Wang On Group Limited — Capital/Financing Update 2004

Nov 23, 2004

The Stock Exchange 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.

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WANG ON GROUP LIMITED （宏安集團有限公司）[*]

(Incorporated in Bermuda with limited liability)

(Stock Code: 1222)

(1) DISCLOSEABLE TRANSACTION ESTABLISHMENT OF A PROPERTY JOINT VENTURE IN CHINA

(2) ISSUE OF CONVERTIBLE NOTES

AND

(3) RESUMPTION OF TRADING

Placing Agent

KINGSTON SECURITIES LIMITED

(1) DISCLOSEABLE TRANSACTION

The Directors wish to announce that Wiseidea, a wholly owned subsidiary of the Company, entered into the Joint Venture Agreement with Pan Hong and Huzhou Balidian Township Company on 18 November 2004, pursuant to which Wiseidea will set up a sino-foreign equity joint venture company with Pan Hong and Huzhou Balidian Township Company in which Wiseidea, Pan Hong and Huzhou Balidian Township Company will have 48%, 42% and 10% equity interests respectively. To the best of the Directors’ knowledge, Pan Hong and Huzhou Balidian Township Company and their respective ultimate beneficial owners are independent third parties not being connected persons (as defined in the Listing Rules) of the Company.

Under a separate agreement with Pan Hong, the total capital contribution by Wiseidea to the Joint Venture Company will be capped at HK$12 million. As the above amount represents more than 5% but less than 25% of the Company’s market capitalization, the establishment of the Joint Venture constitutes a discloseable transaction for the Company under Rule 14.06(2) of the Listing Rules. A circular containing further information on the establishment of the Joint Venture will be sent to the shareholders of the Company as soon as practicable.

(2) ISSUE OF CONVERTIBLE NOTES

On 19 November 2004, the Company entered into the Placing Agreement with the Placing Agent, pursuant to which, the Placing Agent, has agreed to place, on a fully underwritten basis, to not fewer than six independent professional, corporate or individual investors the Convertible Notes, which are proposed to be issued in aggregate principal amount of HK$37,180,000.

Completion is conditional upon the fulfillment or waiver by the relevant party of the conditions set out under the sections headed “Conditions of the Placing Agreement” below.

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(3) RESUMPTION OF TRADING

At the request of the Company, trading in the Shares on the Stock Exchange was suspended with effect from 9:30 a.m. on Friday, 19 November 2004 pending release of this announcement. Application has been made by the Company for the resumption of trading in the Shares on the Stock Exchange with effect from 9:30 a.m. on Tuesday, 23 November 2004.

(1) DISCLOSEABLE TRANSACTION

The Joint Venture Agreement

Date:

18 November 2004

Parties:

Wiseidea (48% interest)

Pan Hong (42% interest)

Huzhou Balidian Township Company (10% interest)

Registered capital and capital contribution

Registered capital : US$6,000,000 (or HK$46,800,000) Wiseidea : US$2,880,000 (or HK$22,464,000) Pan Hong : US$2,520,000 (or HK$19,656,000) Huzhou Balidian Township Company : US$600,000 (payable in RMB equivalent, i.e. approximately RMB4,960,800 equivalent to HK$4,680,000)

Under the terms of the Joint Venture Agreement, the capital contribution from the shareholders will be made in three tranches (with each tranche payable by each of Wiseidea, Pan Hong and Huzhou Balidian Township Company in the proportion of their interest in the Joint Venture Company): (1) US$2,220,000 in cash by 30 November 2004 (or immediately following the grant of business license of the Joint Venture Company, whichever is later); (2) US$2,220,000 in cash within 12 months from the date of incorporation of the Joint Venture Company and (3) the balance of US$1,560,000 in cash within three years from the date of incorporation. The liability of each of the partners of the Joint Venture is up to their respective equity interests in the Joint Venture. Accordingly, the liability of Wiseidea is up to its 48% interests in the Joint Venture.

Other salient terms of the Joint Venture

1. The term of the Joint Venture is six years from the date of issue of the business licence of the Joint Venture Company subject to the issue of such business licence. The Joint Venture Company may apply to the authorities in the PRC for an extension of the term of the Joint Venture six months before the expiry date of the original term of operation.

