GoFintech Quantum Innovation Limited — M&A Activity 2002

May 16, 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.

Voluntary Conditional Cash Offer by

TINGKONG - REXCAPITAL SECURITIES INTERNATIONAL LIMITED

on behalf of

KANDY PROFITS LIMITED

to acquire all the shares in the issued share capital of

PACIFIC CHALLENGE HOLDINGS LIMITED

Financial Adviser to Kandy Profits Limited

REXCAPITAL (Hong Kong) Limited

EXTENSION FOR DESPATCH OF OFFER DOCUMENT

The Offeror announces that it requires additional time for preparing certain information to be included in the Offer Document including, inter alia, the background information on the Offeror. Accordingly, the despatch date of the Offer Document will be extended from 16 May 2002 to 23 May 2002.

On 25 April, 2002, Kandy Profits Limited (the "Offeror") issued an announcement (the "Announcement") in respect of a voluntary conditional cash offer (the "Offer") to acquire all the shares in the issued share capital of Pacific Challenge Holdings Limited (the "Company").

Under Rule 8.2 of the Code on Takeovers and Mergers, the Offeror is required to despatch the offer document (the "Offer Document") containing, amongst other things, the terms of the Offer to the shareholders of the Company within 21 days from the date of the Announcement. Given that the Offeror requires additional time to prepare certain information to be included in the Offer Document including, inter alia, the background information on the Offeror, an application has been made to the SFC for an extension of time for despatch of the Offer Document from 16 May 2002 to 23 May 2002.

By order of the Board

Kandy Profits Limited

Cheong Tin Yau

Director

Hong Kong, 15 May 2002

The director of the Offeror accepts full responsibility for the accuracy of the information contained in this announcement and confirms, having made all reasonable enquiries, that to the best of his knowledge, opinion expressed in this announcement has 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 statements in this announcement misleading.

"Please also refer to the published version of this announcement in the China Daily"