hmvod Limited — Capital/Financing Update 2004

Sep 21, 2004

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.

This announcement, for which the Directors collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on the Growth Enterprise Market of the Stock Exchange for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that, to the best of their knowledge and belief: (1) the information contained in this announcement is accurate and complete in all material respects and not misleading; (2) there are no other matters the omission of which would make any statement in this announcement misleading; and (3) all opinions expressed in this announcement have been arrived at after due and careful consideration and are founded on bases and assumptions that are fair and reasonable.

TAI SHING INTERNATIONAL (HOLDINGS) LIMITED 泰盛國際（控股）有限公司 *

(incorporated in the Cayman Islands with limited liability)

(Stock code: 8103)

MAJOR TRANSACTION COMPLETION OF ACQUISITION INVOLVING ISSUANCE OF NEW SHARES

Completion of the Acquisition had taken place on 21 September 2004.

Reference is made to the circular of Tai Shing International (Holdings) Limited (the “Company”) dated 20 April 2004 (the “Circular”) and the EGM held on 7 May 2004 in relation to the proposed Acquisition involving issuance of new Shares. Unless otherwise defined, terms used in this announcement shall have the same meanings as defined in the Circular.

Further to the announcement of the Company dated 7 May 2004 in relation to the result of the EGM at which the ordinary resolution approving the Acquisition had been passed, the Directors hereby announce that all conditions precedent for completion of the Acquisition as set out in the S&P Deed have been fulfilled on 20 September 2004, and Completion of the Acquisition had taken place on 21 September 2004.

* For identification purposes only

– 1 –

On Completion of the Acquisition, the Consideration Shares (being 18,160,000 new Shares) have been issued and allotted at HK$0.50 per Share to the order of the Vendor. As at the date hereof, the Consideration Shares represent approximately 27.68% of the enlarged issued share capital of the Company. The Company had received approval from the Stock Exchange for the listing of, and permission to deal in, the new Shares so issued as Consideration Shares on the GEM.

By Order of the Board Tai Shing International (Holdings) Limited Luk Yat Hung Chairman

Hong Kong, 21 September 2004

As of the date hereof, Mr. Luk Yat Hung (Chairman) and Mr. Ho Cho Hang are executive directors of the Company; and Mr. Chung Shui Ming, Timpson and Professor Ip Ho Shing, Horace are independent nonexecutive directors of the Company.

The announcement will remain on the GEM website at www.hkgem.com at the “Latest Company Announcements” page for at least 7 days from the date of its publication and on the website of the Company at www.taishingintl.com.

– 2 –