Weiye Holdings Limited — M&A Activity 2003

Apr 28, 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

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)

and

resignation of Director

The Offers had become unconditional at 4:00 p.m. on 28 April, 2003. Unless revised or extended, the Offers will remain open for acceptance until 4:00 p.m. on 12 May, 2003. Mr. Kwan has resigned as Director with effect from 28 April, 2003.

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. Unless the context requires otherwise, capitalized terms used in this announcement shall have the same meanings as those defined in the Composite Document.

ACCEPTANCE LEVEL OF THE OFFERS

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.

As at 4:00 p.m. on 28 April, 2003, being the latest time for receiving acceptance on the first closing date of the Offers, valid acceptances in respect of 135,422,207 Shares under the Share Offer, representing approximately 12.36% 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.

As a result, as at 4:00 p.m. on 28 April, 2003, taking into account the valid acceptance in respect of 135,422,207 Shares under the Share Offer and subject to completion of the transfer of such Shares to World Possession, World Possession and parties acting in concert with it have become interested in aggregate of 585,422,207 Shares, representing approximately 53.42% of the issued share capital of the Company and of the voting rights which may be exercised at general meetings of the Company.

CONDITION AND TIMETABLE OF THE OFFERS

The Offers are conditional upon World Possession having received acceptances of the Share Offer which, together with the Shares already owned or agreed to be acquired by World Possession or parties acting in concert with it before or during the offer period, will result in World Possession holding more than 50% of the voting rights of the Company.

Following the fulfillment of the above condition, the Offers had become unconditional at 4:00 p.m. on 28 April, 2003. Accordingly, the Offers, at an offer price of HK$0.06 per Share under the Share Offer and at an offer price of HK$0.001 for cancellation of each Option to subscribe for a Share, will remain open for acceptance for another 14 days from 28 April, 2003 until 4:00 p.m. on 12 May, 2003 unless the Offers are revised or extended.

MAINTAIN LISTING STATUS OF THE COMPANY

World Possession intends to maintain the listing of the Shares on the Stock Exchange. The Company, the Directors, World Possession and the directors of World Possession have undertaken to the Stock Exchange to take appropriate steps as soon as possible following closing of the Offers to ensure that not less than 25% of the Shares will be held by the public.

The Stock Exchange has indicated that if, upon closing of the Offers, less than 25% of the issued share capital of the Company is held in the hands of the public or if the Stock Exchange believes that (i) a false market exists or may exist in the Shares; or (ii) there are too few Shares in public hands to maintain an orderly market, then it will consider exercising its discretion to suspend trading in the Shares. In this connection, it should be noted that upon the close of the Offers, there may be insufficient public float for the Shares and therefore trading in the Shares may be suspended until a sufficient level of public float is attained.

RESIGNATION OF DIRECTOR

Mr. Kwan has resigned as Director with effect from 28 April, 2003. The Board would like to express its gratitude to Mr. Kwan for his services and significant contribution to the Company during his term of office.

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, 28 April, 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.