10:19     CAPITAL STRAT<00497>CAPITAL ESTATE<00193>-JA&<00193>Resume12        

    of a discretionary trust founded and established by Mr. Mico Chung.       
    Digisino Assets Limited, a company incorporated under the laws of the     
    British Virgin Islands, is wholly owned by Mr. Mico Chung. Mr. Mico       
    Chung is the sole director of each of Earnest Equity Limited and          
    Digisino Assets Limited                                                   
                                                                              
    "Placing Agent"        Kingston Securities Limited, a deemed licensed     
    corporation to carry on business in types 1, 4, 6 and 9 regulated         
    activities (dealing in securities, advising on securities and             
    corporate finance, and asset management) under the Securities and         
    Futures Ordinance (Chapter 571 of the Laws of Hong Kong)                  
                                                                              
    "Last Trading Date"        30 December 2004, being the last full          
    trading day for the Shares before this announcement                       
                                                                              
    "Listing Rules"        the Rules Governing the Listing of Securities      
    on the Stock Exchange                                                     
                                                                              
    "Placing"        the placing of 650,000,000 existing Shares               
    beneficially owned by the Vendor pursuant to the terms of the Placing     
    Agreement                                                                 
                                                                              
    "Placing Agreement"        the placing agreement between the Vendor       
    and the Placing Agent dated 5 January 2005 in relation to the Placing     
                                                                              
    "Placing Price"        HK$0.0265 per Shares                               
                                                                              
    "Placing Shares"        an aggregate of 650,000,000 existing Shares       
    beneficially owned by the Vendor and to be placed pursuant to the         
    Placing Agreement                                                         
                                                                              
    "Shareholder(s)"        holder(s) of the Share(s)                         
                                                                              
    "Share(s)"        ordinary share(s) of HK$0.01 in the share capital of    
    the Company                                                               
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited           
                                                                              
    "Top-Up Subscription Price"        HK$0.0265 per Shares                   
                                                                              
    "Top-Up Subscription Shares"        a total of 650,000,000 new Shares     
    to be subscribed for by the Vendor pursuant to the Top-Up Subscription    
    Agreement                                                                 
                                                                              
    "Top-Up Subscription"        the subscription of 650,000,000 new          
    Shares pursuant to the terms of Top-Up Subscription Agreement             
                                                                              
    "Top-Up Subscription Agreement"        the subscription agreement         
    between the Vendor and the Company dated 5 January 2005 in relation to    
    the Top-Up Subscription                                                   
                                                                              
    "Vendor"        Success Field Group Limited, which is a wholly owned      
    subsidiary of Super Master Group Limited, which in turn is a wholly       
    owned subsidiary of Capital Strategic                                     
                                                                              
    "HK$"        Hong Kong dollars, the lawful currency of Hong Kong          
                                                                              
    "%"        per cent.                                                      
                                                                              
            For and on behalf of        By Order of the Board                 
            Earnest Equity Limited        Capital Strategic Investment        
    Limited                                                                   
            Chung Cho Yee, Mico        Choo Yeow Ming                         
            Sole Director        Executive Chairman                           
                                                                              
                    By order of the Board                                     
                    Capital Estate Limited                                    
                    Choo Yeow Ming                                            
                    Executive Chairman