Document:

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                                                                   EXHIBIT 10.14

                             TAX INDEMNITY AGREEMENT

      THIS TAX INDEMNITY AGREEMENT (this "AGREEMENT"), dated November 29, 2004,
is entered into by and among Focus Media Holding Limited, an international
business company organized under the laws of the British Virgin Islands (the
"COMPANY"), GS Focus Holding Limited, an exempted company organized and existing
under the laws of the Cayman Islands (the "LEAD INVESTOR"), 3i Group plc, a
company organized and existing under the laws of England (the "CO-INVESTOR
Lead"), and each of the parties listed on Schedule A hereto (together with the
Lead Investor and the Co-Investor Lead, the "INVESTORS").

                                    RECITALS

      WHEREAS the Company and the Investors are parties to a Share Purchase
Agreement, dated November 9, 2004 (the "SHARE PURCHASE AGREEMENT");

      WHEREAS it is a condition precedent under the Share Purchase Agreement
that the Company enter into this Agreement; and

      WHEREAS the Company seeks to induce the Investors to consummate their
investment in the Company as contemplated in the Share Purchase Agreement, and
to such ends, seek to satisfy the conditions precedent to such investment by
entering into this Agreement;

                                    AGREEMENT

      NOW, THEREFORE, in consideration of the premises set forth above, the
mutual covenants and agreements set forth herein and for other good and valuable
consideration, the adequacy of which is hereby acknowledged, the parties hereto
hereby agree as follows:

SECTION 1 INTERPRETATION

      1.1 Definitions. Unless otherwise defined in this Agreement, capitalized
terms used herein shall have the following meanings:

            "AFFILIATE" means, with respect to any given Person, a Person that
      Controls, is Controlled by, or is under common Control with the given
      Person.

            "ACQUISITION PRICE" means, with respect to each Indemnity Share,
      US$102.78 per share, subject to adjustment as provided below.

            (a)   In connection with the occurrence of an Earnout Event, (i) the
                  Acquisition Price for each Indemnity Share issued and
                  outstanding prior to the Earnout Event shall be adjusted by
                  multiplying such Acquisition Price by the Earnout Dilution
                  Factor and (ii) the Acquisition Price for each Series C Share
                  issued by the Company to any Investor in connection with the
                  Earnout Event shall equal US$102.78 muliplied by the Earnout
                  Dilution Factor.

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            (b)   In the case of any new Indemnity Share issued upon the
                  conversion or exchange of any other Indemnity Share, the
                  Acquisition Price for such new Indemnity Share shall be the
                  Acquisition Price of the Indemnity Share so converted or
                  exchanged, apportioned pro rata across all Indemnity Shares
                  issued in such conversion or exchange according to the Fair
                  Value thereof.

            "APPLICABLE LAW" means, with respect to any Person, any and all
      provisions of any constitution, treaty, statute, law, regulation,
      ordinance, code, rule, judgment, rule of common law, order, decree, award,
      injunction, governmental approval, concession, grant, franchise, license,
      agreement, directive, requirement, or other governmental restriction or
      any similar form of decision of, or determination by, or any
      interpretation or administration of any of the foregoing by, any
      Government Entity, whether in effect as of the date hereof or thereafter
      and in each case as amended, applicable to such Person or its subsidiaries
      or their respective assets.

            "CLOSING" has the meaning ascribed thereto in the Share Purchase
      Agreement.

            "CONSENT" means any consent, approval, authorization, waiver,
      permit, grant, franchise, concession, agreement, license, exemption or
      order of, registration, certificate, declaration or filing with, or report
      or notice to, any Person, including any Government Entity.

            "CONTROL" means, when used with respect to any Person, the power to
      direct the management and policies of such Person, directly or indirectly,
      whether through the ownership of voting securities, by contract or
      otherwise, and the terms "Controlling" and "Controlled" have meanings
      correlative to the foregoing.

            "EARNOUT AGREEMENT" means that certain Earnout Agreement, of even
      date herewith, among the Company, the Investors and certain Affiliates of
      the Company.

            "EARNOUT DILUTION FACTOR" means with respect to an Earnout Event, a
      fraction, the numerator of which shall equal the total Indemnity Shares
      issued and outstanding immediately prior to such Earnout Event (determined
      on an as-converted basis) and the denominator of which shall equal the
      total Indemnity Shares issued and outstanding immediately following such
      Earnout Agreement (on an as-converted basis).

            "EARNOUT EVENT" means the issuance of any Series C Shares to the
      Investors under the Earnout Agreement.

            "ENCUMBRANCE" means any claim, charge, easement, encumbrance, lease,
      covenant, security interest, lien, option, pledge, rights of others, or
      restriction (whether on voting, sale, transfer, disposition or otherwise),
      whether imposed by agreement, understanding, law, equity or otherwise.

            "EQUITY SECURITIES" shall mean any Ordinary Shares or Ordinary Share
      Equivalents.

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            "FAIR VALUE" means, with respect to any security, property, assets,
      business or entity, the fair market value thereof as determined in
      accordance with the following procedure:

            (i)   Fair Value shall be initially determined in good faith by the
                  Board of Directors and communicated in writing to Holders
                  representing a majority in voting power of the Indemnity
                  Shares held by all Holders.

            (ii)  If Holders representing a majority in voting power of the
                  Indemnity Shares held by all Holders do not agree with the
                  Fair Value initially determined by the Board of Directors,
                  such holders may require that the Fair Value be determined by
                  an appraiser of recognized international standing and
                  reputation, or if the Company and such holders are not able to
                  agree on the appointment of such an appraiser, the Company and
                  such holders shall each designate an appraiser of recognized
                  international standing and reputation, which appraisers will
                  in turn appoint a third such appraiser which shall determine
                  the Fair Value.

            (iii) Any appraiser duly designated to make the determination of
                  Fair Value shall deliver its determination in writing to the
                  Company and to each of the Holders, and such determination
                  shall be conclusive and binding on the Company and the
                  Holders. The fees and expense of such appraiser shall be borne
                  by the Company.

            (iv)  The Fair Value of any equity interest in a Person shall be
                  determined without regard to the fact that such equity
                  interest may constitute a minority ownership interest in a
                  closely held corporation.

      Whenever Fair Value must be determined pursuant to these provisions, the
      Company shall be responsible for promptly initiating the procedures for
      making such determination. If the procedures contemplated in connection
      with obtaining such determination have not been fully complied with, then
      any such determination of Fair Value for any purpose shall be deemed to be
      preliminary and subject to adjustment pending full compliance with such
      procedures.

            "GOVERNMENT ENTITY" means any government or any agency, bureau,
      board, commission, court, department, official, political subdivision,
      tribunal or other instrumentality of any government.

            "GROUP COMPANY" means any Person that is not a natural person and
      that is Controlled by the Company.

            "HOLDERS" means the Investors, together with the permitted
      transferees and assigns of any Holder's rights hereunder.

            "HONG KONG" means the Hong Kong Special Administrative Region.

            "INDEMNIFIABLE LOSS" means, with respect to any Indemnified Party at
      any given date, any diminution in the Fair Value of any Indemnity Share
      held thereby below the Acquisition Price of such share and any other
      action, cost, damage,

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      disbursement, expense, Liability, loss, deficiency, obligation, penalty or
      settlement of any kind or nature suffered by such Indemnified Party other
      than by way of diminution in value. Notwithstanding anything to the
      contrary provided in the preceding sentence, "Indemnifiable Loss" shall
      include, but shall not be limited to, (i) interest or other carrying
      costs, penalties, legal, accounting and other professional fees and
      expenses reasonably incurred in the investigation, collection, prosecution
      and defense of claims and amounts paid in settlement, that may be imposed
      on or otherwise incurred or suffered by such Indemnified Party, (ii) any
      Taxes that may be payable by such Indemnified Party by reason of the
      indemnification of any Indemnifiable Loss hereunder, other than Taxes that
      would have been payable notwithstanding the event giving rise to
      indemnification and (iii) any further diminution in the Fair Value of
      Indemnity Shares resulting from any indemnity payment made by the Company
      pursuant to this Agreement.

            "INDEMNITY SHARE" means (i) any Series C Shares acquired by the
      Investors pursuant to the Share Purchase Agreement or the Earnout
      Agreement, (ii) Ordinary Shares issuable or issued upon conversion of the
      Series C Shares, and (iii) any Equity Securities of the Company issued as
      (or issuable upon the conversion, exchange or exercise of any Ordinary
      Share Equivalent) a dividend or other distribution with respect to, or in
      exchange for, or in replacement of, the shares referenced in (i) and (ii).

            "IPO" means a firm-commitment underwritten initial public offering
      of the Company's Ordinary Shares.

            "LIABILITIES" means, with respect to any Person, liabilities owing
      by such Person of any nature, whether accrued, absolute, contingent or
      otherwise, and whether due or to become due.

