Television Broadcasts Limited — Capital/Financing Update 2004

Mar 10, 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.

==> picture [63 x 63] intentionally omitted <==

HONG TONG HOLDINGS LIMITED 泓通控股有限公司

(To be renamed as “China Conservational Power Holdings Limited” and「中國環保電力控股有限公司」)

(Incorporated in the Cayman Islands with limited liability)

MAKING OF A REFUNDABLE DEPOSIT FOR THE PROPOSED ACQUISITION OF AN INTEREST IN BCS GENERAL ENERGY & ENVIRONMENT, CHANGE OF COMPANY SECRETARY AND RESUMPTION OF TRADING

HTH and Beijing Xuce have entered into a Deposit Payment Agreement on 9 March 2004 in connection with the Proposed Acquisition pursuant to which a refundable deposit in the amount of HK$10,000,000 (equivalent to approximately RMB10.6 million) will be made by HTH to Beijing Xuce within 7 days of the agreement. The Deposit has been made by HTH to Beijing Xuce after the signing of the Deposit Payment Agreement. The Company has commenced and yet to complete the due diligence exercise in respect of the affairs of BCS General Energy & Environment and the parties have not yet commenced the negotiation of the terms and conditions of the Proposed Acquisition.

The Board also announced the resignation of Mr. Chan Tak Hing, Kenji as the company secretary and the appointment of Ms. Chow Man Ngan, a Chartered Company Secretary, as the company secretary with effect from 9 March 2004.

At the request of the Company, trading in the shares of the Company was suspended with effect from 9:30 a.m. on Wednesday, 10 March 2004 pending the publication of this announcement. Application has been made to the Stock Exchange for resumption of trading in the shares of the Company with effect from 9:30 a.m. on Thursday, 11 March 2004.

Making of a refundable deposit

Reference is made to the announcement made by the Company dated 17 February 2004 (the “Announcement”). Unless otherwise defined, terms used herein shall have the same meanings as in the Announcement.

– 1 –

On 9 March 2004, a deposit payment agreement (the “Deposit Payment Agreement”) has been entered into between HTH and Beijing Xuce pursuant to which a refundable deposit in the amount of HK$10,000,000 (equivalent to approximately RMB10.6 million) (the “Deposit”) will be paid to Beijing Xuce within 7 days from the date of the agreement. The Deposit has been made by HTH to Beijing Xuce on 9 March 2004, after the signing of the Deposit Payment Agreement. The making of the Deposit is funded by proceeds from the placing as announced by the Company in an announcement dated 23 September 2003.

In the event the Company is not satisfactory with the results of the due diligence exercise or the parties fail to reach an agreement on the terms and conditions of the Proposed Acquisition by 16 May 2004, being the date falling three months from the date of the Letter of Intent, Beijing Xuce shall within 7 days after the receipt of a written demand from HTH repay the whole of the Deposit to HTH. In the event HTH proceeds with the Proposed Acquisition, the Deposit will apply towards settlement of the consideration.

The Company has commenced and yet to complete the due diligence exercise in respect of the affairs of BCS General Energy & Environment and the parties have not yet commenced the negotiation of the terms and conditions of the Proposed Acquisition. The Proposed Acquisition may or may not be consummated.

This announcement is made pursuant to the general disclosure obligations of the Company under paragraph 2 of the Listing Agreement between the Company and the Stock Exchange. Further announcement regarding the Proposed Acquisition will be made in accordance with the requirements of the Listing Rules.

Change of company secretary

The Board also announced the resignation of Mr. Chan Tak Hing, Kenji as the company secretary and the appointment of Ms. Chow Man Ngan, a Chartered Company Secretary, as the company secretary with effect from 9 March 2004.

Resumption of trading

At the request of the Company, trading in the shares of the Company was suspended with effect from 9:30 a.m. on Wednesday, 10 March 2004 pending the publication of this announcement. Application has been made to the Stock Exchange for resumption of trading in the shares of the Company with effect from 9:30 a.m. on Thursday, 11 March 2004.

By Order of the Board Hong Tong Holdings Limited (to be renamed China Conservational Power Holdings Limited) Hon Ming Kong Chairman

Hong Kong, 10 March 2004

In this announcement, HK$1.00 is equivalent to RMB1.06. The conversion rate is for the purpose of illustration only and does not constitute a representation that any amounts have been, could have been, or may be exchanged at the aforementioned or any other rates.

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

– 2 –