09:28     SINO-I TECH<00250> - Announcement (5)                               

    financial information and related services, distance learning             
    and application services, property investment and development             
    and, through its listed subsidiary, South Sea Holding Company             
    Limited, is principally engaged in property development; and              
    design and marketing of consumer packaged electronics.                    
                                                                              
    INFORMATION ON THE PURCHASER                                              
                                                                              
    To the knowledge of the Directors, the principal business                 
    activity of the Purchaser is investment holding.                          
                                                                              
    GENERAL                                                                   
                                                                              
    The Disposal constitutes a discloseable transaction for the               
    Company under rule 14.06(2) of the Listing Rules. A circular              
    containing details of the Disposal will be sent to the                    
    shareholders of the Company as soon as practicable.                       
                                                                              
    As at the date of this announcement, the Board comprises two              
    executive Directors, namely Mr. Yu Pun Hoi and Mr. Zhang Hong             
    Ren; three non-executive Directors, namely Mr. Li Shilin, Mr.             
    Luo Ning and Mr. Lam Bing Kwan and three independent                      
    non-executive Directors, namely Mr. Chan Lap Stanley, Mr. Fung            
    Wing Lap and Mr. Qin Tian Xiang.                                          
                                                                              
    DEFINITIONS                                                               
                                                                              
    "Acesite"       Acesite Limited, a company incorporated in the British    
    Virgin Islands with limited liability, the entire issued share            
    capital of which is held by South Port; Acesite was the holder            
    of 74,889,231 ordinary shares in Acesite (Phils.) Hotel,                  
    representing 75% of its total issued stock capital, which were            
    mortgaged in favour of a bank who purported in February 2003              
    to sell all of such mortgaged shares to a third party purchaser           
                                                                              
    "Acesite (Phils.)       Acesite (Phils.) Hotel Corporation, a             
    company                                                                   
      Hotel"        incorporated in the Philippines with limited liability,   
    the shares of which are listed on the Philippines Stock Exchange          
                                                                              
    "Agreement"     the conditional sale and purchase agreement dated         
    18 April 2005 entered into among the Company as vendor, the               
    Purchaser and Mr. Yu as guarantor in respect of the Disposal              
                                                                              
    "Board" the board of Directors                                            
                                                                              
    "CIMA Realty"   CIMA Realty (Phils) Inc., a company incorporated          
    in the Philippines with limited liability, 40% of the issued              
    share capital of which is owned by South Port and the remaining           
    60% of the issued stock capital of which is beneficially owned            
    by an independent third party; and the registered owner of a              
    parcel of land site under Transfer Certificate of Title No.               
    184100 of the office of the Register of Deeds for the City of             
    Manila on which Manila Pavilion Hotel is situated, having a gross         
    area of about 6,500 sq.m.                                                 
                                                                              
    "Company"       Sino-i Technology Limited, a company incorporated in      
    Hong Kong with limited liability, the shares of which are listed          
    on the Stock Exchange                                                     
                                                                              
    "Directors"     the directors of the Company                              
                                                                              
    "Disposal"      the proposed disposal of the entire issued share          
    capital of each of South Port and First Foundation pursuant to            
    the Agreement                                                             
                                                                              
    "First Foundation"      First Foundation Limited, a company               
    incorporated in the British Virgin Islands with limited                   
    liability, which is wholly-owned by the Company