EQUITY TRANSFER AGREEMENT

 

                                                                   EXHIBIT 10.44

                                                                     Translation

                            EQUITY TRANSFER AGREEMENT

TRANSFEROR (PARTY A): SHANDONG ECONOMIC OBSERVING NEWSPAPER CO. LTD.

TRANSFEREE (PARTY B): BEIJING TAIDE ADVERTISING CO. LTD.

     After consultation between Shandong Economic Observing Newspaper Co. Ltd.
(hereafter as Party A), which is the shareholder of Beijing Jingguan Xincheng
Advertising Co. Ltd., and Beijing Taide Advertising Co. Ltd. (hereafter as Party
B), Party A has agreed to transfer its RMB 2.5 million worth of shares (50% of
the registered capital) of Beijing Jingguan Xincheng Advertising Co. Ltd to
Party B. Party B has agreed to accept the shares transferred by Party A, at a
transfer price of RMB 2.5 million. Shandong Economic Observing Newspaper Co. Ltd
is the owner of the selling party's equity and has ensured that there is no
controversy or disputes about the concerned equity, and there exist no
guaranteed rights and benefits and third party rights and benefits with the
concerned selling party's equity. Upon the completion of the transfer of the
equity, Beijing Taide Advertising Co. Ltd becomes 100% the equity owner of
Beijing Jingguan Xincheng Advertising Co. Ltd.

After the transfer of the equity, Party A will no longer enjoy any rights or
bear any obligations to Beijing Jingguan Xincheng Advertising Co. Ltd. Party B
will enjoy rights and bear obligations to Beijing Jingguan Xincheng Advertising
Co. Ltd according to Party B's proportion of capital therein.

This agreement is effective upon the execution by both parties.

Transferor (Shandong Economic Observing Newspaper Co., Ltd.) [Company chop of
Shandong Economic Observing Newspaper Co., Ltd.]

Transferee (Beijing Taide Advertising Co., Ltd.) [Company chop of Beijing Taide
Advertising Co., Ltd.]

Dated: September 12, 2006 

Basic Info X:

Name: EQUITY TRANSFER AGREEMENT
Type: Equity Transfer Agreement
Date: Feb. 21, 2007
Company: XINHUA FINANCE MEDIA LTD
State: E9

Other info: