representations or warrant

 

                           MEMORANDUM OF UNDERSTANDING
                           ---------------------------

         This Memorandum of Understanding ("Memorandum") is made the 15th day of
December, 2003 between Chinawe.com Inc., whose principal executive office is
situated at c/o Hartman & Craven LLP, 488 Madison Avenue, New York, New York
10022-1987 (the "Company") of the first part, and Charter One Investments
Limited, a corporation incorporated under the laws of the British Virgin Islands
and having its principal address at P.O. Box 957, Offshore Incorporations
Centre, Road Town, Tortola, British Virgin Islands ("Charter") of the second
part.

         WHEREAS, the Company is a corporation listed on the OTCBB of the United
States National Association of Securities Dealers, Inc.;

         WHEREAS, as at the date hereof, the Company has a total of 40,000,000
shares of common stock issued and outstanding, at U.S. $.001 par value ("Common
Stock"); and

         WHEREAS, at the request of the Company, Charter intends to invest
certain sums of money in the Company and has requested the Company to allot to
it certain shares of the Company to which the Company has agreed to do in the
manner hereinafter set forth;

         NOW, THEREFORE, it is agreed as follows:

         1.    Charter hereby agrees, at the request of the Company, to invest
and the Company hereby agrees to accept Charter's investment in an aggregate sum
of HK$1,000,000.00 paid in the following manner:

               (a)     HK$100,000.00 was advanced by Charter to the Company as a
                       loan on or about the 7th day of January, 2003;

                  (b)    HK$300,000.00 was advanced by Charter to the Company as
                         a loan on or about the 24th day of February, 2003; and

                  (c)    The balance of HK$600,000.00 was advanced by Charter
                         to the Company on or before the 31st day of July, 2003.

         2. (a)   The Company hereby agrees to fully pay for the moneys
               advanced, as described in paragraph 1 hereof, without interest
               thereon, and Charter agrees to accept in full payment and
               satisfaction therefor, a total of 3,800,000 shares of Common
               Stock (the "Shares").

                  (b)    The Company shall be responsible for, in compliance
         with relevant US SEC rules and regulations, all necessary procedures
         to cause the said Shares to be duly and properly issued and allotted
         to Charter.

                  (c)    It is hereby agreed between the parties hereto that the
         sale of said Shares by the Company to Charter shall be subject to SEC
         rules and all other applicable rules and regulations. Accordingly,
         Charter acknowledges that the Shares have not been registered under
         the Securities Act of 1933, as amended, and are being taken for
         investment purposes only, without a view to their sale or
         distribution, except as permitted by applicable United States law. It
         is also agreed that the certificate will bear a restriction to the
         foregoing effect.

                  (d)    Charter agrees that the Company has made no
         representations or warranties to Charter in connection with issuance
         of the Shares and that in making its decision to purchase the Shares,
         Charter is relying solely on the Company's public filings with the
         SEC.

             2.   Each party hereto shall, at the request of the other party
         hereto, at any time and from time to time, promptly execute and
         deliver, or cause to be executed and delivered to such requesting
         party all such further instruments and take all such further actions
         as may be reasonably necessary or appropriate to more effectively
         confirm or

         carry out the provisions and intents of this Memorandum. In that
         connection, Charter acknowledges that it will have certain filing
         obligations with the SEC in connection with its purchase of the Shares
         and agrees to make such filings.

             3.   This Memorandum is intended to be legally binding and shall be
         governed by and construed in accordance with applicable United States
         law; the parties hereto hereby irrevocably submit to the non-exclusive
         jurisdiction of the Hong Kong Courts as well as the appropriate courts
         of the United States of America.

             IN WITNESS WHEREOF, the hands of the parties hereto the day and
         year first above written.

                                    CHINAWE.COM INC.

                                    By: /s/ Vivian Wai Wa Chu
                                       --------------------------------
                                    Name: Vivian Wai Wa Chu
                                         ------------------------------
                                    Title: Director
                                          -----------------------------

                                    CHARTER ONE INVESTMENTS LIMITED

                                    By: /s/ Edward Chow Mo Yiu
                                       --------------------------------
                                    Name: Edward Chow Mo Yiu
                                         ------------------------------
                                    Title:  Director
                                          -----------------------------

 

Basic Info X:

Name: representations or warrant
Type: Representations or Warrant
Date: Dec. 22, 2003
Company: CHINAWE COM INC
State: California

Other info: