ICO Group Limited — Capital/Financing Update 2004

Jan 5, 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.

JACKIN INTERNATIONAL HOLDINGS LIMITED （輝影國際集團有限公司）

(Incorporated in Bermuda with limited liability)

REDEMPTION OF CONVERTIBLE NOTE

Summary

Reference is made to the announcements of Jackin International Holdings Limited dated 8 November 2000, 25 September 2003, 27 November 2003 and 2 December 2003 respectively in relation to, among other things, the acquisition of Fortune Luck Development Ltd. and the issue of three convertible notes to Tak Fung Holdings Limited. As disclosed in the aforesaid announcement dated 25 September 2003, two of the convertible notes had been fully converted. On 5 January 2004, the remaining convertible note was redeemed (without interest) at the outstanding principal amount of HK$2.3 million.

This announcement is made by the Company pursuant to paragraph 2 of the listing agreement made between the Stock Exchange and the Company.

Reference is made to the announcements of Jackin International Holdings Limited (the “Company”) dated 8 November 2000, 25 September 2003, 27 November 2003 and 2 December 2003 respectively in relation to, among other things, the acquisition of Fortune Luck Development Ltd. and the issue to Tak Fung Holdings Limited (which is a company beneficially owned by two independent third parties and not connected persons (as defined in the Listing Rules) of the Company, namely Mr. Jin Fu Jiang and Mr. Xian Guang Xu) of three non-interest bearing, redeemable and transferable convertible notes due on 5 January 2004 each with a principal amount of HK$2.3 million.

As disclosed in the aforesaid announcement dated 25 September 2003, two of the convertible notes, each with a principal amount of HK$2.3 million, had been fully converted and 4,180,000 shares of the Company were issued to each of Mr. Jin Fu Jiang and Mr. Xian Guang Xu respectively on 24 September 2003. The shareholding of Mr. Jin Fu Jiang and Mr. Xian Guang Xu in the Company immediately after the issue were 1.14% and 1.14% respectively. On 5 January 2004, the remaining convertible note was redeemed (without interest) at the outstanding principal amount of HK$2.3 million, which will be financed by the internal resources of the Group. No new share in the Company was, or will be, issued in relation to such a redemption.

By Order of the Board Jackin International Holdings Limited Ho Yin King Helena Chairman

Hong Kong, 5 January 2004

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