            "ORDINARY SHARES" shall mean the Ordinary Shares, par value US$0.01
      per share, of the Company.

            "ORDINARY SHARE EQUIVALENTS" shall mean warrants, options and rights
      exercisable for Ordinary Shares and instruments convertible or
      exchangeable for Ordinary Shares.

            "PERSON" means any natural person, limited liability company, joint
      stock company, joint venture, partnership, enterprise, trust,
      unincorporated organization or any other entity or organization.

            "PRC" means the People's Republic of China, but solely for purposes
      of this Agreement, excluding Hong Kong, the Macau Special Administrative
      Region and the islands of Taiwan.

            "QUALIFIED EXCHANGE" means the New York Stock Exchange, the Nasdaq
      Stock Market's National Market System, the Main Board of the Hong Kong
      Stock Exchange, the Main Market of the London Stock Exchange and the
      Mainboard of the Singapore Exchange.

            "SERIES C QPO" means an IPO by the Company on a Qualified Exchange
      (or such other exchange as shall be approved in writing by the holders of
      a majority in

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      voting power of the outstanding Series C Shares) of Ordinary Shares
      representing at least 25% of the fully-diluted share capital of the
      Company immediately following the offering, at a price per share that
      values the Company at no less than US$335,000,000 immediately prior to the
      offering.

            "SERIES C SHARES" means the Series C-1 Shares and the Series C-2
      Shares.

            "SERIES C-1 SHARES" means Series C-1 Preferred Shares, par value
      US$0.01 per share, of the Company.

            "SERIES C-2 SHARES" means Series C-2 Preferred Shares, par value
      US$0.01 per share, of the Company.

            "TAXES" means any national, provincial or local income, sales and
      use, excise, franchise, real and personal property, gross receipt, capital
      stock, production, business and occupation, disability, employment,
      payroll, severance or withholding tax or charge imposed by any Government
      Entity, any interest and penalties (civil or criminal) related thereto or
      to the nonpayment thereof, and any loss or Tax Liability incurred in
      connection with the determination, settlement or litigation of any
      Liability arising therefrom.

            "TAX RETURN" means any tax return, declaration, reports, estimates,
      claim for refund, claim for extension, information returns, or statements
      relating to Taxes, including any schedule or attachment thereto.

      1.2 Interpretation. For all purposes of this Agreement, except as
otherwise expressly herein provided, (i) the terms defined in this Section 1
shall have the meanings assigned to them in this Section 1 and include the
plural as well as the singular, (ii) all references in this Agreement to
designated "Sections" and other subdivisions are to the designated Sections and
other subdivisions of the body of this Agreement, (iii) pronouns of either
gender or neuter shall include, as appropriate, the other pronoun forms, (iv)
the words "herein," "hereof" and "hereunder" and other words of similar import
refer to this Agreement as a whole and not to any particular Section or other
subdivision, (v) all references in this Agreement to designated Schedules,
Exhibits and Annexes are to the Schedules, Exhibits and Annexes attached to this
Agreement, and (vi) any formula that purports to calculate the excess of one
value over another shall be deemed to yield a value equal to zero if there is no
excess.

SECTION 2 INDEMNITY

      2.1 Indemnity. The Company hereby agrees to indemnify and hold harmless
each Holder (an "INDEMNIFIED PARTY"), from and against any and all Indemnifiable
Losses suffered by such Indemnified Party, directly or indirectly, as a result
of, or based upon or arising from any failure by the Company or any Group
Company prior to December 31, 2004 (i) to timely pay any Tax due and payable
thereby (or subject to withholding and remittance thereby), (ii) to timely file
any Tax Return, (iii) to comply with any Applicable Law relating to Taxes, or
(iv) to pay or fund any social welfare benefits that the Company or such Group
Company may be, or may have been, required by Applicable Law to pay or fund to
or on behalf of any of the prior or continuing employees thereof (each, an
"INDEMNIFIABLE EVENT").

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      2.2 Procedures.

            (a) Each Indemnified Party shall be entitled to select its own
counsel in defense of any action, suit, proceeding or alternative dispute
resolution mechanism, whether civil, criminal, administrative, investigative or
other (each, a "CLAIM") that may cause Indemnifiable Losses to such Indemnified
Party. The Company shall advance all reasonable expenses, including attorneys'
fees and all other related costs, expenses and obligations incurred in
connection with investigating or defending against a Claim (collectively, the
"DEFENSE EXPENSES"). Defense Expenses shall be paid by the Company to the
Indemnified Party as they are incurred but in any event no later than fifteen
(15) days after a written request and supporting documentation are supplied by
such Indemnified Party to the Company.

            (b) If a Claim is asserted by any third party against an Indemnified
Party, such Indemnified Party may request the Company to defend the Claim on
behalf of the Indemnified Party by a written notice. If the Company fails to
defend the Indemnified Party upon such request, a recovery against the
Indemnified Party shall be conclusive in its favor against the Company,
provided, however, that, if the Company has not received reasonable notice of
the Claim or is not allowed to control its defense, judgment against the
Indemnified Party shall only constitute presumptive evidence against the
Company.

            (c) All payments to be made by the Company to an Indemnified Party
hereunder shall be made in immediately available funds to a bank account
designated by such Indemnified Party. All payments to be made to the Indemnified
Party shall be made in U.S. Dollars. The Company covenants and agrees that (i)
it has full authority and resources to make any payment hereunder to or for the
account of the Company or any Holder in U.S. Dollars if so required; and (ii) it
shall make all payments hereunder irrespective of and without deduction for, any
counterclaim, defense, recoupment, or set-off; and (iii) any payment or
indemnity hereunder shall include an amount necessary to hold the recipient of
such payment or indemnity harmless on an after-Tax basis from all Taxes required
to be paid with respect to such payment or indemnity, taking into account any
Tax.

SECTION 3 REPRESENTATIONS AND WARRANTIES

      The Company represents, warrants and covenants to each Investor that:

            (a) It is duly organized and validly existing under the laws of the
jurisdiction of its formation and has the corporate power and authority to own
and operate its properties, to carry on its business as now conducted and as
proposed to be conducted and to perform each of its obligations under this
Agreement.

            (b) Any corporate action necessary on the part of the Company and
its officers, directors and shareholders has been taken for the authorization,
execution, and delivery by it of this Agreement and the performance of its
obligations hereunder. This Agreement constitutes the valid and legally binding
obligation of the Company, enforceable in accordance with the terms hereof,
except (i) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of
creditors' rights generally, and (ii) as limited by laws relating to the
availability of specific performance, injunctive relief or other remedies in the
nature of equitable remedies.

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            (c) The execution, delivery, and performance by the Company of this
Agreement requires no Consent of any third party and (i) will not result in any
violation of, be in conflict with, or constitute a default under, with or
without the passage of time or the giving of notice, any provision of its
constitutional documents as in effect at the date hereof, any Applicable Law, or
any material contract or obligation to which it is a party or by which it is
bound, or (ii) accelerate or constitute an event entitling the holder of any
indebtedness of the Company to accelerate the maturity of any such indebtedness
or to increase the rate of interest presently in effect with respect to such
indebtedness, or (iii) result in the creation of any Encumbrance upon any of the
properties or assets of the Company.

            (d) No breach or default, alleged breach or default, or event which
would (with the passage of time, notice or both) constitute a breach or default
under any agreement, undertaking or instrument to which the Company is a party
or by which the Company may be bound (including, inter alia this Agreement) has
occurred, or as a result of this Agreement, or the performance hereof, will
occur.

            (e) No litigation, arbitration or administrative proceedings are at
present current or pending, or to the knowledge of the Company, threatened,
which would have a material adverse effect upon the ability of the Company to
fulfill its obligations hereunder.

SECTION 4 MISCELLANEOUS

      4.1 Termination. This Agreement shall terminate immediately prior to the
consummation of a Series C QPO.

      4.2 Binding Effect; Assignment. This Agreement shall be binding upon and
shall be enforceable by each party, its successors and permitted assigns. Each
Holder shall have the right to assign all or part of its rights under this
Agreement to any of its Affiliates to the extent the Holder transfers any Equity
Securities thereto. Except as provided in the preceding sentence, no party may
assign any of its rights or obligations hereunder without the prior written
approval of the other party.

      4.3 Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York, without regard to conflicts
of laws principles thereunder.

      4.4 Dispute Resolution.

            (a) Any dispute, controversy or claim (each, a "DISPUTE") arising
out of or relating to this Agreement, or the interpretation, breach, termination
or validity hereof, shall be resolved at the first instance through consultation
between the parties to such Dispute. Such consultation shall begin immediately
after any party has delivered written notice to any other party to the Dispute
requesting such consultation.

