Baoye Group Company Limited — Proxy Solicitation & Information Statement 2000

Oct 31, 2000

The Stock Exchange of Hong Kong Limited (the "Stock Exchange") takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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(Incorporated in Bermuda with limited liability)

PROPOSED CHANGE OF COMPANY NAME

The board of directors (the "Board") of Chun Tai Holdings Limited (the "Company") announces that it has resolved to put forward for approval by shareholders of the Company (the "Shareholders") a proposal to change the English name of the Company from "Chun Tai Holdings Limited" to "Telecom Plus Holdings Limited" and the Chinese trade name of the Company, for identification purpose, to "普納集團有限公司" (the "Proposal").

The proposed change of name of the Company is subject to the conditions set out in the section headed "Conditions" below.

Proposal for change of name

The Board has resolved to put forward for Shareholders' consideration, and if thought fit, to approve the Proposal by a special resolution thereby the English name of the Company be changed from "Chun Tai Holdings Limited" to "Telecom Plus Holdings Limited" and that the Chinese trade name of

the Company, for identification purpose, be changed from "駿泰集團有限公司" to "普納集團有限公司" upon the satisfaction of the following conditions.

Conditions

The proposed change of name is subject to:

1. the passing of a special resolution by the Shareholders at a general meeting (the "GM") of the Company to be convened and held to approve the change of name of the Company; and

2. the approval from the Registrar of Companies in Bermuda on the proposed change of name of the Company.

The Proposal shall take effect from the date on which the new English name is registered by the Registrar of Companies in Bermuda in place of the existing name (the "Effective Date"), and the Company will then carry out the necessary filing procedures with the Registrar of Companies in Hong Kong.

Reasons for the change of name

The Board considers the change of name of the Company could reflect more accurately the business focus of the Company and its subsidiaries (together the "Group"). The principal business of the Group is manufacturing and trading of electronics and telecommunication products.

The Board is also of the opinion that the proposed change of name of the Company are in the interests of the Company and the Shareholders.

Effects on change of name

The Proposal will not affect any of the rights of the Shareholders and all existing share certificates in issue bearing the existing name of the Company will, after the Effective Date, continue to be effective as documents of title to the shares in the Company (the "Shares") under its new name and be valid for trading, settlement and delivery for the same number of Shares in the new name of the Company on The Stock Exchange of Hong Kong Limited as well as for registration purposes.

General

A circular containing inter alia, further details of the Proposal and a notice convening GM will be despatched to the Shareholders as soon as possible.

By Order of the Board

Zhou Yubo

Executive Director

Hong Kong, 30 October 2000

* for identification purposes only

Please also refer to the published version of this announcement in the i Mail dated 31/10/2000.