10:43     CCT TELECOM<00138> & CCT TECH INT'L<00261> - J. Ann. (3)            

    As the legal titles of 7,617,603,244 CCT Tech Shares under the valid      
    acceptances of the Offers have been transferred to the Offeror and        
    the public float of CCT Tech has therefore fallen below 25% on 25         
    April 2005, the Offeror, CCT Telecom and CCT Tech have applied a          
    waiver from strict compliance with Rule 8.08 of the Listing Rules         
    for one month period from 25 April 2005. The Stock Exchange has           
    granted a waiver to CCT Tech from strict compliance with Rule 8.08        
    of the Listing Rules on the 25% minimum public float requirement          
    during the period from 25 April 2005 to 24 May 2005. CCT Telecom          
    and the Offeror will use their respective reasonable endeavours to        
    maintain the listing of the CCT Tech Shares on the main board of          
    the Stock Exchange and will undertake to the Stock Exchange to use        
    their respective reasonable endeavours to ensure that not less than       
    25% of the CCT Tech Shares will be held by the public by various          
    means, including but not limited to placement of the existing CCT         
    Tech Shares or issue of new CCT Tech Shares as soon as possible in        
    compliance with the Listing Rules. Further announcement will be           
    made as and when necessary.                                               
                                                                              
    Reference is made to the announcement dated 31 January 2005 (the          
    ``Joint Announcement''), the composite offer and response document        
    dated 31 March 2005 (the ``Composite Offer Document''), the               
    announcement dated 21 April 2005 (the ``Unconditional                     
    Announcement'') and the announcement dated 22 April 2005 jointly          
    issued by CCT Telecom and CCT Tech. Terms defined in the Composite        
    Offer Document shall have the same meanings when used herein, unless      
    otherwise stated.                                                         
                                                                              
    CLOSING OF THE OFFERS                                                     
                                                                              
    The board of directors of CCT Telecom announces that the Offers were      
    closed at 4:00 p.m. on 6 May 2005.                                        
                                                                              
    ACCEPTANCE LEVEL OF THE OFFERS                                            
                                                                              
    As stated in the Unconditional Announcement, the Offers had become        
    unconditional in all respects on 21 April 2005.                           
                                                                              
    Up to 4:00 p.m. on 6 May 2005, valid acceptances have been received       
    under the Offers in respect of:                                           
                                                                              
    .   7,907,179,696 CCT Tech Shares (representing approximately             
    49.61% of the issued share capital of CCT Tech as at the date of          
    this announcement). Among the abovementioned 7,907,179,696 CCT            
    Tech Shares of which valid acceptances have been received,                
    5,658,539,696 CCT Tech Shares were accepted and opted for cash and        
    2,248,640,000 CCT Tech Shares were accepted and opted for the             
    Convertible Bonds;                                                        
                                                                              
    .   New Capital's entire holding of the CCT Tech 2005 CN in the           
    amount of HK$45,000,000 (representing all the outstanding issued          
    CCT Tech 2005 CN). New Capital has accepted the Offers pursuant to        
    an irrevocable undertaking provided by New Capital to the Offeror         
    and opted for the Convertible Bonds. The full conversion of the CCT       
    Tech 2005 CN would result in the issue of 4,500,000,000 CCT Tech          
    Shares, representing approximately 28.23% of the issued share             
    capital of CCT Tech as at the date of this announcement and               
    approximately 22.02% of the issued share capital of CCT Tech as           
    enlarged thereby; and                                                     
                                                                              
    .   1,082,781,000 CCT Tech Options (representing all the                  
    outstanding issued CCT Tech Options as at the date of the                 
    Unconditional Announcement).                                              
                                                                              
    TRANSFER OF THE CCT TECH SHARES AND THE CCT TECH 2005 CN AND              
    CANCELLATION OF THE CCT TECH OPTIONS                                      
                                                                              
    In respect of the CCT Tech Shares                                         
                                                                              
    Among the valid acceptances of 7,907,179,696 CCT Tech Shares up to        
    4:00 p.m. on 6 May 2005 as disclosed under the section headed             
    ``Acceptance level of the Offers'' above:                                 
                                                                              
    .   valid acceptances in respect of 7,617,603,244 CCT Tech Shares         
    (as disclosed in the Unconditional Announcement) were received as         
    at the First Closing Date and legal titles of which were duly             
    transferred to the Offeror on 25 April 2005;                              
                                                                              
    .   valid acceptances in respect of 5,883,000 CCT Tech Shares were        
    received between 22 April 2005 and 28 April 2005, and legal titles        
    of which were duly transferred to the Offeror on 4 May 2005;              
                                                                              
    .   valid acceptances in respect of 18,224,000 CCT Tech Shares were       
    received between 29 April 2005 and 3 May 2005, and legal titles of        
    which were duly transferred to the Offeror on 6 May 2005; and             
                                                                              
    .   valid acceptances in respect of 265,469,452 CCT Tech Shares           
    were received between 4 May 2005 and 6 May 2005, and legal titles         
    of which will be transferred to the Offeror on 12 May 2005.