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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
        STATES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>WASHINGTON,
        D.C. 20549</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">______________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
        8-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
        REPORT</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PURSUANT
        TO SECTION 13 OR 15(d) OF THE</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
        EXCHANGE ACT OF 1934</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
        of
        Report (Date of earliest event reported): </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>September
        13, 2005</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman"><u>GREAT
        WALL ACQUISITION CORPORATION</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
        Name of Registrant as Specified in Charter)</font></div>
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              <td valign="top" width="30%" style="BORDER-BOTTOM: black thin solid">
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              </td>
              <td valign="top" width="3%">&#160;</td>
              <td valign="top" width="21%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">333-110906</font></div>
              </td>
              <td colspan="2" valign="top" width="3%">&#160;</td>
              <td colspan="2" valign="top" width="23%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20-0178991</font></div>
              </td>
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            <tr>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                  or Other Jurisdiction</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
                  Incorporation)</font></div>
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              <td valign="top" width="3%">&#160;</td>
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                  Number)</font></div>
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              <td colspan="2" valign="top" width="23%">
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                  Employer</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
                  No.)</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">660
                  Madison Avenue, 15th Floor, New York, New York</font></div>
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              <td valign="top" width="14%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10021</font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
                  of Principal Executive Offices)</font></div>
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              <td colspan="2" valign="top" width="9%">&#160;</td>
              <td valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
                  Code)</font></div>
              </td>
            </tr>

        </table>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
        telephone number, including area code:</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>(212)
        753-0804</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Not
        Applicable</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
        Name or Former Address, if Changed Since Last Report)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions (see General Instruction A2. below):</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        ]</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR
        230.425)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        &#160;]</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
        material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
        240.14a-12)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -72pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;
        ]</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
        communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
        240.14d-2(b))</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        ]</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
        240.13e-4(c)) </font></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        1.01. Entry into a Material Definitive Agreement.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Pre-Conditional
        Tender Offer</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        September 13, 2005, Great Wall Acquisition Corporation (OTCBB: GWAQ, GWAQU,
        GWAQW), a Delaware corporation (&#8220;GWAC&#8221;), announced that a majority of the
        holders of the issued and outstanding ordinary shares of ChinaCast Communication
        Holdings Limited, a corporation formed under the laws of Bermuda (&#8220;CCHL&#8221;), have
        irrevocably agreed to accept a pre-conditional voluntary tender offer (the
        &#8220;Offer&#8221;) made by GWAC. CCHL is one of the leading providers of e-learning
        services and content to address the needs of K-12 schools, universities,
        government agencies and corporate enterprises in the PRC, and has been listed
        on
        the Main Board of the Singapore Exchange Securities Trading Limited (the
        &#8220;Singapore Exchange&#8221;) since May 2004. The Offer is subject to the approval of
        the holders of GWAC&#8217;s Public Shares (as defined below).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the terms of the Offer, each shareholder of CCHL shall have the option
        to
        receive for the tender of such shareholder&#8217;s CCHL shares (the &#8220;CCHL Shares&#8221;) (i)
        one (1) share of GWAC&#8217;s common stock for every twenty one and 29/100 (21.29)
        shares of CCHL Shares tendered (the &#8220;Stock Offer&#8221;), or (ii) a cash payment of
        0.28 Singapore dollars </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(US$0.167,
        based on the exchange rate of 1.6810 on September 13, 2005) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">for
        each
        of the CCHL Shares tendered (&#8220;Cash Offer&#8221;). </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        September 13, 2005, GWAC entered into Letters of Undertaking with shareholders
        of CCHL which hold in the aggregate approximately 51.2% of the issued and
        outstanding CCHL Shares (the &#8220;Majority Shareholders&#8221;). Based on the exchange
        ratio of the Stock Offer, the Majority Shareholders will receive an aggregate
        of
        10,614,936 shares of GWAC&#8217;s common stock, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">which
        represents the following&#160;range of percentages of the shares of GWAC&#8217;s
        common stock issued and outstanding post-Offering: (i)&#160;a minimum of
        40.4%&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">assuming
        all CCHL Shares are tendered for the Stock Offer</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">;
        or
        (ii)&#160;a maximum of 65.8% assuming no additional CCHL Shares are tendered
        for
        the Stock Offer, other than the Majority Shareholders. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to their respective Letters of Undertaking, each of the Majority Shareholders
        irrevocably and unconditionally agreed to accept the Stock Offer and, among
        other things:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="right" style="WIDTH: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">except
                  as otherwise permitted by the Letter of Undertaking, not to transfer
                  or
                  dispose of or create an encumbrance over all or any of the CCHL
                  Shares
                  specified on the signature page of their respective Letters of
                  Undertaking
                  during the period commencing on September 13, 2005 (the &#8220;Commencement
                  Date&#8221;) and ending at the Expiration Time. The &#8220;Expiration Time&#8221; shall mean
                  the date on which the earlier occurs, (i) the Offer lapses, (ii)
                  the Offer
                  is withdrawn by GWAC, or (iii) GWAC purchases the CCHL Shares pursuant
                  to
                  the Offer;</font></div>
              </td>
            </tr>

        </table>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="right" style="WIDTH: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">shall
                  not, during the period from the Commencement Date and ending at
                  the
                  Expiration Time, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">take</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  any </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">action
                  which would cause them to breach </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">their
                  </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">obligations
                  under their respective Letter of Undertaking</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="right" style="WIDTH: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">except
                  with GWAC&#8217;s prior written consent, during the period from the Commencement
                  Date and ending at the Expiration Time, not to directly or indirectly
                  solicit, encourage, vote in favor of, initiate or participate in
                  any
                  tender (including without limitation accepting any tender offer),
                  negotiations, discussions or resolutions with respect to any expression
                  of
                  interest, offer or proposal by any person other than GWAC
                  to:</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        <div id="FTR">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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        <div>&#160;</div>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="right" style="WIDTH: 99pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">acquire
                  an interest in all or a substantial part of the business, operations
                  or
                  undertakings of CCHL and its subsidiaries or in 5% or more of the
                  issued
                  share capital of CCHL;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="right" style="WIDTH: 99pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">acquire
                  control of CCHL; or</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="right" style="WIDTH: 99pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">otherwise
                  acquire or merge with CCHL; </font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="right" style="WIDTH: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
                  accept the offer and elect to receive shares of GWAC common stock;
                  and</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="right" style="WIDTH: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">notwithstanding
                  any rights of withdrawal under the Singapore Code on Takeovers
                  and
                  Mergers, not to withdraw any of their CCHL Shares tendered for
                  acceptance
                  until </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">such
                  time as the Offer shall lapse or be withdrawn by GWAC</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
        form of
        the Letter of Undertaking is attached hereto as Exhibit 10.1 and is incorporated
        in its entirety herein by reference.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon
        consummation of the Offer, CCHL and its subsidiaries will become subsidiaries
        of
        GWAC. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
        are
        pre-conditions to GWAC consummating the Offer. The Offer and the related
        transactions will require approval by the holders of a majority of the shares
        of
        common stock sold in GWAC&#8217;s initial public offering (the &#8220;GWAC Public Shares&#8221;).
