Vision Values Holdings Ltd. — M&A Activity 2000

Dec 11, 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.

Golden Infinity Co., Ltd.	ASIA LOGISTICS TECHNOLOGIES LIMITED
	亞洲物流科技有限公司*
(the “Offeror”)	(the “Company”)
(Incorporated in the British Virgin Islands with limited liability)	(Incorporated in the Cayman Islands with limited liability)

JOINT ANNOUNCEMENT

CONDITIONAL CASH OFFER

BY

TAI FOOK SECURITIES COMPANY LIMITED

ON BEHALF OF GOLDEN INFINITY CO., LTD.

FOR ALL THE ISSUED SHARES, OUTSTANDING WARRANTS AND OPTIONS

IN ASIA LOGISTICS TECHNOLOGIES LIMITED

(OTHER THAN THOSE ALREADY OWNED BY

GOLDEN INFINITY CO., LTD.

OR PARTIES ACTING IN CONCERT WITH IT)

* The latest time and date for acceptance of the Share Offer and the Warrant Offer (the “Offers”) were at 4:00 p.m. on 8th December, 2000, and the Offers will be closed at 9:30 a.m. on 9th December, 2000

* No valid acceptance in respect of the Offers has been received by the Offeror

* The Offers cannot become unconditional and therefore have lapsed.

Reference is made to the joint announcement of the Company and the Offeror dated 16th October, 2000, and the composite offer document dated 17th November, 2000 issued jointly by the Company and the Offeror (the “Document”). Unless otherwise stated, terms used in this announcement shall have the same meanings as those defined in the Document.

Closure of the Offers

The latest time and date for acceptance of the Offers were at 4:00 p.m. on 8th December, 2000, and the Offers will be closed at 9:30 a.m. on 9th December, 2000. No valid acceptance in respect of the Offers has been received by the Offeror.

As at the latest time for acceptance of the Offers at 4:00p.m. on 8th December, 2000, the Offeror and parties acting in concert with it were interested in 902,522,000 Shares, representing approximately 35.03% of the issued share capital of the Company. Also, pursuant to an announcement issued by the Company on 3rd November, 2000, all Warrants were expired immediately after 4:00 p.m. on 30th November, 2000. As a result, the sole director of the Offeror announced that the Offers cannot become unconditional and therefore have lapsed.

Resignation of directors of the Company

Mr. Chan Kwok Keung, Charles and Mr. Chan Kwok Hung will resign from the board as executive directors of the Company with effect from the close of the Offers on 9th December, 2000.

By Order of the Board	By Order of the Board
Golden Infinity Co., Ltd.	Asia Logistics Technologies Limited
Lo Lin Shing, Simon	Chan Kwok Keung, Charles
Sole Director	Chairman

Hong Kong, 8th December, 2000

The sole director of the Offeror accepts full responsibility for the accuracy of the information contained in this announcement other than those relating to the Company and confirms, having made all reasonable enquiries, that to the best of his knowledge, opinions expressed in this announcement other than those relating to the Company have been arrived at after due and careful consideration and there are no other facts not contained in this announcement other than those relating to the Company, the omission of which would make any statement in this announcement misleading.

The Directors jointly and severally accept full responsibility for the accuracy of the information contained in this announcement other than those relating to the Offeror and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this announcement other than those relating to the Offeror have been arrived at after due and careful consideration and there are no other facts not contained in this announcement other than those relating to the Offeror, the omission of which would make any statement in this announcement misleading.

* for identification purpose only

Please also refer to the published version of this announcement in the i Mail dated 11/12/2000.