         :   Room 908, 9th floor, Hutchison House,
                         10 Harcourt Road, Central, Hong Kong

     Attention       :   Mr. Jun Wang

     Facsimile no.   :   8610-5832 5200

     The Guarantor

     Address         :   Room 908, 9th floor, Hutchison House,
                         10 Harcourt Road, Central, Hong Kong

     Attention       :   Mr. Jun Wang

     Facsimile no.   :   8610-5832 5200

11.2 Any such notice or communication shall be sent to the party hereto to whom
     it is addressed and must contain sufficient reference and/or particulars to
     render it readily identifiable with the subject-matter of this Agreement.
     If so given by hand or facsimile, such notice or communication shall be
     deemed received on the date of despatch and if so sent by post (or, if sent
     to an address outside of Hong Kong, so sent by first class air-mail) shall
     be deemed received two (2) Business Days after the date of despatch (in
     case to an address in Hong Kong) or five (5) Business Days after the date
     of despatch (in case to an address

                                       15

<PAGE>

     outside of Hong Kong).

12.  COSTS AND EXPENSES

     Each party hereto shall bear his/its own legal and professional fees, costs
     and expenses incurred in the negotiation, preparation and execution of this
     Agreement. The stamp duty in respect of the Sale Shares shall be borne by
     the Vendor and the Purchaser in equal shares.

13.  COUNTERPARTS

     This Agreement may be executed in any number of counterparts each of which
     when executed and delivered is an original, but all the counterparts
     together constitute the same document.

14.  GOVERNING LAW

     This Agreement shall be governed by and construed in accordance with the
     laws of Hong Kong and the parties hereto agree to submit to the
     non-exclusive jurisdiction of the courts of Hong Kong.

15.  PROCESS AGENT

     The Purchaser hereby irrevocably authorizes and appoints the Purchaser's
     Solicitors (or such other person(s), being resident in Hong Kong, as it may
     from time to time appoint as its agent(s) and notify to the Vendor) to
     accept service of all legal process arising out or in connection with this
     Agreement and service on the Purchaser's Solicitors (or such substitute(s))
     shall be deemed to be service on the Purchaser.

                [Remainder of this page intentionally left blank]

                                       16

<PAGE>

IN WITNESS whereof the Parties have executed this Agreement the day and year
first above written.

SIGNED by Ms. Wang Zau,                     )
Chin Ngo, the lawful attorney               )
of Mr. Wang William                         )
in the presence of :-                       )
                                            )

SIGNED by Mr. Jun Wang                      )
(Chinese Characters), the lawful attorney   )
for and on behalf of FNG                    )
International Holdings                      )
Limited in the presence of :-               )

SIGNED by Mr. Jun Wang                      )
(Chinese Characters), the lawful attorney   )
for and on behalf of China                  )
Finance Online Co. Limited                  )
in the presence of :-                       )

                                       17

<PAGE>

                                   SCHEDULE 1

                           PARTICULARS OF THE COMPANY

1.   Name                         :   Daily Growth Investment Company Limited
                                      (Chinese Characters)

2.   Registered office            :   Room 603, Peter Building, 58-62 Queen's
                                      Road, Central, Hong Kong.

3.   Company Number               :   025436

4.   Date of Incorporation        :   6 October 1971

5.   Place of Incorporation       :   Hong Kong

6.   Authorised share capital     :   HK$10,000,000 divided into 100,000
                                      ordinary shares of HK$100 each

7.   Issued and paid up capital   :   HK$10,000,000 divided into 100,000
                                      ordinary shares of HK$100 each

8.   Directors                    :   TING WANG Wan-sun, Nancy
                                      WAI CHAN Ye, Kannie
                                      WAI Heung-wah, Hayles
                                      YEH WANG Zung-sing, Helen
                                      WONG Long-sau, Ivis

9.   Secretary                    :   Hang Cheuk Secretaries Limited

10   Auditors                     :   J Kong & Co.

11.  Financial year end           :   31 December

                                       18

<PAGE>

                                   SCHEDULE 2

                         REPRESENTATIONS AND WARRANTIES

General; Corporate Status

1.1  All information regarding the Company provided by or on behalf of the
     Vendor and/or the Company to the Purchaser is complete, correct and true in
     a material respect.