2. The business scope of the Joint Venture Company will be the development, sale and/or leasing and the provision of related property management services in respect of the Property.

3. The board of directors of the Joint Venture Company will have five directors. Wiseidea, Pan Hong and Huzhou Balidian Township Company will each be entitled to appoint two, two and one director(s) respectively to the board of the Joint Venture Company.

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1. Huzhou Balidian Township Company has undertaken to both Wiseidea and Pan Hong that the total costs for the Joint Venture Company to secure the land use rights of the Property, the acquisition of which is to be procured by Huzhou Balidian Township Company, will be not more than RMB700,000 per mu, or a total of RMB15.4 million for a total site area of 22 mu (approximately 14,700 sq. m.). Huzhou Balidian Township Company will be responsible for the payment of any cost in excess of RMB15.4 million in the securing of land use rights for the Property.

2. The profit sharing of the Joint Venture Company is based on the interest of each of partners, that are Wiseidea (48%), Pan Hong (42%) and Huzhou Balidian Township Company (10%), in the registered capital of the Joint Venture.

It is currently anticipated that the Joint Venture Company will complete its registration process with the authorities including City Administration Bureau of Industry and Commerce on or around the end of November 2004.

Business of the Group and parties to the Joint Venture

The Group is principally engaged in the management and sub-licensing of wet markets, shopping centers and car parks as well as in property development and investment in Hong Kong. The Group also has an interest in pharmaceutical business through its investment in Wai Yuen Tong Medicine Holdings Limited, a company listed on the Stock Exchange.

Pan Hong is a property investment company incorporated in Hong Kong and is owned by Mr. Wong, who is not a connected person (pursuant to the Listing Rules) of the Company. Huzhou Balidian Township Company is a PRC incorporated company and is owned by the Huzhou City municipal government and has its business in construction of roads and investment holdings.

The Directors confirm that, to the best of their knowledge, information and belief having made all reasonable enquiry, Pan Hong and Huzhou Balidian Township Company and their ultimate beneficial owners are independent third parties not being connected persons (as defined in the Listing Rules) of the Company.

Reasons for the establishment of the Joint Venture

The Directors are of the view that the establishment of the Joint Venture represents a strategic move for the Group to diversify its property development business in the PRC and to enable it to capture a promising business opportunity in the China property market.

The Directors consider the terms of the Joint Venture Agreement, which had been negotiated on an arm’s length basis and on normal commercial terms between the parties, are fair and reasonable and in the interests of the shareholders of the Company as a whole. The Group will finance its registered capital contribution to the Joint Venture through internal cash resources.

Details of the Property

The Property is currently a vacant site with a site area of approximately 22 mu (approximately 14,700 sq. m.) situated in Huzhou City in Zhejiang province in the PRC. It is expected that the Property will be designed and built by the Joint Venture Company. It is presently envisaged that a 4-storey building will be constructed with markets for trading of agricultural products, shopping area and restaurants with a total floor area of approximately 23,000 sq. m. Save for the aforesaid, there is no detailed plan on the construction of the 4-storey building as at the date of this announcement.

The Joint Venture Company currently plans to finance the development of the Property through its internal resources.

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Pan Hong Agreement

Under a separate agreement dated 18 November 2004 between Wiseidea, Pan Hong and Mr. Wong, Pan Hong has agreed to provide funding for any additional capital in excess of US$1,538,462 (HK$12 million) which may be required to be made by Wiseidea to the Joint Venture Company under the Joint Venture Agreement. In other words, the maximum contribution by Wiseidea to the Joint Venture Company is capped at US$1,538,462 (HK$12 million) and for any amount in excess of thereof, Pan Hong will pay such excess amount to or on behalf of Wiseidea. Notwithstanding by Pan Hong’s agreement to provide any such additional capital in excess, Wiseidea’s interest in the Joint Venture Company remains at 48%. In addition, Pan Hong guarantees that Wiseidea shall receive a cash dividend (if so distributed) of not less than 10% of its total capital contribution of HK$12 million (such amount will not change in the event that the Wiseidea may increase its capital contributions to the Joint Venture in future) within a period of two years from its initial capital investment (“Guaranteed Period”). In other words, in the event that there is no distribution of cash dividend by the Joint Venture in the Guaranteed Period or that the cash dividend so distributed by the Joint Venture in the Guaranteed Period is less than HK$1,200,000 (being 10% of Wiseidea’s total capital contribution of HK$12 million), Pan Hong shall pay such amount to Wiseidea such that Wiseidea will receive not less than HK$1,200,000 in cash in the Guaranteed Period. Furthermore, under the Pan Hong Agreement, Wiseidea has the option to sell to Pan Hong its entire 48% interest in the Joint Venture Company for a consideration of HK$12 million within a period of six months from the expiry of the Guaranteed Period. An announcement will be made by the Company if the option is exercised by Wiseidea. The Pan Hong Agreement is governed under the laws of Hong Kong.