            (b) If the Dispute is not resolved within sixty (60) days following
the date on which such notice is given, the Dispute shall be submitted to
arbitration upon the request of any party to the Dispute with notice to each
other party to the Dispute (the "ARBITRATION NOTICE").

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            (c) The arbitration shall be conducted in Hong Kong under the
auspices of the Hong Kong International Arbitration Centre (the "CENTRE"). There
shall be three (3) arbitrators. The claimants in the Dispute shall collectively
choose one arbitrator, and the respondents shall collectively choose one
arbitrator. The Secretary General of the Centre shall select the third
arbitrator, who shall be qualified to practice law in New York. If any of the
members of the arbitral tribunal have not been appointed within thirty (30) days
after the Arbitration Notice is given, the relevant appointment shall be made by
the Secretary General of the Centre.

            (d) The arbitration proceedings shall be conducted in English and
Chinese. The arbitration tribunal shall apply the Arbitration Rules of the
United Nations Commission on International Trade Law, as in effect at the time
of the arbitration. However, if such rules are in conflict with the provisions
of this Section 4.4, including the provisions concerning the appointment of
arbitrator, the provisions of this Section 4.4 shall prevail.

            (e) Each party to the arbitration shall cooperate with each other
party to the arbitration in making full disclosure of and providing complete
access to all information and documents requested by such other party in
connection with such arbitration proceedings, subject only to any
confidentiality obligations binding on such party.

            (f) The award of the arbitration tribunal shall be final and binding
upon the parties, and the prevailing party may apply to a court of competent
jurisdiction for enforcement of such award.

            (g) The arbitrator shall decide any dispute submitted by the parties
to the arbitration strictly in accordance with the substantive law of the State
of New York and shall not apply any other substantive law.

            (h) Any party to the Dispute shall be entitled to seek preliminary
injunctive relief, if possible, from any court of competent jurisdiction pending
the constitution of the arbitral tribunal.

            (i) During the course of the arbitration tribunal's adjudication of
the dispute, this Agreement shall continue to be performed except with respect
to the part in dispute and under adjudication.

      4.5 Language. The governing version of this Agreement is the English
language version. Any translation of this Agreement into Chinese or any other
language is for the convenience of the parties only.

      4.6 Amendments. Except as otherwise permitted herein, this Agreement and
its provisions may be amended, changed, waived, discharged or terminated only by
a writing signed by each of the parties.

      4.7 Notices. All notices, claims, certificates, requests, demands and
other communications under this Agreement shall be made in writing and shall be
delivered to any party hereto by hand or sent by facsimile, or sent, postage
prepaid, by reputable overnight courier services at the address given for such
party on the signature pages hereof (or at such other address for such party as
shall be specified by like notice), and shall be deemed given when so delivered
by hand, or if sent by facsimile, upon receipt of a confirmed transmittal

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receipt, or if sent by overnight courier, five (5) calendar days after delivery
to or pickup by the overnight courier service.

      4.8 Further Assurances. Each party shall do and perform, or cause to be
done and performed, all such further acts and things and shall execute and
deliver all such other agreements, certificates, instruments and documents as
the other party may reasonably request to give effect to the terms and intent of
this Agreement.

      4.9 Entire Agreement. This Agreement constitutes the entire agreement
between the parties with respect to the subject matter hereof and supersedes all
prior written or oral understandings or agreements.

      4.10 Severability. If any provision of this Agreement shall be held
invalid or unenforceable to any extent, the remainder of this Agreement shall
not be affected thereby and shall be enforced to the greatest extent permitted
by law.

      4.11 Remedies Cumulative. The rights and remedies available under this
Agreement or otherwise available shall be cumulative of all other rights and
remedies and may be exercised successively.

      4.12 Counterpart Execution. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

      4.13 No Third Party Beneficiary. Nothing in this Agreement is intended to
confer upon any Person other than the parties hereto and their respective
successors and permitted assigns any rights, benefits, or obligations hereunder.

         [The remainder of this page has been left intentionally blank.]

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      IN WITNESS WHEREOF the parties hereto have caused their duly authorized
representatives to execute this Agreement as of the first date written above.

                                    FOCUS MEDIA HOLDING LIMITED

                                    By: /s/ Jiang Nanchun
                                        -----------------------------------
                                        Name: Jiang Nanchun [CHINESE CHARACTERS]
                                        Capacity: CEO

                                    Address for notice:

                                    28th Floor, Zhao Feng World Trade Building,
                                    No. 369 Jiangsu Road,
                                    Shanghai, China
                                    Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                    Tel: 86-21-32124661
                                    Fax: 86-21-52400228

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                                      S-1
<PAGE>

                                         GS FOCUS HOLDING LIMITED

                                         By: /s/ David Chou
                                             ------------------------------
                                             Name: David Chou
                                             Capacity: Authorized Signatory

                                         Address for notice:
                                         68/F Cheung Kong Center
                                         2 Queen's Road Central
                                         Hong Kong
                                         Attn: David Chou
                                         Tel: 852-2978-1151
                                         Fax: 852-2978-0440

                                                       Clawback Rights Agreement

                                      S-3
<PAGE>

                                         3I group plc

                                         By: /s/ Cheng Sim Tan
                                             -----------------------------
                                             Name: Cheng Sim Tan
                                             Capacity: Authorized Signatory

                                         Address for notice:
                                         Suite 1903, 19/F
                                         Two International Finance Centre
                                         8 Finance Street
                                         Central, Hong Kong
                                         Attn: Cheng Sim Tan
                                         Tel: 852-2901-8188
                                         Fax: 852-2537-7886

                                         with a copy to:
                                         3i Investments plc
                                         80 Raffles Place
                                         #33-20 UOB Plaza 2
                                         Singapore 048624
                                         Attn: Cheng Sim Tan
                                         Tel: 65-6438-3131
                                         Fax: 65-6536-2429

                                                       Clawback Rights Agreement

                                       S-3
<PAGE>

                                      3I ASIA pacific technology lp

                                      Acting by its manager, 3i Investment plc

                                      By: /s/ Cheng Sim Tan
                                          --------------------------------
                                          Name: Cheng Sim Tan
                                          Capacity: Authorized Signatory

                                      Address for notice:
                                      Suite 1903, 19/F
                                      Two International Finance Centre
                                      8 Finance Street
                                      Central, Hong Kong
                                      Attn: Cheng Sim Tan
                                      Tel: 852-2901-8188
                                      Fax: 852-2537-7886

                                      with a copy to:
                                      3i Investments plc
                                      80 Raffles Place
                                      #33-20 UOB Plaza 2
                                      Singapore 048624
                                      Attn: Cheng Sim Tan
                                      Tel: 65-6438-3131
                                      Fax: 65-6536-2429

                                                       Clawback Rights Agreement

                                      S-3
<PAGE>

                                       3I ASIA pacific 2004-06 lp

                                       Acting by its manager, 3i Investment plc

                                       By: /s/ Cheng Sim Tan
                                           -------------------------------
                                           Name: Cheng Sim Tan
                                           Capacity: Authorized Signatory

                                       Address for notice:
                                       Suite 1903, 19/F
                                       Two International Finance Centre
                                       8 Finance Street
                                       Central, Hong Kong
                                       Attn: Cheng Sim Tan
                                       Tel: 852-2901-8188
                                       Fax: 852-2537-7886

                                       with a copy to:
                                       3i Investments plc
                                       80 Raffles Place
                                       #33-20 UOB Plaza 2
                                       Singapore 048624
                                       Attn: Cheng Sim Tan
                                       Tel: 65-6438-3131
                                       Fax: 65-6536-2429

                                                       Clawback Rights Agreement

                                      S-3
<PAGE>

                                    KTB/UCI CHINA VENTURES LIMITED

                                    By: /s/ Wei Yu
                                        ---------------------------------
                                        Name: Wei Yu [CHINESE CHARACTERS]
                                        Capacity: CEO

                                    Address for notice:
                                    28th Floor, Zhao Feng World Trade Building,
                                    No. 369 Jiangsu Road,
                                    Shanghai, China
                                    Attn: Wei Yu [CHINESE CHARACTERS]
                                    Tel: 86-21-32124668
                                    Fax: 86-21-52400958

                                                       Clawback Rights Agreement

                                      S-3
<PAGE>

                                         Max Wealth Enterprises Limited

                                         By: /s/ Nei Shen
                                             ---------------------------------
                                             Name: Nei Shen [CHINESE CHARACTERS]
                                             Capacity: Director

                                         Address for notice:
                                         8A, No. 2 Conduit Road, Mid Levels,
                                         Hong Kong
                                         Attn: Neil Shen [CHINESE CHARACTERS]
                                         Tel: 852-2169-0911
                                         Fax: 852-2169-0920

                                                       Clawback Rights Agreement

                                      S-3
<PAGE>

                             SCHEDULE A - INVESTORS

1.    3i Asia Pacific Technology LP, a limited partnership duly organized and
      existing under the laws of England

2.    3i Asia Pacific 2004-06 LP, a limited partnership duly organized and
      existing under the laws of England

3.    KTB/UCI China Ventures I Limited, an international business company
      organized and existing under the laws of the British Virgin Islands

4.    Max Wealth Enterprises Limited, an international business company
      organized and exiting under the laws of the British Virgin Islands

                                                         Tax Indemnity Agreement
                                                                      SCHEDULE A
                                       1<PAGE>

                                                                   EXHIBIT 10.15

                            CLAWBACK RIGHTS AGREEMENT

      THIS CLAWBACK RIGHTS AGREEMENT (this "AGREEMENT"), dated November 29,
2004, is entered into by and among Focus Media Holding Limited, an international
business company organized and existing under the laws of the British Virgin
Islands (the "COMPANY"), JJ Media Investment Holding Limited, an international
business company organized and existing under the laws of the British Virgin
Islands ("MANAGERCO"), Jiang Nanchun [CHINESE CHARACTER] of 28th Floor, Zhao
Feng World Trade Building, No. 369 Jiangsu Road, Shanghai, China, each of the
parties set forth in Schedule A (the "INVESTORS") and each of the parties set
forth in Schedule B (the "EXISTING PREFERRED HOLDERS").

