Exhibit 21.1

LIST OF SUBSIDIARIES AND VARIABLE INTEREST ENTITY

Name	Place of Incorporation	Ownership interest attributable to the Company
NCN Group Limited	British Virgin Islands	100%
NCN Media Services Limited	British Virgin Islands	100%
Cityhorizon Limited	Hong Kong	100%
NCN Group Management Limited	Hong Kong	100%
Crown Eagle Investment Limited	Hong Kong	100%
Crown Winner International Limited	Hong Kong	100%
NCN Huamin Management Consultancy (Beijing) Company Limited **	The PRC	100%
Huizhong Lianhe Media Technology Co., Ltd. **	The PRC	100%
Beijing Huizhong Bona Media Advertising Co., Ltd.*	The PRC	100% *
Xingpin Shanghai Advertising Limited. *	The PRC	100% *
Chuanghua Shanghai Advertising Limited	The PRC	100%
Jiahe Shanghai Advertising Limited	The PRC	100%

 * Variable interest entity which the Company exerted 100% control through a set of commercial arrangements.

** The subsidiary’s business license has been revoked.