Save as disclosed above, there is no other arrangement between Wiseidea and Pan Hong in relation to the Joint Venture arrangement. The arrangement of Wiseidea’s capital contribution being capped at HK$12 million under the Pan Hong Agreement is a commercial decision between Wiseidea and Pan Hong on the basis that Pan Hong appreciates the Company’s expertise in operating wet markets and property development and therefore offers favourable terms to Wiseidea, being a subsidiary of the Company, to become a partner to the Joint Venture with a view that the Company will bring its expertise to the Joint Venture.

The Directors also believe that the above investment return guarantee and put option provide the Group downside protection in relation to the Group’s investment in the Joint Venture and is thus beneficial to the Company.

In addition, regarding point 4 of the section headed “other salient terms of the Joint Venture”, Wiseidea, Pan Hong and Mr. Wong entered into a separate agreement dated 22 November 2004 under which Pan Hong provided an additional guarantee to provide funding for payment of any cost in excess of RMB15.4 million in the securing of land use rights for the Property. Such agreement is governed under the laws of Hong Kong.

General

The establishment of the Joint Venture constitutes a discloseable transaction for the Company under Rule 14.06(2) of the Listing Rules. A circular containing further information on the establishment of the Joint Venture will be sent to the shareholders of the Company as soon as practicable pursuant to the requirement under the Listing Rules.

(2) ISSUE OF CONVERTIBLE NOTES

The Placing Agreement

Date:

19 November 2004

Issuer:

Wang On Group Limited

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Placing Agent:

Kingston Securities Limited

The Placing Agent has conditionally agreed to place on a fully underwritten basis, the Convertible Notes in an aggregate principal amount of HK$37,180,000 to independent professional, corporate or individual investors and will receive a placing fee of 3.0% on the gross proceeds of the placing of the Convertible Notes.

The Placing Agent and its ultimate beneficial owners are not connected persons (as defined in Listing Rules) of the Company and are third parties independent of the Company and its connected persons.

Placees

The Placing Agent will place the Placing Shares to not fewer than six Placees, each of whom (i) will not be a connected person (as defined in Listing Rules) of the Company; and (ii) is independent of the other Placees of the Company and its connected persons. No Placees will become substantial Shareholders upon the completion of the Placing.

Conditions of the Placing Agreement

The Placing Agreement is conditional upon:

• (i) the Listing Committee of the Stock Exchange having granted listing of and permission to deal in the Shares to be issued upon the conversion of the Convertible Notes; and

• (ii) if required, the Bermuda Monetary Authority having approved the issue of the Convertible Notes and the Shares to be issued upon the conversion of the Convertible Notes and the transferability of the Convertible Notes and the Shares to be issued upon the conversion of the Convertible Notes.

Termination and force majeure

The Placing Agreement may be terminated by the Placing Agent if at any time at or before 10:00 a.m. on the date of completion of the Placing Agreement, in the reasonable opinion of the Placing Agent, the success of the Placing or the business or financial prospects of the Company would or might be adversely affected by the following events:

• (a) the Company commits any material breach of or omits to observe any of the obligations or undertakings expressed or assumed under the Placing Agreement;

• (b) there occurs:

• (i) the introduction of any new laws or regulations or any change in existing laws or regulations (or the judicial interpretation thereof) or other occurrence of any nature whatsoever which may, in the reasonable opinion of the Placing Agent, materially and adversely affect the business or the financial or trading position or prospects of the Group as a whole; or

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• (ii) the occurrence of any local, national or international event or change (whether or not forming part of a series of events or changes occurring or continuing before and/or after the date hereof) of a political, military, financial, economic, currency (including a change in the system under which the value of the Hong Kong currency is linked to the currency of the United States of America) or other nature (whether or not sui generis with any of the foregoing), or in the nature of any local, national, international outbreak or escalation of hostilities or armed conflict, or affecting local securities market or the occurrence of any combination of circumstances which would, in the reasonable opinion of the Placing Agent, materially and adversely affect the business or the financial or trading position or prospects of the Group as a whole or adversely prejudices the success of the placing of the Convertible Notes by potential investor(s) or otherwise makes it inexpedient or inadvisable for the Company or the Placing Agent to proceed with the placing of Convertible Notes.

