10:23 CHINA VELOCITY<00149>-Announcement&Resumption of Trading(4) been obtained from the Controlling Shareholder, Velocity International Limited which gained control of the Company when it took over the Company in December 2003 and owns 52% of the issued share capital of the Company which interest is the same as other shareholders of the Company, and, 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. DEFINITIONS:- In this announcement, the following terms have the following meanings:- "Agreement" The agreement dated 21 April 2005 in relation to the sale and purchase of the Sale Shares entered into between the Vendor and the Purchaser "BVI" British Virgin Islands "Company" China Velocity Group Limited, a company incorporated in Bermuda with limited liability which shares are listed on the Stock Exchange "Completion" completion of the Agreement "Completion Date" 25 May 2005 (being the date of the proposed completion under the First Agreement) (or such other date as the parties to the Agreement may agree in writing) "Consideration" the aggregate purchase price for the Sale Shares and the Sale Loans of HK$90,000,000 "Controlling Shareholder" Velocity International Limited, a company incorporated in the British Virgin Islands which owns 53% of the issued share capital of the Company and the ultimate beneficial owner of which is Mr. Chan Yeung Nam, the chairman of the Company "Directors" the directors of the Company "Disposal" the proposed disposal of the Sale Shares pursuant to the Agreement "Eventic" Eventic Limited, a company incorporated in 28 May 1991 and a wholly-owned subsidiary of More Cash which owns 75% of Jiang Nan Property "First Agreement" the agreement dated 25 February 2005 between the Vendor and the Purchase in respect of the sale and purchase of 40% of the issued share capital of More Cash as announced in the First Announcement "First Announcement" the announcement of the Company dated 4 March 2005 in respect of the terms of the First Agreement "Group" the Company and it subsidiaries "HK$" Hong Kong Dollars, the lawful currency of Hong Kong "Independent Third Party" any person who and whose ultimate beneficial owner are independent of and not connected to the Company, any director, chief executive or substantial shareholder of the Company or any of its subsidiaries or any of their respective associates (as defined in the Listing Rules) and is not a connected person of the Company (as defined in the Listing Rules) "Jiang Nan Property" *Guang Zhou Jiang Nan