Weiye Holdings Limited — M&A Activity 2003

May 12, 2003

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 (Incorporated in the British Virgin Islands with limited liability)	UNITED POWER INVESTMENT LIMITED (Incorporated in Bermuda with limited liability)

JOINT ANNOUNCEMENT

Closing of mandatory general offers by

Get Nice Capital Limited and Asia Investment Capital Limited

on behalf of

World Possession Assets Limited

to acquire all the issued shares

and to cancel all outstanding options of United Power Investment Limited

(other than those Shares already owned or agreed to be acquired by

World Possession Assets Limited or parties acting in concert with it)

The Offers were closed on 12 May, 2003. As at 4:00 p.m. on 12 May, 2003, being the latest time for receiving acceptances on the final closing date of the Offers, valid acceptances in respect of 137,322,207 Shares under the Share Offer, representing approximately 12.53% of the issued share capital of the Company and of the voting rights which may be exercised at general meetings of the Company, had been received by World Possession. No acceptance in respect of the Option Offer had been received. During the period of the Offers, World Possession and parties acting in concert with it had not dealt in any Shares. Taking into account the valid acceptances in respect of 137,322,207 Shares (135,422,207 Shares had been transferred to World Possession and the remaining 1,900,000 Shares are subject to completion of transfer to World Possession) under the Share Offer, World Possession and parties acting in concert with it have become interested in aggregate of 587,322,207 Shares, representing approximately 53.59% of the issued share capital of the Company and of the voting rights which may be exercised at general meetings of the Company. The balance of approximately 46.41% of the issued share capital of the Company is held by Independent Shareholders, which satisfies the minimum public float requirement under Rule 8.08 of the Listing Rules.

Reference is made to the composite document regarding the Offers (the "Composite Document") despatched to the Independent Shareholders and the Optionholders on 7 April, 2003 and the joint announcement of World Possession and the Company dated 28 April, 2003. Unless the context requires otherwise, capitalized terms used in this announcement shall have the same meanings as those defined in the Composite Document.

CLOSING OF THE OFFERS AND ACCEPTANCE LEVEL

The Offers were closed on 12 May, 2003.

As at 4:00 p.m. on 12 May, 2003, being the latest time for receiving acceptances on the final closing date of the Offers, valid acceptances in respect of 137,322,207 Shares under the Share Offer, representing approximately 12.53% of the issued share capital of the Company and of the voting rights which may be exercised at general meetings of the Company, had been received by World Possession. No acceptance in respect of the Option Offer had been received.

SHAREHOLDINGS AND PUBLIC FLOAT OF SHARES

Immediately before the commencement of the Offers, World Possession and parties acting in concert with it held 450,000,000 Shares, representing approximately 41.06% of the issued share capital of the Company.

During the period of the Offers, World Possession and parties acting in concert with it had not dealt in any Shares.

Taking into account the valid acceptances in respect of 137,322,207 Shares (135,422,207 Shares had been transferred to World Possession and the remaining 1,900,000 Shares are subject to completion of transfer to World Possession) under the Share Offer, World Possession and parties acting in concert with it have become interested in aggregate of 587,322,207 Shares, representing approximately 53.59% of the issued share capital of the Company and of the voting rights which may be exercised at general meetings of the Company. The balance of approximately 46.41% of the issued share capital of the Company is held by Independent Shareholders, which satisfies the minimum public float requirement under Rule 8.08 of the Listing Rules.

By Order of the Board of WORLD POSSESSION ASSETS LIMITED Ma Shuk Kam Director	By Order of the Board of UNITED POWER INVESTMENT LIMITED Liu Yu Mo Director

Hong Kong, 12 May, 2003

The directors of World Possession jointly and severally accept full responsibility for the accuracy of the information contained in this announcement (other than that in relation to the Group) and confirm, having made all reasonable enquiries, that to the best of their knowledge, 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 in this announcement misleading.

The Directors jointly and severally accept full responsibility for the accuracy of the information contained in this announcement (other than that in relation to Mr. Yeung, Ms. Yeung and World Possession) and confirm, having made all reasonable enquiries, that to the best of their knowledge, 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 in this announcement misleading.

Please also refer to the published version of this announcement in the Standard.