1.2  The Company has been duly incorporated and constituted, and is legally
     subsisting under the laws of its place of incorporation, and there has been
     no resolution, petition or order for the winding-up of the Company and no
     receiver has been appointed in respect thereof, nor are any such
     resolutions, orders and appointments imminent or likely.

Shareholdings and Share Capital etc.

2.1  The Sale Shares comprise a percentage (as referred to in Recital (B)) of
     the issued share capital of the Company, and there are not in issue any
     other shares, debentures, warrants, options or securities.

2.2  The Company is not under any contract, options, warrants or any other
     obligations regarding any part of its capital, issued or unissued, or for
     the issue of any shares, debentures, warrants, options, or other similar
     securities.

2.3  Save as disclosed in the Disclosure Letter, the Vendor has acquired the
     Shares in compliance with the articles of association of the Company and
     the laws under the Companies Ordinance and is the beneficial owner of the
     Sale Shares free from all liens, charges, pledges, options, contracts,
     preemption rights, third party rights and equities, and incumbrances of
     whatever nature and the same are freely transferable by the Vendor without
     the consent, approval, permission, licence or concurrence of any third
     party.

2.4  The Vendor is fully capable of entering into this Agreement and to perform
     all

                                       19

<PAGE>

     obligations and duties hereunder without the consent, approval, permission,
     licence or concurrence of any third party.

Business etc.

3.1  The principal business activity of the Company is security trading.

3.2  In respect of the said business being carried on, all qualifications,
     registrations, licences or other approvals necessary for the proper conduct
     of business have been obtained and maintained and to the knowledge of the
     Vendor, all the relevant rules and regulations of the SFC and the Stock
     Exchange applicable to the Company have been observed and complied with in
     a material respect and no event has occurred whereby any of the same or the
     renewal thereof is or likely to be thereby adversely affected, suspended or
     revoked.

Accounts

4.1  The Accounts have been prepared in accordance with generally accepted
     accounting practice in Hong Kong and comply with the Companies Ordinance,
     and show a true and fair view of the affairs and financial position of the
     Company as at, and the profits and loss of the Company for the period ended
     on, the Accounts Date.

4.2  All accounting records of the Company for the past seven (7) years are in
     the possession of the Company and have been properly written up, kept and
     maintained in accordance with generally accepted accounting practice and
     together shows a true and fair view of the affairs and financial position
     of the Company.

Taxation

5.1  The Company has paid all taxes, duties and levies as the same became due
     and payable and to the knowledge of the Vendor, the Company is not nor is
     likely to be subject to any tax penalties.

                                       20

<PAGE>

5.2  The Company has complied with the Inland Revenue Ordinance and has kept
     proper records for tax purposes for the past seven (7) years and have filed
     all tax returns, and to the knowledge of the Vendor, there is no pending
     dispute with the Inland Revenue Department.

Dispute, Claims and Litigation

6.   There is no claim, arbitration or litigation to which the Company is a
     party or which, to the knowledge of the Vendor, is pending or threatened.

Repetition at Completion

7.   All warranties and representations contained in the foregoing provisions of
     this Schedule shall be deemed to be repeated immediately before completion
     of this Agreement and to relate to the facts then existing.

                                       21
<PAGE>

                                   SCHEDULE 3

                            FORM OF DISCLOSURE LETTER

[DATE]

FNG INTERNATIONAL HOLDINGS LIMITED
Trident Chambers, P.O. Box 146,
Road Town, Tortola, British Virgin Islands

Dear Sirs,

                                DISCLOSURE LETTER

This is the Disclosure Letter referred to in the Sale and Purchase Agreement
dated [DATE] and entered into by and between Wang William, FNG International
Holdings Limited and China Finance Online Co. Limited (the "Agreement").
Capitalized terms appearing in this letter shall adopt the same meaning as
defined in the Agreement.

A.   GENERAL DISCLOSURES

The following matters are deemed to be disclosed by this letter:

1.   AGREEMENT: All matters set out or referred to in the Agreement, including,
     without limitation, all schedules and documents annexed thereto and any
     other agreements entered into pursuant to, or contemplated by, the
     Agreement.

2.   COMPANIES REGISTRY: All matters registered against, or which would be
     disclosed by a search made in respect of the Company at the Companies
     Registry in Hong Kong.