                                    RECITALS

      WHEREAS, as of the date hereof, ManagerCo holds 688,000 of the Company's
ordinary shares, par value US$0.01 per share (the "ORDINARY SHARES");

      WHEREAS ManagerCo has been established by Mr. Jiang to invest in and hold
an interest in the Company and, subject to the terms and conditions of this
Agreement, it is intended that, as of any given time, Mr. Jiang should be the
ultimate beneficial owner of all such interest in the Company, free and clear of
all Encumbrances other than in connection with this Agreement or the
Shareholders Agreement (the "AGREED BENEFICIAL INTEREST");

      WHEREAS, the Company, MangerCo, the Existing Preferred Holders and the
Investors are parties to a Share Purchase Agreement, dated November 9, 2004 (the
"SHARE PURCHASE AGREEMENT");

      WHEREAS, it is a condition precedent under the Share Purchase Agreement
that the Company, ManagerCo and Mr. Jiang enter into this Agreement; and

      WHEREAS the Company, ManagerCo, the Existing Preferred Holders and Mr.
Jiang seek to induce the Investors to consummate their investment in the Company
as contemplated in the Share Purchase Agreement, and to such ends, seek to
satisfy the conditions precedent to such investment by entering into this
Agreement.

                                    AGREEMENT

      NOW, THEREFORE, in consideration of the premises set forth above, the
mutual covenants and agreements set forth herein and for other good and valuable
consideration, the adequacy of which is hereby acknowledged, the parties hereto
hereby agree as follows:

Interpretation

      Definitions. Unless otherwise defined in this Agreement, capitalized terms
used in this Agreement shall have the following meanings:

            "ACCOUNTING PRINCIPLES" shall mean generally accepted accounting
      principles as applied in the United States of America.

                                                       Clawback Rights Agreement

<PAGE>

            "AGREED BENEFICIAL OWNER" means, as of the date hereof, Jason Jiang.

            "CONTROL" means, when used with respect to any Person, the power to
      direct the management and policies of such Person, directly or indirectly,
      whether through the ownership of voting securities, by contract or
      otherwise, and the terms "CONTROLLING" and "CONTROLLED" have meanings
      correlative to the foregoing.

            "DEBTOR RELIEF LAW" means any laws relating to the liquidation,
      conservatorship, bankruptcy, assignment for the benefit of creditors,
      moratorium, rearrangement, receivership, insolvency, reorganization, or
      similar debtor relief in any applicable jurisdiction from time to time in
      effect and affecting the rights of creditors generally.

            "EARNOUT AGREEMENT" means that certain Earnout Agreement, dated of
      even date herewith, among the Company, Mr. Jiang and the Investors.

            "ENCUMBRANCE" means any claim, charge, easement, encumbrance, lease,
      covenant, security interest, lien, option, pledge, rights of others, or
      restriction (whether on voting, sale, transfer, disposition or otherwise),
      whether imposed by agreement, understanding, law, equity or otherwise.

            "EQUITY SECURITIES" means any Ordinary Shares or Ordinary Share
      Equivalents.

            "FOCUS SHARES" means, as of any given time, all of the Ordinary
      Shares and Ordinary Share Equivalents held by ManagerCo.

            "HOLDERS" means, the Investors and the Existing Preferred Holders,
      together with the permitted transferees and assigns of any Holder.

            "HONG KONG" means the Hong Kong Special Administrative Region.

            "IPO" means a firm commitment underwritten initial public offering
      of the Company's Ordinary Shares.

            "LIABILITIES" means, with respect to any Person, liabilities owing
      by such Person of any nature, whether accrued, absolute, contingent or
      otherwise, and whether due or to become due.

            "ORDINARY SHARES" means the ordinary shares, par value US$0.01 per
      share, of the Company.

            "ORDINARY SHARE EQUIVALENTS" means warrants, options and rights
      exercisable for Ordinary Shares and instruments convertible or
      exchangeable for Ordinary Shares.

            "PERSON" means any natural person, limited liability company, joint
      stock company, joint venture, partnership, enterprise, trust,
      unincorporated organization or any other entity or organization.

                                                       Clawback Rights Agreement

                                        2
<PAGE>

            "PRC" means the People's Republic of China, solely for purposes of
      this Agreement, excluding Hong Kong, the Macau Special Administrative
      Region and the islands of Taiwan.

            "QUALIFIED EXCHANGE" means the New York Stock Exchange, the Nasdaq
      Stock market's National Market System, the Main Board of the Hong Kong
      Stock Exchange, the Main Market of the London Stock Exchange or the
      Mainboard of the Singapore Exchange.

            "SERIES C MAJORITY" means, for any given time, Holders representing
      a majority in voting power of the Series C Shares then held by all
      Holders.

            "SERIES C SHARES" means the Series C Convertible preferred shares,
      par value US$0.01 per share.

            "SERIES C QPO" means an IPO by the Company on a Qualified Exchange
      (or such other exchange as shall be approved in writing by the holders of
      a majority in voting power of the Series C Shares) of Ordinary Shares
      representing at least 25% of the fully-diluted share capital of the
      Company immediately following the offering, at a price per share that
      values the Company at no less than US$335,000,000 immediately prior to the
      offering.

            "SHAREHOLDER AGREEMENT" means that certain Amended and Restated
      Shareholders Agreement, dated of even date herewith, among the Company,
      ManagerCo and the additional parties named therein.

      Interpretation. For all purposes of this Agreement, except as herein
otherwise expressly provided, (i) the terms defined in 0 shall have the meanings
assigned to them in 0 and include the plural as well as the singular, (ii) all
accounting terms not otherwise defined herein have the meanings assigned under
the Accounting Principles, (iii) all references in this Agreement to designated
"Sections" and other subdivisions are to the designated Sections and other
subdivisions of the body of this Agreement, (iv) pronouns of either gender or
neuter shall include, as appropriate, the other pronoun forms, (v) the words
"herein," "hereof" and "hereunder" and other words of similar import refer to
this Agreement as a whole and not to any particular Section or other
subdivision, and (vi) all references in this Agreement to designated Schedules,
Exhibits and Annexes are to the Schedules, Exhibits and Annexes attached to this
Agreement.

Prohibition on transfers or indebtedness

      Transfer of Interest. The Agreed Beneficial Owner will not sell, assign,
transfer, pledge, hypothecate, or otherwise permit to be encumbered or dispose
of in any way, all or any part of any interest in ManagerCo now or hereafter
owned or held by the Agreed Beneficial Owner. Any sale, assignment, transfer,
pledge, hypothecation or other encumbrance or disposition of any interest in
ManagerCo not made in conformance with this Agreement shall be null and void,
shall not be recorded on the books of ManagerCo, and shall not be recognized by
ManagerCo.

      Indebtedness. ManagerCo shall not create, incur, assume, guaranty or
otherwise suffer to exist any Liability other than (i) pursuant to this
Agreement or the Shareholders Agreement or (ii) any Liability for legal fees or
other amounts incurred in the ordinary course

                                                       Clawback Rights Agreement

                                        3
<PAGE>

to maintain ManagerCo as a company in good standing in the British Virgin
Islands which Liability is discharged within thirty (30) days of becoming due
and payable.

Clawback

      Clawback Right. Subject to the terms and conditions under this Section 3,
ManagerCo hereby grants the Holders a right (a "CLAWBACK RIGHT") to purchase
all, but not less than all, the Focus Shares at a price equal to the aggregate
par value thereof (the "CLAWBACK PRICE") following the occurrence of an Event of
Default.