        The holders of GWAC&#8217;s common stock issued prior to its initial public offering
        (the &#8220;GWAC Non-Public Shares&#8221;) have agreed to vote in accordance with the
        majority vote of holders of GWAC Public Shares. Additionally, if holders
        owning
        20% or more of the GWAC Public Shares vote against the transaction, thus
        exercising their right to convert their GWAC Public Shares into cash, then
        the
        Offer cannot be approved. There is no assurance given that the Offer will
        be
        approved by GWAC&#8217;s shareholders.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Assuming
        that all current CCHL shareholders (including the Majority Shareholders)
        elect
        the Stock Offer for all of their CCHL Shares, an aggregate of approximately
        20,752,301 shares of additional GWAC common stock will be issued, representing
        approximately 79% of the shares of GWAC common stock outstanding
        post-Offering.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        or
        prior to September 30, 2005, GWAC expects to receive the audited consolidated
        financial statements of CCHL prepared in accordance with United States generally
        accepted accounting principles and Regulation S-X promulgated under the
        Securities Exchange Act of 1934, for at least its two most recent fiscal
        years
        and such other financial information as may be required to be included in
        any
        filing to be made with the Securities and Exchange Commission in connection
        with
        the Offer. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prior
        to
        the consummation of the Offer, GWAC intends to seek representations and
        warranties and an indemnification from CCHL related to the accuracy of CCHL&#8217;s
        previous public filings. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Singapore
        Law</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon
        the
        receipt of approval by the holders of a majority of the GWAC Public Shares,
        and
        satisfaction, or waiver, of the other pre-condition of GWAC to the Offer,
        GWAC
        will make the Offer for all CCHL Shares (the "Offer Shares") in accordance
        with
        Rule 15 of the Singapore Code on Take-overs and Mergers and issue an
        announcement (the "Offer Announcement") in connection with the Offer at such
        time. An offer document (the "Offer Document") will be dispatched to holders
        of
        the Offer Shares on behalf of GWAC not earlier than 14 days and not later
        than
        21 days from the date of the Offer Announcement (the &#8220;Offer Posting&#8221;). The Offer
        will be open for at least 28 days after the date of the Offer Posting (the
        "First Closing Date").</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Offer, if made, will be conditioned upon GWAC receiving valid acceptances
        of
        sufficient Offer Shares such that, when combined with any CCHL Shares already
        owned, controlled or agreed to be acquired by GWAC, or parties acting or
        deemed
        to be acting in concert with GWAC (either before or during the Offer and
        pursuant to the Offer or otherwise), will result in GWAC and its parties
        in
        concert controlling more than 50% of the voting rights of CCHL shares (the
        &#8220;Acceptance Threshold&#8221;). Upon GWAC receiving the valid acceptances to reach the
        Acceptance Threshold, the Offer will become, or be declared, unconditional.
        </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        the
        Acceptance Threshold is not satisfied by the First Closing Date, there would
        be
        no obligation on the part of GWAC to extend the Offer. Other than by consent
        of
        the Securities Industry Council (the "Council"), the Acceptance Threshold
        must
        be reached or the Offer will lapse within 21 days of the later of the First
        Closing Date or the date the Offer becomes unconditional. No Offer may be
        extended after 3.30 pm on the 60th day after the Offer Posting, other than
        by
        consent of the Council. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        GWAC
        receives valid acceptances from at least 90% of the Offer Shares, GWAC may
        exercise its right under Section 102(1) of the Bermuda Act to compulsorily
        acquire any remaining CCHL Shares which did not accept the Offer. If GWAC
        is
        able to proceed with the compulsory acquisition, an application will be made
        by
        GWAC to delist CCHL from the Singapore Exchange.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Management</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        current management of CCHL and its subsidiaries is led by Messrs. Yin Jianping,
        Chan Tze Ngon, Ron and Li Wei. Upon consummation of the Offer, GWAC intends
        to
        retain these persons to continue to lead the combined company and serve as
        management of the public company. In addition, GWAC intends to expand its
        Board
        and nominate each of Messrs. Yin Jianping, Chan Tze Ngon, Ron and Li Wei
        to its
        Board.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        transaction is expected to be consummated in the first fiscal quarter of
        2006,
        after the required approval by holders of a majority of the GWAC Public Shares,
        as discussed herein.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        7.01 Regulation FD Disclosure.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Overview
        of CCHL</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL
        is
        one of the leading providers of e-learning services and content to address
        the
        needs of K-12 schools, universities, government agencies and corporate
        enterprises in the PRC. CCHL</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        is
        headquartered in Beijing with offices in Shanghai, Hong Kong and Singapore,
        and
        currently employs more than 160 employees throughout these
        locations.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8217;s
        executive directors and executive officers have proven track records, most
        averaging over 15 years in the IT/Telecom/Media industry in the PRC and
        Asia-Pacific region. Upon consummation of the Offer, GWAC intends to retain
        these persons to continue to lead the combined company and serve as management
        of the public company. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
        2004, CCHL was awarded the &#8220;Education User Satisfaction Award&#8221; by the Ministry
        of Education. CCHL was also listed as one of the &#8220;China Top 15 Companies for
        Tomorrow, 2004,&#8221; by </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>China
        High-Tech Enterprises</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        magazine, a PRC government-supported title managed by the National Bureau
        of
        Statistics of China, based on CCHL&#8217;s growth rate, influence on the industry in
        which it competes, technology innovations, market coverage and indicators
        of new
        IT powers within the PRC. In December 2004, CCHL was awarded the &#8220;User
        Recommendation Award&#8221; in the Deloitte Technology Fast 500 Asia Pacific 2004
        Programme, which is sponsored by the Technology, Media and Telecommunications
        global industry group of Deloitte Touche Tohmatsu.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Products
        and Services</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL&#8217;s
        solutions are tailored to meet the different needs of its end customers in
        specific market segments, such as University Distance Learning Solutions,
        K-12
        Distance Learning and Educational Content Solutions and Corporate and Government
        Training Solutions:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="right" style="WIDTH: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>University
                  Distance Learning Solutions</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  -
                  </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  provides turnkey distance learning solutions and services to enable
                  universities and higher learning institutions to provide nationwide
                  real-time distance learning services. This includes all the necessary
                  hardware, software and broadband satellite network services to
                  allow
                  university students located at remote classrooms around the country
                  to
                  interactively participate in live lectures broadcast from the main
                  campus.
                  CCHL</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  currently provides this service to over 20 universities serving
                  over
                  86,000 university students located in over 300 remote classrooms.
