EQUITY TRANSFER AGREEMENT
EX-10.25 35 v074779_ex10-26.htm
Exhibit 10.25
EQUITY TRANSFER AGREEMENT
This Equity Transfer Agreement (this “Agreement”) is entered into by and between the following parties as of May 14, 2007.
Transferors:
| Mr. Xia Shudong | |
| ID Card Number: | 422125721020561 |
| Address: | City Environment Department, Beijing University, No. 5, Yi He Yuan Road, Hai Dian District, Beijing, China |
| Mr. Zhang Zhiping | |
| ID Card Number: | 11010819690428187X |
| Address: | No. Jia 17, Hai Dian Road, Hai Dian District, Beijing, China |
| Mr. Lai Zhibin | |
| ID Card Number: | 35262719731111001X |
| Address: | No. 5, Yi He Yuan Road, Hai Dian District, Beijing, China |
| Mr. Yang Chuang | |
| ID Card Number: | 110108196505095439 |
| Address: | Suite 1-2-302, No. Jia 23, Bai Dui Zi, Hai Dian District, Beijing, China |
Transferee:
| Oriental Intra-Asia Entertainment (China) Limited | |
| Address: | Room C2-1009, Oriental Plaza, No.1 East Chang’an Street, Dongcheng District, Beijing |
| Represented By: | |
Each of the foregoing parties is referred to as a “Party” and collectively as the “Parties”.
WHEREAS, Beijing PKU Chinafront High Technology Co., Ltd. is a limited liability company duly organized and existing under the laws of People’s Republic of China (“PRC”) and owned 61% by Xia Shudong, 8% by Zhang Zhiping, 6% by Lai Zhibin, 10% by Yang Chuang and 15% by Peking University Technology Development Department (the “Company”); and
WHEREAS, the Transferors desire to sell and transfer and the Transferee agrees to purchase from the Transferors, the 85% equity interest of the Transferors in the Company (“Equity Transfer”).
NOW, THEREFORE, based on mutual consultation and friendly negotiation, the Parties agree to the following:
| 1. | The Transferors shall transfer their 85% equity interest in the Company to the Transferee in exchange for RMB equivalent to USD 2,000,000 (“Purchase Price”) free and clear of any lien. After the transfer of the equity interest, the Transferee will own 85% of the equity interest in the Company. |
| 2. | The Purchase Price for the Equity Transfer shall be paid to the Transferors on or before May 14, 2007. All rights and obligations attached to the 85% equity interest shall be transferred to and assumed by the Transferee simultaneously on the date of payment of the Purchase Price. |
| 3. | The terms and conditions for the Equity Transfer under this Agreement have been informed by the Transferors to the Peking University Technology Development Department (“Development Department”). The Company has held its meeting of shareholders. The Development Department agrees to such Equity Transfer and waives its right of first refusal. |
| 4. | The Equity Transfer shall be effective upon the execution of this Agreement. |
| 5. | This Agreement shall be governed and interpreted by the PRC law. The Parties agree that any dispute arising herefrom shall be submitted to the Beijing Arbitration Commission for settlement. |
| 6. | This Agreement shall be executed in five copies, one copy shall be for each of the Parties and two copies shall be retained by the Company for the purpose of governmental approval and registration. |
| 7. | This Agreement shall be effective upon execution by all the Parties. |
[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]
IN WITNESS WHEREOF, the Parties have executed this Equity Purchase and Transfer Agreement as of the date first set forth above.
Transferors:
| Mr. Xia Shudong |
| /s/ Xia Shudong |
| |
| Mr. Zhang Zhiping |
| /s/ Zhang Zhiping |
| |
| Mr. Lai Zhibin |
| /s/ Lai Zhibin |
| |
| Mr. Yang Chuang |
| /s/ Yang Chuang |
| |
Transferee:
| Oriental Intra-Asia Entertainment (China) Limited |
| /s/ |
| Its: |
Company:
| Beijing PKU Chinafront High Technology Co., Ltd. |
| /s/ Xia Shudong |
| Xia Shudong |
| Its: Legal Representative |
