11:17     CS CONSERVAT P<00351> - Announcement (8)                            

    completion of the Placing                                                 
                                                                              
    "General Mandate"   the general mandate granted to the Directors at the   
    extraordinary general meeting of the Company held on 14 January 2005      
                                                                              
    "Group"   the Company, its subsidiaries and its associated companies      
                                                                              
    "Hong Kong"   the Hong Kong Special Administrative Region of the PRC      
                                                                              
    "Independent Board    an independent board committee to be formed to      
    give advice to the Independent                                            
      Committee"   Shareholders in respect of the Subscription Agreement      
                                                                              
    "Independent    Shareholders other than the Subscribers and their         
    respective associates                                                     
      Shareholders"                                                           
                                                                              
    "Listing Committee"   has the meaning given to that term in the Listing   
    Rules                                                                     
                                                                              
    "Listing Rules"   the Rules Governing the Listing of Securities on the    
    Stock Exchange                                                            
                                                                              
    "Mr. Hon"   Mr. Hon Ming Kong, the chairman of the Company                
                                                                              
    "Ms. Wong"   Ms. Wong King King, the beneficial owner of Sky Bright, the  
     Company's Vice Chairman and an executive Director                        
                                                                              
    "Old Shares"   ordinary share(s) of HK$0.10 each in the capital of the    
    Company prior to the sub-division of the shares of the Company approved   
    by the Shareholders on 28 May 2004                                        
                                                                              
    "Placee(s)"   any individual(s), institutional or other professional      
    investor(s) procured by the Placing Agent to subscribe for any of the     
    Placing Shares subject to the terms of the Placing and Underwriting       
    Agreement                                                                 
                                                                              
    "Placing"   placement of the Placing Shares pursuant to the Placing and   
    Underwriting Agreement                                                    
                                                                              
    "Placing Agent"   Kim Eng Securities (Hong Kong) Limited, a corporation   
    licensed to undertake type 1 (dealing in securities) and type 4           
    (advising on securities), regulated activities under the SFO              
                                                                              
    "Placing and    the placing agreement dated 23 March 2005 entered into    
    between the Placing                                                       
      Underwriting    Agent and the Company                                   
      Agreement"                                                              
                                                                              
    "Placing Price"   HK$0.78 per Share                                       
                                                                              
    "Placing Shares"   90,000,000 new Shares to be issued pursuant to the     
    Placing                                                                   
                                                                              
    "PRC"   The People's Republic of China, which for the purpose of this     
    announcement, excludes Hong Kong                                          
                                                                              
    "SFO"   Securities and Futures Ordinance (Chapter 571 of the Laws of      
    Hong Kong)                                                                
                                                                              
    "Shares"   the ordinary share(s) of HK$0.01 each in the share capital of  
     the Company                                                              
                                                                              
    "Shareholder(s)"   holder(s) of Shares of the Company                     
                                                                              
    "Sky Bright"   Sky Bright International Development Limited, a company    
    incorporated in BVI with limited liability, the entire issued share       
    capital of which is owned by Ms. Wong                                     
                                                                              
    "Stock Exchange"   The Stock Exchange of Hong Kong Limited                
                                                                              
    "Subscribers"   Sky Bright, Mr. Hon, CIAM and CCIH                        
                                                                              
    "Subscription"   the subscription of Subscription Shares by the           
    Subscribers pursuant to the Subscription Letter                           
                                                                              
    "Subscription Letter"   the subscription letter dated 23 March 2005       
    entered into between the Subscribers and the Company                      
                                                                              
    "Subscription Price"   HK$0.78 per Share                                  
                                                                              
    "Subscription Shares"   30,000,000 new Shares to be issued pursuant to    
    the Subscription                                                          
                                                                              
    "HK$"   Hong Kong dollar, the lawful currency of Hong Kong