09:18     CHINA ASSETS<00170> - Announcement (3)                              

    "Company"        China Assets (Holdings) Limited, a company incorporated  
    in Hong Kong and an investment company whose shares are listed on the     
    Stock Exchange;                                                           
                                                                              
    "Directors"        the directors of the Company;                          
                                                                              
    "HK$"        the lawful currency of Hong Kong;                            
                                                                              
    "Hong Kong"        the Hong Kong Special Administrative Region of the     
    People's Republic of China;                                               
                                                                              
    "Independent Third Party"        a party independent of and not           
    connected with the Company and its connected persons (as defined in the   
    Listing Rules) and is not a connected person (as defined in the Listing   
    Rules) of the Company;                                                    
                                                                              
    "KongZhong"        KongZhong Corporation, a company whose shares are      
    listed on the Nasdaq National Market;                                     
                                                                              
    "KongZhong Group"        KongZhong and its subsidiaries;                  
                                                                              
    "KongZhong Shares"        the ordinary share(s) of US$0.0000005 each in   
    the share capital of KongZhong;                                           
                                                                              
    "Listing Rules"        The Rules Governing the Listing of Securities on   
    the Stock Exchange;                                                       
                                                                              
    "Shareholders"        the holder of the Shares of the Company;            
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited; and      
                                                                              
    "US$"        the lawful currency of the United States of America.         
                                                                              
    Unless otherwise specified in this announcement, translations of US$      
    into HK$ are made in this announcement, for illustration only, at the     
    rate of US$1.00 to HK$7.80. No representation is made that any amounts    
    in US$ or HK$ could have been or could be converted at that rate or at    
    any other rate.                                                           
                                                                              
                                                                              
                                                                              
    By order of the board of directors of                                     
    China Assets (Holdings) Limited                                           
    Lao Yuan Yi                                                               
    Chairman                                                                  
                                                                              
    Hong Kong, 23 February 2005