ZW Data Action Technologies Inc. — Director's Dealing 2010

Apr 8, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ChinaNet Online Holdings, Inc. (CNET)
CIK: 0001376321
Period of Report: 2010-04-06

Reporting Person: Surplus Elegant Investment Ltd (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-04-06	Common Stock, $0.001 par value per share	J	1681105	—	Disposed	197975	Direct

Footnotes

F1: Yin Yin Shao is a controlling shareholder of Surplus Elegant Investment Limited. Yin Yin Shao disclaims beneficial ownership
of these securities, except to the extent of Ms. Shao's pecuniary interest therein. On April 6, 2010, Surplus Elegant
transferred 1,681,105 shares of Common Stock of the Issuer to investors who hold passive economic interests in Surplus
Elegant. These transfers were consummated as in-kind distribution to these investors on a private basis and for no
additional consideration.