ANNOUNCEMENT -- In relation to the matter of Great Wall Cybertech Limited (provisional liquidators appointed) (Stock Code: 689) Proceeding to the third stage of the delisting procedures as stipulated under Practice Note 17 to the Exchange Listing Rules

Regulatory

21 Jul 2004

THE STOCK EXCHANGE OF HONG KONG LIMITED
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)

ANNOUNCEMENT

In relation to the matter of Great Wall Cybertech Limited
(provisional liquidators appointed)
(Stock Code: 689)
Proceeding to the third stage of the delisting procedures
as stipulated under Practice Note 17
to the Exchange Listing Rules

The Exchange announces that effective from the date of this announcement, the Company will be put into the third stage of the Delisting Procedures.

Pursuant to the Delisting Procedures, the Company will have a final six months for the submission of a valid resumption proposal to the Exchange. If the Company does not put forward a valid resumption proposal by 21 January 2005 , being six months from the date of this announcement, the Exchange intends to cancel the listing of the Company.

The Stock Exchange of Hong Kong Limited (the Exchange) announces that effective from the date of this announcement, Great Wall Cybertech Limited (provisional liquidators appointed) (the Company) will be put into the third stage of the delisting procedures in accordance with Practice Note 17 to the Listing Rules (Delisting Procedures). Practice Note 17 formalises the procedures to be adopted in dealing with long suspended companies.

Dealing in the shares of the Company has been suspended since 24 March 2003. The Company has been placed in the second stage of the delisting procedures pursuant to Practice Note 17 since 14 January 2004. Prior to the expiry of the second stage of the delisting procedures on 13 July 2004, the Company has not submitted a valid resumption proposal. A valid resumption proposal means a proposal that, if it were implemented, would enable an issuer to demonstrate that it complies with Rule 13.24 of the Listing Rules. Rule 13.24 of the Listing Rules requires an issuer to carry out, directly or indirectly, 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 on the Exchange.

In view of the absence of any resumption proposals prior to the expiry of the second stage of the delisting procedures and the Company's continued failure to meet the requirements as stipulated under Rule 13.24 of the Listing Rules, the Company will now proceed to the third stage of the Delisting Procedures. The Company will have a final six months for the submission of a valid resumption proposal to the Exchange. If the Company does not submit a valid resumption proposal by 21 January 2005, the Exchange intends to cancel the listing of the Company.

The Exchange will make a further announcement in due course if the delisting takes place.

Updated 21 Jul 2004