Beijing Yunji Technology Co., Ltd. — M&A Activity 2002

Mar 20, 2002

The Stock Exchange of Hong Kong Limited 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.

Harmony Link Corporation

(Incorporated in the British Virgin Islands with limited liability)

Cheong Ming Investments Limited

(incorporated in Bermuda with limited liability)

Unconditional Mandatory Cash Offers by Somerley Limited on behalf of Harmony Link Corporation for all the issued Shares and to cancel all outstanding options of Cheong Ming Investments Limited (other than those already owned by Harmony Link Corporation and parties acting in concert with it) Delay in despatch of the composite offer and response document

An application has been made jointly by the Company and the Offeror to the executive director of the Corporate Finance Division of the SFC for an extension of time for the despatch of the Composite Document from 21st March, 2002 to 8th April, 2002.

Shareholders and Optionholders are advised to read the Composite Document before deciding whether to accept or reject the Offers.

Reference is made to the joint announcement issued by Cheong Ming Investments Limited (the “Company”) and Harmony Link Corporation (the “Offeror”) on 28th February, 2002 (the “First Announcement”) and the announcement issued by the Company on 12th March, 2002 (collectively, the “Announcements”) regarding the Offers. Unless otherwise defined, terms used in this announcement shall have the same meanings as defined in the Announcements.

EXTENSION OF TIME FOR THE DESPATCH OF THE COMPOSITE DOCUMENT

Pursuant to Rule 8.2 of the Takeovers Code, the composite offer and response document (the “Composite Document”) is required to be despatched to the Shareholders and Optionholders within 21 days from the date of the First Announcement, i.e. on or before 21st March, 2002. Because of the delay in the appointment of the Joint Independent Financial Advisers, extra time will be required to allow the Joint Independent Financial Advisers to review information of the Group and to prepare the letter of advice to the independent board committee of the Company regarding the Offers for inclusion in the Composite Document. An application has been made jointly by the Offeror and the Company to the executive director of the Corporate Finance Division of the SFC for an extension of time for the despatch of the Composite Document from 21st March, 2002 to 8th April, 2002.

By Order of the Board of Harmony Link Corporation Lui Shing Cheong Director

By Order of the Board of Cheong Ming Investments Limited Lui Shing Ming Brian Director

Hong Kong, 20th March, 2002

The directors of the Company jointly and severally accept full responsibility for the accuracy of the information contained in this announcement (other than those relating to the Offeror) and confirm, having made all reasonable inquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement (other than those relating to the Offeror), the omission of which would make any statement in this announcement misleading.

The directors of the Offeror jointly and severally accept full responsibility for the accuracy of the information contained in this announcement (other than those relating to the Company) and confirm, having made all reasonable inquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement (other than those relating to the Company), the omission of which would make any statement in this announcement misleading.

Please also refer to the published version of this announcement in the Hong Kong iMail.