The Placing Agent shall be entitled by notice in writing to the Company to elect to treat such matter or event as releasing and discharging the Placing Agent from its obligations under the Placing Agreement.

The Directors are not aware of the occurrence of any of such events as at the date of this announcement. However, in the event that Placing Agreement is terminated, a further announcement will be issued by the Company.

Completion of the Placing of Convertible Notes

Completion of the placing of Convertible Notes is expected to take place on or before the third Business Day after the fulfillment of all the conditions set out in the Placing Agreement, which shall take place on or before 31 January 2005, or such later date as may be agreed between the Company and the Placing Agent.

Terms of Convertible Notes

The principal terms of the Convertible Notes are summarized as follows:

Issuer:	Wang On Group Limited
Principal amount	Up to HK$37,180,000 in denomination of HK$130,000
and denomination:
Conversion price(s):	The conversion price, subject to the usual adjustment in accordance with
	the terms and conditions thereof, is HK$1.30.
	The conversion prices of the Convertible Notes are subject to adjustment
	provisions which as standard terms for convertible securities of similar
	type. The adjustment events will arise as a result of certain change in the
	share capital of the Company including consolidation or sub-division of
	Shares, capitalisation of profits or reserves, capital distributions in cash
	or specie or subsequent issue of securities in the Company.
Interest:	1% per annum on the principal amount outstanding from time to time,
	payable semi-annually in arrears at the end of each six-month period from
	the date of issue of the Convertible Notes.
Conversion period:	Subject to the exercise of the right of redemption by the Company, the
	Convertible Notes may be converted in whole or in part at any time from
	the date of issue of the Convertible Notes until the Maturity Date.

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• Conversion Shares: On the basis of the principal amount of HK$37,180,000 and the initial conversion price of HK$1.30 per Share, a maximum total of 28,600,000 Conversion Shares may be issued upon full conversion of the Convertible Notes. The Conversion Shares shall, upon issue, rank pari passu in all respects with the then issued Shares.

• Maturity: Two and a half years from the date of issue of the Convertible Notes, the Company shall, unless the Convertible Notes have previously been converted, repay the outstanding principal amount of the Convertible Notes, together with all unpaid interest accrued thereon up to and including the date of actual repayment.

• Transferability: the Convertible Notes may not be assigned or transferred to a connected person (as defined in the Listing Rules) of the Company.

• Early Redemption: The Company shall, at any time before the Maturity Date, have the option to redeem the Convertible Notes in whole or in part. The amount payable for any redemption shall be the aggregate of (i) the relevant amount of the principal amount of the Convertible Notes so redeemed; and (ii) interest accrued in respect of the relevant amount of the principal amount of the Convertible Notes so redeemed.

• Voting Right The Convertible Notes do no confer any voting rights at general meetings of the Company on the noteholders.

• Listing: No application will be made for the listing of the Convertible Notes on the Stock Exchange or any other stock exchange. Application will be made to the Stock Exchange for the listing of Shares falling to be issued on exercise of the conversion rights attaching to the Convertible Notes. Such Shares, when fully paid, will rank pari passu in all respects with all Shares in issue or to be issued.

The conversion prices were negotiated on an arm’s length basis between the Company and Placing Agent. The initial conversion price of HK$1.30 per Share represents (i) a premium of approximately 0.77% to the closing price of HK$1.29 per Share as quoted on the Stock Exchange on 18 November 2004, being the last trading date before the release of this announcement; and (ii) a premium of approximately 1.54% to the average closing price of approximately HK$1.28 per Share for the last five trading days ended 18 November 2004, being the last trading date before suspension pending this announcement.

