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

Mar 12, 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.

CHEONG MING INVESTMENTS LIMITED

(incorporated in Bermuda with limited liability)

UNCONDITIONAL MANDATORY CASH OFFERS FORMATION OF INDEPENDENT BOARD COMMITTEE AND APPOINTMENT OF JOINT INDEPENDENT FINANCIAL ADVISERS

An independent board committee has been formed to advise the Independent Shareholders and the Independent Optionholders on the unconditional mandatory cash offers announced jointly by the Company and Harmony Link Corporation on 28th February, 2002. Joint independent financial advisers have been appointed to advise the independent board committee thereon.

Reference is made to the joint announcement issued by Cheong Ming Investments Limited (the “Company”) and Harmony Link Corporation on 28th February, 2002 (the “Announcement”). Terms defined in the Announcement shall have the same meanings when used herein unless the context requires otherwise.

The Directors announce that an independent board committee comprising Mr. Lo Wing Man, Mr. Wang Chu Hong, James and Dr. Lam Chun Kong has been formed to advise the Independent Shareholders and the Independent Optionholders on the Offers. Yu Ming Investment Management Limited and Upbest Securities Company Limited have been appointed as the joint independent financial advisers (the “Joint Independent Financial Advisers”) to advise the independent board committee of the Company in this regard. A copy of the letter of advice from the Joint Independent Financial Advisers to the independent board committee of the Company will be included in the composite offer and response document to be despatched to the Shareholders and Optionholders in accordance with the requirements of the Takeovers Code which will contain, among others, further details of the Offers and information on the Group.

Independent Shareholders and Independent Optionholders are advised to read the composite offer and response document in respect of the Offers before deciding on whether to accept or reject the Offers.

By Order of the Board Lui Shing Ming, Brian

Director

Hong Kong, 12th March, 2002

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The Directors jointly and severally accept full responsibility for the accuracy of the information contained in this announcement 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, 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.

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