Vision Values Holdings Ltd. — Board/Management Information 2000

Jun 15, 2000

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.

Wah Yik Holdings Company Limited*

(Incorporated in the Cayman Islands with limited liability)

ANNOUNCEMENT RELATING TO THE INCREASE IN THE PRICE AND

IN THE TRADING VOLUME OF SHARES OF THE COMPANY

AND

APPOINTMENT OF NEW DIRECTORS

The board of directors (the "Board") of Wah Yik Holdings Company Limited (the "Company") wishes to clarify that the Board is not aware of any reasons with respect to the recent increase in the price and in the trading volume of the shares of the Company except for the possible transactions described below.

The Company may or may not proceed further with the possible transactions and investors are advised to exercise extreme caution when dealing in the securities of the Company.

The Board is pleased to announce that Mr. Zhang Guoliang and Mr. Chan Ki be appointed as directors of the Company with effect from 14th June, 2000.

This announcement is made at the request of The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

The Board of the Company has noted the recent increase in the price and in the trading volume of the shares of the Company and wishes to state that, except for the matters described below, the Board is not aware of any reasons for such increase.

The Board of the Company wishes to advise that the Company has been in discussion on a preliminary basis with some potential investors, who are independent third parties not connected with any director, chief executive or substantial shareholder of the Company or any of its subsidiaries or any of their respective associates (as defined in the Listing Rules), about the possibility of these investors acquiring interests in the Company.

In addition, the Company is presently conducting negotiations with several companies in Singapore, Indonesia, Thailand and the People's Republic of China, which are independent third parties not connected with any director, chief executive or substantial shareholder of the Company or any of its subsidiaries or any of their respective associates (as defined in the Listing Rules), about proposals in developing business ventures engaging in logistics management and technology.

As discussions are continuing and no binding contracts have been entered into, the Board wishes to state that no definitive terms and conditions have been reached regarding either of the above-mentioned possible transactions and the Board is uncertain as to the actual amount that might be involved in or the timing of either of these transactions. As and when appropriate, the Board will also seek legal advice on the legality and practicality of these possible transactions. These possible transactions may or may not be proceeded by the Board and may or may not constitute a notifiable transaction of the Company under the Listing Rules. Further announcement(s) will be made by the Company if necessary.

Apart from the matters stated above, the Board confirms that there are no negotiations or agreements relating to any intended acquisitions or realisations which are discloseable under paragraph 3 of Listing Agreement, and the Board is not aware of any matter discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which is or may be of a price-sensitive nature.

In the meantime, investors are advised to exercise extreme caution in dealing in the securities of the Company.

As stated in the Company's announcement dated 8th June, 2000 in relation to the placing of new shares of the Company ("Placing"), the Company intended to appoint Mr. Zhang Guoliang ("Mr. Zhang") and Mr. Chan Ki ("Mr. Chan") as directors of the Company upon completion of the Placing. Since the Company has received irrevocable undertakings to subscribe the new shares under the Placing from the placees, namely Silver Valley Limited and Golden Tripod Telecom Limited, the Company has decided to appoint Mr. Zhang and Mr. Chan as directors of the Company with effect from 14th June, 2000, whilst completion of the Placing is expected to be not later than 21st June, 2000.

The Board believes that the appointment of Mr. Zhang and Mr. Chan as directors of the Company will further strengthen the management of the Company in exploring suitable business opportunities and new investments.

Made by the order of the Board of Wah Yik Holdings Company Limited, the directors of the Company individually and jointly accept responsibility for the accuracy of this announcement.

By Order of the Board

Wah Yik Holdings Company Limited

Dr. Chan Kwok Keung, Charles

Director

Hong Kong, 14th June, 2000

* For identification purposes only