Weiye Holdings Limited — M&A Activity 2000

Jan 7, 2000

Listed Company Information

UNITED POWER<0674> - 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. WORLD POSSESSION ASSETS LIMITED (a company incorporated in the British Virgin Islands with limited liability) UNITED POWER INVESTMENT LIMITED (a company incorporated in Bermuda with limited liability) ANNOUNCEMENT Despatch of the Offer Document - The Offer Document will be despatched on 7th January, 2000. - New directors will be appointed to the board of UPIL upon despatch of the Offeree Document. Reference is made to the joint announcement dated 20th December, 1999 (the "Announcement") in relation to the Acquisition and the Offer. Unless otherwise stated, terms used herein shall have the same meanings as defined in the Announcement. Despatch of the Offer Document The offer document (the "Offer Document") containing, among other things, further details of the Acquisition and the Offer will be despatched to independent shareholders of the Company (the "Independent Shareholders") on 7th January, 2000. The Offer will be opened on 7th January, 2000 and the first closing date of the Offer is expected to be 28th January, 2000 (subject to the posting of the offeree document (the "Offeree Document") to be issued by UPIL within 14 days from the date of the posting of the Offer Document.) Appointment of new directors All the existing directors of UPIL will resign upon the first closing date of the Offer or the date when the Offer becomes unconditional, whichever is the later. It is expected that four new executive directors and two new independent non-executive directors will be appointed to the board of UPIL upon despatch of the Offeree Document. The Offeree Document is expected to be despatched to the Independent Shareholders within 14 days from the date of the posting of the Offer Document in accordance with the Code. Independent Shareholders are strongly advised to read the Offeree Document in particular the recommendation of the independent board committe (the "IBC") of UPIL and the advice of the independent financial adviser to the IBC before deciding whether to accept the Offer or not. By Order of the Board WORLD POSSESSION ASSETS LIMITED Cheng Kai Sum Director By Order of the Board UNITED POWER INVESTMENT LIMITED Cheung Kam Wong Chairman Hong Kong, 6th January, 2000 The directors of WPAL jointly and severally accept full responsibility for the accuracy of the information contained in this announcement (other than information relating to UPIL) and confirm, having made all reasonable enquiries, that to the best of their knowledge and belief, their opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement the omission of which would make any of their statements misleading. The directors of UPIL jointly and severally accept full responsibility for the accuracy of the information contained in this announcement (other than information relating to WPAL) and confirm, having made all reasonable enquiries, that to the best of their knowledge and belief, their opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement the omission of which would make any of their statements misleading.