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

Apr 2, 2011

SEC Form 3/A — Form 3/A

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

Reporting Person: Cheng Handong (Director, See Remarks, 10% Owner)

Holdings (Non-Derivative)

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

Footnotes

F1: The original Form 3 refers to an Entrustment Agreement, described in more detail below, which is of no force and effect as of
the date of this filing. Prior to March 30, 2011, Mr. Yang Li was the sole shareholder of Rise King Investment Limited
("Rise King"). On March 30, 2011, in accordance with the terms of a Share Transfer Agreement, dated April 28, 2009 by and
between Mr. Yang Li and Mr. Hangdong Cheng, Mr. Cheng exercised an option to acquire from Mr. Yang Li 45% of the outstanding
shares of Rise King , which owns approximately 42.9% of the outstanding securities of ChinaNet Online Holdings, Inc. As a
result of the Option Exercise, and Mr. Cheng's resulting ownership interest in Rise King, Mr. Cheng may be deemed a
beneficial owner of the shares of ChinaNet Online Holdings, Inc. common stock held by Rise King. In addition, as a result
of the Option Exercise, the Entrustment Agreement, dated June 5, 2009, (continue on footnote 2)

F2: by and between Rise King Investments Limited ("Rise King") and Handong Cheng, Xuanfu Liu and Li Sun (collectively, the
"Grantees"), pursuant to which Rise King collectively delegated to the Grantees its direct or indirect rights as a
stockholder of China Net Online Media Group Limited, CNET Online Technology Limited, Rise King Century Technology
Development (Beijing) Co., Ltd., Shanghai Borongdingsi Computer Technology Co., Ltd., Business Opportunity Online (Beijing)
Network Technology Co., Ltd. and Beijing CNET Online Advertising Co., Ltd. (collectively, the "China Net Companies"),
including the direct or indirect right to vote any equity interest in the China Net Companies, or to designate the
management of such companies, is of no further force or effect and was terminated on March 30, 2011.