ANNOUNCEMENT

In relation to the matter of
Leading Spirit High-Tech (Holdings) Company Limited
(Provisional Liquidators Appointed)
and
China DigiContent Company Limited
(Provisional Liquidators Appointed)
Proceeding to the third stage of the delisting procedures as stipulated
under Practice Note 17 of the Exchange Listing Rules

The Exchange announces that effective from the date of this announcement, the Companies will be put into the third stage of the delisting procedures in accordance with Practice Note 17 of the Exchange Listing Rules (the "Delisting Procedures"). Practice Note 17 formalises the procedures to be adopted in dealing with long suspended companies.

Dealings in the shares of the Companies have been suspended since 11 May 2001. Since their suspension, the Companies have not submitted any proposal, including any viable resumption proposal. A viable resumption proposal means a proposal that, if it were implemented, would enable an issuer to demonstrate that it complies with paragraph 38 of the Listing Agreement. Paragraph 38 of the Listing Agreement requires an issuer to carry out a sufficient level of operations or have tangible assets of sufficient value and/or intangible assets for which a sufficient potential value can be demonstrated to the Exchange to warrant the continued listing of the issuer's securities.

As the Companies are being wound up and their assets are preserved by their provisional liquidators, the Exchange has determined that the Companies will now be placed in the third stage of the Delisting Procedures. The Companies will be given a final six months for the submission of a viable resumption proposal. If the Companies do not each submit a viable resumption proposal by 21 November 2002, the Exchange intends to cancel the listing of the Companies. The Exchange will make a further announcement in due course if the delisting takes place.