Da Sen Holdings Group Limited — M&A Activity 2000

Feb 9, 2000

Listed Company Information

ASIA TELE-NET<0679> - Announcement 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. Asia Tele-Net and Technology Corporation Limited (a company incorporated in Bermuda with limited liability) Announcement The agreement in relation to the Company's acquisition of 50% interest in STL, which was announced in the Previous Announcements, has lasped. This announcement is made pursuant to paragraph 2 of the Listing Agreement. Further to its previous announcements dated 10th August, 1999, 15th September, 1999, 2nd October, 1999 and 25th October, 1999 (`Previous Announcements'), the agreement (the `Agreement') between Asia Tele-Net and Technology Corporation Limited (the `Company') and Broadway Offshore Limited (`Broadway') in relation to the acquisition by the Company of 50% of the issued share capital of Solar Touch Limited (`STL'), the main asset of which was a 49% interest in Baoding Pascali Broadcasting Cable TV Integrated Information Networking Company Limited, an equity Sino-foreign joint venture (the `Joint Venture') established in the People's Republic of China has lapsed, because the Company was not fully satisfied with the outcome of its due diligence on STL and the Joint Venture. The Company has paid a deposit of HK$20,000,000 to Broadway in relation to the Acquisition. Under the Agreement, the deposit is required to be returned to the Company if the Agreement lapses. The lapsing of the Agreement has no adverse impact on the financial position or the operations of the Group. The Company is taking legal advice on whether or not it has any rights of recourse against Broadway. Further announcement will be made by the Company as and when appropriate. By Order of the Board Asia Tele-Net and Technology Corporation Limited Lam Kwok Hing Deputy Chairman and Managing Director Dated 8th February, 2000