10:22     CHINA VELOCITY<00149>-Announcement&Resumption of Trading(1)         

    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.                   
                                                                              
    China Velocity Group Limited                                              
    (Incorporated in Bermuda with limited liability)                          
                                                                              
    (Stock Code: 149)                                                         
                                                                              
    MAJOR TRANSACTION: DISPOSAL OF MORE CASH                                  
                                                                              
    The Disposal                                                              
                                                                              
    The Directors announce that on 21 April 2005, the Agreement was           
    entered into between the Vendor and the Purchaser which sets out the      
    terms in respect of the proposed disposal of the Sale Shares and the      
    Sale Loans for the aggregate purchase price of HK$90,000,000. The Sale    
    Shares representing the remaining 60% of More Cash and the Sale Loans     
    representing the entire outstanding shareholder loan owing by More        
    Cash and Eventic to the Vendor.                                           
                                                                              
    As announced in the First Announcement on 4 March 2005, the Purchaser     
    acquired 40% of the issued shares of More Cash pursuant to the First      
    Agreement which disposal is proposed to be completed at the same time     
    as the Disposal.                                                          
                                                                              
    The Disposal constitutes a major transaction of the Company under the     
    Listing Rules and is therefore subject to approval by the Company's       
    shareholders under Rule 14.40 of the Listing Rules. As none of the        
    shareholders is required to abstain from voting in respect of the         
    Disposal, and the written shareholders' approval had been obtained        
    from the Controlling Shareholder approving the Disposal, the approval     
    of shareholders will be by way of written resolutions in lieu of          
    holding a general meeting in accordance with Rule 14.44. A circular of    
    the Company in relation to the Disposal will be dispatched to             
    shareholders of the Company as soon as reasonably practicable.            
                                                                              
    Suspension and resumption of trading                                      
                                                                              
    At the request of the Company, the Shares have been suspended from        
    trading on the Stock Exchange from 10:53 a.m. on 22 April 2005,           
    pending the issue of this announcement. Application has been made to      
    the Stock Exchange for resumption of trading of the Shares with effect    
    from 9:30 a.m. on 12 May 2005.                                            
                                                                              
    The failure of the Company to apply for suspension of trading of its      
    shares before trading commenced on 22 April 2005 constitutes a breach     
    of Rule 14.37 of the Listing Rules. The Stock Exchange reserves its       
    rights to take appropriate action against the Company regarding such      
    breach.                                                                   
                                                                              
    Agreement dated 21 April 2005                                             
                                                                              
    Parties:        The Vendor, Hongkong Macau (International) Limited, a     
    wholly owned subsidiary of the Company; and                               
                                                                              
            The Purchaser, Always Rich Resources Inc.                         
                                                                              
            To the best of the Directors' knowledge, information and          
    belief having made all reasonable enquiry, the Purchaser and its          
    ultimate beneficial owner, Wang Yung-Tyng, are Independent Third          
    Parties. The Company was not acquainted with the Purchaser before it      
    was approached by the Purchaser directly with an offer resulting in       
    the First Agreement relating to 40% interest in More Cash. The parties    
    started the negotiation about the present Disposal in respect of the      
    remaining 60% interest in More Cash about one month after the previous    
    disposal of 40% interest in More Cash, which negotiation was initiated    
    by the Purchaser.                                                         
                                                                              
    Interest Disposed:        (1)        60 ordinary shares of US$1.00        
    each in the share capital of More Cash, representing 60% of the entire    
    issued share capital of More Cash; and                                    
                                                                              
            (2)        shareholders loan in the aggregate amount of           
    HK$565,663,943 representing the entire balance of the shareholders        
    loan owing as to HK$77,120 by More Cash and as to HK$565,586,823 by       
    Eventic to the Vendor as at 31 March 2005.                                
                                                                              
    Consideration:        HK$90,000,000, which has been determined at         
    arm's length negotiation with reference to the negative net asset         
    value of More Cash and its subsidiaries of approximately                  
    HK$417,468,043 based on its consolidated management accounts as at 31     
    December 2004, and taking into account an independent valuation of the    
    Property of HK$160,000,000 done by BMI Appraisals Limited, an             
    independent firm of professional valuers, on an open market basis as