      Optional Exercise.

            The Clawback Right granted under this Section may be exercised by a
Series C Majority delivering written notice (a "CLAWBACK EXERCISE NOTICE") to
ManagerCo, together with a certified check or bank cashier's check for not less
than the Clawback Price, not later than the date one (1) year after the first
date that ManagerCo shall give written notice to each Holder of the occurrence
of an Event of Default. At such time as a Series C Majority delivers a Clawback
Exercise Notice to ManagerCo, the Series C Majority shall also deliver a copy of
such notice to the Company and to each other Holder.

            Upon delivery of a Clawback Exercise Notice by a Series C Majority
and payment of the Clawback Price to ManagerCo, notwithstanding that the
Company's register of members may not have been updated or that share
certificates may not immediately be delivered to the Holders, (i) the Focus
Shares shall be deemed to have been transferred to the Holders pro rata,
according to the respective number of Ordinary Shares held thereby (assuming the
exercise, conversion or exchange of any Ordinary Share Equivalents) at the date
of the Clawback Exercise Notice, and each Holder shall be deemed to be the
holder of record of the applicable number of Focus Shares, and (ii) ManagerCo
shall be deemed to have transferred all rights that it may have with respect to
the Focus Shares, shall no longer have any rights as a holder thereof and shall
promptly deliver all certificates evidencing the Focus Shares, together with
duly executed instruments of transfer with respect thereto, to such Person as is
designated in the Clawback Exercise Notice to represent the Holders in such
respect.

            The Series C Majority exercising the Clawback Rights hereunder shall
have a right to seek reimbursement from each other Holder for a pro rata portion
of the Clawback Price paid by the Series C Majority to ManagerCo, determined
according to the respective number of Ordinary Shares held by the Holders
(assuming the exercise, conversion or exchange of any Ordinary Share
Equivalents) at the date of the Clawback Exercise Notice. Each other Holder
shall pay such pro rata portion of the Clawback Price promptly, and in any event
within fifteen (15) days after receipt of written notice from the Series C
Majority requesting payment thereof, payment to be made in accordance with any
payment instructions as shall be set forth in such notice.

      Automatic Exercise.

            Following the occurrence of an Event of Default under Section 0, the
Clawback Right granted hereunder shall be deemed to have been automatically
exercised immediately as of the time of such Event of Default. From such
exercise, notwithstanding that the Company's register of members may not have
been updated or that share certificates may not immediately be delivered to the
Holders, (i) the Focus Shares shall be deemed to

                                                       Clawback Rights Agreement

                                        4
<PAGE>
have been transferred to the Holders pro rata, according to the respective
number of Ordinary Shares held thereby (assuming the exercise, conversion or
exchange of any Ordinary Share Equivalents) at the time of the Event of Default,
and each Holder shall be deemed to be the holder of record of the applicable
number of Focus Shares, and (ii) ManagerCo shall be deemed to have transferred
all rights that it may have with respect to the Focus Shares, shall no longer
have any rights as a holder thereof and shall promptly deliver to such Person as
is indicated in the Clawback Exercise Notice all certificates evidencing the
Focus Shares, together with duly executed instruments of transfer with respect
thereto.

            Promptly following ManagerCo giving notice thereto of an Event of
Default under Section 0 below, each Holder shall pay ManagerCo, at the principal
office of ManagerCo, or at such other office or agency as ManagerCo may
designate by notice to such Holder in writing, an amount equal to such Holder's
pro rata portion of the Clawback Price, determined according to the respective
number of Ordinary Shares held by the Holders (assuming the exercise, conversion
or exchange of any Ordinary Share Equivalents) at the date of such Event of
Default.

      Event of Default. For purposes of this Agreement, an "EVENT OF DEFAULT"
shall mean the occurrence of any of the circumstances described below, following
the date hereof:

      (i) the Agreed Beneficial Owner shall cease to hold its full Agreed
            Beneficial Interest, (ii) any Person other than the Agreed
            Beneficial Owner shall acquire any interest in the equity securities
            of ManagerCo, whether directly or indirectly, or (iii) any Person
            other than the Agreed Beneficial Owner shall Control ManagerCo.

      all or any part of Focus Shares or the issued and outstanding shares of
            ManagerCo shall become subject to any Encumbrance (other than any
            Encumbrance imposed by the Company's Memorandum and Articles of
            Association, this Agreement, the Shareholders Agreement or the
            Earnout Agreement), and such Encumbrance shall not be removed within
            fifteen (15) days of coming into existence.

      ManagerCoor the Agreed Beneficial Owner institutes or consents to the
            institution of any proceeding under any Debtor Relief Law, or makes
            an assignment for the benefit of creditors; or applies for or
            consents to the appointment of any receiver, trustee, custodian,
            conservator, liquidator, rehabilitator or similar officer for it or
            for all or any material part of its property; or any receiver,
            trustee, custodian, conservator, liquidator, rehabilitator or
            similar officer is appointed without the application or consent of
            ManagerCo or the Agreed Beneficial Owner and the appointment
            continues undischarged or unstayed for thirty (30) calendar days; or
            any proceeding under any Debtor Relief Law relating to ManagerCo or
            the Agreed Beneficial Owner or to all or any material part of the
            property thereof is instituted without the consent thereof and
            continues undismissed or unstayed for thirty (30) calendar days, or
            an order for relief is entered in any such proceeding; or

      ManagerCoor the Agreed Beneficial Owner shall be in breach of any of its
            obligations under this Agreement and shall not remedy such breach
            within fifteen (15) days after any Holder has delivered written
            notice to ManagerCo thereof.

                                                       Clawback Rights Agreement

                                        5
<PAGE>

      Notice. Promptly following the occurrence of an Event of Default, and in
any event within three (3) days thereafter, ManagerCo shall deliver written
notice of the Event of Default to each of the Holders and the Company.

      Additional Shares or Substituted Securities. In the event of the
declaration of a share dividend, a spin-off, a share split, an adjustment in
conversion ratio, a recapitalization or a similar transaction affecting the
Focus Shares, the Clawback Right under this 0 shall apply mutatis mutandis to
any new, substituted or additional securities that by reason of such transaction
are distributed with respect to any Focus Share, or into which such Focus Share
thereby becomes convertible.

      Earnout Agreement. Following any exercise of the Clawback Rights
hereunder, any rights enjoyed against ManagerCo by any of the Investors under
the Earnout Agreement shall be enjoyed mutatis mutandis against the Holders in
respect of the Equity Securities acquired by such Holders from ManagerCo
pursuant to the Clawback Rights. None of the Holders shall transfer any Equity
Securities acquired from ManagerCo in the exercise of the Clawback Rights
hereunder until such time as all transactions required to occur at the Earnout
Date (as defined in the Earnout Agreement) under the Earnout Agreement shall
have been consummated. To the extent the Holders are required to transfer any
Equity Securities to the Investors under this Section, such obligation to
transfer Equity Securities shall be allocated proportionately among the Holders
in accordance with the respective number of Equity Securities (determined on an
as-if converted basis) acquired thereby in the exercise of the Clawback Rights.

Information Rights

      Disclosure of Beneficial Ownership. In furtherance of the intent of this
Agreement:

            On the date hereof, ManagerCo shall provide the Company with
evidence reasonably satisfactory to the Company that the Agreed Beneficial Owner
owns its full Agreed Beneficial Interest.

            Within fifteen (15) days after such time as any of the Company or
the Holders may give written notice requesting such evidence, ManagerCo shall
provide the Company or such Holder with evidence reasonably satisfactory to the
Company or such Holder that no Event of Default has occurred. The right granted
to the Company and the Holders under the preceding sentence of this paragraph 0
may be exercised as often as may be reasonably requested by the Company or any
Holder.

      Other Information Rights. ManagerCo shall permit any representative
designated by any of the Company or the Holders to inspect any of the properties
or assets of ManagerCo, including, without limitation, ManagerCo's books of
account and register of members, and to discuss its affairs, finances and
accounts with its officers, employees, agents and lenders, all at such
reasonable times and as often as may be reasonably requested.

      Accuracy of Records. ManagerCo will at all times keep records with respect
to its issued and outstanding share capital (and any warrants, options and
rights exercisable for its share capital and instruments convertible or
exchangeable for its share capital) which are as accurate, complete and
comprehensive as those customarily maintained by a reasonably prudent company.

                                                       Clawback Rights Agreement

                                        6
<PAGE>

Miscellaneous

      Termination. This Agreement shall terminate upon the closing of a Series C
QPO.

      Binding Effect; Assignment. This Agreement and the rights and obligations
of the parties hereunder shall inure to the benefit of, and be binding upon,
their respective successors and permitted assigns. The rights of any Holder
hereunder shall be assignable by such Holder to the extent it transfers any
Equity Securities to any other Person. Except as provided above, this Agreement
and the rights and obligations of any party hereunder shall not otherwise be
assigned without the mutual written consent of the other parties.

      Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York, without regard to conflicts
of laws principles thereunder.

      Dispute Resolution.

            Any dispute, controversy or claim (each, a "DISPUTE") arising out of
or relating to this Agreement, or the interpretation, breach, termination or
validity hereof, shall be resolved at the first instance through consultation
between the parties to such Dispute. Such consultation shall begin immediately
after any party has delivered written notice to any other party to the Dispute
requesting such consultation.

            If the Dispute is not resolved within sixty (60) days following the
date on which such notice is given, the Dispute shall be submitted to
arbitration upon the request of any party to the Dispute with notice to each
other party to the Dispute (the "ARBITRATION NOTICE").

            The arbitration shall be conducted in Hong Kong under the auspices
of the Hong Kong International Arbitration Centre (the "CENTRE"). There shall be
three (3) arbitrators. The claimants in the Dispute shall collectively choose
one arbitrator, and the respondents shall collectively choose one arbitrator.
The Secretary General of the Centre shall select the third arbitrator, who shall
be qualified to practice law in the State of New York. If any of the members of
the arbitral tribunal have not been appointed within thirty (30) days after the
Arbitration Notice is given, the relevant appointment shall be made by the
Secretary General of the Centre.

            The arbitration proceedings shall be conducted in English and
Chinese. The arbitration tribunal shall apply the Arbitration Rules of the
United Nations Commission on International Trade Law, as in effect at the time
of the arbitration. However, if such rules are in conflict with the provisions
of this Section 0, including the provisions concerning the appointment of
arbitrator, the provisions of this Section 0 shall prevail.

            Each party to the arbitration shall cooperate with each other party
to the arbitration in making full disclosure of and providing complete access to
all information and documents requested by such other party in connection with
such arbitration proceedings, subject only to any confidentiality obligations
binding on such party.

            The award of the arbitration tribunal shall be final and binding
upon the parties, and the prevailing party may apply to a court of competent
jurisdiction for enforcement of such award.

                                                       Clawback Rights Agreement

                                        7
<PAGE>

            The arbitrators shall decide any dispute submitted by the parties to
the arbitration tribunal strictly in accordance with the substantive law of the
State of New York and shall not apply any other substantive law.

            Any party to the Dispute shall be entitled to seek preliminary
injunctive relief, if possible, from any court of competent jurisdiction pending
the constitution of the arbitral tribunal.

            During the course of the arbitration tribunal's adjudication of the
dispute, this Agreement shall continue to be performed except with respect to
the part in dispute and under adjudication.

            (j) The cost of arbitration (including legal, accounting and other
professional fees and expenses reasonably incurred by any prevailing party with
respect to the investigation, collection, prosecution and/or defense of any
claim in the Dispute) shall be borne pro rata by each losing party.

      Language. The governing version of this Agreement is the English language
version. Any translation of this Agreement into Chinese or any other language is
for the convenience of the parties only.

      Amendments. Except as otherwise permitted herein, this Agreement and its
provisions may be amended, changed, waived, discharged or terminated only by a
writing signed by each of the parties hereto.

      Notices. All notices, claims, certificates, requests, demands and other
communications under this Agreement shall be made in writing and shall be
delivered to any party hereto by hand or sent by facsimile, or sent, postage
prepaid, by reputable overnight courier services at the address given for such
party on the signature pages hereof (or at such other address for such party as
shall be specified by like notice), and shall be deemed given when so delivered
by hand, or if sent by facsimile, upon receipt of a confirmed transmittal
receipt, or if sent by overnight courier, five (5) calendar days after delivery
to or pickup by the overnight courier service.

      Further Assurances. Each party hereto shall do and perform, or cause to be
done and performed, all such further acts and things and shall execute and
deliver all such other agreements, certificates, instruments and documents as
any other party hereto may reasonably request to give effect to the terms and
intent of this Agreement.

      Entire Agreement. This Agreement constitutes the entire agreement between
the parties hereto with respect to the subject matter hereof and supersedes all
prior written or oral understandings or agreements.

      Severability. If any provision of this Agreement shall be held invalid or
unenforceable to any extent, the remainder of this Agreement shall not be
affected thereby and shall be enforced to the greatest extent permitted by law.

      Remedies Cumulative. The rights and remedies available under this
Agreement or otherwise available shall be cumulative of all other rights and
remedies and may be exercised successively.

                                                       Clawback Rights Agreement

                                       8
<PAGE>

      Counterpart Execution. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

      No Third Party Beneficiary. Nothing in this Agreement is intended to
confer upon any Person other than the parties hereto and their respective
successors and permitted assigns any rights, benefits, or obligations hereunder.

          [The remainder of this page has been left intentionally blank

                                                       Clawback Rights Agreement

                                       9
<PAGE>

      IN WITNESS WHEREOF the parties hereto have caused their duly authorized
representatives to execute this Agreement as of the first date written above.

                                    FOCUS MEDIA HOLDING LIMITED

                                    By: /s/ Jiang Nanchun
                                        -----------------------------------
                                        Name: Jiang Nanchun [CHINESE CHARACTERS]
                                        Capacity: CEO

                                    Address for notice:
                                    28th Floor, Zhao Feng World Trade Building,
                                    No. 369 Jiangsu Road,
                                    Shanghai, China
                                    Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                    Tel: 86-21-32124661
                                    Fax: 86-21-52400228

                                    JJ MEDIA INVESTMENT HOLDING LIMITED

                                    By: /s/ Jiang Nanchun
                                        ---------------------------------------
                                        Name: Jiang Nanchun [CHINESE CHARACTERS]
                                        Capacity: CEO

                                    Address for notice:
                                    28th Floor, Zhao Feng World Trade Building,
                                    No. 369 Jiangsu Road,
                                    Shanghai, China
                                    Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                    Tel: 86-21-32124661
                                    Fax: 86-21-52400228

                                                       Clawback Rights Agreement

                                      S-1
<PAGE>

                                       FARMAC HOLDING LIMITED

                                       By: /s/ Li Gang
                                           ------------------------------------
                                           Name: Li Gang
                                           Capacity: Authorized Signatory

                                       Address for notice:
                                       16E Tower 10, South Horizons
                                       Ap Lei Chau
                                       Hong Kong, PRC
                                       Attn: Li Gang
                                       Tel:
                                       Fax: 86-21-59880789

                                                       Clawback Rights Agreement

                                      S-2
<PAGE>

                                     SB CHINA HOLDINGS PTE LIMITED

                                     By: /s/ Wei Yu
                                         ------------------------------------
                                         Name: Wei Yu [CHINESE CHARACTERS]
                                         Capacity: Authorized Signatory

                                     Address for notice:
                                     28th Floor, Zhao Feng World Trade Building,
                                     No. 369 Jiangsu Road,
                                     Shanghai, China
                                     Attn: Wei Yu [CHINESE CHARACTERS]
                                     Tel: 86-21-32124668
                                     Fax: 86-21-52400958

                                                       Clawback Rights Agreement

                                      S-2
<PAGE>

                                      ELITE SELECT GROUP LIMITED

                                      By: /s/ Yang Chang Bo
                                          ------------------------------------
                                          Name: Yang Chang Bo
                                          Capacity: Authorized Signatory

                                      Address for notice:
                                      P.O. Box 957
                                      Offshore Incorporations Center
                                      Road Town, Tortola
                                      British Virgin Islands
                                      Attn: Yang Chang Bo
                                      Tel:
                                      Fax: 86-10-6433-6600

                                                       Clawback Rights Agreement

                                      S-2

<PAGE>
                                      DRAPER FISHER JURVETSON EPLANET
                                        PARTNERS FUND, LLC

                                      By: /s/ John Fisher
                                          ------------------------------------
                                          Name: John Fisher
                                          Capacity: Authorized Signatory

                                      Address for notice:
                                      2882 Sand Hill Road, Suite 150,
                                      Menlo Park, CA 94025
                                      USA
                                      Attn: John Fisher
                                      Tel:
                                      Fax: 1-650-223-9233

                                                       Clawback Rights Agreement

                                      S-2
<PAGE>

                                      DRAPER FISHER JURVETSON EPLANET
                                        PARTNERS GMBH & CO. KG

                                      By: /s/ John Fisher
                                          ------------------------------------
                                          Name: John Fisher
                                          Capacity: Authorized Signatory

                                      Address for notice:
                                      2882 Sand Hill Road, Suite 150,
                                      Menlo Park, CA 94025
                                      USA
                                      Attn: John Fisher
                                      Tel:
                                      Fax: 1-650-223-9233

                                                       Clawback Rights Agreement

                                      S-2
<PAGE>

                                      DRAPER FISHER JURVETSON EPLANET
                                        VENTURES L.P

                                      By: /s/ John Fisher
                                          ------------------------------------
                                          Name: John Fisher
                                          Capacity: Authorized Signatory

                                      Address for notice:
                                      2882 Sand Hill Road, Suite 150,
                                      Menlo Park, CA 94025
                                      USA
                                      Attn: John Fisher
                                      Tel:
                                      Fax: 1-650-223-9233

                                                       Clawback Rights Agreement

                                      S-2
<PAGE>

                                      MILESTONE DIGITAL MEDIA HOLDINGS
                                        LIMITED

                                      By: /s/ Yunli Lou
                                          ------------------------------------
                                          Name: Yunli Lou [CHINESE CHARACTERS]
                                          Capacity: Authorized Signatory

                                      Address for notice:
                                      Unit 1805, Minfang Tower
                                      593 Fuxing Road
                                      Shanghai China
                                      Attn: Yunli Lou [CHINESE CHARACTERS]
                                      Tel:
                                      Fax: 86-21-24028398

                                                       Clawback Rights Agreement

                                      S-2

<PAGE>
                                      VENTURE TDF TECHNOLOGY FUND III L.P.