The maximum number of Shares which may be issued upon full conversion of all the Convertible Notes based on the initial conversion price of HK$1.30 per Share is 28,600,000 Shares, representing (i) approximately 19.96% of the existing issued share capital of the Company comprising 143,320,366 Shares; and (ii) approximately 16.64% of the Company’s issued share capital comprising 171,920,366 Shares as enlarged by the full conversion of all the Convertible Notes.

Reasons for the Placing and Use of Proceeds

The Directors consider that the issue of the Convertible Notes is an appropriate means through which the Group can raise funds as it provides the Company with the flexibility to redeem the whole or any part of the outstanding principal amount of the relevant Convertible Notes. The Directors also consider that the terms of the Convertible Notes and the Placing Agreement are fair and reasonable given the existing market condition and the general economic environment and in the interests of the Company and its Shareholders as a whole.

The net proceeds to be raised by the Company from the issue of the Convertible Notes (after deducting the expenses) will amount to approximately HK$35 million. It is the intention of the Company to use the proceeds for general working capital purpose.

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The general mandate to issue shares in the capital of the Company granted to the board pursuant to the ordinary resolutions passed by Shareholders at the annual general meeting on 13 August 2004 (the “General Mandate”) has not been utilized. The Conversion Shares will be issued upon exercise of the conversion rights attached to the Convertible Notes under the General Mandate.

Application for Listing

An application will be made to the Stock Exchange for the listing of and permission to deal in the Conversion Shares to be issued under the Convertible Notes upon conversion.

Funds Raised by the Company during the 12 Months immediately before the Date of this Announcement

Set out below are the fund raising activities conducted by the Company during the past 12 months:

				Actual use of net
		Net proceeds	Intended use of	proceeds as at the date
Date of announcement	Event	(approximately)	the net proceeds	of this announcement
27 January 2004	Placing of 20,160,000	HK$25 million	Purchasing properties	Same as intended use
	existing Shares and		for investment
	top-up subscription		purposes
	of 23,600,000
	new Shares at a price
	of HK$1.10 per share

Effect on Shareholding Structure

The existing shareholding structure of the Company and the expected shareholding structure of the Company upon full conversion of the Convertible Notes are set out below:

Existing shareholding structure prior to the conversion of the Convertible Notes Number of % of issued Shares held Shares held Caister Limited_(Note 1) 2,247,227 1.57 Tang Ching Ho(Note 2) 614,355 0.43 Yau Yuk Yin(Note 3) 614,354 0.43 Tang Mui Fong(Note 4) 5,551,269 3.87 Tang Mui Fun(Note 5) 15,298,239 10.67 Yau Yuk Tong(Note 6)_ 3,393,955 2.37 Placees – – Public 115,600,967 80.66 Total 143,320,366 100.00	Expected shareholding structure after full conversion of the Convertible Notes Number of % of issued Shares held Shares held 2,247,227 1.31 614,355 0.36 614,354 0.36 5,551,269 3.23 15,298,239 8.90 3,393,955 1.97 28,600,000 16.64 115,600,967 67.23 171,920,366 100.00	Expected shareholding structure after full conversion of the Convertible Notes Number of % of issued Shares held Shares held 2,247,227 1.31 614,355 0.36 614,354 0.36 5,551,269 3.23 15,298,239 8.90 3,393,955 1.97 28,600,000 16.64 115,600,967 67.23 171,920,366 100.00
		100.00

Notes:

1. Caister Limited is wholly and beneficially owned by Tang Ching Ho.

2. Tang Ching Ho is the chairman and managing director of the Company.

3. Yau Yuk Yin is the wife of Tang Ching Ho, and the deputy managing director and deputy chairman of the Company.

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1. Tang Mui Fong is a sister of Tang Ching Ho.

2. Tang Mui Fun is a sister of Tang Ching Ho.

3. Yau Yuk Tong is a brother of Yau Yuk Yin.

(3) RESUMPTION OF TRADING

At the request of the Company, trading in the Shares on the Stock Exchange was suspended with effect from 9:30 a.m. on Friday, 19 November, 2004 pending for the release of this announcement. Application has been made by the Company for the resumption of trading in the Shares on the Stock Exchange with effect from 9:30 a.m. on Tuesday, 23 November 2004.