                  For this
                  service, CCHL</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  receives a percentage of each remote student&#8217;s tuition from the respective
                  university. According to China&#8217;s Ministry of Education, in 2003, there
                  were over 100 million higher education students in the PRC while
                  universities had sufficient space to accommodate only about 11%
                  of the
                  students qualified to attend.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="right" style="WIDTH: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>K-12
                  Distance Learning and Educational Content Solutions</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  --
                  CCHL</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  currently broadcasts its multimedia educational content to over
                  7,000
                  primary, middle and high schools throughout the PRC in partnership
                  with
                  leading educational content companies. The multimedia content assists
                  teachers in preparing and teaching the course content. Each school
                  pays
                  </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  an
                  annual subscription fee for this
                  service.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
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              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Corporate
                  and Government Training Solutions</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  --
                  </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  provides the satellite distance learning network as well as the
                  hardware,
                  software and custom training content to corporate enterprises and
                  government agencies which in turn provide in-house training to
                  their
                  staff. Customers include corporate enterprises such as Taikang
                  Life
                  Insurance, which uses the service to train over 150,000 insurance
                  agents,
                  and government institutions such as the Ministry of Coal and the
                  Ministry
                  of Labor and Social Welfare, which uses the service to provide
                  much needed
                  job skills training to laid-off workers in the rural western part
                  of the
                  PRC. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  receives an annual subscription fee and/or a per student tuition
                  fee for
                  these services.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>The
        China E-Learning Market</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Chinese government states that education is the key to the nation&#8217;s success as
        the country opens up to global competition. According to the US Commerce
        Department, the Chinese government plans to increase spending on public
        education dramatically, from it current budget allocation of 2.5 percent
        (US$181
        billion) to 4% (US$290 billion) of GDP. Even after such a dramatic increase,
        this target level will still be less than typical developed
        countries.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Similarly,
        Chinese consumers recognize that education is crucial to a better life.
        According to the China State Bureau of Statistics, the average family plans
        to
        spend roughly 10% of their savings on education, estimated to be worth at
        least
        US$80 billion. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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        </div>
        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">E-learning
        is ideally suited for the China market because it addresses many of China&#8217;s
        needs in educating its 200 million K-12 students and 10 million higher education
        students. In October 2000, China&#8217;s Ministry of Education launched the &#8220;All
        Schools Connected&#8221; project, which will equip all of China&#8217;s 550,871 K-12 schools
        with e-learning systems by 2010. The Ministry has also issued distance learning
        licenses to 67 top universities (out of a total of 1,552 total colleges and
        universities) to allow the universities to offer degrees via e-learning
        infrastructure. The market for online vocational training and certification
        exam
        preparation is also developing rapidly.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Business
        Strategy</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        believes
        that the combination of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">its</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        proprietary e-learning platform, its ownership of a nationwide broadband
        access
        network and its ability to generate multimedia content are essential to its
        long-term growth.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8217;s
        business strategy is to achieve brand recognition in targeted high growth,
        high
        margin market segments, such as the for-profit education and
        corporate/government training markets in the PRC. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        strives
        to maximize customer loyalty and increase margins by offering additional
        services not offered by traditional service providers. To achieve this,
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        intends
        to continue to develop new solutions which integrate broadband multimedia
        delivery, content management and distribution with quality educational content
        to targeted market segments.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Sales
        and Marketing</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        utilizes
        distribution channels such as a direct sales force, distributors, resellers,
        internet marketing as well as joint marketing with strategic allies to reach
        its
        customers. The company believes these channels are most appropriate because
        they
        enable </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        to
        market the company most efficiently and reduce its capital requirements while
        also fostering close customer relationships.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        sales
        and marketing team is comprised of over 20 professionals located in Beijing
        and
        Shanghai. A typical sales process involves relationship building, customer
        requirements analysis, product presentations, demonstrations, project
        implementation and after-sales support. To reach new customers, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        pursues
        various marketing activities, including direct marketing and joint
        marketing.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        sales
        team conducts direct marketing to potential clients and existing customers.
        They
        conduct pre-sales presentations that demonstrate the nature and benefits
        of
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8217;s
        products and services and how such services will enhance their operations
        and
        management.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        conducts
        strategic joint marketing activities with key partners and even some government
        departments such as the Ministry of Education and the Ministry of Information
        and Technology.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Competitive
        Strengths</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="right" style="WIDTH: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
                  mover advantage within the e-learning space in the
                  PRC</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        is one
        of the first solutions providers using satellite broadband service to enter
        the
        lucrative distance learning educational market and is the market leader in
        this
        segment. Currently, many broadband operators rely mainly on terrestrial networks
        which do not have extensive coverage, especially in the less developed rural
        areas of the PRC. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        believes
        its solutions provide an attractive alternative for business entities which
        require nationwide broadband coverage and wish only to work with one turnkey
        service provider.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="right" style="WIDTH: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Highly
                  scalable, recurring revenue business
                  model</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL&#8217;s
        business model in the PRC e-learning space is a capital efficient, profit
        driven
        and highly scalable business model. The company&#8217;s recurring revenue model, based
        on revenue share of student tuition and school subscriptions, provides a
        high
        degree of predictability and visibility. CCHL&#8217;s business model is market focused
        and profit driven. The company has a strict financial plan and does not invest
        in unnecessary capacity or technology that is not required by its customers.
        </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
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              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL
                  has an experienced and proven management team
</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL&#8217;s
        executive officers and directors and executive officers have proven track
        records, most averaging over 15 years in the IT/Telecom/Media industry in
        Asia
        with both established business relationships in the PRC and experience leading
        public companies in China, Hong Kong and Singapore. Government regulations,
        on-the-ground operating know how, access to capital and long term personal
        relationships are keys to success in the China market.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Management
        Team</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL&#8217;s
        executive directors and executive officers have proven track records and
        established business relationships in the PRC.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
        Yin
        Jianping, the Executive Chairman, is one of the co-founders of the company
        and
        has played a significant role in setting the corporate vision and the
        development of its operations over the past five years. He was previously
        President of Lhasa Beer Company Limited and also worked in various PRC
        government departments including heading the Economic Planning Department
        of the
        Tibet Municipal Government. He was also the Economic Planning Officer of
        Naqu
        Region, Tibet Province. Mr. Yin graduated from the Southwest Finance and
        Economy
        University of China with a degree in Finance.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
        Ron
        Chan Tze Ngon, the Chief Executive Officer since 1999, is also a co-founder
        of
        the company and is responsible for its overall direction and operations.
        He has
        worked extensively in the PRC IT and telecom industry over the past 20 years
        and
        brings extensive experience in working with both start-ups and mature companies.
