CHUANG'S INT'L<0367> & CHUANG'S CHINA<0298> - Joint Announcement

The Stock Exchange of Hong Kong Limited takes no responsibility for the 
contents of this announcement, makes no representation as to its accuracy 
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.

Chuang's Consortium International Limited
(Incorporated in Bermuda with limited liability)

CONNECTED TRANSACTION

Chuang's China Investments Limited
(Incorporated in Bermuda with limited liability)

CONNECTED TRANSACTION AND SHARE TRANSACTION

Proposed acquisition of 25 per cent. interest in
a company engaged in e-business for auction services
by Chuang's China Investments Limited

On 10th February, 2000, a wholly-owned subsidiary of 
Chuang's China entered into the Agreements to acquire an 
aggregate of 25 per cent. interest in a company engaged in 
e-business for auction services, from (i) a company 
indirectly owned as to 66 per cent. by Mr. Chuang and 34 per 
cent. by Mrs. Siu; and (ii) an independent third party respectively.

The aggregate consideration for the Acquisitions is HK$75 
million, which will be satisfied in full by way of issue and 
allotment of a total of 50,000,000 Consideration Shares at 
an issue price of HK$1.50 per Share by Chuang's China to the 
Vendors on a pro rata basis. The 50,000,000 Consideration 
Shares represent (i) approximately 6.46 per cent. of the 
existing issued share capital of Chuang's China; and (ii) 
approximately 6.06 per cent. of the issued share capital of 
Chuang's China as enlarged by the issue of the Consideration Shares.

The terms of the Agreements were arrived at after arm's 
length negotiations between the parties thereto and are on 
normal commercial terms. Chuang's China creates and operates 
Internet business and as stated in its recent announcement, 
Chuang's China's information technology business comprises 
technology related development, Internet Pro Limited, and 
Internet businesses, initially in the educational and 
cultural field, in Hong Kong and the PRC. Chuang's China will 
focus on active development of its information technology 
business and will identify additional investments in the 
information technology industry. In order to reflect the new 
direction and future focus of the business of Chuang's China, 
the Directors also proposed to change the name of Chuang's 
China to "China Cyberworld Limited". Accordingly the 
Directors consider that the Acquisitions are in line with 
the corporate strategy of Chuang's China.

Further to the investments of Chuang's China since July 1999 
in Internet Pro Limited, two educational internet portals 
in the PRC and various internet portals relating to culture 
and databank in the PRC, the Directors consider that the 
Acquisitions will allow Chuang's China to capture an 
opportunity to further expand its e-commerce business which 
is expected to have high growth potential, particularly in 
view of Hong Kong government's long-term dedicated efforts 
in establishing Hong Kong as a high-tech hub.

Under the Listing Rules, the Acquisitions constitute a 
connected transaction for both Chuang's Consortium and 
Chuang's China. Pursuant to Rule 14.25(1) of the Listing 
Rules, Chuang's Consortium is only required to make this 
announcement and disclose details of the Acquisitions in its 
annual report for the financial year ending 31st March, 2000.

For Chuang's China, the Acquisitions are subject to approval 
by the Independent Shareholders under the Listing Rules. A 
circular, containing amongst other things, details of the 
terms of the Agreements, the advice from the independent 
board committee and the independent financial adviser of 
Chuang's China respectively and a notice of the SGM to 
approve the Agreements, will be despatched to the 
Shareholders (and for information only, the warrantholders 
of Chuang's China) as soon as practicable.

THE AGREEMENTS

The First Agreement
Date    :       10th February, 2000

Parties
Vendor  :       Impressive Profit Investments Limited, a 
company indirectly owned as to 66 per cent. by Mr. Chuang 
and 34 per cent. by Mrs. Siu

Purchaser       :       A wholly-owned subsidiary of Chuang's China

Assets to be acquired   :       150,000 shares in Treasure 
Auctioneer representing 60 per cent. of the Sale Shares


Consideration   :       The consideration is HK$45 million which 
was arrived at after arm's length negotiations between the 
parties to the First Agreement and represented a discount 
of approximately 14.3 per cent. with reference to the 
attributable fair market value (on the basis of price-
to-revenue ratio) of a 25 per cent. equity interest in the 
business enterprise of Treasure Auctioneer of HK$87,500,000 
as of 31st January, 2000 as valued by an independent valuer, 
namely American Appraisal Hongkong Limited. The 
consideration will be satisfied in full by way of issue and 
allotment of 30,000,000 Consideration Shares at an issue 
price of HK$1.50 per Share.

