09:12     SHOUGANG GRAND<00730> - Announcement (1)                            

    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.                                
                                                                              
    This announcement appears for information purposes only and               
    does not constitute an invitation or offer to acquire,                    
    purchase or subscribe for securities of Shougang Concord Grand            
    (Group) Limited and Global Digital Creations Holdings Limited.            
                                                                              
    SHOUGANG CONCORD GRAND (GROUP) LIMITED                                    
    (incorporated in Bermuda with limited liability)                          
    (Stock Code: 730)                                                         
                                                                              
    GLOBAL DIGITAL CREATIONS HOLDINGS LIMITED                                 
    (incorporated in Bermuda with limited liability)                          
    (Stock Code: 8271)                                                        
                                                                              
    Closing of the voluntary share exchange offer                             
    by DBS Asia Capital Limited                                               
    on behalf of Upper Nice Assets Ltd., a wholly-owned subsidiary            
    of                                                                        
    Shougang Concord Grand (Group) Limited, to acquire all the                
    issued shares of,                                                         
    and a voluntary conditional cash offer to cancel all the                  
    outstanding options of,                                                   
    Global Digital Creations Holdings Limited (other than those               
    already owned                                                             
    by the Offeror and parties acting in concert with it)                     
    and Waiver Application from strict compliance                             
    with Rule 11.23 of the GEM Rules                                          
                                                                              
    Financial Advisor to Shougang Concord Grand (Group) Limited               
    DBS                                                                       
                                                                              
    Financial Advisor to Global Digital Creations Holdings Limited            
    Partners Capital International Limited                                    
                                                                              
    The board of directors of SCG wishes to announce the latest               
    time and date for acceptance of the Offers was 4:00 p.m. on 1             
    March 2005 and the Offers were closed on 1 March 2005. As at              
    4:00 p.m. on the Closing Date, the Offeror received valid                 
    acceptances in respect of 658,466,023 GDC Shares and                      
    22,631,615 GDC Options, representing approximately 82.2% of               
    the existing issued share capital of GDC and all the issued               
    GDC Options respectively. As a result, all the outstanding GDC            
    Options have been cancelled. The Offeror and the parties                  
    acting in concert with it were not interested in any GDC                  
    Shares, GDC Options, convertible securities, warrants, or                 
    other derivatives of GDC immediately before the commencement              
    of the Offers. The Offeror and parties acting in concert with it          
    did not deal in any GDC Shares, GDC Options, convertible                  
    securities, warrants, or other derivatives of GDC during the              
    period from the joint announcement of SCG and GDC on 19                   
    November 2004 to the date of this announcement.                           
                                                                              
    As at the date of this announcement, the Offeror was the legal            
    and beneficial owner of 652,446,023 GDC Shares, representing              
    approximately 81.5% of the issued share capital of GDC and the            
    remaining 18.5% interest in GDC was held by the public. Other             
    than GDC Shares, the Offeror does not own any other types of              
    GDC securities as at the date of this announcement. In                    
    addition, valid acceptances in respect of 6,020,000 GDC Shares            
    (representing approximately 0.7% of the issued share capital              
    of GDC as at the date of this announcement) have been received            
    by the Offeror as at 4:00 p.m. on 1 March 2005, the titles of             
    which have not yet been legally transferred to the Offeror.               
    Upon completion of the transfers, the Offeror will be                     
    interested in 658,466,023 GDC Shares, representing                        
    approximately 82.2% of the issued share capital of GDC and                
    only approximately 17.8% interest in GDC will be held by the              
    public.                                                                   
                                                                              
    Application has been made by GDC to the Stock Exchange for a              
    waiver from strict compliance with Rule 11.23 of the GEM Rules            
    on the 25% minimum public float requirement for a period of               
    one month from the date of this announcement until 1 April                
    2005. Further announcement will be made by GDC upon its due               
    compliance with Rule 11.23 of the GEM Rules.                              
                                                                              
    Shareholders of SCG and GDC and investors should exercise                 
    caution when dealing in the SCG Shares and the GDC Shares.