        Mr. Chan was also one of the founders of Technology Ventures Holdings, an
        IT
        systems integration company listed on the Hong Kong Stock Exchange, and was
        the
        General Manager of CL Computer China/ Hong Kong Limited. Mr. Chan holds a
        Master
        of Science in Mathematics and a Master of Computer Science from Concordia
        University in Montreal, Canada.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
        Li
        Wei, the Chief Operating Officer, oversees the daily operational and management
        activities. Prior to joining the company in 2001, Mr. Li was Business Director
        for China Orient Satellite. Mr. Li holds a Bachelor of Finance and Accounting
        from the Wuhan Military &amp; Economic College and a Master of Business
        Administration from the People&#8217;s University.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
        Antonio Sena, Chief Financial Officer and Company Secretary, joined CCHL
        in 2004
        and is responsible for investor relations and corporate finance matters.
        Mr.
        Sena is an Australian Chartered Accountant and ran his own management consulting
        practice prior to joining CCHL. Prior to that, he was the Chief Financial
        Officer of Fujitsu PC Asia Pacific and worked with the Byron Richfield Group
        in
        Hong Kong as Finance Director. From 1985 to 1990, he was the General Manager
        (Asia) of Imagineering, a large Australian listed IT distributor. Mr. Sena
        holds
        a Bachelor of Economics from the University of Sydney (Australia) and a Master
        of Commerce from the University of New South Wales. He is a fellow of CPA
        Australia. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        </div>
        <div id="HDR">
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        <div>&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
        David
        Sun Guangfeng, Chief Technology Officer, is responsible for engineering and
        product development initiatives from both a research and development and
        custom
        solutions perspective. Prior to joining CCHL, Mr. Sun worked extensively
        in the
        Chinese satellite industry with Hughes Network Systems, Gilat Satellite Networks
        and Aerospace Fudao Hi-tech Co. Mr. Sun holds a Bachelor of Electrical
        Engineering from Anhui University and a Master of Electrical Engineering
        from
        China Aerospace University. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
        Michael Santos, Vice President, Strategic Business Development, has more
        than 20
        years of international experience in business development, marketing, sales,
        strategic relationships and general management. Prior to joining CCHL in
        2001,
        Mr. Santos worked for 12 years for Hughes Network Systems, where he managed
        the
        sales, marketing and operations of their Asia/Pacific division and spearheaded
        the deal team that invested in CCHL in 2000. Mr. Santos holds a Bachelor
        of
        Science in Electrical Engineering and a Master of Science in Computer
        Engineering from The George Washington University, Washington, DC. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
        Jim
        Ma Jim Lok, Vice President, Finance, joined CCHL in 1999 and is responsible
        for
        managing CCHL&#8217;s financial processes, including financial reporting, fund
        raising, investor relations and other related corporate finance activities.
        Mr.
        Ma previously worked for Cambridge Neural Dynamics Ltd. and for Lippo Securities
        Limited as an associate director involved in initial public offers and mergers
        and acquisitions. Mr. Ma holds an M.Phil (Finance) and M.A. (Engineering)
        from
        Cambridge University (UK). He is also a Chartered Financial Analyst.
</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
        Liu
        Baoqian, Vice President, Education Sales and Marketing, is responsible for
        CCHL&#8217;s operation and management of higher education projects, regulatory license
        applications and the development of new business ventures. He was the General
        Manager of China Online&#8217;s (Shenzhen Rayes Group Ltd.) Telecom Division prior to
        joining CCHL in 1999. Mr. Liu was a lecturer at the Radio Physics Department
        at
        the Baoji Art and Science University and has a Masters in Wireless Electronics
        &amp; Physics from Xi&#8217;an Electronic Science and Technology University.
</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
        Wang
        Liping, Vice President, Government Sales and Marketing, has been with CCHL
        since
        2001 and is responsible for all sales and marketing activities for CCHL&#8217;s
        education/ training solutions for the government sector and is also in charge
        of
        the logistics information service for CCHL&#8217;s data networking solutions. Prior to
        that, Mr. Wang was the General Manager of China Fisheries Huarong Co., Ltd.,
        a
        subsidiary of China National Fisheries Group, and was a Technical Inspector
        for
        Inner Mongolia Geology Mapping Bureau. He holds an associate degree in Business
        Administration from the Central Radio and TV University. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
        Jones
        Chen, Vice President, Enterprise Sales and Marketing, joined CCHL in 2005
        and
        brings more than 15 years of sales/marketing experience in the PRC satellite
        and
        telecommunications industry. Prior to joining CCHL, Mr. Chen held a wide
        range
        of executive level sales and marketing positions at Hughes Network Systems,
        including Vice President, Sales and Marketing at HNS-Shanghai, Marketing
        Manager, Asia-Pacific.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CCHL
        Financial Results</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CCHL&#8217;s
        financial statements are available on the Singapore Exchange on its internet
        web
        site (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>http://www.sgx.com.sg</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">).
        These
        financial statements have been prepared in accordance with International
        Standards of Auditing (&#8220;IAS&#8221;) and not US GAAP. GWAC expects to receive financial
        statements of CCHL prepared in accordance with US GAAP on or prior to September
        30, 2005. GWAC intends to file these audited financial statements prepared
        in
        accordance with US GAAP in an amendment to its current report on Form 8-K.
        CCHL&#8217;s IAS financial results will be subject to adjustment to account for (i)
        changes in conversion from IAS to US GAAP, and (ii) minority interests, if
        any,
        resulting from shares not tendered to GWAC in the Offer.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
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        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        information concerning CCHL contained in this Current Report on Form 8-K
        has
        been taken from or based upon publicly available documents and records on
        file
        with the Singapore Exchange and other public sources and is qualified in
        its
        entirety by reference thereto. GWAC does not take responsibility for the
        accuracy or completeness of the information contained in such documents and
        records or for any failure by CCHL to disclose events which may have occurred
        or
        may affect the significance or accuracy of any such information but which
        are
        unknown to GWAC.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Forward-Looking
        Statements</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        Current Report on Form 8-K contains forward-looking statements within the
        meaning of the Private Securities Litigation Reform Act of 1995, about GWAC,
        CCHL and their combined business after completion of the proposed acquisition.
        Forward looking statements are statements that are not historical facts.
        Such
        forward-looking statements, based upon the current beliefs and expectations
        of
        GWAC's and CCHL's management, are subject to risks and uncertainties, which
        could cause actual results to differ from the forward looking statements.
