Global China to acquire approximately 51% of Sing Tao
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Acquisition establishes the Group's media and information services business

(Hong Kong, January 8, 2001) Global China Technology Group Ltd (HKSE: 1105) ("Global China" or "the Group") announced today it has entered into a conditional sale and purchase agreement to acquire approximately 51 per cent of Sing Tao Holdings Ltd. (HKSE: 233) ("Sing Tao"), a leading newspaper publishing and commercial printing company. The proposed acquisition establishes Global China's business in the media and information sector services and complements its other business focuses.

Global China will acquire 215,503,763 ordinary shares of Sing Tao, representing approximately 51 per cent of the existing Sing Tao shares, from Lazard Asia Fund for approximately HK$355.6 million (HK$1.65 per share). Mr. Charles Ho Tsu Kwok , Chairman of Global China, also owns 1,428,000 Sing Tao shares. Upon completion of the agreement, Global China will make a general offer for all the remaining Sing Tao shares at the same price. The acquisition values Sing Tao at approximately HK$692 million. The offer price represents a premium of approximately 20 per cent over the closing price of Sing Tao shares on the Stock Exchange of HK$1.38 per share on January 5, 2001, and a discount of approximately 23 per cent to the audited net asset value per Sing Tao share of approximately HK$2.13 as at March 31, 2000.

It is the intention of Global China to maintain the listing of Sing Tao.

"The proposed acquisition is in line with our strategy to become a leading multimedia content provider for the global Chinese communities," said Mr. Charles Ho, Chairman of Global China. "Sing Tao is a perfect vehicle to establish our media and information services business. It will also complement our other three business focuses, namely Broadband Technology, Financial Services, and Education and Training."

"For many decades, Sing Tao has been a synonym of quality and trustworthy source of information. It has a strong brand recognition, a massive information database and solid financial position. Together with our expertise in broadband technology, we are well positioned to become a leading provider of multimedia content and services for Chinese around the world."

The fast growth in Internet popularity among Chinese communities has created a strong demand for quality and timely Chinese-language information through multimedia channels. With Global China's expertise in broadband and e-commerce, Sing Tao will be able to expand its product offerings and distribution channels to cater to readers' needs in this Information Age.

Founded in 1938, Sing Tao Daily is the oldest existing Chinese language daily newspaper in Hong Kong. The newspaper is published in 9 major cities in Asia, Australia, Europe and North America. Sing Tao also publishes Hong Kong iMail, an English language newspaper. In addition, Sing Tao operates various successful printing businesses including South China Printing.

Sing Tao's audited consolidated net profit for the year ended March 31, 2000 and the unaudited consolidated losses for the six months ended September 30, 2000 was approximately HK$2.8 million and approximately HK$7.6 million respectively. Its audited net tangible asset as at March 31, 2000 and unaudited net tangible asset value as at September 30, 2000 was approximately HK$895 million and approximately HK$881 million respectively.

Goldman Sachs Asia L.L.C. has been retained by Global China to advise on the transaction.

About Global China Technology Group Ltd.

Global China Technology Group Ltd. was formerly known as Perfect Treasure Holdings Ltd. In July 2000, Mr. Charles Ho, Chairman of Global China, became the largest shareholder of the Group through subscription of new shares. In addition to distribution of photographic products, the Group is actively expanding its information technology and Internet related business.


For further information, please contact:
Global China Technology Group Ltd.
Susan Kwan / Judy Inn
Tel: (852) 2830 0300
Fax: (852) 2830 0399
Email: susankwan@globalchina.com or jinn@globalchina.com.hk

Ogilvy Public Relations Worldwide
Ingrid Cheng / Anita Ko
Tel: (852) 2884 8544
Fax: (852) 2560 0681
Email: ingrid.cheng@ogilvy.com or anita.ko@ogilvy.com

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