DEFINITIONS

In this announcement, the following expressions have the following meanings:

• “associate(s)” has the meaning ascribed thereto under the Listing Rules “Board” the board of Directors “Business Day” any day (excluding Saturday) on which banks generally are open for business in Hong Kong

• “Company” Wang On Group Limited, a company incorporated in Bermuda with limited liability the shares of which are listed on the main board of the Stock Exchange

• “Completion” completion of the Placing Agreement

• “Convertible Notes” the convertible redeemable notes, bearing 1% interest payable semiannually to the Noteholders, to be issued by the Company to the Placees procured by the Placing Agent in an aggregate principal amount up to HK$37,180,000 due on the expiry of a period of two and a half years from the date of issue of the Convertible Notes

The conversion price, subject to the usual adjustment, is HK$1.30

• “Conversion Shares” an aggregate of 28,600,000 new Shares falling to be issued upon full conversion of the Convertible Notes

• “Directors” directors of the Company

• “Group” the Company and its subsidiaries

• “Hong Kong” Hong Kong Special Administrative Region of the PRC

• “Huzhou City” Huzhou City of Zhejiang Province, the PRC

“Huzhou Balidian	湖州八里店村鎮建設有限公司(Huzhou Balidian Township Company
Township Company”	Limited), a company established in the PRC
“Joint Venture”	the joint venture to be established pursuant to the Joint Venture Agreement
“Joint Venture Agreement”	the joint venture agreement dated 18 November 2004 for the establishment
	of the Joint Venture Company between Wiseidea, Pan Hong and Huzhou
	Balidian Township Company

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“Joint Venture Company”	湖州宏進市場建設開發有限公司(Huzhou Hongjin Market
	Construction & Development Co., Ltd.), a sino-foreign equity joint venture
	company to be established in Huzhou City by Wiseidea, Pan Hong and
	Huzhou Balidian Township Company pursuant to the Joint Venture
	Agreement
“Listing Rules”	The Rules Governing the Listing of Securities on the Stock Exchange
“Maturity”	Two and a half years from the date of issue of the Convertible Notes, the
	Company shall, unless the Convertible Notes have previously been
	converted, repay the outstanding principal amount of the Convertible Notes,
	together with all unpaid interest accrued thereon up to and including the
	date of actual repayment
“Mr. Wong”	Mr. Wong Lam Ping (汪林冰)
“Pan Hong”	Pan Hong Investment Limited, a company incorporated in Hong Kong
	which is owned by Mr. Wong
“Pan Hong Agreement”	the agreement dated 18 November 2004 between Pan Hong, Wiseidea and
	Mr. Wong relating to the capital contribution by Wiseidea to the Joint
	Venture Company and the profit guarantee provided by Pan Hong to
	Wiseidea
“Placing”	a private placing of the Convertible Notes in an aggregate principal amount
	of HK$37,180,000 on a fully underwritten basis
“Placing Agent”	Kingston Securities Limited’ a licensed corporation to carry on business
	in types 1, 4, 6, and 9 regulated activities (dealing in securities, advising
	on securities and corporate finance and asset management) under the
	Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)
“Placing Agreement”	a conditional placing underwriting agreement dated 19 November 2004
	made between the Company and the Placing Agent in relation to the
	Placing
“Property”	the property planned to be constructed by the Joint Venture Company in
	Huzhou City
“PRC”	the People’s Republic of China
“Shares”	shares of nominal value HK$0.10 each in the share capital of the Company
“Stock Exchange”	The Stock Exchange of Hong Kong Limited
“Wiseidea”	Wiseidea Investments Limited, a company incorporated in British Virgin
	Islands and a wholly-owned subsidiary of the Company
“HK$”	Hong Kong dollars, the lawful currency of Hong Kong
“US$”	United States dollars, the lawful currency of the United States of America

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“%”

per cent.

By Order of the Board Wang On Group Limited Chan Chun Hong, Thomas Director

Hong Kong, 22 November 2004

• For identification purpose only

As at the date hereof, the Board of the Company comprises of three executive Directors, namely Mr. Tang Ching Ho, Ms. Yau Yuk Yin and Mr. Chan Chun Hong, Thomas, and four independent nonexecutive Directors, namely Dr. Lee Peng Fei, Allen, Mr. Wong Chun, Justein, Dr. Siu Yim Kwan, Sidney and Mr. Siu Kam Chau.

“Please also refer to the published version of this announcement in The Standard”

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