Zhongyuan Bank Co., Ltd. — M&A Activity 2000

Feb 29, 2000

Listed Company Information

FREIGHT LINKS<0563> - 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. FREIGHT LINKS EXPRESS HOLDINGS (HONG KONG) LIMITED (Incorporated in Bermuda with limited liability) Possible Acquisition of An Internet Related Business The board (the `Board') of directors of Freight Links Express Holdings (Hong Kong) Limited (the `Company') wishes to inform the shareholders of the Company that on 24th February, 2000, the Company was approached by a third party who is independent from, not connected with and not acting in concert with the substantial shareholders, the chief executive and the directors of the Company or any of its subsidiaries or any of their respective associates with an opportunity for the Company to acquire an internet related business. If the proposed acquisition proceeds, it will be funded wholly or partly by a placement of new shares of the Company. Part of the new shares may be issued to the vendor of the internet related business as consideration shares which may or may not result in a change in the control of the Company or the single largest shareholder of the Company. If the consideration for the proposed acquisition is to be settled partly by the issue of new shares of the Company to the vendor of the internet related business, the balance of the consideration will be settled by cash which will be raised by way of placement of new shares to third parties who are independent from, not connected with and not acting in concert with the substantial shareholders, the chief executive and the directors of the Company or any of its subsidiaries or any of their respective associates. The price and size of the placement has not yet been determined and the placement may or may not result in a change in control of the Company. As at the date of this announcement, no terms and conditions in relation to the proposed acquisition and the proposed placement of new shares have been agreed and no agreement in relation to the above proposed transactions have been signed yet. Therefore, part or all of the above proposed transactions may or may not materialize. The Board also wishes to inform the shareholders of the Company that the Company aims to finalize the terms and conditions for the proposed acquisition and the proposed placement of new shares of the Company on or before 4th March, 2000. Further announcement will be made as and when the above proposed transactions are agreed upon or terminated. At the request of the Company, trading in the shares of the Company was suspended on The Stock Exchange of Hong Kong Limited at 2:30 p.m. on 25th February, 2000. The shares of the Company will continue to be suspended on The Stock Exchange of Hong Kong Limited until the above proposed transactions are agreed upon or terminated. By order of the Board Freight Links Express Holdings (Hong Kong) Limited David Lim Teck Hiang Chairman Hong Kong, 28th February, 2000 Prior to the publication of this announcement, Mr. Fan Sheung Tak, Stephen, an independent non-executive director of the Company, could not be contacted. Therefore, all the Directors except Mr. Fan Sheung Tak, Stephen, jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, having made all reasonable inquiries, that to the best of their knowledge, the 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.