08:53 GRANDMASS<08108> - Announcement This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities. The Stock Exchange of Hong Kong Limited (the "Stock Exchange") 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. CO-WINNER ENTERPRISE LIMITED (formerly known as "Grandmass Enterprise Solution Limited") (incorporated in Bermuda with limited liability) (Stock Code: 8108) ALLOTMENT RESULT OF OPEN OFFER OF 59,225,000 open offer SHARES OF HK$0.01 EACH ON THE BASIS OF ONE open offer SHARE FOR EVERY NEW SHARE HELD ON THE RECORD DATE AT a subscription price of HK$0.06 PER open offer SHARE PAYABLE IN FULL ON ACCEPTANCE Lead Underwriter Shun Loong Securities Company Limited Underwriter Friedmann Pacific Securities Limited The Directors announce that an aggregate of 25 valid acceptances and applications for excess Open Offer Shares have been received for a total of 54,733,446 Open Offer Shares as at 4:00 p.m. on Thursday, 17 February 2005 comprising (i) 14 valid acceptances of provisional allotments in respect of 27,058,868 Open Offer Shares made under the Open Offer; and (ii) 11 valid applications for excess Open Offer Shares in respect of 27,674,578 Open Offer Shares. Accordingly, the Open Offer was approximately 7.58% under-subscribed and the Open Offer has become unconditional at 4:00 p.m. on Tuesday, 22 February 2005. Certificates for the Open Offer Shares are expected to be dispatched by ordinary post to those Shareholders who accepted and paid for the Open Offer Shares at their own risk on or about Thursday, 24 February 2005. Dealings in the fully-paid Open Offer Shares are expected to commence at 9:30 a.m. on Monday, 28 February 2005. By Order of the Board Co-winner Enterprise Limited Tai Chi-ching Executive Director Hong Kong, 24 February 2005 As at the date of this announcement, the Board comprises of executive directors, Mr. Tai Chi Ching and Mr. Zhao Ming, non-executive director, Ms. Kwong Wai Man, Karina and Mr. Ng Ming Wah and independent non-executive directors, Ms. Ma Lee, Mr. Chen Pei and Mr. Peng Feng. This announcement, for which the directors of the Company collectively and individually accept full responsibility, particulars given in compliance with the Growth Enterprise Market ("GEM") Listing Rules for the purpose of giving information with regard to the Company. The directors having made all reasonable enquires, confirm that, to the best of their knowledge and belief: (1) the information contained in this announcement is accurate and complete in all material respects and not misleading; (2) there are no other matters the omission of which would make any statement in this announcement misleading; and (3) all opinions expressed in this announcement have been arrived at after due and careful consideration and are founded on bases and assumptions that are fair and reasonable. The above announcement is a summary only. For the full version of this announcement, please refer to the "Latest Company Announcements" page on the GEM website of http://www.hkgem.com and the Company's website http://www.grandmass.com.hk