                                      By: /s/ Tina Ju
                                          ------------------------------------
                                          Name: Tina Ju
                                          Capacity: Authorized Signatory

                                      Address for notice:
                                      2102 China Merchants Tower
                                      161 East Lujiazui Road
                                      Shanghai, China
                                      Attn: Tina Ju
                                      Tel:
                                      Fax: 86-21-52400078

                                                       Clawback Rights Agreement

                                      S-2

<PAGE>

                                      SPRINGBOARD-HARPER TECHNOLOGY
                                        FUND (CAYMAN) LTD.

                                      By: /s/ Peter Liu
                                          ------------------------------------
                                          Name: Peter Liu [CHINESE CHARACTERS]
                                          Capacity: Authorized Signatory

                                      Address for notice:
                                      806 IBM Tower
                                      Pacific Century Place
                                      2A Gonti Bei Lu
                                      Chaoyang District
                                      Beijing, China
                                      Attn: Peter Liu [CHINESE CHARACTERS]
                                      Tel:
                                      Fax: 86-10-65391367

                                                       Clawback Rights Agreement

                                      S-2

<PAGE>

                                      SPRINGBOARD-HARPER TECHNOLOGY
                                        FUND PTE LTD.

                                      By: /s/ Peter Liu
                                          ------------------------------------
                                          Name: Peter Liu [CHINESE CHARACTERS]
                                          Capacity: Authorized Signatory

                                      Address for notice:
                                      806 IBM Tower
                                      Pacific Century Place
                                      2A Gonti Bei Lu
                                      Chaoyang District
                                      Beijing, China
                                      Attn: Peter Liu [CHINESE CHARACTERS]
                                      Tel:
                                      Fax: 86-10-65391367

                                                       Clawback Rights Agreement

                                      S-2

<PAGE>

                                      HANNIBAL INTERNATIONAL LIMITED

                                      By: /s/ Peter Liu
                                          -------------------------------------
                                          Name: Peter Liu [CHINESE CHARACTERS]
                                          Capacity: Authorized Signatory

                                      Address for notice:
                                      806 IBM Tower
                                      Pacific Century Place
                                      2A Gonti Bei Lu
                                      Chaoyang District
                                      Beijing, China
                                      Attn: Peter Liu [CHINESE CHARACTERS]
                                      Tel:
                                      Fax: 86-10-65391367

                                                       Clawback Rights Agreement

                                      S-2

<PAGE>

                                      INTERNATIONAL NETWORK CAPITAL
                                        GLOBAL INVESTMENT LIMITED (BVI)

                                      By: /s/ Peter Liu
                                          -------------------------------------
                                          Name: Peter Liu [CHINESE CHARACTERS]
                                          Capacity: Authorized Signatory

                                      Address for notice:
                                      806 IBM Tower
                                      Pacific Century Place
                                      2A Gonti Bei Lu
                                      Chaoyang District
                                      Beijing, China
                                      Attn: Peter Liu [CHINESE CHARACTERS]
                                      Tel:
                                      Fax: 86-10-65391367

                                                       Clawback Rights Agreement

                                      S-2

<PAGE>

                                     CDH FM LIMITED

                                     By: /s/ Wu Shang Zhi
                                         ------------------------------------
                                         Name: Wu Shang Zhi [CHINESE CHARACTERS]
                                         Capacity: CEO

                                     Address for notice:
                                     38/F Tower 1, Lippo Centre
                                     89 Queensway
                                     Hong Kong, PRC
                                     Attn: Wu Shang Zhi [CHINESE CHARACTERS]
                                     Tel:
                                     Fax: 86-852-22309898

                                                       Clawback Rights Agreement

                                      S-2

<PAGE>

                                      CMF TECHNOLOGY FUND LTD.

                                      By: /s/ Luke Lu
                                          ------------------------------------
                                          Name: Luke Lu [CHINESE CHARACTERS]
                                          Capacity: CEO

                                      Address for notice:
                                      Unit 115, Lippo Plaza,
                                      No. 222, Huaihai Zhong Lu,
                                      Shanghai, PRC
                                      Attn: Jun Shen
                                      Tel:
                                      Fax: 86-21-53965530

                                                       Clawback Rights Agreement

                                      S-2

<PAGE>

                                      SNOW HILL DEVELOPMENT LIMITED

                                      By: /s/ [CHINESE CHARACTERS]
                                          ------------------------------------
                                          Name: [CHINESE CHARACTERS]
                                          Capacity: CEO

                                      Address for notice:
                                      9/F., China Merchants Building,
                                      No. 152-155 Connaught Road Central,
                                      Hong Kong
                                      Attn: [CHINESE CHARACTERS]
                                      Tel: 00852-25817888
                                      Fax: 00852-25812833

                                                       Clawback Rights Agreement

                                      S-2

<PAGE>

                                      SHANGHAI VENTURE CAPITAL (HONG
                                        KONG) COMPANY LIMITED

                                      By: /s/ Zhiyin Chen
                                          ------------------------------------
                                          Name: Zhiyin Chen [CHINESE CHARACTERS]
                                          Capacity: Authorized Signatory

                                      Address for notice:
                                      Unit A311
                                      900 Yishan Road
                                      Shanghai, China
                                      Attn: Zhiyin Chen [CHINESE CHARACTERS]
                                      Tel:
                                      Fax: 86-21-54234177

                                                       Clawback Rights Agreement

                                      S-2

<PAGE>

                                     MULTIMEDIA PARK VENTURE CAPITAL LIMITED

                                     By: /s/ Wei Yu
                                         ------------------------------------
                                         Name: Wei Yu [CHINESE CHARACTERS]
                                         Capacity: CEO

                                     Address for notice:
                                     28th Floor, Zhao Feng World Trade Building,
                                     No. 369 Jiangsu Road,
                                     Shanghai, China
                                     Attn: Wei Yu [CHINESE CHARACTERS]
                                     Tel: 86-21-32124668
                                     Fax: 86-21-52400958

                                                       Clawback Rights Agreement

                                      S-2

<PAGE>

                                     UNITED CHINA INVESTMENT LIMITED

                                     By: /s/ Wei Yu
                                         ------------------------------------
                                         Name: Wei Yu [CHINESE CHARACTERS]
                                         Capacity: CEO

                                     Address for notice:
                                     28th Floor, Zhao Feng World Trade Building,
                                     No. 369 Jiangsu Road,
                                     Shanghai, China
                                     Attn: Wei Yu [CHINESE CHARACTERS]
                                     Tel: 86-21-32124668
                                     Fax: 86-21-52400958

                                                       Clawback Rights Agreement

                                      S-2

<PAGE>

                                     CHINA ALLIANCE INVESTMENT LIMITED

                                     By: /s/ Wei Yu
                                         ------------------------------------
                                         Name: Wei Yu [CHINESE CHARACTERS]
                                         Capacity: CEO

                                     Address for notice:
                                     28th Floor, Zhao Feng World Trade Building,
                                     No. 369 Jiangsu Road,
                                     Shanghai, China
                                     Attn: Wei Yu [CHINESE CHARACTERS]
                                     Tel: 86-21-32124668
                                     Fax: 86-21-52400958

                                                       Clawback Rights Agreement

                                      S-2

<PAGE>

                                     POWERFUL TEAM ENERGY INVESTMENTS LIMITED

                                     By: /s/ Lin Shou Kang
                                         ------------------------------------
                                         Name: Lin Shou Kang
                                         Capacity: Authorized Signatory

                                     Address for notice:
                                     Drake Chambers
                                     P.O. Box 3321
                                     Road Town, Tortola
                                     British Virgin Islands
                                     Attn: Lin Shou Kang
                                     Tel:
                                     Fax: 86-10-69406102

                                                       Clawback Rights Agreement

                                      S-2

<PAGE>

                                     JIANG NACHUN [CHINESE CHARACTERS]

                                     By: /s/ Jian Nanchun [CHINESE CHARACTERS]
                                         -------------------------------------
                                         Name: Jian Nanchun [CHINESE CHARACTERS]
                                         Capacity:

                                     Address for notice:
                                     28th Floor, Zhao Feng World Trade Building,
                                     No. 369 Jiangsu Road,
                                     Shanghai, China
                                     Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                     Tel: 86-21-32124661
                                     Fax: 86-21-5240022

                                                       Clawback Rights Agreement

                                      S-2

<PAGE>

                                     GS FOCUS HOLDING LIMITED

                                     By: /s/ David Chou
                                         -------------------------------------
                                         Name: David Chou
                                         Capacity: Authorized Signatory

                                     Address for notice:
                                     68/F Cheung Kong Center
                                     2 Queen's Road Central
                                     Hong Kong
                                     Attn: David Chou
                                     Tel: 852-2978-1151
                                     Fax: 852-2978-0440

                                                       Clawback Rights Agreement

                                      S-3

<PAGE>

                                     3I GROUP PLC

                                     By: /s/ Cheng Sim Tan
                                         -------------------------------------
                                         Name: Cheng Sim Tan
                                         Capacity: Authorized Signatory

                                     Address for notice:
                                     Suite 1903, 19/F
                                     Two International Finance Centre
                                     8 Finance Street
                                     Central, Hong Kong
                                     Attn: Cheng Sim Tan
                                     Tel: 852-2901-8188
                                     Fax: 852-2537-7886

                                     with a copy to:
                                     3i Investments plc
                                     80 Raffles Place
                                     #33-20 UOB Plaza 2
                                     Singapore 048624
                                     Attn: Cheng Sim Tan
                                     Tel: 65-6438-3131
                                     Fax: 65-6536-2429

                                                       Clawback Rights Agreement

                                      S-3

<PAGE>

                                     3I ASIA PACIFIC TECHNOLOGY LP

                                     Acting by its manager, 3i Investment plc

                                     By: /s/ Cheng Sim Tan
                                         -------------------------------------
                                         Name: Cheng Sim Tan
                                         Capacity: Authorized Signatory

                                     Address for notice:
                                     Suite 1903, 19/F
                                     Two International Finance Centre
                                     8 Finance Street
                                     Central, Hong Kong
                                     Attn: Cheng Sim Tan
                                     Tel: 852-2901-8188
                                     Fax: 852-2537-7886

                                     with a copy to:
                                     3i Investments plc
                                     80 Raffles Place
                                     #33-20 UOB Plaza 2
                                     Singapore 048624
                                     Attn: Cheng Sim Tan
                                     Tel: 65-6438-3131
                                     Fax: 65-6536-2429

                                                       Clawback Rights Agreement

                                      S-3

<PAGE>

                                     3I ASIA PACIFIC 2004-06 LP

                                     Acting by its manager, 3i Investment plc

                                     By: /s/ Cheng Sim Tan
                                         -------------------------------------
                                         Name: Cheng Sim Tan
                                         Capacity: Authorized Signatory

                                     Address for notice:
                                     Suite 1903, 19/F
                                     Two International Finance Centre
                                     8 Finance Street
                                     Central, Hong Kong
                                     Attn: Cheng Sim Tan
                                     Tel: 852-2901-8188
                                     Fax: 852-2537-7886

                                     with a copy to:
                                     3i Investments plc
                                     80 Raffles Place
                                     #33-20 UOB Plaza 2
                                     Singapore 048624
                                     Attn: Cheng Sim Tan
                                     Tel: 65-6438-3131
                                     Fax: 65-6536-2429

                                                       Clawback Rights Agreement

                                      S-3

<PAGE>
                                     KTB/UCI CHINA VENTURES LIMITED

                                     By: /s/ Wei Yu
                                         -------------------------------------
                                         Name: Wei Yu [CHINESE CHARACTERS]
                                         Capacity: CEO

                                     Address for notice:
                                     28th Floor, Zhao Feng World Trade Building,
                                     No. 369 Jiangsu Road,
                                     Shanghai, China
                                     Attn: Wei Yu [CHINESE CHARACTERS]
                                     Tel: 86-21-32124668
                                     Fax: 86-21-52400958

                                                       Clawback Rights Agreement

                                      S-3

<PAGE>
                                     MAX WEALTH ENTERPRISES LIMITED

                                     By: /s/ Nei Shen
                                         ------------------------------------
                                         Name: Nei Shen [CHINESE CHARACTERS]
                                         Capacity: Director

                                     Address for notice:
                                     8A, No. 2 Conduit Road, Mid Levels,
                                     Hong Kong
                                     Attn: Neil Shen [CHINESE CHARACTERS]
                                     Tel: 852-2169-0911
                                     Fax: 852-2169-0920

                                                       Clawback Rights Agreement

                                      S-3

<PAGE>

                                     JIANG NACHUN [CHINESE CHARACTERS]

                                     By: /s/ Jian Nanchun [CHINESE CHARACTERS]
                                         -------------------------------------
                                         Name: Jian Nanchun [CHINESE CHARACTERS]
                                         Capacity:

                                     Address for notice:

                                     28th Floor, Zhao Feng World Trade Building,
                                     No. 369 Jiangsu Road,
                                     Shanghai, China
                                     Attn: Jiang Nanchun [CHINESE CHARACTERS]
                                     Tel: 86-21-32124661
                                     Fax: 86-21-5240022

                                                       Clawback Rights Agreement

                                      S-4

<PAGE>

                             SCHEDULE A - INVESTORS

1.    GS Focus Holding Limited, an exempted company organized and existing under
      the laws of Cayman Islands

2.    3i Group plc, a company organized and existing under the laws of England

3.    3i Asia Pacific Technology LP, a limited partnership duly organized and
      existing under the laws of England

4.    3i Asia Pacific 2004-06 LP, a limited partnership duly organized and
      existing under the laws of England

5.    KTB/UCI China Ventures I Limited, an international business company
      organized and existing under the laws of the British Virgin Islands

6.    Max Wealth Enterprises Limited, an international business company
      organized and exiting under the laws of the British Virgin Islands

                                                       Clawback Rights Agreement
                                                                      Schedule A

                                       1
<PAGE>

                    SCHEDULE B - EXISTING PREFERRED HOLDERS

1.    United China Investment Limited, an international business company
      organized and existing under the laws of the British Virgin Islands

2.    China Alliance Investment Limited, an international business company
      organized and existing under the laws of the British Virgin Islands

3.    SB China Holdings Pte Ltd., a company organized and existing under the
      laws of Sigapore

4.    Shanghai Venture Capital (Hong Kong) Co., Ltd., a company organized and
      existing under the laws of Hong Kong

5.    Multimedia Park Venture Capital Limited, an international business company
      organized and existing under the laws of the British Virgin Islands

6.    Snow Hill Developments Limited, an international business company
      organized and existing under the laws of the British Virgin Islands

7.    CMF Technology Fund I Ltd., a company organized and existing under the
      laws of Cayman Islands

8.    Draper Fisher Jurvetson ePlanet Ventures L.P., a company organized and
      existing under the laws of Cayman Islands

9.    Draper Fisher Jurvetson ePlanet Ventures GmbH & Co. KG, a company
      organized and existing under the laws of Germany

10.   Draper Fisher Jurvetson ePlanet Partners Fund, LLC, a limited liability
      company organized and existing under the laws of the State of California

11.   CDH FM Limited, an international business company organized and existing
      under the laws of the British Virgin Islands

12.   International Network Capital Global Fund, a company organized and
      existing under the laws of Cayman Islands

13.   International Network Capital Investment Limited (BVI), an international
      business company organized and existing under the laws of the British
      Virgin Islands

14.   Hannibal International Limited, a company organized and existing under the
      laws of Cayman Islands

                                                       Clawback Rights Agreement
                                                                      Schedule A

                                        1
<PAGE>

15.   Springboard-Harper Technology Fund Pte Ltd., a company organized and
      existing under the laws of Cayman Islands

16.   Springboard-Harper Technology Fund (Cayman) Ltd., a company organized and
      existing under the laws of Cayman Islands

17.   Venture TDF Technology Fund III L.P, a company organized and existing
      under the laws of Cayman Islands

18.   Milestone Digital Media Holding Ltd., an international business company
      organized and existing under the laws of the British Virgin Islands

19.   Elite Select Group Limited, an international business company organized
      and existing under the laws of the British Virgin Islands

20.   Farmac Holdings Limited, an international business company organized and
      existing under the laws of the British Virgin Islands

21.   Powerful Team Energy Investments Limited, an international business
      company organized and existing under the laws of the British Virgin
      Islands

                                       3

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