        The
        following factors, among others, could cause actual results to differ from
        those
        set forth in the forward-looking statements: business conditions in China,
        changing interpretations of generally accepted accounting principles; outcomes
        of government reviews; inquiries and investigations and related litigation;
        continued compliance with government regulations; legislation or regulatory
        environments, requirements or changes adversely affecting the businesses
        in
        which CCHL is engaged; fluctuations in customer demand; management of rapid
        growth; intensity of competition from other providers of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">e-learning
        services and content</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">;
        timing,
        approval and market acceptance of new services and solutions; general economic
        conditions; geopolitical events and regulatory changes, as well as other
        relevant risks detailed in GWAC&#8217;s filings with the Securities and Exchange
        Commission, including its report on Form 10-KSB for the period ended December
        31, 2004. The information set forth herein should be read in light of such
        risks. Neither GWAC nor CCHL assumes any obligation to update the information
        contained in this press release.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        9.01 Financial Statements and Exhibits.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: -6pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
        of
        Letter of Undertaking.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: -6pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
        release dated September 13, 2005.</font></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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          </div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURE</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr valign="top" bgcolor="#ffffff">
              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>GREAT
                WALL ACQUISITION CORPORATION</strong></font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:&#160;September
                14, 2005</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&#160;Kin
                Shing Li</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="FONT-FAMILY: Times New Roman" size="1">&#160;</font></td>
              <td align="left">
                <hr style="COLOR: #000000" align="left" noshade size="2" width="80%">
                Name: Kin Shing Li</td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:
                Chairman of the Board, Chief Executive Officer and
                Secretary</font></td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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{"company-data": {"conformed-name": "GREAT WALL ACQUISITION CORP", "cik": "0001261888", "assigned-sic": "6770", "irs-number": "200178991", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50550", "film-number": "051084029"}, "business-address": {"street1": "660 MADISON AVENUE 15TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10021", "phone": "2127530804"}, "mail-address": {"street1": "660 MADISON AVENUE 15TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10021"}}
Unassociated Document
UNITED
        STATES
SECURITIES
        AND EXCHANGE COMMISSION
WASHINGTON,
        D.C. 20549
______________
FORM
        8-K
CURRENT
        REPORT
PURSUANT
        TO SECTION 13 OR 15(d) OF THE
SECURITIES
        EXCHANGE ACT OF 1934
Date
        of
        Report (Date of earliest event reported):
September
        13, 2005
GREAT
        WALL ACQUISITION CORPORATION
(Exact
        Name of Registrant as Specified in Charter)
Delaware
333-110906
20-0178991
(State
                  or Other Jurisdiction
of
                  Incorporation)
(Commission
File
                  Number)
(IRS
                  Employer
Identification
                  No.)
660
                  Madison Avenue, 15th Floor, New York, New York
10021
(Address
                  of Principal Executive Offices)
(Zip
                  Code)
Registrant's
        telephone number, including area code:
(212)
        753-0804
Not
        Applicable
(Former
        Name or Former Address, if Changed Since Last Report)
Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions (see General Instruction A2. below):
[ 
        ]
Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR
        230.425)
[
         ]
Soliciting
        material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
        240.14a-12)
[ 
        ]
Pre-commencement
        communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
        240.14d-2(b))
[ 
        ]
Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
        240.13e-4(c))
Item
        1.01. Entry into a Material Definitive Agreement.
Pre-Conditional
        Tender Offer
On
        September 13, 2005, Great Wall Acquisition Corporation (OTCBB: GWAQ, GWAQU,
        GWAQW), a Delaware corporation ("GWAC"), announced that a majority of the
        holders of the issued and outstanding ordinary shares of ChinaCast Communication
        Holdings Limited, a corporation formed under the laws of Bermuda ("CCHL"), have
        irrevocably agreed to accept a pre-conditional voluntary tender offer (the
        "Offer") made by GWAC. CCHL is one of the leading providers of e-learning
        services and content to address the needs of K-12 schools, universities,
        government agencies and corporate enterprises in the PRC, and has been listed
        on
        the Main Board of the Singapore Exchange Securities Trading Limited (the
        "Singapore Exchange") since May 2004. The Offer is subject to the approval of
        the holders of GWAC's Public Shares (as defined below).
Pursuant
        to the terms of the Offer, each shareholder of CCHL shall have the option
        to
        receive for the tender of such shareholder's CCHL shares (the "CCHL Shares") (i)
        one (1) share of GWAC's common stock for every twenty one and 29/100 (21.29)
        shares of CCHL Shares tendered (the "Stock Offer"), or (ii) a cash payment of
        0.28 Singapore dollars
(US$0.167,
        based on the exchange rate of 1.6810 on September 13, 2005)
for
        each
        of the CCHL Shares tendered ("Cash Offer").
On
        September 13, 2005, GWAC entered into Letters of Undertaking with shareholders
        of CCHL which hold in the aggregate approximately 51.2% of the issued and
        outstanding CCHL Shares (the "Majority Shareholders"). Based on the exchange
        ratio of the Stock Offer, the Majority Shareholders will receive an aggregate
        of
        10,614,936 shares of GWAC's common stock,
which
        represents the following range of percentages of the shares of GWAC's
        common stock issued and outstanding post-Offering: (i) a minimum of
        40.4%
assuming
        all CCHL Shares are tendered for the Stock Offer
;
        or
        (ii) a maximum of 65.8% assuming no additional CCHL Shares are tendered
        for
        the Stock Offer, other than the Majority Shareholders.
Pursuant
        to their respective Letters of Undertaking, each of the Majority Shareholders
        irrevocably and unconditionally agreed to accept the Stock Offer and, among
        other things:
·
except
                  as otherwise permitted by the Letter of Undertaking, not to transfer
                  or
                  dispose of or create an encumbrance over all or any of the CCHL
                  Shares
                  specified on the signature page of their respective Letters of
                  Undertaking
                  during the period commencing on September 13, 2005 (the "Commencement
                  Date") and ending at the Expiration Time. The "Expiration Time" shall mean
                  the date on which the earlier occurs, (i) the Offer lapses, (ii)
                  the Offer
                  is withdrawn by GWAC, or (iii) GWAC purchases the CCHL Shares pursuant
                  to
                  the Offer;
·
shall
                  not, during the period from the Commencement Date and ending at
                  the
                  Expiration Time,
take
any
action
                  which would cause them to breach
their
obligations
                  under their respective Letter of Undertaking
;
·
except
                  with GWAC's prior written consent, during the period from the Commencement
                  Date and ending at the Expiration Time, not to directly or indirectly
                  solicit, encourage, vote in favor of, initiate or participate in
                  any
                  tender (including without limitation accepting any tender offer),
                  negotiations, discussions or resolutions with respect to any expression
                  of
                  interest, offer or proposal by any person other than GWAC
                  to:
2
·
acquire
                  an interest in all or a substantial part of the business, operations
                  or
                  undertakings of CCHL and its subsidiaries or in 5% or more of the
                  issued
                  share capital of CCHL;
·
acquire
                  control of CCHL; or
·
otherwise
                  acquire or merge with CCHL;
·
to
                  accept the offer and elect to receive shares of GWAC common stock;
                  and
·
notwithstanding
                  any rights of withdrawal under the Singapore Code on Takeovers
                  and
                  Mergers, not to withdraw any of their CCHL Shares tendered for
                  acceptance
                  until
such
                  time as the Offer shall lapse or be withdrawn by GWAC
.
A
        form of
        the Letter of Undertaking is attached hereto as Exhibit 10.1 and is incorporated
        in its entirety herein by reference.
Upon
        consummation of the Offer, CCHL and its subsidiaries will become subsidiaries
        of
        GWAC.
