China Netcom Technology Holdings Limited — Earnings Release 2003

May 13, 2003

GEM

GLORY FUTURE GP<08071> - Results Announcement (Q1, 2003, Summary)

Glory Future Group Limited announced on 13/5/2003
(stock code: 08071 )

Year end date :31/12/2003
Currency :HKD
Auditors' report :N/A
Review of 1st Quarterly Report by :Audit Committee

Important Note :

This result announcement form only contains extracted information from
and should be read in conjunction with the detailed results announcement
of the issuer, which can be viewed on the GEM website at
http://www.hkgem.com

                                       (Unaudited)       (Unaudited)
                                       Current    Last Corresponding
                                       Period           Period
                                     from 1/1/2003     from 1/1/2002
                                      to 31/3/2003      to 31/3/2002
                                             $'000             $'000

Turnover : 105 306
Profit/(Loss) from Operations : (1,455) (2,286)
Finance cost : (256) (152)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : (1,711) (2,438)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : HKD -0.0023 HKD -0.0037
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : (1,711) (2,438)
1st Quarterly Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 1st Quarterly Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)

                                   For and on behalf of
                                   Glory Future Group Limited
                        Signature :
                             Name :Leung Wai Sze, Grace
                            Title :Company Secretary

Responsibility statement

The directors of the Company (the "Directors") as at the date hereof
hereby collectively and individually accept full responsibility for the
accuracy of the information contained in this results announcement form
(the "Information") and confirm, having made all reasonable inquiries,
that to the best of their knowledge and belief the Information are
accurate and complete in all material respects and not misleading and
that there are no other matters the omission of which would make the
Information herein inaccurate or misleading. The Directors acknowledge
that the Stock Exchange has no responsibility whatsoever with regard
to the Information and undertake to indemnify the Exchange against all
liability incurred and all losses suffered by the Exchange in connection
with or relating to the Information.

Remarks:

1. Basis of preparation

The accounts have been prepared under the historical cost
convention in accordance with accounting principles generally
accepted in Hong Kong and comply with accounting standards issued
by the Hong Kong Society of Accountants.

1. Interim dividend

The Board does not recommend the payment of an interim dividend
in respect of the three months ended 31 March 2003 (Three months
ended 31 March 2002 : Nil).

1. Loss per share

The calculation of basic loss per share is based on the net loss
attributable to shareholders for the three months ended
31 March 2003 of HK$1,711,000 (Three months ended 31 March 2002 :
HK$2,438,000) and the weighted average number of 753,720,000
ordinary shares of the Company in issue (Three months ended
31 March 2002 : 653,720,000 shares).

Diluted loss per share for the three months ended 31 March 2003
and that for the three months ended 31 March 2002 have not been
presented as the share options outstanding during the periods
had an anti-dilutive effect on the basic loss per share for both
periods