09:43 YUGANG INT'L<00613>&QUALIPAK INT'L<01224>-Joint Announcement 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. YUGANG INTERNATIONAL LIMITED (Incorporated in Bermuda with limited liability) (Stock Code: 613) QUALIPAK INTERNATIONAL HOLDINGS LIMITED (Incorporated in Bermuda with limited liability) (Stock Code: 1224) JOINT ANNOUNCEMENT DELAY IN DESPATCH OF CIRCULAR Taking into account the time required for preparation of the Proforma Hoi Tin Accounts and the review of the Proforma Assets Statements by the auditors of Yugang and Qualipak, Yugang and Qualipak had applied to the Stock Exchange for an extension of the latest time for despatch of the Circulars to 12 May 2005. Pursuant to a joint announcement dated 30 March 2005 (the `Joint Announcement'), Yugang and Qualipak had announced a major transaction relating to the Acquisition. Capitalised terms used in this announcement have the same meanings as defined in the Joint Announcement. Pursuant to Rule 14.38 of the Listing Rules (as applied by Rule 14.40), each of Yugang and Qualipak is required to despatch a circular to its shareholders setting out information on the Acquisition within 21 days after the date of publication of the Joint Announcement. As the Joint Announcement was published on 31 March 2005, the circulars of Yugang and Qualipak (the `Circulars') should be despatched to the respective shareholders of Yugang and Qualipak on or before 21 April 2005. To comply with the relevant provisions of the Listing Rules, a proforma statement of (i) assets and liabilities of Yugang and its subsidiaries (in the case of Yugang) or the Qualipak Group (in the case of Qualipak) combined with (ii) the assets and liabilities of the Hoi Tin Group as at 31 October 2004 (assuming the Hoi Tin Reorganisation was completed as at 31 October 2004) (`Proforma Assets Statements') would be included in the Circulars and the auditors of Yugang and Qualipak would be required to report on such proforma statement of assets and liabilities based on the proforma consolidated financial statements of the Hoi Tin Group as at 31 October 2004 (assuming the Hoi Tin Reorganisation was completed on that day) (the `Proforma Hoi Tin Accounts'). Taking into account the time required for preparation of the Proforma Hoi Tin Accounts and the review of the Proforma Assets Statements by the auditors of Yugang and Qualipak, it was not practicable for Yugang and Qualipak to send the Circulars to their respective shareholders on or before 21 April 2005. In view of the above, Yugang and Qualipak had applied to the Stock Exchange for an extension of the latest time for despatch of the Circulars to 12 May 2005. By order of the board Yugang International Limited Yuen Wing Shing Managing Director By order of the board Qualipak International Holdings Limited Lam How Mun Peter Chairman and Managing Director Hong Kong, 20 April 2005 As at the date of this announcement, the board of directors of Yugang comprises 9 directors of which Mr Cheung Chung Kiu, Mr Yuen Wing Shing, Mr Zhang Qing Xin, Mr Lam Hiu Lo and Mr Liang Kang are executive directors; Mr Lee Ka Sze Carmelo is a non-executive director and Mr Wong Wai Kwong David, Mr Wong Yat Fai and Mr Ng Kwok Fu are independent non-executive directors. As at the date of this announcement, the board of directors of Qualipak comprises 9 directors of which Dr Lam How Mun Peter, Mr Cheung Chung Kiu, Mr Lam Hiu Lo, Mr Leung Chun Cheong, Mr Leung Wai Fai and Ms Poon Ho Yee Agnes are executive directors; and Mr Lam Kin Fung Jeffrey, Mr Lam Ping Cheung and Mr Wong Wai Kwong David are independent non-executive directors.