Wisdomcome Group Holdings Ltd. — Earnings Release 2002

Jan 30, 2003

GEM

RAINBOW INT'L<08079> - Results Announcement (Final, 2001/2002, Summary)

RAINBOW INT'L<08079> - Results Announcement (Final, 2001/2002, Summary)

Rainbow International Holdings Limited announced on 29/01/2003:
(stock code: 08079)

Year end date :31/10/2002
Currency :HKD
Auditors' report :Qualified
Review of Quarterly Report by :Auditors

Important Note :

This result announcement form only contains extracted information from
and should be read in conjunction with the detailed results announcement
of the issuer, which can be viewed on the GEM website at
http://www.hkgem.com

                                         (Audited)         (Audited)
                                       Current    Last Corresponding
                                       Period           Period
                                   from 01/11/2001   from 01/11/2000
                                     to 31/10/2002     to 31/10/2001
                                             $'000             $'000

Turnover : 51,612 110,047
Profit/(Loss) from Operations : (55,634) (21,879)
Finance cost : (2,471) (3,924)
Share of Profit/(Loss) of Associates : N/A N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (58,195) (36,510)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : HKD(0.1663) HKD(0.1043)
Diluted (in dollar) : HKD(0.1654) HKD(0.0993)
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (58,195) (36,510)
Final Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for Final Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)

                                   For and on behalf of
                                   Rainbow International Holdings Limited
                        Signature :
                             Name :  LEE Chap Ming
                            Title :Company Secretary

Responsibility statement

The directors of the Company (the "Directors") as at the date hereof
hereby collectively and individually accept full responsibility for the
accuracy of the information contained in this results announcement form
(the "Information") and confirm, having made all reasonable inquiries,
that to the best of their knowledge and belief the Information are
accurate and complete in all material respects and not misleading and
that there are no other matters the omission of which would make the
Information herein inaccurate or misleading. The Directors acknowledge
that the Stock Exchange has no responsibility whatsoever with regard
to the Information and undertake to indemnify the Exchange against all
liability incurred and all losses suffered by the Exchange in connection
with or relating to the Information.

Remarks:

1. Group reorganisation and presentation

The Company is incorporated as an exempted company with limited
liability in the Cayman Islands on 6 March 2001. Pursuant to a group
reorganisation (the " Group Reorganisation") to rationalise the
the structure of the Group in preparation for the listing of
its shares on The Growth Enterprise Market ("GEM") OF The Stock
Exchange of Hong Kong Limited (the "Stock Exchange" on
15 October 2001, the Company became the holding company of the
Companies now comprising the Group on 21 September 2001. Further details
of the Group Reorganisation are set out in the Company's
(the Prospectus) dated 28 September 2001.

As the reorganisation involved companies under common control, the
consolidated financial statements have been prepared using the merger
accounting method. Therefore, the results of the Group for the year
ended 31 October 2001 included the results of the Group as if the
group structure resulting from the Reorganisation had been in
existence throughout the years ended 31 October 2000 and 2001 or
since the dates of acquisition as described in the Prospectus or
since the date of incorporation of the respective group companies
where there was of a shorter period.

1. Loss per share

The calculation of basic loss per share is based on the loss
attributable to shareholders of approximately HK$58,195,000
(2001: a loss of approximately HK$36,510,000 (restated))
and the weighted average number of 350,000,000 (2001: 350,000,000)
shares.

The calculation of diluted loss per share is based on the loss
attributable to shareholders of approximately HK$58,195,000
(2001: a loss of approximately HK$36,510,000 (restated))
and the 351,750,000 (2001: 367,500,000) shares which represented the
350,000,000 shares in issue and after adjusting for the number of
shares which are deemed to have been issued for no consideration
under the Pre-IPO Share Option Scheme based on the subscription price at
50% of the offer price (I.e. HK$0.25).

1. The item of Loss after Taxation & MI are arrived after charging:

                                     2002         2001
                                   HK$,000      HK$'000
   

   Impairment of goodwill (note 4) --- 10,707
   Taxation 90 ---

2. Impairment of goodwill

The Group has performed an assessment of the fair value of goodwill
that had previously been charged to the reserves. As a result, the Group
has retrospectively restated and increased its previously reported net
loss for the year ended 31 October 2001 by approximately HK$10,707,000.