There
        are
        pre-conditions to GWAC consummating the Offer. The Offer and the related
        transactions will require approval by the holders of a majority of the shares
        of
        common stock sold in GWAC's initial public offering (the "GWAC Public Shares").
        The holders of GWAC's common stock issued prior to its initial public offering
        (the "GWAC Non-Public Shares") have agreed to vote in accordance with the
        majority vote of holders of GWAC Public Shares. Additionally, if holders
        owning
        20% or more of the GWAC Public Shares vote against the transaction, thus
        exercising their right to convert their GWAC Public Shares into cash, then
        the
        Offer cannot be approved. There is no assurance given that the Offer will
        be
        approved by GWAC's shareholders.
Assuming
        that all current CCHL shareholders (including the Majority Shareholders)
        elect
        the Stock Offer for all of their CCHL Shares, an aggregate of approximately
        20,752,301 shares of additional GWAC common stock will be issued, representing
        approximately 79% of the shares of GWAC common stock outstanding
        post-Offering.
On
        or
        prior to September 30, 2005, GWAC expects to receive the audited consolidated
        financial statements of CCHL prepared in accordance with United States generally
        accepted accounting principles and Regulation S-X promulgated under the
        Securities Exchange Act of 1934, for at least its two most recent fiscal
        years
        and such other financial information as may be required to be included in
        any
        filing to be made with the Securities and Exchange Commission in connection
        with
        the Offer.
Prior
        to
        the consummation of the Offer, GWAC intends to seek representations and
        warranties and an indemnification from CCHL related to the accuracy of CCHL's
        previous public filings.
Singapore
        Law
Upon
        the
        receipt of approval by the holders of a majority of the GWAC Public Shares,
        and
        satisfaction, or waiver, of the other pre-condition of GWAC to the Offer,
        GWAC
        will make the Offer for all CCHL Shares (the "Offer Shares") in accordance
        with
        Rule 15 of the Singapore Code on Take-overs and Mergers and issue an
        announcement (the "Offer Announcement") in connection with the Offer at such
        time. An offer document (the "Offer Document") will be dispatched to holders
        of
        the Offer Shares on behalf of GWAC not earlier than 14 days and not later
        than
        21 days from the date of the Offer Announcement (the "Offer Posting"). The Offer
        will be open for at least 28 days after the date of the Offer Posting (the
        "First Closing Date").
3
The
        Offer, if made, will be conditioned upon GWAC receiving valid acceptances
        of
        sufficient Offer Shares such that, when combined with any CCHL Shares already
        owned, controlled or agreed to be acquired by GWAC, or parties acting or
        deemed
        to be acting in concert with GWAC (either before or during the Offer and
        pursuant to the Offer or otherwise), will result in GWAC and its parties
        in
        concert controlling more than 50% of the voting rights of CCHL shares (the
        "Acceptance Threshold"). Upon GWAC receiving the valid acceptances to reach the
        Acceptance Threshold, the Offer will become, or be declared, unconditional.
If
        the
        Acceptance Threshold is not satisfied by the First Closing Date, there would
        be
        no obligation on the part of GWAC to extend the Offer. Other than by consent
        of
        the Securities Industry Council (the "Council"), the Acceptance Threshold
        must
        be reached or the Offer will lapse within 21 days of the later of the First
        Closing Date or the date the Offer becomes unconditional. No Offer may be
        extended after 3.30 pm on the 60th day after the Offer Posting, other than
        by
        consent of the Council.
If
        GWAC
        receives valid acceptances from at least 90% of the Offer Shares, GWAC may
        exercise its right under Section 102(1) of the Bermuda Act to compulsorily
        acquire any remaining CCHL Shares which did not accept the Offer. If GWAC
        is
        able to proceed with the compulsory acquisition, an application will be made
        by
        GWAC to delist CCHL from the Singapore Exchange.
Management
The
        current management of CCHL and its subsidiaries is led by Messrs. Yin Jianping,
        Chan Tze Ngon, Ron and Li Wei. Upon consummation of the Offer, GWAC intends
        to
        retain these persons to continue to lead the combined company and serve as
        management of the public company. In addition, GWAC intends to expand its
        Board
        and nominate each of Messrs. Yin Jianping, Chan Tze Ngon, Ron and Li Wei
        to its
        Board.
The
        transaction is expected to be consummated in the first fiscal quarter of
        2006,
        after the required approval by holders of a majority of the GWAC Public Shares,
        as discussed herein.
Item
        7.01 Regulation FD Disclosure.
Overview
        of CCHL
CCHL
        is
        one of the leading providers of e-learning services and content to address
        the
        needs of K-12 schools, universities, government agencies and corporate
        enterprises in the PRC. CCHL
is
        headquartered in Beijing with offices in Shanghai, Hong Kong and Singapore,
        and
        currently employs more than 160 employees throughout these
        locations.
CCHL
's
        executive directors and executive officers have proven track records, most
        averaging over 15 years in the IT/Telecom/Media industry in the PRC and
        Asia-Pacific region. Upon consummation of the Offer, GWAC intends to retain
        these persons to continue to lead the combined company and serve as management
        of the public company.
During
        2004, CCHL was awarded the "Education User Satisfaction Award" by the Ministry
        of Education. CCHL was also listed as one of the "China Top 15 Companies for
        Tomorrow, 2004," by
China
        High-Tech Enterprises
magazine, a PRC government-supported title managed by the National Bureau
        of
        Statistics of China, based on CCHL's growth rate, influence on the industry in
        which it competes, technology innovations, market coverage and indicators
        of new
        IT powers within the PRC. In December 2004, CCHL was awarded the "User
        Recommendation Award" in the Deloitte Technology Fast 500 Asia Pacific 2004
        Programme, which is sponsored by the Technology, Media and Telecommunications
        global industry group of Deloitte Touche Tohmatsu.
4
Products
        and Services
CCHL's
        solutions are tailored to meet the different needs of its end customers in
        specific market segments, such as University Distance Learning Solutions,
        K-12
        Distance Learning and Educational Content Solutions and Corporate and Government
        Training Solutions:
·
University
                  Distance Learning Solutions
-
CCHL
provides turnkey distance learning solutions and services to enable
                  universities and higher learning institutions to provide nationwide
                  real-time distance learning services. This includes all the necessary
                  hardware, software and broadband satellite network services to
                  allow
                  university students located at remote classrooms around the country
                  to
                  interactively participate in live lectures broadcast from the main
                  campus.
                  CCHL
currently provides this service to over 20 universities serving
                  over
                  86,000 university students located in over 300 remote classrooms.
                  For this
                  service, CCHL
receives a percentage of each remote student's tuition from the respective
                  university. According to China's Ministry of Education, in 2003, there
                  were over 100 million higher education students in the PRC while
                  universities had sufficient space to accommodate only about 11%
                  of the
                  students qualified to attend.
