CHYY Development Group Limited — Regulatory Filings 2005

Apr 27, 2005

IIN INTERNATIONAL LIMITED 國訊國際有限公司[*]

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 8128)

ANNOUNCEMENT

DISCLOSURE OF TRADE RECEIVABLE PURSUANT TO RULES 17.15 AND 17.17 OF THE GEM LISTING RULES

As at 31 March 2005, there were 1,543,160,470 shares of the Company in issue. Based on the average closing price of the Company’s shares of HK$0.0304 per share as stated in the Stock Exchange’s daily quotation sheet for the trading days from 22 March 2005 to 30 March 2005 (both days inclusive), being the five trading days immediately preceding 31 March 2005, the Total Market Capitalization of the Company was approximately HK$46,900,000.

This announcement is made pursuant to Rules 17.15 and 17.17 of the GEM Listing Rules to disclose a trade receivable of the Group. This trade receivable exceeded 8% of the Total Market Capitalization of the Company as at 31 March 2005.

Pursuant to Rules 17.15 and 17.17 of the Rules Governing the Listing of Securities on the Growth Enterprise Market (the “GEM Listing Rules”) of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”), a disclosure obligation arises where any of the percentage ratios of the relevant advance to an entity from IIN International Limited (the “Company”) and its subsidiaries (collectively the “Group”) exceeds 8%.

As at 31 March 2005, there were 1,543,160,470 shares of the Company in issue. Based on the average closing price of the Company’s shares of HK$0.0304 per share as stated in the Stock Exchange’s daily quotation sheet for the trading days from 22 March 2005 to 30 March 2005 (both days inclusive), being the five trading days immediately preceding 31 March 2005, the total market capitalization of the Company was approximately HK$46,900,000 (the “ Total Market Capitalization”).

As at 31 March 2005, the following trade receivable (the “Trade Receivable”) generated from the sales of communication cables and optical fibre cables by the Group exceeded 8% of the Total Market Capitalization.

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			Approximate
		Amount due to	Percentage
		the Group	of Total Market
Customers	as at	31 March 2005	Capitalization
		(HK$)
河南省網通新鄉分公司		8,800,000	19%

The Trade Receivable was arisen from sales to the customers by the Group during its ordinary course of business and on normal commercial terms. The Trade Receivable is unsecured and interest-free. The payment terms of the Trade Receivable is by instalments as defined under the contract.

The above customer is independent of, and is not connected with the Company or its subsidiaries, the directors, chief executive, management shareholders or substantial shareholders of the Company or its subsidiaries and their respective associates (as defined in the GEM Listing Rules).

The Company will comply with the relevant requirements pursuant to Rule 17.22 of the GEM Listing Rules for so long as the circumstances giving rise such disclosure obligation continues to exist.

By order of the board of IIN International Limited Wu Shu Min Chairman

As of the date of this announcement, the Board of Directors of the Company comprises Wu Shu Min, Jin Feng, Chang Xiao Hui and Li Jun Chao as executive Directors, Leong Ka Cheong, Christopher and Chang Ye Min, William as non-executive Directors, Chan Wai Dune, Chen Junliang and Liu Yang as independent non-executive Directors.

Hong Kong, 26 April 2005

This announcement, for which the directors of IIN International Limited collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on the Growth Enterprise Market of the Stock Exchange (the “GEM Listing Rules”) for the purpose of giving information with regard to IIN International Limited. The directors of IIN International Limited, having made all reasonable enquiries, confirm that, to the best of their knowledge and belief: (1) the information contained in this announcement is accurate and complete in all material respects and not misleading; (2) there are no other matters the omission of which would make any statement in this announcement misleading; and (3) all opinions expressed in this announcement have been arrived at after due and careful consideration and are founded on bases and assumptions that are fair and reasonable.

This announcement will remain on the “Latest Company Announcement” page on the GEM website for at least 7 days from the date of publication.

* For identification purposes only

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