News

Private Placement Of:(1) 10,000,000 New Ordinary Shares Of Par Value S$0.10 Each (The "Subscription Shares") In The Capital Of Qian Hu Corporation Limited (The "Company") To Qian Hu Holdings Pte Ltd; And (2) 10,000,000 Existing Ordinary Share Of Par Value S$0.10 (The "Sale Shares") Held By Qian Hu Holdings Pte Ltd, To The Development Bank Of Singapore Ltd ("DBS") As Placement Agent

Further to the announcements made on 29 April 2002 and 6 May 2002 in relation to the Private Placement, the Directors of Qian Hu Corporation Limited (the "Company") are pleased to announce that the Singapore Exchange Securities Trading Limited ("SGX-ST") has today approved in-principle the Company's application for the listing and quotation of the 10,000,000 new ordinary shares of S$0.10 each in the capital of the Company to be issued and allotted pursuant to the Private Placement.

Approval in-principle by the SGX-ST is not to be taken as an indication of the merits of the Private Placement. SGX-ST assumes no responsibilities for the correctness of any statement made in relation to the Private Placement.

BY ORDER OF THE BOARD

Lai Chin Yee
Company Secretary
8 May 2002