10:42     <00275> & <00235>-Joint Ann. & <00235> Resumed (21)                 

    Rule 8.2 of the Takeovers Code provides that an offer document should     
    normally be posted by or on behalf of the offeror within 21 days of       
    the date of announcement of the offer (or, in the case of a securities    
    exchange offer, 35 days). Accordingly, the offer document in relation     
    to the China Strategic Offer should be posted within 21 days of the       
    date of this announcement whereas the offer document in relation to       
    the GDI Offer should be posted within 35 days of the date of this         
    announcement. Pursuant to Note 2 to Rule 8.2 of the Takeovers Code,       
    the Executive's consent is required if the making of an offer is          
    subject to the prior fulfilment of a pre-condition and the pre-           
    condition cannot be fulfilled within the time period contemplated by      
    Rule 8.2 of the Takeovers Code. Application will be made by each of       
    Well Orient and the Offeror for the Executive's consent under Rule 8.2    
    of the Takeovers Code to extend the deadline for the despatch of the      
    relevant offer documents to within seven days of fulfilment of the        
    conditions precedent of Share Sale Agreement.                             
                                                                              
    A composite offer and response document of China Strategic setting out    
    details of the China Strategic Offer (accompanied by the acceptance       
    and transfer form) and incorporating the letter of recommendation from    
    the independent board committee of China Strategic and the letter of      
    advice from Hercules on the China Strategic Offer will be sent to the     
    China Strategic Shareholders in accordance with the Takeovers Code.       
                                                                              
    Another composite offer and response document of GDI setting out          
    details of the GDI Offer (accompanied by the acceptance and transfer      
    form), information on Hanny and incorporating the letter of               
    recommendation from the independent board committee of GDI and the        
    letter of advice from Hercules on the GDI Offer will be sent to the       
    shareholders of GDI in accordance with the Takeovers Code.                
                                                                              
    WARNING: THE MAKING OF BOTH THE GDI OFFER AND THE CHINA STRATEGIC         
    OFFER ARE SUBJECT TO A NUMBER OF CONDITIONS AND ARE POSSIBILITIES         
    ONLY. AS THE OFFERS MAY OR MAY NOT PROCEED, INVESTORS, PAUL Y             
    SHAREHOLDERS, HANNY SHAREHOLDERS AND CHINA STRATEGIC SHAREHOLDERS ARE     
    URGED TO EXERCISE CAUTION WHEN DEALING IN THE SHARES OF PAUL Y, HANNY     
    AND CHINA STRATEGIC.                                                      
                                                                              
    SUSPENSION AND RESUMPTION OF TRADING                                      
                                                                              
    At the request of Hanny, trading in its shares on the Stock Exchange      
    was suspended with effect from 9:45 a.m. on 8th March, 2005 pending       
    the release of this announcement. Trading in the Hanny Shares will        
    continue to be suspended pending the release of an announcement in        
    relation to, among others, a major transaction regarding a                
    subscription of a convertible note.                                       
                                                                              
    At the request of China Strategic, trading in its shares on the Stock     
    Exchange was suspended with effect from 9:45 a.m. on 8th March, 2005      
    pending the release of this announcement. Application has been made by    
    China Strategic to the Stock Exchange for resumption of trading in the    
    China Strategic Shares with effect from 9:30 a.m. on 20th April, 2005.    
                                                                              
    As at the date of this announcement, the directors of Hanny are as        
    follows:                                                                  
                                                                              
    Executive Directors:        Non-executive Directors:                      
    Dr. Chan Kwok Keung, Charles        Mr. Fok Kin-ning, Canning             
    Dr. Yap, Allan        Mr. Ip Tak Chuen, Edmond                            
    Mr. Lui Siu Tsuen, Richard        Mr. Cheung Hon Kit                      
    Mr. Chan Kwok Hung        Ms. Shih, Edith                                 
            (Alternate to Mr. Fok Kin-ning, Canning)                          
                                                                              
    Independent Non-executive Directors:                                      
    Mr. Yuen Tin Fan, Francis                                                 
    Mr. Kwok Ka Lap, Alva                                                     
    Mr. Wong King Lam, Joseph                                                 
                                                                              
    As at the date of this announcement, the directors of China Strategic     
    are as follows:                                                           
                                                                              
    Executive Directors:        Independent Non-executive Directors:          
    Dr. Chan Kwok Keung, Charles        Mr. David Edwin Bussmann              
    Dr. Yap, Allan        Mr. Wong King Lam, Joseph                           
    Ms. Chau Mei Wah, Rosanna        Mr. Sin Chi Fai                          
    Ms. Chan Ling, Eva                                                        
    Mr. Li Bo                                                                 
    Mr. Chan Kwok Hung                                                        
    (Alternate to Dr. Chan Kwok Keung, Charles)                               
    Mr. Lui Siu Tsuen, Richard                                                
    (Alternate to Dr. Yap, Allan)                                             
                                                                              
    DEFINITIONS