KanHan Technologies Group Limited Announces Satisfactory Placing Results for Proposed Listing on GEM

[21 February, 2003, Hong Kong] ─ KanHan Technologies Group Limited (“KanHan” or the “Group”; stock code: 8175) is pleased to announce that the Placing Shares offered in connection with its proposed listing on the Growth Enterprise Market (“GEM”) of The Stock Exchange of Hong Kong Limited was approximately one time subscribed.

In total, KanHan offered 120,000,000 Shares (subject to the Over-allotment option adjustment), including 60,000,000 New Shares and 60,000,000 Sale Shares for subscription by way of placing (“Placing”) at the price of HK$0.33 per Placing Share, representing 24.67% of the enlarged issued share capital of the Group. The total issue size is HK$39,600,000.

South China Capital Limited is the Sponsor and South China Securities Limited is the Lead Manager of the Share Offer. Dealings on GEM of The Stock Exchange of Hong Kong Limited will be commenced on 25 February, 2003 (Tuesday).

Commenting on the Placing results, Mr. Lawrence Mo, Chief Executive Officer of KanHan, said, “We are very pleased to have received support from institutional investors, our targeted and preferred investors, particularly under the current market conditions. The placing results have demonstrated investors’ confidence in our business, corporate strategies and market potential. On behalf of the Group, I would like to express my warmest gratitude towards the support of our investors.”

Mr. Mo added, “Given our short history, I am proud that our products have been receiving positive response from the PRC, Taiwan and Hong Kong. The HKSAR government’s lead in adopting Simplified and Traditional web contents in its over 180 websites is candid to demonstrate that there is an increasing need for an accurate and reliable Chinese software communication platform for information exchange and dissemination with other Chinese communities.”

Looking into the future, Mr. Mo concluded, “We are confident in tapping into the immense business opportunities arising from the PRC’s accession to the World Trade Organization. Leveraging on our solid foundation in Hong Kong and our experienced R&D team, we are aggressively scaling our sights in the huge PRC market. Beside our current agents in Guangzhou and Shenzhen, we are actively planning to establish offices in other parts of the PRC in 2 year’s time. Through our continuous and strategic expansion, we are confident that we will capture a substantial market share in the exponential PRC market in the future, generating promising returns to our shareholders.”

 
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