09:39     YUGANG INT'L<00613> & QUALIPAK INT'L<01224> - Joint Ann. (4)        

    approximately HK$47,000,000 as at 11 May 2005, the                        
    directors of Qualipak consider that the terms of the                      
    Acquisitions are fair and reasonable and in the                           
    interests of the Qualipak Group and its shareholders                      
    as a whole. The directors of Yugang agree with the                        
    views of the directors of Qualipak that the                               
    Acquisitions are in the interests of the Qualipak                         
    Group and are thus of the view that the Acquisitions                      
    are in the interests of Yugang and its subsidiaries                       
    as a whole.                                                               
                                                                              
    GENERAL                                                                   
    The Acquisitions in aggregate constitute a                                
    discloseable transaction of each of Yugang and                            
    Qualipak under Rule 14.06 of the Listing Rules. Each                      
    of Yugang and Qualipak will despatch to its                               
    shareholders a circular containing further                                
    particulars of the Acquisitions as soon as possible                       
    in accordance with the requirements of the Listing                        
    Rules.                                                                    
                                                                              
    DEFINITIONS                                                               
    "Acquisitions"  the acquisition of the First                              
    Property and the acquisition of the Second Property                       
                                                                              
    "associate"     has the meaning ascribed to it under the                  
    Listing Rules                                                             
                                                                              
    "director(s)"   the director(s) of Yugang or Qualipak                     
    as the context requires                                                   
                                                                              
    "First Completion"      completion of the First S&P                       
    Agreement                                                                 
                                                                              
    "First Property"        the whole of the 7th Floor, China                 
    United Centre, 28 Marble Road, North Point, Hong Kong                     
                                                                              
    "First Purchaser"       Empire New Assets Limited, a                      
    limited company incorporated in the British Virgin                        
    Islands and a wholly-owned subsidiary of Qualipak                         
                                                                              
    "First S&P Agreement"   the sale and purchase                             
    agreement dated 12 May 2005 entered into between the                      
    First Vendor and the First Purchaser in relation to                       
    the sale and purchase of the First Property                               
                                                                              
    "First Vendor"  Great Gains International Limited,                        
    a limited company incorporated in Hong Kong                               
                                                                              
    "Hong Kong"     the Hong Kong Special Administrative                      
    Region of the People's Republic of China                                  
                                                                              
    "Listing Rules" Rules Governing the Listing of                            
    Securities on the Stock Exchange                                          
                                                                              
    "Qualipak"      Qualipak International Holdings Limited,                  
    a company incorporated in Bermuda with limited                            
    liability, the shares of which are listed on the main                     
    board of the Stock Exchange                                               
                                                                              
    "Qualipak Group"        Qualipak and its subsidiaries                     
                                                                              
    "Second Completion"     Completion of the Second S&P                      
    Agreement                                                                 
                                                                              
    "Second Property"       the whole of the 30th Floor,                      
    China United Centre, 28 Marble Road, North Point, Hong                    
    Kong                                                                      
                                                                              
    "Second Purchaser"      Wiseteam Assets Limited, a                        
    limited company incorporated in the British Virgin                        
    Islands and a wholly-owned subsidiary of Qualipak