ZW Data Action Technologies Inc. — Director's Dealing 2009

Dec 1, 2009

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: ChinaNet Online Holdings, Inc. (CNET)
CIK: 0001376321
Period of Report: 2009-11-30

Reporting Person: MACLELLAN DOUGLAS CHARLES (Director)

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$5.00	2014-11-30	Common Stock (24000)		Direct
Stock Option (Right to Buy)	$5.00	2014-11-30	Common Stock (20000)		Direct

Footnotes

F1: The option vests in equal quarterly annual installments over 24 months from the date of the grant, so long as Mr. MacLellan
serves as a member of the board of directors of the issuer.

F2: The option vests in equal quarterly annual installments over 24 months from the date of the grant, so long as Mr. MacLellan
serves as the issuer's audit committee chairman.