09:17     TOPSEARCH INT'L<02323>-Announcement&Resumption of Trading(4)        

    Public float                                                              
                                                                              
    The Company is able to meet the public float requirements after           
    completion of the Subscription.                                           
                                                                              
    Costs and expenses                                                        
                                                                              
    Each party to the Placing Agreement and Subscription Agreement shall pay  
    its own costs, expenses of its own legal and other professional advisers  
    and out-of-pocket expenses incurred in connection with the Placing and    
    the Subscription. Nevertheless, the Company shall fully reimburse all of  
    Inni's reasonable costs, fees and expenses relating to the Placing,       
    including the expenses, all seller's Hong Kong stamp duty on the          
    relevant sold notes and instruments of transfer, SFC transaction levy     
    and Stock Exchange trading fee.                                           
                                                                              
    Reasons for the Placing and the Subscription and use of proceeds          
                                                                              
    The principal business activities of the Company and its subsidiaries     
    are the manufacture and sale of a broad range of double-sided and         
    multilayer printed circuit boards.                                        
                                                                              
    The Directors consider that the Placing and the Subscription will         
    increase the shareholders base of the Company and the liquidity of the    
    Shares. The net proceeds receivable by the Company under the              
    Subscription is estimated to be approximately HK$61,500,000 (after        
    deducting expenses of approximately HK$1,500,000) in the event that       
    70,000,000 Shares are successfully placed pursuant to the Placing. It is  
    presently intended that the net proceeds will be used as part of          
    construction cost for the production plant of the Company situate at      
    Shaoguan, the People's Republic of China. The floor area of the said      
    production plant upon completion (which is expected to be before the end  
    of 2005) is approximately 56,000 square metres. The total construction    
    cost for the said production plant is estimated to amount to              
    approximately HK$100,000,000. The remaining balance of the construction   
    costs (after deducting the net proceeds derived from the Subscription)    
    would be financed by internal resources of the Group.                     
                                                                              
    The Board confirms that the terms of the Placing Agreement and the        
    Subscription Agreement have been negotiated on an arm's length basis and  
    are normal commercial terms based on the prevailing market conditions.    
    The Board has considered the terms of the Placing Agreement and           
    Subscription Agreement and are of the view that they are fair and         
    reasonable and in the best interests of the Company and its shareholders  
    as a whole.                                                               
                                                                              
    Funds raised by the Company during the 12 months immediately before the   
    date of this announcement                                                 
                                                                              
    The Company has not engaged in any fund-raising activities through the    
    issue of equity securities in the 12 months immediately preceding the     
    date of this announcement.                                                
                                                                              
    Resumption of Trading                                                     
                                                                              
    Trading in the Shares was suspended at 9:30 a.m. on 25 February 2005 at   
    the request by the Company pending the release of this announcement, and  
    application has been made to the Stock Exchange for resumption of         
    trading in the Shares with effect from 9:30 a.m. on 28 February 2005.     
                                                                              
    Terms and Definitions                                                     
                                                                              
    "%"        per cent.                                                      
                                                                              
    "Board"        the board of Directors                                     
                                                                              
    "Company"        Topsearch International (Holdings) Limited, an exempted  
    company incorporated in Bermuda and the shares of which are listed on     
    the Stock Exchange                                                        
                                                                              
    "Director(s)"        director(s) of the Company                           
                                                                              
    "HK$"        Hong Kong dollars, the lawful currency of Hong Kong          
                                                                              
    "Hong Kong"        the Hong Kong Special Administrative Region of The     
    People's Republic of China                                                
                                                                              
    "Inni"        Inni International Inc., a company incorporated in the      
    Republic of Liberia and which is owned as to 49% by Mr. Cheok and as to   
    51% jointly by Mr. Cheok and his spouse Mrs. Cheok Chu Wai Min            
                                                                              
    "Listing Rules"        the Rules Governing the Listing of Securities on   
    the Stock Exchange