hmvod Limited — Capital/Financing Update 2004

Mar 16, 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 is for information purpose only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities.

Tai Shing International (Holdings) Limited ������������[] (formerly known as Systek Information Technology (Holdings) Limited������������[] ) (incorporated in the Cayman Islands with limited liability)

MAJOR TRANSACTION

COMPLETION OF PLACING OF 6,000,000 NEW SHARES

SUMMARY

The Board is pleased to announce that the Placing Agent has successfully placed a total of 6,000,000 new Shares at HK$0.48 per Placing Share to seven placees, who are independent of and not connected with any of the directors, chief executive, substantial shareholders or management shareholders of the Company or any of its subsidiaries or their respective associates (as defined in the GEM Listing Rules).

The Company has obtained approval from the GEM Listing Committee for the listing of, and permission to deal in, the Placing Shares on 10 March 2004. Accordingly, the condition of the Placing has been fulfilled and the Placing was completed on 16 March 2004 in accordance with the terms of the Placing Agreement.

Reference is made to the announcement of Tai Shing International (Holdings) Limited (the “Company”) dated 13 February 2004 and the circular of the Company dated 5 March 2004 (collectively the “Public Documents”). Capitalized terms and expression used in this announcement herein shall have the same meaning as defined in the Public Documents.

The Board is pleased to announce that the Placing Agent has successfully placed a total of 6,000,000 new Shares at HK$0.48 per Placing Share to seven independent placees on 16 March 2004. The Placing Shares represent approximately 14.47% of the Company’s then issued share capital of 41,455,000 Shares

* For identification purposes only

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as at 13 February 2004, being the date of the Placing Agreement and approximately 12.64% of the Company’s issued share capital of 47,455,000 Shares as enlarged by the Placing.

The shareholding interests in the Company held by the seven placees of the Placing Shares immediately following completion of the Placing are as follows:

			Approximate
			percentage of the
			issued Shares
		Approximate	immediately after
	No. of	percentage of the	completion of the
Placees	Placing Shares	Placing Shares	Placing
1.	100,000	1.67%	0.21%
2.	100,000	1.67%	0.21%
3.	100,000	1.67%	0.21%
4.	1,000,000	16.66%	2.11%
5.	1,000,000	16.66%	2.11%
6.	1,600,000	26.67%	3.37%
7.	2,100,000	35.00%	4.42%
Total	6,000,000	100.00%	12.64%

To the best knowledge of the Board, the placees are independent of and not connected with any of the directors, chief executive, substantial shareholders or management shareholders of the Company or any of its subsidiaries or their respective associates (as defined in the GEM Listing Rules), and that none of the placees fall under any of the categories set out in Note 1 to Rule 10.12(4) of the GEM Listing Rules.

The Company has obtained approval from the GEM Listing Committee for the listing of, and permission to deal in, the Placing Shares. Accordingly, the condition of the Placing has been fulfilled and the Placing was completed on 16 March 2004 in accordance with the terms of the Placing Agreement.

By Order of the Board

Tai Shing International (Holdings) Limited Luk Yat Hung Chairman

Hong Kong, 16 March 2004

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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 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.

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