GoFintech Quantum Innovation Limited — Board/Management Information 2000

Mar 16, 2000

Listed Company Information

PAC CHALLENGE<0166> - 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. Pacific Challenge Holdings Limited (incorporated in Bermuda with limited liability) COMPLETION ON CHANGE OF SUBSTANTIAL SHAREHOLDERS The Board of Pacific Challenge Holdings Limited is pleased to announce that the Agreement has been completed on 15th March, 2000. Three new Directors nominated by E1 have been/will be appointed, and three existing Directors have resigned upon completion of the Agreement. Completion of the Agreement The board of directors (the ``Board'') of Pacific Challenge Holdings Limited (the ``Company'') is pleased to announce that the agreement (the ``Agreement'') entered into on 18th February, 2000 between the then substantial shareholders of the Company, namely Roseville Management Limited, Roseville Investments Services Limited and Roseville Consultant Limited, and E1 Media Technology Limited (``E1''), as referred to in the announcement of the Company dated 19th February, 2000, has been completed on 15th March, 2000. Upon completion of the Agreement, Super Drive Inc., a wholly owned subsidiary of E1 which holds 71,664,000 shares of the Company (approximately 30% of the existing share capital of the Company), has become the single largest shareholder of the Company. Change of Directors Dr, Lily Chiang (``Dr. Chiang''), Ms. Chan Yim Fong, Teli (``Ms. Chan'') and Mr. Shah Tahir Hussain (``Mr. Shah''), as nominated by E1, have been/will be appointed as directors of the Company (the ``Directors''), and Mr. Yu Shin Gay, Joseph (``Mr. Yu''), Ms. Lui Yee Man, Brenda (``Ms. Lui'') and Mr. Hui Chung Yee, Richard, the then Directors, have resigned as Directors. Mr. Yu and Ms. Lui will remain as directors and employees of the subsidiaries of the Company. Dr. Chiang and Ms. Chan have been appointed as chairman and director of the Company respectively with effect from 15th March, 2000, and Mr. Shah will be appointed as Director on or about 27th March, 2000. Information on E1 E1 is principally engaged in the development and provision of Internet, multimedia and e-commerce related cutting edge technology solutions in the Greater China region and worldwide. It was founded by Dr. Lily Chiang (``Dr Chiang'') with a vision to create an ``Technology Idea Lab'' which provides the total solution needed to rapidly introduce innovative Internet and multimedia related applications to Asia Pacific and worldwide. In addition to relying on its existing research and development staff, E1 is also keen on transforming technologies developed within tertiary institutions into funded ventures with commercial applications. The shareholding interest of E1 is being held as to 60% by Peace City Development Limited (which is majority owned by Dr. Chiang), 20% by Hikari Tsushin Partners II, L.P of the Hikari Tsushin Group in Japan, 16% by Cable & Wireless HKT IMS Limited, a subsidiary of a company listed in Hong Kong, 2% by Online Credit International Limited, a company listed in Hong Kong, and 2% by Pacific Challenge Technology Capital Limited, a subsidiary of the Company. Future Plans of the Company The Company intends to increase its emphasis on fee-based income, versus traditional brokerage activities, which are expected to face reduced commission levels in the coming years. The Directors also believe that the alliance between E1 and the Company will facilitate an increased focus of the Company on the Internet business in the future. By Order of the Board Pacific Challenge Holdings Limited Wong Cheuk Ling, Elain Company Secretary 15th March, 2000