09:44 CHINA SPECIAL STEEL HOLDINGS CO. LIMITED<02889> - Ann. (1) This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities. This announcement is not, and is not intended to be, an offer of securities of China Special Steel Holdings Company Limited (the ``Company'') for sale in the United States (as defined in Regulation S of the U.S. Securities Act of 1933, as amended), the United Kingdom, Singapore, Italy, Germany and France. Securities of the Company may not be offered or sold in the United States unless they are registered under applicable law or are exempt from registration. The Stock Exchange of Hong Kong Limited (the ``Stock Exchange'') and Hong Kong Securities Clearing Company Limited (``HKSCC'') take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Unless defined herein, terms used in this announcement shall have the same meanings as those defined in the prospectus dated 9 May 2005 (the ``Prospectus'') issued by the Company. CHINA SPECIAL STEEL HOLDINGS COMPANY LIMITED (incorporated in the Cayman Islands with limited liability) INTERNATIONAL OFFERING Number of Shares under the International Offering : 180,000,000 Number of Placing Shares : 144,000,000 Number of Public Offer Shares : 36,000,000 Offer Price : HK$1.48 per Share Nominal value per Offer Share : HK$0.10 Stock Code : 2889 Global Co-ordinator, Sole Bookrunner, Sponsor and Lead Manager Cazenove Asia Limited SUMMARY . The Offer Price has been fixed by agreement by the Global Coordinator, on behalf of the Public Offer Underwriters, and the Company at HK$1.48 per Offer Share (excluding brokerage of 1 per cent., SFC transaction levy of 0.005 per cent., SFC investor compensation levy of 0.002 per cent. and Stock Exchange trading fee of 0.005 per cent.). . A total of 1,366 valid applications have been received pursuant to the Public Offer for a total of 177,128,000 Offer Shares, equivalent to approximately 9.84 times of the total number of 18,000,000 Offer Shares initially available for subscription under the Public Offer. The Global Coordinator has exercised its rights under the Public Offer Underwriting Agreement and the Placing Underwriting Agreement (and as disclosed in the paragraphs headed ``Offer Mechanism --- Basis of Allocation of the Offer Shares'' in the Prospectus) to reallocate 18,000,000 Offer Shares initially to be offered under the Placing to satisfy excess demand under the Public Offer. As a result of such reallocation to satisfy public demand, 36,000,000 Offer Shares are made available for the Public Offer and 144,000,000 Offer Shares are made available for the Placing and the Placing was fully subscribed. The Global Coordinator confirms that there is no over-allocation in the Placing and no Over-allotment Option will be exercised. . Refund cheques (for applications on WHITE and YELLOW Application Forms) for wholly or partially unsuccessful applicants which are either not available for personal collection or which are so available but are not collected in person will be despatched by ordinary post to the addresses of the applicants specified in the relevant Application Forms at their own risk on Wednesday, 18 May 2005. . Share certificates for Public Offer Shares allotted to wholly or partially successful applicants using WHITE Application Forms which are either not available for personal collection, or which are so available but are not collected in person, will be despatched by ordinary post to those entitled to the address on their Application Forms at their own risk on Wednesday, 18 May 2005. . Share certificates for Public Offer Shares allotted to wholly or partially successful applicants using YELLOW Application Forms will be issued in the name of HKSCC Nominees Limited and are expected to be deposited into CCASS for credit to their CCASS investor participants' stock accounts or their designated CCASS participants' stock accounts at the close of business on Wednesday, 18 May 2005.