09:04     VASO DIGITAL<08220> - Announcement & Resumption of Trading          

                                                                              
    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.                                                     
                                                                              
    Modern China Holdings Limited   Vaso Digital                              
    International Holdings Limited                                            
    (Incorporated in the British Virgin Islands with                          
    limited liability)      *                                                 
    (Incorporated in the Cayman Islands with limited                          
    liability)                                                                
    (Stock Code: 8220)                                                        
                                                                              
    DELAY IN DESPATCH OF THE COMPOSITE DOCUMENT                               
    AND                                                                       
    RESUMPTION OF TRADING                                                     
                                                                              
    The Offeror and the Company will jointly apply to the                     
    SFC for an extension of time for the despatch of the                      
    Composite Document by not later than 8th April, 2005.                     
                                                                              
    The Offeror and the Company also wish to announce that                    
    arrangements are being made for the placing of the                        
    Shares which will be taken place simultaneously at                        
    the close of the Offer. The Shares will be placed by                      
    a placing agent to more than six independent                              
    professional, institutional and/or individual                             
    investors.                                                                
                                                                              
    As there is an insufficiency of the public float of                       
    the Shares following Completion and the Placing may                       
    or may not be consummated, investors are advised to                       
    exercise caution when dealing in Shares.                                  
                                                                              
    At the request of the Company, trading in the Shares                      
    on the Stock Exchange was suspended with effect from                      
    9:30 a.m. on 18th March, 2005. Application has been                       
    made by the Company for the resumption of trading in                      
    the Shares on the Stock Exchange with effect from 9:30                    
    a.m. on 22nd March, 2005.                                                 
                                                                              
    By order of the sole director of        By order of the                   
                                            board of                          
    Modern China Holdings Limited           Vaso Digital                      
                                            International Holdings Limited    
    Chen Jijin                              Yasukawa Yoshihiro                
    Chairman                                                                  
    Hong Kong, 21st March, 2005                                               
                                                                              
    *  For identification purposes only                                       
                                                                              
    The sole director of the Offeror accepts full                             
    responsibility for the accuracy of the information                        
    contained in this announcement (other than that in                        
    relation to the Group) and confirms, having made all                      
    reasonable enquiries, that to the best of his                             
    knowledge, opinions expressed in this announcement                        
    have been arrived at after due and careful                                
    consideration and there are no other facts not                            
    contained in this announcement (other than that in                        
    relation to the Group) the omission of which would                        
    make any statement in this announcement misleading.                       
                                                                              
    The Directors jointly and severally accept full                           
    responsibility for the accuracy of the information                        
    contained in this announcement (other than that in                        
    relation to the Offeror) and confirm, having made all                     
    reasonable enquiries, that to the best of their                           
    knowledge, opinions expressed in this announcement                        
    have been arrived at after due and careful                                
    consideration and there are no other facts not                            
    contained in this announcement (other than that in                        
    relation to the Offeror) the omission of which would                      
    make any statement in this announcement misleading.                       
                                                                              
    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 at www.hkgem.com.