10:12     ESUN HOLDINGS<00571>LAI SUN DEV<00488>-Joint Ann & Resumed-3        

    Application will be made by the Company to the Stock Exchange for         
    listing of and permission to deal in the New Shares.                      
                                                                              
    Effect Of The Issue Of New Shares                                         
                                                                              
    LSD and the Company have cross holdings in one another as follows:        
                                                                              
            Before                After                                       
            Issue of the                Issue of the                          
            New Shares                New Shares                              
                                                                              
    The Company's shareholding in LSD        40.8%                40.8%       
    LSD's shareholding in the Company        42.54%                38.31%     
                                                                              
    Immediately before the issue of New Shares, the shareholding of the       
    Company in LSD is 40.8% and the shareholding of LSD in the Company is     
    42.54%. Upon Completion, the shareholding of the Company in LSD would     
    remain as 40.8% and the shareholding of LSD in the Company would be       
    diluted to 38.31%.                                                        
                                                                              
    The board of directors of LSD considers the issue of New Shares by the    
    Company is a price-sensitive information. Pursuant to Rules 13.09(1) of   
    the Listing Rules, LSD publishes this joint announcement with the         
    Company.                                                                  
                                                                              
    Definitions                                                               
                                                                              
    As used in this announcement, the following words and phrases have the    
    meanings as follows:                                                      
                                                                              
    "Board"        the board of Directors of the Company                      
                                                                              
    "Business Day"        means a day, other than a Saturday and a day on     
    which a tropical cyclone warning no.8 or above or a "black rainstorm      
    warning signal" is hoisted in Hong Kong at any time between 9:00 am and   
    5:00 pm, on which licensed banks are open for general banking business    
    in Hong Kong throughout their normal business hours                       
                                                                              
    "Completion"        means completion of the issue and allotment of the    
    New Shares                                                                
                                                                              
    "the Company"        eSun Holdings Limited, a limited liability company   
    incorporated under the laws of Bermuda, the Shares of which are listed    
    on the Stock Exchange                                                     
                                                                              
    "connected person"        the term shall have the meaning ascribed to it  
    in the Listing Rules                                                      
                                                                              
    "Director(s)"        the director(s) of the Company                       
                                                                              
    "General Mandate"        the mandate to issue, allot and deal with        
    additional shares not exceeding 20% of the issued share capital of the    
    Company granted to the Directors of the Company by resolution of its      
    shareholders passed at the Company's annual general meeting held on 25th  
    May 2004                                                                  
                                                                              
    "Group"        means the Company and its subsidiaries                     
                                                                              
    "HK$"        Hong Kong Dollars, the lawful currency of the Hong Kong      
                                                                              
    "LSD"        Lai Sun Development Company Limited, a limited liability     
    company incorporated under the laws of Hong Kong, the shares of which     
    are listed on the Stock Exchange                                          
                                                                              
    "Listing Rules"        The Rules Governing the Listing of Securities on   
    the Stock Exchange                                                        
                                                                              
    "New Shares"        The 74,000,000 new Shares to be issued by the         
    Company under the General Mandate                                         
                                                                              
    "Share(s)"        ordinary share(s) of HK$0.50 each in the share capital  
    of the Company                                                            
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited           
                                                                              
    "Subscriber"        means the party to the Subscription Agreement who     
    agrees to subscribe the New Shares at the Subscription Price              
                                                                              
    "Subscription Agreement"        the Subscription Agreement entered into   
    on 28th April 2005 between the Company and the Subscriber in relation to  
    the Subscription                                                          
                                                                              
    "Subscription Price"        HK$2.10 per New Share, which represents a     
    discount of approximately 4.55% to the closing price of HK$2.20 per       
    Share quoted on the Stock Exchange on 28th April 2005