GoFintech Quantum Innovation Limited — M&A Activity 2003

Dec 12, 2003

The Stock Exchange of Hong Kong Limited and the Securities and Future Commission of Hong Kong take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

VICTORY RIDER LIMITED NEW TIMES GROUP HOLDINGS LIMITED (Incorporated in the British Virgin Islands with limited liability) （新時代集團控股有限公司）[*]

(Incorporated in Bermuda with limited liability)

Closing of the unconditional voluntary cash offer by

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KINGSTON SECURITIES LIMITED on behalf of Victory Rider Limited for all the shares of New Times Group Holdings Limited (other than those shares already owned by Victory Rider Limited or parties acting in concert with it)

FINANCIAL ADVISER TO VICTORY RIDER LIMITED

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KINGSTON CORPORATE FINANCE LIMITED

INDEPENDENT FINANCIAL ADVISER TO THE INDEPENDENT BOARD COMMITTEE OF NEW TIMES GROUP HOLDINGS LIMITED

As at 4:00 p.m. on 12 December 2003, being the latest time for the acceptance of the Offer, 2 acceptances under the Offer was received in respect of 20,046,500 Shares, representing (i) approximately 4.63% of the total 433,302,000 issued Shares; and (ii) approximately 10.50% of the 190,936,000 Shares subject to the Offer.

Following the close of the Offer, Victory Rider and parties acting in concert with it owned or controlled 262,412,500 Shares, representing approximately 60.56% of the voting rights of the Company.

Reference is made to the Composite Document dated 21 November 2003 and the announcement jointly issued by Victory Rider and the Company dated 26 September 2003. Terms used in this announcement shall have the same meanings as those defined in the Composite Document unless the context requires otherwise.

ACCEPTANCES UNDER THE OFFER

As at 4:00 p.m. on 12 December 2003, being the latest time for the acceptance of the Offer, 2 acceptances under the Offer was received in respect of 20,046,500 Shares, representing (i) approximately 4.63% of the total 433,302,000 issued Shares; and (ii) approximately 10.50% of the 190,936,000 Shares subject to the Offer.

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As stated in the Composite Document, remittances in respect of the Shares tendered under the Offer will be posted respectively to the relevant Qualifying Shareholders by ordinary post at their own risk within 10 days of the date of receipt by the Registrar of all the relevant documents which render the relevant acceptances under the Offer complete and valid, and the latest date for posting of remittances for the amounts due under the Offer in respect of valid acceptances received will be on Monday, 22 December 2003.

Before the offer period, Victory Rider and parties acting in concert with it owned or controlled 242,366,000 Shares, representing approximately 55.93% of the voting rights of the Company. Save for the 2 acceptances received under the Offer in respect of 20,046,500 Shares, Victory Rider and parties acting in concert with it did not acquire or agree to acquire any Shares during the offer period. Following the close of the Offer, Victory Rider and parties acting in concert with it owned or controlled 262,412,500 Shares, representing approximately 60.56% of the voting rights of the Company, Kistefos Investment A.S. being a substantial shareholder of the Company holds 62,400,000 Shares, representing approximately 14.40% of the voting rights of the Company, and there are 108,489,500 Shares in the hands of the public, representing approximately 25.04% of the voting rights of the Company.

By order of the board of Victory Rider Limited Huang Ning Director

By order of the board of New Times Group Holdings Limited Cheong Tin Yau Chairman

Hong Kong, 12 December 2003

The sole director of Victory Rider accepts full responsibility for the accuracy of the information contained in this announcement, other than those relating to the Company, and confirms, having made all reasonable enquiries, that to the best of her knowledge, opinions expressed in this announcement, other than those relating to the Company, have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would made any statement in this announcement misleading.

The directors of the Company jointly and severally accept full responsibility for the accuracy of the information contained in this announcement, other than those relating to Victory Rider, and confirm, having made all reasonable enquiries, that to the best of their knowledge opinions expressed in this announcement, other than those relating to Victory Rider, have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would made any statement in this announcement misleading.

* For identification purpose only

“Please also refer to the published version of this announcement in China Daily”.

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