Greenheart Group Limited — M&A Activity 2000

May 4, 2000

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

ANKOR GROUP LIMITED

(incorporated in Bermuda with limited liability)

RENREN MEDIA HOLDINGS LIMITED

(incorporated in the Cayman Islands with limited liability)

ANNOUNCEMENT

The directors (the “Directors”) of Ankor Group Limited (the “Company”) announce that renren Internet Limited (“renren Internet”), a wholly-owned subsidiary of the Company, has on 27th April, 2000 entered into two non-binding memoranda of understanding (the “MOUs”). The first MOU (the “Beijing MOU”) was entered into with Beijing Square Digi-Tech Company, Limited (“Beijing Square Digi-Tech”) and the second MOU (the “Shanghai MOU”) was entered into with Shanghai Anlu Computer Network Information Co., Ltd. (“HireChina”). Both Beijing Square Digi-Tech and HireChina are unrelated. Both Beijing Square Digi-Tech and HireChina and their respective beneficial owners are independent third parties of the Company and renren Media Holdings Limited, and each of their respective directors, chief executive and substantial shareholders, and of each of their subsidiaries or their respective associates.

Pursuant to each of the MOUs, renren Internet has been granted an exclusive period of 90 days from the date of signing of the MOU (the “Exclusive Period”) to evaluate and negotiate the potential acquisition of assets related to Internet businesses currently conducted by each of Beijing Square Digi-Tech and HireChina (each the “Potential Acquisition”). No terms have been finalised and discussions are still ongoing between the respective parties. It is not known whether both or any of the Potential Acquisitions will materialise . The Directors shall promptly inform the public as and when any terms concerning the Potential Acquisitions have been agreed or any agreement has been signed in accordance with the Listing Rules.

The Directors have noted the recent increases in the price of the shares and trading volume of the Company and wish to state that they are not aware of any reasons for such increases. The Company also confirm that, save as described in this announcement, there are no negotiations or agreements relating to intended acquisitions or realisations which are discloseable under paragraph 3 of the Listing Agreement, neither is the Board aware of any matter discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which is or may be of a price sensitive nature.

Trading of the shares of the Company on the Stock Exchange of Hong Kong Limited was suspended at the request of the Company on 3rd May, 2000. The Company intends to apply to the Stock Exchange of Hong Kong Limited for the resumption of trading with effect from 10:00 a.m. on 4th May, 2000.

The respective Directors and the directors of renren Media Holdings Limited had on 15th March, 2000 jointly announced the Subscription and the Co-operation Agreement. The circular (the “Circular”) giving further details regarding, amongst other things, the Subscription and the Co-operation Agreement was despatched to shareholders of the Company on 20th April, 2000. A special general meeting of the Company will be held on 12th May, 2000 to approve, amongst other things, the Subscription and the Co-operation Agreement.

Accordingly, the completion of the Subscription may or may not materialise and shareholders and potential investors of the Company are advised to exercise caution in dealing in the Shares.

Capitalised terms used in this announcement shall have the same meanings as defined in the Circular dated 20th April, 2000 unless otherwise defined in this announcement.

THE BEIJING MOU

Date of MOU

27th April, 2000

Parties

(i) renren Internet Limited

1. Beijing Square Digi-Tech Company Limited (“Beijing Square Digi-Tech”)

Description

Under the Beijing MOU, Beijing Square Digi-Tech has granted renren Internet the Exclusive Period of 90 days from the date of the Beijing MOU to evaluate and to negotiate the Potential Acquisition by renren Internet of certain assets (“Beijing Assets”) related to the Internet business currently conducted by Beijing Square Digi-Tech. During the Exclusive Period, Beijing Square Digi-Tech has agreed not to enter into any discussions or agreement with any other third parties in relation to the sale of the Beijing Assets.

Each of renren Internet and Beijing Square Digi-Tech shall use its best efforts to enter into good faith negotiations with the other party with respect to this Potential Acquisition as soon as reasonably practicable. Other than the provisions concerning the Exclusive Period and the confidentiality of disclosed information, the Beijing MOU is non-legally binding and it is not known whether this Potential Acquisition will materialise. Due diligence will be conducted which will include advice from the legal counsel on whether governmental approval is required in due course.

Description of the Beijing Assets

The Beijing Assets include all right, title and interest in and to the domain names http://www.art-square-china.com and http://www.360china.com together with all tangible and intangible assets (including without limitation all intellectual property rights and the benefit of all contracts but excluding such exceptions to be agreed) relating to the Internet-based business which is being carried on by Beijing Square Digi-Tech under the domain names http://www.art-square-china.com and http://www.360china.com respectively which is 100 per cent. owned by Beijing Square Digi-Tech.

Background of Beijing Square Digi-Tech

Beijing Square Digi-Tech is a limited liability company established in Beijing on 17th February, 1998, the People's Republic of China. It is principally engaged in operating the websites http://www.art-square-china.com and http://www.360china.com respectively. Beijing Square Digi-Tech owns a mainland Chinese interactive panoramic picture gallery delivering interactive two to three dimensional photographic scenes and sceneries of different places in the PRC. It is intended that the pictorial content will reinforce and further develop the vertical interest channels of renren.com.

