09:25     ZZNODE HOLDINGS<02371> - Announcement (5)                           

                                   Contract and to be held by                 
                                   Shanghai Telecommunications,               
                                   Shanghai Fuxin, ZZNode                     
                                   (Beijing) and ASB 33%, 30%,                
                                   27% and 10% respectively upon              
                                   its establishment                          
    `Joint Venture Contract'       the master agreement in                    
                                   relation to the formation of               
                                   joint venture and sale and                 
                                   purchase of assets dated 30th              
                                   April, 2005 made between                   
                                   Shanghai Telecommunications,               
                                   Shanghai Fuxin, ZZNode                     
                                   (Beijing) and ASB and all                  
                                   other related agreements                   
    `Listing Rules'                the Rules Governing the                    
                                   Listing of Securities on the               
                                   Stock Exchange                             
    `PRC'                          the People's Republic of                   
                                   China                                      
    `Shanghai Fuxin'                (Shanghai Fortune                         
                                   Telecommunication Technology               
                                   Development Company Limited),              
                                   a company incorporated in the              
                                   PRC                                        
    `Shanghai Telecommunications'   (Shanghai Telecommunication               
                                   Industry (Group) Co., Ltd.),               
                                   a company incorporated in the              
                                   PRC                                        
    `Stock Exchange'               The Stock Exchange of Hong                 
                                   Kong Limited                               
    `ZZNode (Beijing)'              (Beijing Zhizhen Node                     
                                   Technology Development Co.,                
                                   Ltd.), a wholly foreign-owned              
                                   enterprise established in                  
                                   Beijing, the PRC and an                    
                                   indirect wholly owned                      
                                   subsidiary of the Company                  
    `HK$'                          Hong Kong Dollar, the legal                
                                   currency of the Hong Kong                  
                                   Special Administrative Region              
                                   of the PRC                                 
    `RMB'                          Renminbi, the legal currency               
                                   of the PRC                                 
    `%'                            per cent.                                  
                                                                              
                                                                              
                                                                              
    All translations of Hong Kong dollars to Renminbi in this                 
    announcement are based on the exchange rate of HK$1.00 to                 
    RMB1.06.                                                                  
                                                                              
    As of the date of this announcement, the Board comprises Ms. Wang         
    Feixue, Mr. Jin Jianlin, Mr. Yuan Juan, Ms. Hu Rong who are the           
    executive Directors, Mr. Zhang Suyang who is the non-executive            
    Director, Mr. Hung Randy King Kuen, Mr. Chen Xiao Hong and Mr. He Xin     
    Gui being the independent non-executive Directors.                        
                                                                              
                                                                              
    By Order of the Board                                                     
    ZZNode Holdings Company Limited                                           
    WANG Feixue                                                               
    Chairman                                                                  
                                                                              
    Hong Kong, 17th May, 2005