Planetree International Development Limited — Share Issue/Capital Change 2000

Jan 24, 2000

Listed Company Information

YUGANG INT'L<0613> - Announcement 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. YUGANG INTERNATIONAL LIMITED (incorporated in Bermuda with limited liability) ANNOUNCEMENT Adjustment of Subscription Price relating to the Outstanding Warrants The subscription price in respect of the outstanding warrants of Yugang International Limited (the `Company') has been adjusted from HK$0.23 per share to HK$0.22 per share with effect from 17 January 2000. Adjustment of Subscription Price relating to Warrants The issue on 17 January 2000 of the 509,000,000 new shares of the Company upon completion of the Subscription Agreement dated 3 January 2000 (as mentioned in the Company's announcement dated 4 January 2000) has resulted in an adjustment to the subscription price in respect of the warrants of the Company, which were previously created by an instrument dated 6 September 1999, conferring rights to subscribe in cash for new shares of the Company at any time up to and including 15 September 2001 (the `Warrants'). Pursuant to the provisions of the abovementioned instrument dated 6 September 1999 (the `Warrant Instrument'), the subscription price in respect of the Warrants has been, with effect from 17 January 2000 (being the same date as the date of allotment of the new shares), adjusted from HK$0.23 per share to HK$0.22 per share, which has been certified by Tai Fook Capital Limited, to be appropriate in accordance with the terms of the Warrant Instrument. Apart from the abovementioned adjustment of the subscription price, all the terms and conditions of the Warrant Instrument will remain unchanged. All currently valid certificates of the Warrants previously issued to holders thereof will continue to be valid documents of title to the Warrants notwithstanding the adjustment of the subscription price. By Order of the Board Cheung Chung Kiu Chairman Hong Kong, 21 January 2000