ZW Data Action Technologies Inc. — Director's Dealing 2011

Apr 4, 2011

SEC Form 3/A — Form 3/A

Issuer: ChinaNet Online Holdings, Inc. (CNET)
CIK: 0001376321
Period of Report: 2009-06-26

Reporting Person: Zhang Zhige (Director, Chief Financial Officer, 10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.001 par value per share	7434940	Indirect

Footnotes

F1: Pursuant to a Share Transfer Agreement (the "Share Transfer Agreement") dated April 28, 2009 between Ms. Sun Li and Mr. Yang
Li, the sole stockholder of Rise King Investment Limited ("Rise King"), Ms. Li held a right to acquire, subject to certain
conditions, an 18% interest in Rise King, which owns approximately 42.9% of the outstanding securities of ChinaNet Online
Holdings, Inc. ("ChinaNet"). In entering into the Share Transfer Agreement, Ms. Li was acting as Mr. Zhige Zhang's nominee,
which was not noted in the original Form 3 filing. On March 30, 2011, pursuant to the terms of a Transfer Notice by and
between Mr. Zhang and Ms. Li, Ms. Li transferred to Mr. Zhang her right to acquire 18% of the outstanding shares of Rise
King under the terms of the Share Transfer Agreement. (continue on footnote 2)

F2: On March 30, 2011, in accordance with the terms of the Share Transfer Agreement, Mr. Zhang exercised the option to acquire
from Mr. Yang Li 18% of the outstanding shares of Rise King. As a result of the Option Exercise, and Mr. Zhang's resulting
ownership interest in Rise King, Mr. Zhang may be deemed a beneficial owner of the shares of ChinaNet common stock
held by Rise King.