09:14 FIRST DRAGONCOM<00875> - Announcement 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. First Dragoncom Agro-Strategy Holdings Ltd. (Incorporated in Bermuda with limited liability) (Stock Code: 875) FURTHER DELAY IN THE PUBLICATION OF THE ANNUAL RESULTS, DESPATCH OF THE ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2004 AND MEETING OF THE BOARD OF DIRECTORS The Board of the Company announces that the release and publication of the Company's final results for the year ended 31 December 2004 will be further delayed on or before 3 June 2005 and the despatch of the annual report will be further delayed on or before 10 June 2005. The directors of the Company acknowledge that the delay constitutes a breach of Rules 13.46(2)(a) and 13.49(1) of the Listing Rules and that the Stock Exchange reserves its rights to take appropriate actions against the Company and/ or its directors in respect of the breach. At the request of the Company, trading in the Company's securities has been suspended from 9:30 a.m. on 29 April 2005 and will remain suspended until further notice. Further to the announcement of First Dragoncom Agro-Strategy Holdings Ltd. (the "Company") dated 28 April 2005, the board of directors (the "Board") of the Company announces that the release and publication of the Company's final results for the year ended 31 December 2004 and the despatch of the annual report will be further delayed. Pursuant to Rules 13.46(2)(a) and 13.49(1) of the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"), an issuer is required to publish on the newspaper its annual results and despatch its annual report to its shareholders not later than four months after the date upon which the financial period ended. Given the Company is still in the course of obtaining the books and records and other inventory data of Hebei Bashang Plant Seeds Co., one of the subsidiaries of the Company, more time is needed for the Company to finalize its audited financial reports and the Company is unable to release and publish its audited final results for the year ended 31 December 2004 on or before 20 May 2005, the expected date of release and publication of the audited final results of the Company for the year ended 31 December 2004 as mentioned in the announcement of the Company dated 28 April 2005. The recent change of auditors of the Company also, to certain extent, affects the audit progress of the Company. The Board confirms that the Company does not have any disagreement with its auditors. The board meeting was originally scheduled to be held on 20 May 2005 and is now rescheduled to be held on 3 June 2005. It is expected that the final results will be released and published on or before 3 June 2005 and the annual report despatched on or before 10 June 2005. The directors of the Company acknowledge that the delay constitutes a breach of Rules 13.46(2)(a) and 13.49(1) of the Listing Rules and that the Stock Exchange reserves its rights to take appropriate actions against the Company and/ or its directors in respect of the breach. The directors of the Company have not dealt in any of the securities of the Company during the one month period immediately preceding 30 April 2005, the deadline for the Company to publish an announcement for the results for the year ended 31 December 2004. The directors of the Company have also given their undertakings to the Stock Exchange that they will not deal in the securities of the Company until the Company's audited final results for the year ended 31 December 2004 are released and published. At the request of the Company, trading in the Company's securities has been suspended from 9:30 a.m. on 29 April 2005 and will remain suspended until further notice. By order of the Board FIRST DRAGONCOM AGRO-STRATEGY HOLDINGS LTD. Han Jide Vice-Chairman Hong Kong, 19 May 2005 As at the date of this announcement, the directors of the Company are comprised of eight directors, including four executive directors, namely, Mr. Zhang Xiaoxiong, Dr. Qian Keming, Mr. Huang Jianhua, Mr. Han Jide, a non-executive director, namely, Mr. Qin Qing Yun, and three independent non-executive directors, namely, Mr. Zhao Cai Yuan, Ms. Lau Ha and Mr. Huang San Xing. * For identification purposes only