·
K-12
                  Distance Learning and Educational Content Solutions
--
                  CCHL
currently broadcasts its multimedia educational content to over
                  7,000
                  primary, middle and high schools throughout the PRC in partnership
                  with
                  leading educational content companies. The multimedia content assists
                  teachers in preparing and teaching the course content. Each school
                  pays
CCHL
an
                  annual subscription fee for this
                  service.
·
Corporate
                  and Government Training Solutions
--
CCHL
provides the satellite distance learning network as well as the
                  hardware,
                  software and custom training content to corporate enterprises and
                  government agencies which in turn provide in-house training to
                  their
                  staff. Customers include corporate enterprises such as Taikang
                  Life
                  Insurance, which uses the service to train over 150,000 insurance
                  agents,
                  and government institutions such as the Ministry of Coal and the
                  Ministry
                  of Labor and Social Welfare, which uses the service to provide
                  much needed
                  job skills training to laid-off workers in the rural western part
                  of the
                  PRC.
CCHL
receives an annual subscription fee and/or a per student tuition
                  fee for
                  these services.
The
        China E-Learning Market
The
        Chinese government states that education is the key to the nation's success as
        the country opens up to global competition. According to the US Commerce
        Department, the Chinese government plans to increase spending on public
        education dramatically, from it current budget allocation of 2.5 percent
        (US$181
        billion) to 4% (US$290 billion) of GDP. Even after such a dramatic increase,
        this target level will still be less than typical developed
        countries.
Similarly,
        Chinese consumers recognize that education is crucial to a better life.
        According to the China State Bureau of Statistics, the average family plans
        to
        spend roughly 10% of their savings on education, estimated to be worth at
        least
        US$80 billion.
5
E-learning
        is ideally suited for the China market because it addresses many of China's
        needs in educating its 200 million K-12 students and 10 million higher education
        students. In October 2000, China's Ministry of Education launched the "All
        Schools Connected" project, which will equip all of China's 550,871 K-12 schools
        with e-learning systems by 2010. The Ministry has also issued distance learning
        licenses to 67 top universities (out of a total of 1,552 total colleges and
        universities) to allow the universities to offer degrees via e-learning
        infrastructure. The market for online vocational training and certification
        exam
        preparation is also developing rapidly.
Business
        Strategy
CCHL
believes
        that the combination of
its
proprietary e-learning platform, its ownership of a nationwide broadband
        access
        network and its ability to generate multimedia content are essential to its
        long-term growth.
CCHL
's
        business strategy is to achieve brand recognition in targeted high growth,
        high
        margin market segments, such as the for-profit education and
        corporate/government training markets in the PRC.
CCHL
strives
        to maximize customer loyalty and increase margins by offering additional
        services not offered by traditional service providers. To achieve this,
CCHL
intends
        to continue to develop new solutions which integrate broadband multimedia
        delivery, content management and distribution with quality educational content
        to targeted market segments.
Sales
        and Marketing
CCHL
utilizes
        distribution channels such as a direct sales force, distributors, resellers,
        internet marketing as well as joint marketing with strategic allies to reach
        its
        customers. The company believes these channels are most appropriate because
        they
        enable
CCHL
to
        market the company most efficiently and reduce its capital requirements while
        also fostering close customer relationships.
The
        sales
        and marketing team is comprised of over 20 professionals located in Beijing
        and
        Shanghai. A typical sales process involves relationship building, customer
        requirements analysis, product presentations, demonstrations, project
        implementation and after-sales support. To reach new customers,
CCHL
pursues
        various marketing activities, including direct marketing and joint
        marketing.
The
        sales
        team conducts direct marketing to potential clients and existing customers.
        They
        conduct pre-sales presentations that demonstrate the nature and benefits
        of
CCHL
's
        products and services and how such services will enhance their operations
        and
        management.
CCHL
conducts
        strategic joint marketing activities with key partners and even some government
        departments such as the Ministry of Education and the Ministry of Information
        and Technology.
Competitive
        Strengths
·
First
                  mover advantage within the e-learning space in the
                  PRC
CCHL
is one
        of the first solutions providers using satellite broadband service to enter
        the
        lucrative distance learning educational market and is the market leader in
        this
        segment. Currently, many broadband operators rely mainly on terrestrial networks
        which do not have extensive coverage, especially in the less developed rural
        areas of the PRC.
CCHL
believes
        its solutions provide an attractive alternative for business entities which
        require nationwide broadband coverage and wish only to work with one turnkey
        service provider.
6
·
Highly
                  scalable, recurring revenue business
                  model
CCHL's
        business model in the PRC e-learning space is a capital efficient, profit
        driven
        and highly scalable business model. The company's recurring revenue model, based
        on revenue share of student tuition and school subscriptions, provides a
        high
        degree of predictability and visibility. CCHL's business model is market focused
        and profit driven. The company has a strict financial plan and does not invest
        in unnecessary capacity or technology that is not required by its customers.
·
CCHL
                  has an experienced and proven management team
CCHL's
        executive officers and directors and executive officers have proven track
        records, most averaging over 15 years in the IT/Telecom/Media industry in
        Asia
        with both established business relationships in the PRC and experience leading
        public companies in China, Hong Kong and Singapore. Government regulations,
        on-the-ground operating know how, access to capital and long term personal
        relationships are keys to success in the China market.
Management
        Team
CCHL's
        executive directors and executive officers have proven track records and
        established business relationships in the PRC.
Mr.
        Yin
        Jianping, the Executive Chairman, is one of the co-founders of the company
        and
        has played a significant role in setting the corporate vision and the
        development of its operations over the past five years. He was previously
        President of Lhasa Beer Company Limited and also worked in various PRC
        government departments including heading the Economic Planning Department
        of the
        Tibet Municipal Government. He was also the Economic Planning Officer of
        Naqu
        Region, Tibet Province. Mr. Yin graduated from the Southwest Finance and
        Economy
        University of China with a degree in Finance.
Mr.
        Ron
        Chan Tze Ngon, the Chief Executive Officer since 1999, is also a co-founder
        of
        the company and is responsible for its overall direction and operations.
        He has
        worked extensively in the PRC IT and telecom industry over the past 20 years
        and
        brings extensive experience in working with both start-ups and mature companies.
        Mr. Chan was also one of the founders of Technology Ventures Holdings, an
        IT
        systems integration company listed on the Hong Kong Stock Exchange, and was
        the
        General Manager of CL Computer China/ Hong Kong Limited. Mr. Chan holds a
        Master
        of Science in Mathematics and a Master of Computer Science from Concordia
        University in Montreal, Canada.
Mr.
        Li
        Wei, the Chief Operating Officer, oversees the daily operational and management
        activities. Prior to joining the company in 2001, Mr. Li was Business Director
        for China Orient Satellite. Mr. Li holds a Bachelor of Finance and Accounting
        from the Wuhan Military & Economic College and a Master of Business
        Administration from the People's University.
Mr.
        Antonio Sena, Chief Financial Officer and Company Secretary, joined CCHL
        in 2004
        and is responsible for investor relations and corporate finance matters.