The Second Agreement
Date    :       10th February, 2000

Parties
Vendors :       Still Water International Limited, a company 
incorporated in the British Virgin Islands and is equally 
owned by Andrew Wu Ying Cheong, Yu Chai Sum and Wong Siu Tong, 
being three independent third parties not connected with 
Chuang's China or Chuang's Consortium, the chief executives, 
directors, substantial shareholders of Chuang's China or 
Chuang's Consortium or any of their respective subsidiaries 
or any of their respective Associates.

Purchaser       :       A wholly-owned subsidiary of Chuang's China

Assets to be acquired   :       100,000 shares in Treasure 
Auctioneer representing 40 per cent. of the Sale Shares

Consideration   :       The consideration is HK$30 million which 
was arrived at after arm's length negotiations between the 
parties to the Second Agreement and represented a discount 
of approximately 14.3 per cent. with reference to the 
attributable fair market value (on the basis of price-
to-revenue ratio) of a 25 per cent. equity interest in the 
business enterprise of Treasure Auctioneer of HK$87,500,000 
as of 31st January, 2000 as valued by an independent valuer 
namely, American Appraisal Hongkong Limited. The 
consideration will be satisfied in full by way of issue and 
allotment of 20,000,000 Consideration Shares at an issue 
price of HK$1.50 per Share.

Issue of the Consideration Shares under the Agreements
The aggregate consideration of HK$75 million will be 
satisfied in full by way of issue and allotment of a total 
of 50,000,000 Consideration Shares at an issue price of 
HK$1.50 per Share by Chuang's China to the Vendors on a pro 
rata basis. The 50,000,000 Consideration Shares represent 
(i) approximately 6.46 per cent. of the existing issued share 
capital of Chuang's China; and (ii) approximately 6.06 per 
cent. of the issued share capital of Chuang's China as 
enlarged by the issue of the Consideration Shares.

The issue price of HK$1.50 per Consideration Share represents:-

(i)     a premium of approximately 5.63 per cent. to the closing 
price of HK$1.42 per Share on 10th February, 2000, being the 
date of the Agreements; and

(ii)    a premium of approximately 8.70 per cent. to the average 
closing price of HK$1.38 per Share for the ten trading days 
up to and including 10th February, 2000.

The issue price of HK$1.50 per Share is determined with 
reference to the closing market price during the negotiation period.

The issue of the Consideration Shares will be subject to 
approval by the Independent Shareholders at the SGM.

The Consideration Shares, upon their issue, will rank pari 
passu in all respects with the existing issued Shares. 
Application will be made to the Stock Exchange for the 
listing of, and permission to deal in, the Consideration Shares.

Conditions of the Agreements
Completion is conditional upon, inter alia, the following:-

(i)     the obtaining of all consents and approvals of any 
relevant governmental authorities in Hong Kong, Bermuda and 
the British Virgin Islands or elsewhere as may be considered 
necessary by the Purchaser for the purposes of the Agreements 
and/or the transactions contemplated thereunder;

(ii)    the granting of listing of and permission to deal in the 
Consideration Shares by the Stock Exchange;

(iii)   the obtaining of all necessary shareholders' 
approvals of the Agreements and/or the transactions 
contemplated thereunder by Chuang's China;

(iv)    the Purchaser having conducted a due diligence review 
of Treasure Auctioneer and is satisfied with the result of 
the review in all material respects; and

(v)    the simultaneous completion of the First Agreement and 
the Second Agreement.

