Beijing Yunji Technology Co., Ltd. — Board/Management Information 2003

Nov 28, 2003

THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

If you are in any doubt as to any aspect of this circular, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser.

If you have sold all your shares in Cheong Ming Investments Limited, you should at once hand this circular and the accompanying form of proxy to the purchaser or to the bank, stockbroker or other agent through whom the sale was effected for transmission to the purchaser.

The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this circular, 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 circular.

CHEONG MING INVESTMENTS LIMITED

(Incorporated in Bermuda with limited liability)

CHANGE OF AUDITORS

A notice convening a special general meeting of Cheong Ming Investments Limited (the “Company”) to be held at 4th Floor, Mai Sik Industrial Building, 1-11 Kwai Ting Road, Kwai Chung, New Territories, Hong Kong on Monday, 15 December 2003 at 9:30 a.m. is set out on page 3 of this circular. Whether or not you intend to attend and vote at the special general meeting, you are requested to complete the accompanying form of proxy in accordance with the instructions printed thereon and return the same to the Company’s branch share registrar in Hong Kong, Tengis Limited, at Ground Floor, BEA Harbour View Centre, 56 Gloucester Road, Wanchai, Hong Kong as soon as possible and in any event not later than 48 hours before the time appointed for holding the meeting. Completion and return of the form of proxy will not preclude you from attending and voting at the special general meeting or any adjourned meeting should you so wish.

28 November 2003

LETTER FROM THE BOARD OF DIRECTORS

CHEONG MING INVESTMENTS LIMITED

(Incorporated in Bermuda with limited liability)

Executive Directors: Lui Chi (Chairman) Lui Shing Ming, Brian (Deputy Chairman) Lui Shing Cheong Lui Shing Chung, Victor Lung Wai Kee Lam Chun Kong Wang Chu Hong, James Lo Wing Man*

Principal office: 4th Floor Mai Sik Industrial Building 1-11 Kwai Ting Road Kwai Chung, New Territories Hong Kong

• Independent non-executive Directors

28 November 2003

To the shareholders

Dear Sir or Madam,

CHANGE OF AUDITORS

The Board of Directors (the “Board”) of Cheong Ming Investments Limited (the “Company”) has received a letter from Messrs. Ernst & Young, Certified Public Accountants, in respect of their resignation as auditors of the Company with effect from 25 November 2003. The resignation was due to the fact that Messrs. Ernst & Young, Certified Public Accountants, and the Board have not been able to reach a consensus on the audit fee for the year ended 31 March 2004. In their resignation letter, Messrs. Ernst & Young, Certified Public Accountants, confirmed that there are no circumstances connected with their resignation which they consider should be brought to the attention of the members or creditors of the Company and its subsidiaries.

The Board has proposed to appoint Messrs. Grant Thornton, Certified Public Accountants, as the new auditors of the Company to fill the casual vacancy occasioned by the resignation of Messrs. Ernst & Young, Certified Public Accountants, with the expectation that the audit fee of the Company for the year ended 31 March 2004 will be reduced by the range of 30%. Pursuant to Bye-law 157 of the Company’s Bye-laws, a special general meeting shall be convened to fill the said vacancy. An ordinary resolution will be proposed at the special general meeting to approve the appointment of Messrs. Grant Thornton, Certified Public Accountants, as the auditors of the Company.

Whether or not you intend to attend and vote at the special general meeting, you are requested to complete the accompanying form of proxy in accordance with the instructions printed thereon and return the same to the Company’s branch share registrar in Hong Kong, Tengis Limited, at Ground Floor, BEA Harbour View Centre, 56 Gloucester Road, Wanchai, Hong Kong as soon as possible and in any event not later than 48 hours before the time appointed for holding the special general meeting. Completion and return of the form of proxy will not preclude you from attending and voting at the special general meeting or any adjourned meeting should you so wish.

Yours faithfully, By Order of the Board Cheong Ming Investments Limited Lui Chi Chairman

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NOTICE OF SPECIAL GENERAL MEETING

CHEONG MING INVESTMENTS LIMITED

(Incorporated in Bermuda with limited liability)

NOTICE IS HEREBY GIVEN that a special general meeting of Cheong Ming Investments Limited (the “Company”) will be held at 4th Floor, Mai Sik Industrial Building, 1-11 Kwai Ting Road, Kwai Chung, New Territories, Hong Kong on Monday, 15 December 2003 at 9:30 a.m. for the purpose of considering and, if thought fit, passing the following resolution as an ordinary resolution of the Company:

ORDINARY RESOLUTION

“ THAT Messrs. Grant Thornton, Certified Public Accountants, be and are hereby appointed auditors of the Company to fill the vacancy left by the resignation of Messrs. Ernst & Young, Certified Public Accountants, to hold office with immediate effect until the conclusion of the next annual general meeting and the board of directors of the Company be authorised to fix their remuneration.”

By Order of the Board Lung Wai Kee Company Secretary

Hong Kong, 28 November 2003

Principal office:

4th Floor

Mai Sik Industrial Building 1-11 Kwai Ting Road

Kwai Chung, New Territories Hong Kong

Notes:

• (1) A member entitled to attend and vote at the meeting convened by the above notice is entitled to appoint proxies to attend and vote in his stead. A proxy needs not be a member of the Company.

(2) In order to be valid, the form of proxy must be deposited at the Company’s branch share registrar in Hong Kong, Tengis Limited, at Ground Floor, BEA Harbour View Centre, 56 Gloucester Road, Wanchai, Hong Kong together with a power of attorney or other authority, if any, under which it is signed on a notarially certified copy of that power of attorney or authority, not less than 48 hours before the time for holding the above meeting or adjourned meeting.

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