10:14     HANNY HOLDINGS<00275> & CHINA STRATEGIC<00235> - J. Ann. (2)        

    Rule 8.2 of the Takeovers Code. Application has been made by Well         
    Orient for the Executive's consent under Rule 8.2 of the Takeovers        
    Code to extend the deadline for the despatch of the offer document to     
    within 7 days of the later of fulfillment of the conditions to the        
    China Strategic Group Reorganisation and approval by the Independent      
    Hanny Shareholders of making of the GDI Offer. Application will be        
    made by the Offeror for the Executive's consent under Rule 8.2 of the     
    Takeovers Code to extend the deadline for the despatch of the offer       
    document to within 7 days of fulfillment of the conditions precedent      
    to the 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.                
                                                                              
    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)                                             
                                                                              
    By order of the board                                                     
    HANNY HOLDINGS LIMITED                                                    
    Cheng Wai Chu, Judy                                                       
    Company Secretary                                                         
                                                                              
    By order of the board        By order of the board                        
    NATION FIELD LIMITED         WELL ORIENT LIMITED                          
    Gao Yang                     Lui Siu Tsuen, Richard                       
    Director                     Director                                     
                                                                              
    By order of the board                   By order of the board             
    CHINA STRATEGIC HOLDINGS LIMITED        GROUP DRAGON INVESTMENTS LIMITED  
    Chan Yan Yan, Jenny                     Chan Ling, Eva                    
    Company Secretary                       Director                          
                                                                              
    Hong Kong, 10th May, 2005                                                 
                                                                              
    The sole director of the Offeror accepts full responsibility for the      
    accuracy of the information contained in this announcement other than     
    that relating to the Hanny Group and China Strategic Group and            
    confirms, having made all reasonable enquiries, that to the best of       
    his knowledge, opinions expressed in this announcement other than         
    those relating to the Hanny Group and China Strategic Group have been