If by 30th April, 2000, not all (except for those required 
to be fulfilled until upon Completion) the conditions of the 
Agreements shall have been fulfilled (or waived by the 
Purchaser where applicable), the Agreements shall terminate 
whereby all rights and obligations of the parties to the 
Agreements shall cease to have effect except for any accrued 
rights and obligations of the said parties.

Completion of the Agreements
Completion will fall on the third business day on which all 
the conditions of the Agreements have been fulfilled (or 
waived by the Purchaser where applicable).

Completion of the Agreements will occur simultaneously.

SHAREHOLDING STRUCTURE

(For the existing shareholding structure of Chuang's Consortium and 
Chuang's China & shareholding structure of Chuang's Consortium and 
Chuang's China immediately after the Acquisitions, please refer to the 
press announcement today.)

Covenants of the Vendors
The present intention of the Vendors is to hold the shares 
in Treasure Auctioneer as a long term investment.

The Independent Vendor had undertaken that if at any time 
after Completion, it intends to sell, transfer or otherwise 
dispose of any of its interests in Treasure Auctioneer, it 
will first offer in writing to sell such shares to the 
Purchaser on no less favourable terms than those upon which 
the Independent Vendor intends to sell, transfer or dispose.

Pursuant to the Agreements, the Vendors will on Completion 
unconditionally undertake to Chuang's China that, during a 
period of twelve months from the date of Completion, each 
of them shall not sell, transfer, assign or otherwise dispose 
of or grant any options over any of the Consideration Shares 
(or any interest or right thereunder) unless with the prior 
consent of Chuang's China.

INFORMATION ON TREASURE AUCTIONEER

Treasure Auctioneer is developing a unique bilingual auction 
portal (www.treasure-auction.com), which offers a 
comprehensive range of specialist auction services for 
collectors of treasures including high-end traditional 
merchandise of fine ceramics, paintings, jadeite jewellery, 
watches and works of art. The portal is expected to be 
officially launched on or before 30th April, 2000. Treasure 
Auctioneer is targeting the mid-tier and premium market for 
the online framework as such market commands high gross 
margins and there is limited competition in the online market 
for these products today.

The domain name of the auction portal is registered and held 
by Treasure-auction.com Limited, a wholly owned subsidiary 
of Treasure Auctioneer. 

Treasure Auctioneer also owns and operates an auction house 
located in Central, Hong Kong. With its in-depth knowledge 
and expertise of the management, Treasure Auctioneer has 
about 1,500 customers as at 31st December, 1999 and has 
secured more than 1,000 pieces of works of art. Since its 
inception in July 1999, Treasure Auctioneer had successfully 
completed three auction transactions with a total 
transaction amount of over HK$11,000,000. The works of art 
offered by Treasure Auctioneer are sourced and selected by 
a specialist team of Treasure Auctioneer around the world.

Recognising the huge potential brought forth by information 
technology, Treasure Auctioneer has the vision, and is well 
prepared, to transform into the biggest and most popular 
e-business forum for collectors of treasures in Asia. In this 
connection, Treasure Auctioneer is prepared to offer 
attractive online content, including history, background 
and the past transaction records of Chinese fine arts.

Based on the unaudited combined management accounts of 
Treasure Auctioneer for the period from its incorporation 
in July 1999 up to and including 31st December, 1999, the 
unaudited net profits before taxation and after taxation of 
Treasure Auctioneer for the period were approximately HK$2.5 
million and HK$2.1 million. As at 31st December, 1999, the 
unaudited combined net assets of Treasure Auctioneer 
amounted to approximately HK$12.1 million.

Mr. Chuang, Mrs. Siu and the three shareholders of the 
Independent Vendor are also directors of Treasure Auctioneer. 
Upon Completion of the Agreements, Chuang's China will 
appoint two directors into the board of Treasure Auctioneer. 
It is expected that none of the existing directors of 
Treasure Auctioneer will resign on Completion.

