UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

o

Rule 13d-1(b)

x

Rule 13d-1(c)

o

Rule 13d-1(d)

CUSIP No. 169379104

1.

Names of Reporting Persons
Susquehanna Investment Group (“SIG”)

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

o

3.

SEC Use Only

4.

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
541,500⁽¹⁾

6.

Shared Voting Power
6,139,395⁽¹⁾

7.

Sole Dispositive Power
541,500⁽¹⁾

8.

Shared Dispositive Power
6,139,395⁽¹⁾

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
6,139,395⁽¹⁾

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
5.6%

12.

Type of Reporting Person (See Instructions)
BD, PN

CUSIP No. 169379104

1.

Names of Reporting Persons
Susquehanna Capital Group (“SCG”)

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

o

3.

SEC Use Only

4.

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
694,800⁽¹⁾

6.

Shared Voting Power
6,139,395⁽¹⁾

7.

Sole Dispositive Power
694,800⁽¹⁾

8.

Shared Dispositive Power
6,139,395⁽¹⁾

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
6,139,395⁽¹⁾

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
5.6%

12.

Type of Reporting Person (See Instructions)
BD, PN

CUSIP No. 169379104

1.

Names of Reporting Persons
Susquehanna Securities (“SS”)

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

o

3.

SEC Use Only

4.

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
1,230,090⁽¹⁾

6.

Shared Voting Power
6,139,395⁽¹⁾

7.

Sole Dispositive Power
1,230,090⁽¹⁾

8.

Shared Dispositive Power
6,139,395⁽¹⁾

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
6,139,395⁽¹⁾

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
5.6%

12.

Type of Reporting Person (See Instructions)
BD, PN

CUSIP No. 169379104

1.

Names of Reporting Persons
Capital Ventures International (“CVI”)

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

o

3.

SEC Use Only

4.

Citizenship or Place of Organization
Cayman Islands

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
3,673,005⁽¹⁾⁽²⁾

6.

Shared Voting Power
6,139,395⁽¹⁾⁽²⁾

7.

Sole Dispositive Power
3,673,005⁽¹⁾⁽²⁾

8.

Shared Dispositive Power
6,139,395⁽¹⁾⁽²⁾

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
6,139,395⁽¹⁾⁽²⁾

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
5.6%

12.

Type of Reporting Person (See Instructions)
CO

CUSIP No. 169379104

1.

Names of Reporting Persons
Susquehanna Advisors Group, Inc. (“SAGI”)

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

o

3.

SEC Use Only

4.

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
0⁽¹⁾⁽²⁾

6.

Shared Voting Power
6,139,395⁽¹⁾⁽²⁾

7.

Sole Dispositive Power
0⁽¹⁾⁽²⁾

8.

Shared Dispositive Power
6,139,395⁽¹⁾⁽²⁾

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
6,139,395⁽¹⁾⁽²⁾

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
5.6%

12.

Type of Reporting Person (See Instructions)
CO

CUSIP No. 169379104

Item 1.

(a)

Name of Issuer
China Finance Online Co. Limited (the “Issuer” or the “Company”)

(b)

Address of Issuer’s Principal Executive Offices
9^th Floor of Tower C, Corporate Square
No. 35 Financial Street, Xicheng District
Beijing  100032, China

Item 2.

(a)

Name of Person Filing (each, a “Reporting Person”)
(1) Susquehanna Investment Group
(2) Susquehanna Capital Group
(3) Susquehanna Securities
(4) Capital Ventures International
(5) Susquehanna Advisors Group, Inc.

(b)

Address of Principal Business Office or, if none, Residence
for each Reporting Person other than CVI:
401 City Avenue, Suite 220, Bala Cynwyd, PA  19004

For CVI:
One Capitol Place
P.O. Box 1787 GT
Grand Cayman, Cayman Islands
British West Indies

(c)

Citizenship
For Susquehanna Investment Group:
Pennsylvania

For Susquehanna Capital Group, Susquehanna Securities and Susquehanna Advisors Group Inc.:
Delaware

For CVI:
Cayman Islands, B.W.I.

(d)

Title of Class of Securities
Ordinary Shares, HK$0.001 par value per share, of the Company (the “Shares”)

(e)

CUSIP Number
169379104

Item 3.

If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

o

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b)

o

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c)

o

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d)

o

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e)

o

An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);

(f)

o

An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);

(g)

o

A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);

(h)

o

A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)

o

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

o

Group, in accordance with §240.13d-1(b)(1)(ii)(J).

CUSIP No. 169379104

Item 4.

Ownership

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

The information required by Items 4(a) – (c) is set forth in Rows 5 – 11 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each Reporting Person. The amount beneficially owned by Susquehanna Investment Group includes options to buy 65,500 American Depositary Shares (“ADSs”), or 327,500 Ordinary Shares based on the 5:1 Ordinary Share to ADS ratio; and the amount beneficially owned by Susquehanna Securities includes options to buy 245,500 ADSs, or 1,227,500 Ordinary Shares based on the 5:1 Ordinary Share to ADS ratio.  The Company’s Form 20-F for the Fiscal Year Ended December 31, 2007, filed on June 5, 2008, indicates that there were 109,754,433 Ordinary Shares outstanding as of December 31, 2007.

Item 5.

Ownership of Five Percent or Less of a Class

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following   o.

Item 6.

Ownership of More than Five Percent on Behalf of Another Person

Not applicable.

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person

Not applicable.

Item 8.

Identification and Classification of Members of the Group

Not Applicable

Item 9.

Notice of Dissolution of Group

Not Applicable

Item 10.

Certification

By signing below each of the undersigned certifies that, to the best of its knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

Date: August 8, 2008

Susquehanna Capital Group

By:

 /s/ Todd Silverberg

Todd Silverberg, General Counsel

Susquehanna Investment Group

By:

/s/ Todd Silverberg

Todd Silverberg, General Counsel

Susquehanna Securities

By:

/s/ Todd Silverberg

Todd Silverberg, General Counsel

Capital Ventures International

By: Susquehanna Advisors Group, Inc.,

pursuant to a Limited Power of Attorney,

a copy of which is filed as Exhibit II hereto

By:

/s/ Todd Silverberg

Todd Silverberg, Assistant Secretary

Susquehanna Advisors Group, Inc.

By:

/s/ Todd Silverberg

Todd Silverberg, Assistant Secretary