        Mr.
        Sena is an Australian Chartered Accountant and ran his own management consulting
        practice prior to joining CCHL. Prior to that, he was the Chief Financial
        Officer of Fujitsu PC Asia Pacific and worked with the Byron Richfield Group
        in
        Hong Kong as Finance Director. From 1985 to 1990, he was the General Manager
        (Asia) of Imagineering, a large Australian listed IT distributor. Mr. Sena
        holds
        a Bachelor of Economics from the University of Sydney (Australia) and a Master
        of Commerce from the University of New South Wales. He is a fellow of CPA
        Australia.
7
Mr.
        David
        Sun Guangfeng, Chief Technology Officer, is responsible for engineering and
        product development initiatives from both a research and development and
        custom
        solutions perspective. Prior to joining CCHL, Mr. Sun worked extensively
        in the
        Chinese satellite industry with Hughes Network Systems, Gilat Satellite Networks
        and Aerospace Fudao Hi-tech Co. Mr. Sun holds a Bachelor of Electrical
        Engineering from Anhui University and a Master of Electrical Engineering
        from
        China Aerospace University.
Mr.
        Michael Santos, Vice President, Strategic Business Development, has more
        than 20
        years of international experience in business development, marketing, sales,
        strategic relationships and general management. Prior to joining CCHL in
        2001,
        Mr. Santos worked for 12 years for Hughes Network Systems, where he managed
        the
        sales, marketing and operations of their Asia/Pacific division and spearheaded
        the deal team that invested in CCHL in 2000. Mr. Santos holds a Bachelor
        of
        Science in Electrical Engineering and a Master of Science in Computer
        Engineering from The George Washington University, Washington, DC.
Mr.
        Jim
        Ma Jim Lok, Vice President, Finance, joined CCHL in 1999 and is responsible
        for
        managing CCHL's financial processes, including financial reporting, fund
        raising, investor relations and other related corporate finance activities.
        Mr.
        Ma previously worked for Cambridge Neural Dynamics Ltd. and for Lippo Securities
        Limited as an associate director involved in initial public offers and mergers
        and acquisitions. Mr. Ma holds an M.Phil (Finance) and M.A. (Engineering)
        from
        Cambridge University (UK). He is also a Chartered Financial Analyst.
Mr.
        Liu
        Baoqian, Vice President, Education Sales and Marketing, is responsible for
        CCHL's operation and management of higher education projects, regulatory license
        applications and the development of new business ventures. He was the General
        Manager of China Online's (Shenzhen Rayes Group Ltd.) Telecom Division prior to
        joining CCHL in 1999. Mr. Liu was a lecturer at the Radio Physics Department
        at
        the Baoji Art and Science University and has a Masters in Wireless Electronics
        & Physics from Xi'an Electronic Science and Technology University.
Mr.
        Wang
        Liping, Vice President, Government Sales and Marketing, has been with CCHL
        since
        2001 and is responsible for all sales and marketing activities for CCHL's
        education/ training solutions for the government sector and is also in charge
        of
        the logistics information service for CCHL's data networking solutions. Prior to
        that, Mr. Wang was the General Manager of China Fisheries Huarong Co., Ltd.,
        a
        subsidiary of China National Fisheries Group, and was a Technical Inspector
        for
        Inner Mongolia Geology Mapping Bureau. He holds an associate degree in Business
        Administration from the Central Radio and TV University.
Mr.
        Jones
        Chen, Vice President, Enterprise Sales and Marketing, joined CCHL in 2005
        and
        brings more than 15 years of sales/marketing experience in the PRC satellite
        and
        telecommunications industry. Prior to joining CCHL, Mr. Chen held a wide
        range
        of executive level sales and marketing positions at Hughes Network Systems,
        including Vice President, Sales and Marketing at HNS-Shanghai, Marketing
        Manager, Asia-Pacific.
CCHL
        Financial Results
CCHL's
        financial statements are available on the Singapore Exchange on its internet
        web
        site (
http://www.sgx.com.sg
).
        These
        financial statements have been prepared in accordance with International
        Standards of Auditing ("IAS") and not US GAAP. GWAC expects to receive financial
        statements of CCHL prepared in accordance with US GAAP on or prior to September
        30, 2005. GWAC intends to file these audited financial statements prepared
        in
        accordance with US GAAP in an amendment to its current report on Form 8-K.
        CCHL's IAS financial results will be subject to adjustment to account for (i)
        changes in conversion from IAS to US GAAP, and (ii) minority interests, if
        any,
        resulting from shares not tendered to GWAC in the Offer.
8
The
        information concerning CCHL contained in this Current Report on Form 8-K
        has
        been taken from or based upon publicly available documents and records on
        file
        with the Singapore Exchange and other public sources and is qualified in
        its
        entirety by reference thereto. GWAC does not take responsibility for the
        accuracy or completeness of the information contained in such documents and
        records or for any failure by CCHL to disclose events which may have occurred
        or
        may affect the significance or accuracy of any such information but which
        are
        unknown to GWAC.
Forward-Looking
        Statements
This
        Current Report on Form 8-K contains forward-looking statements within the
        meaning of the Private Securities Litigation Reform Act of 1995, about GWAC,
        CCHL and their combined business after completion of the proposed acquisition.
        Forward looking statements are statements that are not historical facts.
        Such
        forward-looking statements, based upon the current beliefs and expectations
        of
        GWAC's and CCHL's management, are subject to risks and uncertainties, which
        could cause actual results to differ from the forward looking statements.
        The
        following factors, among others, could cause actual results to differ from
        those
        set forth in the forward-looking statements: business conditions in China,
        changing interpretations of generally accepted accounting principles; outcomes
        of government reviews; inquiries and investigations and related litigation;
        continued compliance with government regulations; legislation or regulatory
        environments, requirements or changes adversely affecting the businesses
        in
        which CCHL is engaged; fluctuations in customer demand; management of rapid
        growth; intensity of competition from other providers of
e-learning
        services and content
;
        timing,
        approval and market acceptance of new services and solutions; general economic
        conditions; geopolitical events and regulatory changes, as well as other
        relevant risks detailed in GWAC's filings with the Securities and Exchange
        Commission, including its report on Form 10-KSB for the period ended December
        31, 2004. The information set forth herein should be read in light of such
        risks. Neither GWAC nor CCHL assumes any obligation to update the information
        contained in this press release.
Item
        9.01 Financial Statements and Exhibits.
(c)
Exhibits:
10.1
Form
        of
        Letter of Undertaking.
99.1
Press
        release dated September 13, 2005.
9
SIGNATURE
Pursuant
        to the requirements of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.
GREAT
                WALL ACQUISITION CORPORATION
Date: September
                14, 2005
By:
/s/ Kin
                Shing Li
Name: Kin Shing Li
Title:
                Chairman of the Board, Chief Executive Officer and
                Secretary
10