REASONS FOR AND BENEFITS OF THE ACQUISITIONS

Chuang's Consortium and its subsidiaries (excluding 
Chuang's China) are engaged in property investment and 
development in the PRC and South East Asia region, finance 
and share dealing, and manufacturing. Chuang's China (a 
listed subsidiary of Chuang's Consortium) together with its 
subsidiaries are engaged in the information technology 
business which includes technology related development and 
Internet businesses, as well as property development and 
manufacturing in the PRC.

Chuang's China creates and operates Internet business and 
as stated in its recent announcement dated 13th January, 2000, 
Chuang's China's information technology business comprises 
technology related development, Internet Pro Limited, and 
Internet businesses, initially in the educational and 
cultural field, in Hong Kong and the PRC. Chuang's China will 
focus on active development of its information technology 
business and will identify additional investments in the 
information technology industry. In order to reflect the new 
direction and future focus of the business of Chuang's China, 
the Directors also proposed to change the name of Chuang's 
China to "China Cyberworld Limited". Accordingly the 
Directors consider that the Acquisitions are in line with 
the corporate strategy of Chuang's China.

Further to the investments of Chuang's China in Internet Pro 
Limited, two educational internet portals in the PRC and 
various internet portals relating to culture and databank 
in the PRC, the Directors consider that the Acquisitions will 
allow Chuang's China to capture an opportunity to further 
expand its e-commerce business which is expected to have high 
growth potential, particularly in view of Hong Kong 
government's long-term dedicated efforts in establishing 
Hong Kong as a high-tech hub. The Directors further consider 
that the issue of Consideration Shares as consideration for 
the Acquisitions can serve to preserve the cash resources 
of Chuang's China.

The terms of the Agreements were arrived at after arm's 
length negotiations between the parties thereto and are on 
normal commercial terms. The Directors consider that the 
Acquisitions are in the interests of Chuang's China and that 
the terms of the Agreements are fair and reasonable so far 
as the Shareholders are concerned.

GENERAL

At present, Mr. Chuang, Mrs. Siu and their respective 
Associates in aggregate hold approximately 46.22 per cent. 
of the issued share capital of Chuang's Consortium. In turn, 
Chuang's Consortium holds approximately 66.95 per cent. of 
the issued share capital of Chuang's China. Under the Listing 
Rules, the Acquisitions constitute a connected transaction 
for both Chuang's Consortium and Chuang's China.

The aggregate consideration of HK$75 million under the 
Agreements represents less than the higher of HK$10,000,000 
or 3 per cent. of the audited consolidated net tangible 
assets of Chuang's Consortium (as disclosed in its latest 
published audited accounts for the year ended 31st March, 
1999). Pursuant to Rule 14.25(1) of the Listing Rules, 
Chuang's Consortium is only required to make this 
announcement and disclose details of the Acquisitions in its 
annual report for the financial year ending 31st March, 2000.

For Chuang's China, the Acquisitions are subject to approval 
by the Independent Shareholders under the Listing Rules. 
Chuang's Consortium, Mr. Chuang, Mrs. Siu and their 
respective Associates in aggregate holding approximately 
66.95 per cent. of the issued share capital of Chuang's China 
as at the date hereof have confirmed that they shall abstain 
from voting at the SGM to approve the Agreements.

An independent board committee of Chuang's China will be 
formed for the purpose of advising the Independent 
Shareholders on the terms of the Agreements. An independent 
financial adviser to the independent board committee of 
Chuang's China will be appointed to advise the independent 
board committee of Chuang's China on the same.

A circular, containing amongst other things, details of the 
terms of the Agreements, the advice from the independent 
board committee and the independent financial adviser of 
Chuang's China respectively and a notice of the SGM to 
approve the Agreements (including the issue of the 
Consideration Shares), will be despatched to the 
Shareholders (and for information only, the warrantholders 
of Chuang's China) as soon as practicable.