3.   ACCOUNTS: All matters disclosed, provided for, noted or referred to in the
     audited accounts of the Company which have been provided to the Purchaser.

4.   INSPECTION: All matters which have or ought reasonably to have, been
     disclosed by inspection of the statutory books, books of account and
     business records of

                                       22

<PAGE>

     the Company, all of which have been made available to the Purchaser and/or
     its advisers for inspection.

5.   OTHERS MATTERS DISCLOSED: All matters set out or referred to in any letter,
     note, schedule or other document from or provided by the Vendor, the
     Company and/or their advisers and/or agents to the Purchaser and/or its
     advisers and/or agents in connection with the sale and purchase of the Sale
     Shares. Where any such letter, note, schedule or other document includes an
     expression of opinion, no representation or warranty is given as to its
     accuracy.

B.   SPECIFIC DISCLOSURE

We write to disclose the following and the paragraph numbers used below
correspond to the representations and warranties as set out in Schedule 2 to the
Agreement:

Paragraphs 1.1 and 2.3

The following documents cannot be found in the company kit of the Company or
located by the Vendor or are incomplete. As such, no representation and warranty
will be made on these missing or incomplete documents :-

1.   Original corporate documents from the date of incorporation to the year of
     1987;

2.   Original transfer documents (including instrument of transfer and bought
     and sold notes) in respect of the transfer of 1 share from Helen Zung Sing
     Yeh to Shun Kin Enterprises Limited on 20th February 1987;

3.   Original cancelled share certificate in the names of Helen Zung Sing Yeh
     and Shun Kin Enterprises Limited;

4.   Original Application for 42,300 shares made on 24th February 1987 - 8 sets;

5.   Original share certificates in respect of the allotment made on 24th
     February 1987;

6.   Original transfer documents (including instrument of transfer and bought
     and sold notes) in respect of the transfer of 5,000 shares from Mr. Basil
     D.C. Wood to Mrs. Nancy Ting on 26th April 1988;

7.   Original share certificates in respect of the transfer made on 26th April
     1988;

8.   Original transfer documents (including instruments of transfer and bought
     and sold notes) in respect of the transfer of 20,525 shares in respect of
     the following transfer:

     Mr. Basil D.C. Wood to Midopa Enterprises Limited - 7,610 shares on

                                       23

<PAGE>

     21.7.1988

     Mrs. Wendy Wood to Midopa Enterprises Limited - 1,694 shares on 21.7.1988

     Mr. Hsu Zing Ping to Midopa Enterprises Limited - 3,196 shares on 21.7.1988

     Mr. Hsu Zing Ping to Billion System Co., Limited - 2,500 shares on
     21.7.1988

     Mr. Hsu Zing Ping to Mrs. Wang Zau Chin Ngo - 240 shares on 21.7.1988

     Mr. Hsu Zing Ping to Eternal Growth Investment Ltd. - 525 shares on
     21.7.1988

     Mr. Koo Kam Kang to Eternal Growth Investment Ltd. - 4,760 shares on
     21.7.1988

9.   Original share certificates in respect of the transfer made on 21.7.1988;

10.  Original transfer documents (including instruments of transfer and bought
     and sold notes) in respect of the transfer of 7,715 shares in respect of
     the following transfer:

     Ms. Nancy Ting to Ho Chi Kuen Bernard - 2,000 shares on 29.7.1988

     Ms. Nancy Ting to Billion System Co., Ltd. - 2,500 shares on 29.7.1988

     Ms. Nancy Ting to Stella Wong - 545 shares on 29.7.1988

     Shun Kin Ent. Ltd. to Stella Wong - 195 shares on 29.7.1988

     Eileen Hwa to Stella Wong - 260 shares on 29.7.1988

     Ms. Nancy Ting to Eternal Growth Inv. Ltd. - 2,215 shares on 29.7.1988

11.  Original share certificates in respect of the transfer made on 29.7.1988

12.  Original transfer documents (including instrument of transfer and bought
     and sold notes) in respect of the transfer of 2,000 shares in respect of
     the transfer from Eileen Hwa to Wong Oi Lun, Ellen on 17.3.1989;

13.  Original share certificates in respect of the transfer made on 17.3.1989;

14.  Form X(ii) or Form (IXA) showing the resignation of Ms. Stella Wong as the
     director of the Company made on 1.4.1989;

