09:17 CHINA RICH HOLD<01191>-Announcement&Resumption of Trading(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. China Rich Holdings Limited (incorporated in Bermuda with limited liability) (Stock code: 1191) ANNOUNCEMENT AND RESUMPTION OF TRADING The Board refers to the November Announcement, the December Announcement, the January Announcement, the March Announcement and the June Announcement in relation to the delay in release of the Company's financial information. Reference is also made to the September Announcement in relation to the change of auditors of the Company. After the appointment of the New Auditors, the Company had announced its FY2003 Audited Final Results on 12 November 2004 and had despatched its 2003 annual report on 9 December 2004. The Company had also announced its FY2004 Interim Results on 12 November 2004 and had despatched its 2004 interim report on 9 December 2004. The Company had also announced its FY2004 Audited Final Results on 29 November 2004 and had despatched its 2004 annual report on 9 December 2004. The litigations of the Group were disclosed under "Contingent Liabilities and Assets" in the Company's 2004 annual report. There has been no other development for those litigations and there are no other litigations or claims of material importance pending or threatened against the Group or any directors of the Company. At the request of the Company, trading in the Company's shares has been suspended from 9:30 a.m. on 26 August 2004 pending the release of further financial information of the Company. An application has been made to the Stock Exchange for resumption in trading of the shares with effect from 9:30 a.m. Thursday, 3 March 2005. BACKGROUND The board of directors (the "Board") of China Rich Holdings Limited (the "Company") together with its subsidiaries (the "Group") refers to the announcement of the Company dated 27 November 2003 in relation to the delay in release of the Audited Final Results for FY2003 and the despatch of the 2003 annual report (the "November Announcement"), the announcements of the Company dated 18 December 2003 (the "December Announcement"), 20 January 2004 (the "January Announcement") and 12 March 2004 (the "March Announcement") in relation to the further delay and the announcement dated 7 June 2004 (the "June Announcement") in relation to the delay in release of the Unaudited Interim Results for FY2004 and the despatch of the 2004 interim report. Reference is also made to the announcement of the Company dated 21 September 2004 in relation to the change of auditors and the delay in the release of the financial information of the Company (the "September Announcement"). RESIGNATION OF FORMER AUDITORS As stated in the November Announcement, the December Announcement, the January Announcement, the March Announcement and the June Announcement, the delay of GreaterChina Technology Group Limited ("GCTG") to publish its audited final results for FY2003 within prescribed timeframe had inevitably resulted in the Company's delay in publication of its Audited Financial Results for FY2003 and hence its Unaudited Interim Results for FY2004, as 31.76% of GCTG is being held by the Company and thereby it becomes an associated company of the Company. However, as stated in the September Announcement, the Company received a resignation letter (the "Resignation Letter") from the former auditors of the Company, Ernst & Young (the "Former Auditors"), resigning as auditors of the Company and certain subsidiaries of the Company. The Former Auditors indicated in its resignation letter that owing to the prolonged delay in the audit of the Group for the financial year 31 July 2003 ("FY2003") and the lack of cooperation from the Group's management in the resolution of the issues relating to the major outstanding information (the "Outstanding Information"), the Former Auditors did not consider it would be appropriate for them to continue as auditors of the Company and they therefore tendered their resignation. Save for the Outstanding Information and background pertaining to the resignation of the Former Auditors which were set out in the Resignation Letter, the