hmvod Limited — Capital/Financing Update 2004

Apr 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.

TAI SHING INTERNATIONAL (HOLDINGS) LIMITED ! " # $% & ' () * + ,[*]

(incorporated in the Cayman Islands with limited liability)

(Website : http://www.taishingintl.com) (Stock Code : 8103)

DISPATCH OF CIRCULAR IN RELATION TO MAJOR TRANSACTION PROPOSED ACQUISITION INVOLVING ISSUANCE OF NEW SHARES

On 20 April 2004, the Company dispatched to the Shareholders a circular in relation to the proposed Acquisition and the transactions contemplated thereunder together with a notice of EGM which is to be convened on 7 May 2004.

References are made to the announcements dated 25 March 2004 and 14 April 2004 of the Company in relation to the proposed Acquisition involving issuance of new shares (collectively, the “Announcements”). Unless the context otherwise requires, terms used herein shall have the same meanings as defined in the Announcements.

DISPATCH OF CIRCULAR

On 20 April 2004, the Company dispatched to the Shareholders a circular in relation to the proposed Acquisition and the transactions contemplated thereunder together with a notice of EGM which is to be convened on 7 May 2004.

GENERAL MANDATES

As originally mentioned in the Announcements, the Directors would seek the Shareholders’ approval on the grant of new general mandates at the EGM. The Directors, however, wish to further announce that the grant of new general mandates to the Directors will be sought at the upcoming annual general meeting of the Company instead of at the EGM so as to simplify the administrative procedures to be taken by the Company. The upcoming annual general meeting of the Company is currently expected to be convened in July 2004.

• For identification purposes only

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

Chairman

Hong Kong, 20 April 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.

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.

The announcement will remain on the GEM website at http://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 http://www.taishingintl.com.

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