15.  Original transfer documents (including instruments of transfer and bought
     and sold notes) in respect of the transfer of 2,000 shares in respect of
     the following transfer:

     Wong Oi Lun Ellen to Stella Wong - 1,000 shares on 31.5.1990

     Wong Oi Lun Ellen to Tsang Kin Woo - 500 shares on 31.5.1990

     Wong Oi Lun Ellen to Chu Ping Im - 500 shares on 31.5.1990

16.  Original share certificates in respect of the transfer made on 31.5.1990

17.  Original transfer documents (including instrument of transfer and bought
     and sold notes) in respect of the transfer of 2,000 shares in respect of
     the following transfer:

     Bernard Ho to Zone Bo Ltd. - 2,000 shares on 19.7.1990

18.  Original share certificates in respect of the transfer made on 19.7.1990

19.  Copy of Consent to act as director of the Company by Mr. Yap E. Hock on

                                       24

<PAGE>

     9.12.1992

20.  A letter dated 10th October 1994, from King Cause Limited and Asian Capital
     Partners (HK) Limited reporting that 10 share certificates for 50,000
     shares have been mislaid and requesting 2 share certificates be issued to
     them

21.  Original transfer documents (including instrument of transfer and bought
     and sold notes) in respect of the transfer of 50,000 shares in respect of
     the following transfer:

     King Cause Ltd.to Billion System Co. Ltd.- 5,000 shares on 12.12.1994;

     King Cause Ltd. to Eternal Growth Investment Ltd.- 7,500 shares on
     12.12.1994;

     King Cause Ltd. to Midpoa Enterprises Limited- 12,500 shares on 12.12.1994;

     King Cause Ltd. to Shun Kin Ent. Limited- 17,500 shares on 12.12.1994;

     King Cause Ltd. to Wang Zau Chin Ngo- 2,500 shares on 12.12.1994;

     King Cause Ltd. to Tsang Kin Woo- 499 shares on 12.12.1994;

     King Cause Ltd. to Chu Ping Im - 500 shares on 12.12.1994

     King Cause Ltd. to Stella Wong- 2,000 shares on 12.12.1994;

     King Cause Ltd. to Zone Bo Limited- 2,000 shares on 12.12.1994;

     King Cause Ltd. and Asian Capital Partners (HK) Limited to Tsang Kin Woo- 1
     share on 12.12.1994;

22.  Original share certificates in respect of the transfer made on 12.12.1994;

23.  Original Declaration of Trust given by King Cause Limited and Asian Capital
     Partners (HK) Limited on 9.12.1992;

24.  Copy of Form D2 and Consent to act reporting the appointment of Mr. Ho Chi
     Kuen as the director of the company;

25.  Original transfer documents (including instrument of transfer and bought
     and sold notes) in respect of the transfer of 5,000 shares in respect of
     the following transfer:

     Billion System Co. Ltd. to Zone Bo Ltd.- 500 shares on 15.12.2000;

     Billion System Co. Ltd. to Eternal Growth Inv. Ltd.- 500 shares on
     15.12.2000;

     Billion System Co. Ltd. to Midopa Enterprises Ltd.- 1,250 shares on
     15.12.2000;

     Billion System Co. Ltd. to Shun Kin Enterprises Ltd.- 1,750 shares on
     15.12.2000;

     Billion System Co. Ltd. to Tsang Kin Woo- 500 shares on 15.12.2000;

     Billion System Co. Ltd. to Chu Ping Im- 500 shares on 15.12.2000;

26.  Original share certificates in respect of the transfer made on 15.12.2000;

27.  Original Share Certificate of Wang William;

28.  Original Board Minutes for approving the share transfer from Zone Bo
     Limited to Hung Yung made on 22.06.2007;

                                       25

<PAGE>

29.  Share Certificate of Hung Yung in respect of 5,000 shares;

30.  Original Consent to Short Notice dated 16.03.1987 - Elieen Hwa Wang Vung
     Sing (with the signature of Elieen missing); and

31.  Original Consent to Short Notice for 2005 AGM dated 30.05.2005 (missing
     signatures from Midopa Enterprises Limited, Wong Chan Miu Wan Stella, Chu
     Ping Im, Tsang Kin Woo).

Yours sincerely,

-----------------------------------
Wang William

                                       26

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