Beijing Square Digi-Tech and its beneficial owners are independent of the directors, chief executive and substantial shareholders of the Company and renren Media Holdings Limited, or any of their respective subsidiaries or associates.

THE SHANGHAI MOU

Date of MOU

27th April, 2000

Parties

(i) renren Internet Limited

(ii) Shanghai Anlu Computer Network Information Co., Ltd. (“HireChina”)

Description

Under the Shanghai MOU, HireChina has granted renren Internet the Exclusive Period of 90 days from the date of the Shanghai MOU to evaluate and to negotiate the Potential Acquisition by renren Internet of certain assets (“Shanghai Assets”) related to the Internet business currently conducted by HireChina. During the Exclusive Period, HireChina has agreed not to enter into any discussions or agreement with any other third parties in relation to the sale of the Shanghai Assets.

Each of renren Internet and HireChina shall use its best efforts to enter into good faith negotiations with the other party with respect to this Potential Acquisition as soon as reasonably practicable. Other than the provisions concerning the Exclusive Period and the confidentiality of disclosed information, the Shanghai MOU is non-legally binding and it is not known whether this Potential Acquisition will materialise. Due diligence will be conducted which will include advice from the legal counsel on whether governmental approval is required in due course.

Description of the Shanghai Assets

The Shanghai Assets include all right, title and interest in and to the domain name http://www.hirechina.com together with all tangible and intangible assets (including without limitation all intellectual property rights and the benefit of all contracts but excluding such exceptions to be agreed) relating to the Internet-based business which is being carried on by HireChina under the domain names http://www.hirechina.com which HireChina currently owns.

Background of HireChina

HireChina is a limited liability company established in Shanghai in 4th January 2000, the People's Republic of China. It is principally engaged in operating the website “www.hirechina.com” which provides mainland China-based job seekers and employers with personalised and customised job search, vacancy postings and career counselling on the Internet.

As at 28th April, 2000, “www.hirechina.com” has over 60,000 registrations from job seekers from major cities in the PRC including Beijing, Shanghai and Guangzhou, and the website has over 3,000 currently listed job vacancies from major multi-national corporations. Jobseeker postings on www.hirechina.com are free, and the website generates revenue from client job vacancy postings, advertising and affiliate programs.

It is intended that upon Completion of Subscription Agreement, HireChina will be a service provider of Beijing Xiandai renren Technology Services Limited (“Beijing renren”), a wholly owned subsidiary of renren.com Holdings Limited. Beijing renren intends to enter into a service agreement with HireChina under which HireChina will provide technical support to Beijing renren and places the “renren.com” brand-name on webpages operated by HireChina.

HireChina and its beneficial owners are independent of the directors, chief executive and substantial shareholders of the Company and renren Media Holdings Limited, or any of their respective subsidiaries or associates.

The Directors have noted the recent increases in the price of the shares and trading volume of the Company and wish to state that they are not aware of any reasons for such increases. The Company also confirm that, save as described in this announcement, there are no negotiations or agreements relating to intended acquisitions or realisations which are discloseable under paragraph 3 of the Listing Agreement, neither is the Board aware of any matter discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which is or may be of a price sensitive nature.

There were no dealings in the shares of the Company by the Directors between 27th April, 2000 up to the suspension requested by the Company on 3rd May, 2000.

GENERAL

As the Potential Acquisitions may or may not take place, shareholders of the Company and public investors are advised to exercise caution when dealing in the shares of the Company.

The Directors will keep the market informed regarding the Potential Acquisitions as and when appropriate in accordance with the Listing Rules.

Trading of the shares of the Company on the Stock Exchange of Hong Kong Limited was suspended at the request of the Company on 3rd May, 2000. The Company intends to apply to the Stock Exchange of Hong Kong Limited for the resumption of trading with effect from 10:00 a.m. on 4th May, 2000.

For and on behalf of the board of
Ankor Group Limited
Lee Fook KiongManaging Director

For and on behalf of the board of
renren Media Holdings Limited
Anthony Shih-Wei ChengDirectorHong Kong, 3rd May, 2000

The Directors jointly and severally accept full responsibility for the accuracy of the information (other than information in relation to renren Media Holdings Limited and its shareholders)) contained in this announcement and confirm, having made all reasonable enquiries, that to the best of their knowledge, their opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement (other than information in relation to renren Media Holdings Limited and its shareholders) the omission of which would make any of their statements in this announcement misleading.

The directors of renren Media Holdings Limited jointly and severally accept full responsibility for the accuracy of the information (other than those in relation to the Company and its subsidiaries) contained in this announcement and confirm, having made all reasonable enquiries, that to the best of their knowledge, their opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts (other than those in relation to the Company and its subsidiaries), the omission of which would make any of their statements in this announcement misleading.