WH Group Limited — M&A Activity 2001

May 18, 2001

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.

SING PAO MEDIA GROUP LIMITED

(incorporated in Bermuda with limited liability)

POSSIBLE CHANGE IN CONTROL OF

SING PAO MEDIA GROUP LIMITED

The board of directors of Sing Pao Media has been informed today by its controlling shareholder, a company controlled jointly by China Strategic Holdings Limited and Star East Holdings Limited that negotiations are taking place with Capital Strategic Investment Limited, a Hong Kong listed company and an independent third party not connected with the substantial shareholders, directors and chief executive of Sing Pao Media which may result in the change in control of Sing Pao Media and the disposal of certain of its assets. In view of this and the rise in the price of the shares in Sing Pao Media, the board of directors has requested the suspension of trading in the shares on the Stock Exchange.

The board of directors of Sing Pao Media Group Limited ("Sing Pao Media") has been informed today by its controlling shareholder, Gold Brilliant Limited, which has approximately 74.99% shareholding interest in Sing Pao Media and a company controlled as to 65% by China Strategic Holdings Limited and 35% by Star East Holdings Limited, that negotiations are taking place with Capital Strategic Investment Limited, a Hong Kong listed company and an independent third party not connected with the substantial shareholders, directors and chief executive of Sing Pao Media which may result in the change in control of Sing Pao Media, a takeover offer being made for the shares in Sing Pao Media and the disposal of certain of its assets including disposal of Sing Pao Daily News to the current controlling shareholders of Gold Brilliant Limited. The price range under negotiation for the sale of the controlling interest in Sing Pao Media to Capital Strategic Investment Limited is about HK$0.90 to HK$1.10 per Sing Pao Media share. In view of this and the rise in the price of the shares in Sing Pao Media in the afternoon on 17th May, 2001, the board of directors has requested the suspension of trading in the shares on the Stock Exchange with effect from 10:00 a.m. on Friday, 18th May, 2001, pending the issue of a detailed announcement on the outcome of these negotiations which is expected to be known within the next few days.

Save for the above, the board of directors confirms that there are no negotiations or agreements relating to intended acquisitions or realisations which are discloseable under paragraph 3 of the listing agreement, neither is the board aware of any matter discloseable under the general obligation imposed by paragraph 2 of the listing agreement which is price sensitive in nature.

By Order of the Board

Sing Pao Media Group Limited

Leung Man Fai

Company Secretary

Hong Kong, 17th May, 2001

The directors of Sing Pao Media jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm having made all reasonable enquiries, that to the best of their knowledge and belief, 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 statement in this announcement misleading.

Please also refer to the published version of this announcement in the Hong Kong iMail.