In this announcement, the following expressions have the 
meanings set out below unless the context requires otherwise:

"Acquisitions"  together the First Acquisition 
        and the Second Acquisition

"Agreements"    together the First Agreement and 
        the Second Agreement

"Associate(s)"  meanings as ascribed pursuant to 
        the Listing Rules

"Chuang's China"        Chuang's China Investments 
        Limited, a company incorporated 
        in Bermuda, the securities of 
        which are listed on the Stock Exchange

"Chuang's Consortium"   Chuang's Consortium 
        International Limited, a company 
        incorporated in Bermuda, the 
        shares of which are listed on the Stock Exchange

"Completion"    Completion of the sale and 
        purchase of the Sale Shares under the Agreements

"Consideration  new Share(s) to be issued and
  Share(s)"     allotted by Chuang's China to the 
        Vendors under the Agreements

"Director(s)"   the director(s) of Chuang's China

"First Acquisition"     the acquisition by the Purchaser 
        from Impressive Profit 
        Investments Limited of 150,000 
        Sale Shares being 60 per cent. of 
        the Sale Shares pursuant to the First Agreement

"First Agreement"       the conditional agreement dated 
        10th February, 2000 entered into 
        between, inter alia, the 
        Purchaser and Impressive Profit 
        Investments Limited in relation 
        to the First Acquisition

"Hong Kong"     the Hong Kong Special 
        Administrative Region of the PRC

"Independent    shareholders of Chuang's China
  Shareholders" (other than Chuang's Consortium, 
        Mr. Chuang, Mrs. Siu and their 
        respective Associates) as shall 
        be entitled to attend and vote at 
        the SGM to approve the Agreements 
        and the transactions 
        contemplated therein (or any 
        adjournment thereof)

"Independent Vendor"    Still Water International 
        Limited, being one of the two 
        vendors in respect of the Sale 
        Shares to be sold under the 
        Second Agreement

"Listing Rules" the Rules Governing the Listing 
        of Securities on the Stock Exchange

"Mr. Chuang"    Mr. Alan Chuang Shaw Swee, the 
        Chairman and director of 
        Chuang's Consortium

"Mrs. Siu"      Mrs. Alice Siu Chuang Siu Suen, 
        the Vice Chairman and director of 
        Chuang's Consortium

"PRC"   the People's Republic of China

"Purchaser"     China Cyberworld Limited (which 
        will be renamed to China 
        Cyberworld (2000) Limited or 
        other name as approved by its 
        shareholders), a wholly-owned 
        subsidiary of Chuang's China

"Sale Shares"   an aggregate of 250,000 Shares in 
        Treasure Auctioneer, 
        representing 25 per cent. of the 
        total issued share capital of 
        Treasure Auctioneer

"Second Acquisition"    the acquisition by the Purchaser 
        from the Independent Vendor of 
        100,000 Sale Shares being 40 per 
        cent. of the Sale Shares pursuant 
        to the Second Agreement

"Second Agreement"      the conditional agreement dated 
        10th February, 2000 entered into 
        between, inter alia, the 
        Purchaser and the Independent 
        Vendor in relation to the Second Acquisition
        

"SGM"   a special general meeting of 
        Chuang's China to be convened to 
        approve, amongst other things, 
        the Agreements (including the 
        issue of the Consideration 
        Shares) and the transactions 
        contemplated thereunder (or any 
        adjournment thereof)

"Shareholders"  holders of Shares

"Shares"        Shares of HK$0.05 each in the 
        capital of Chuang's China

"Stock Exchange"        The Stock Exchange of Hong Kong Limited

"Treasure Auctioneer"   Treasure Auctioneer 
        International Limited, a company 
        incorporated in the British 
        Virgin Islands on 8th November, 1999

"Vendors"       (i) Impressive Profit 
                Investments Limited, a company 
                indirectly owned as to 66 per 
                cent. by Mr. Chuang and 34 per 
                cent. by Mrs. Siu; and (ii) the 
                Independent Vendor

"HK$"   Hong Kong dollars

By Order of the Board of
Chuang's Consortium International Limited
Ko Sheung Chi
Managing Director

By Order of the Board of
Chuang's China Investments Limited
Ann Li Mee Sum
Managing Director

Hong Kong, 10th February, 2000