Listing Date:	18 July 2002
Offer Price:	HK$0.3 per share
Par Value:	HK$0.01 each
No. of Shares under the offer :	50,648,000 shares
No. of Shares under Placing:	50,648,000 Placing Shares
Market Capitalization:	HK$151.9 million
Sponsor:	MasterLink Securities (H.K.) Corp. Ltd
Chairman:	Mr. Ng Hung Sang, Robert
Fund Raising	HK$15.194 million

Major Shareholder:

Mr. Ng Hung Sang, Robert- 56.7% interest

Company Subsidiaries:

Capital Publishing Management Ltd (100%): Provision of employment and personnel services
Capital Publishing Ltd (100%): Publication of "Capital¡¨ Magazine

COMPANY OVERVIEW

The principal business activity of the Group is the publication and marketing of a monthly Chinese financial and economic magazine, namely "Capital " magazine, which caters for businessmen and professional readers in Hong Kong.

"Capital " Magazine is principally tailored for professionals, think tank of enterprises, senior and top management personnel, bankers and financial elites. It mainly target reader aged between 25 to 45 with middle-to-high income and well educated. The content mainly includes report and analysis on finance, interviews with businessmen and government officials, feature, analysis, column and up-market leisure tips.

COMPETITIVE ADVANTAGES

The Directors believe that the Group has the following competitive advantages:

the well-established publishing titles of "Capital¡¨ magazine with its long history of publications;
its broad client base of advertisers comprising advertising agencies and renowned direct clients;
its experienced management team which possess in-depth knowledge of the publishing industry; and
its strong and creative editorial and sales teams;

RISK FACTORS

Net liabilities and working capital;
Competition with the South China Group and the Jessica Publications Group;
Reliance on and risk associated with an independent printer;
Inability to manage its expanding operation effectively;
History of operating loss;
Credit risks;

FINANCIAL RECORD

¡@	Year ended 31st Dec2000 (HK$'000)	Year ended 31st Dec 2001 (HK$'000)
Turnover	10,858	9,172
Profit/(Loss) before tax	(1,23)	(4,118)
Net profit/(Loss)	(1,23)	(4,118)
Total Assets	7,044	1,791
Total Liabilities	8,395	7,26
Total equities	(1,351)	(5,469)

FUTURE PLANS

The mission of the Group is to position "Capital¡¨ magazine as one of the most influential Chinese financial periodicals in Hong Kong and the Greater China region, and itself one of the leading publishers and media platform in these territories. In order to accomplish this mission, the Group has set out the following objective;

To broaden its readership base and circulation in existing market segments;
To increase revenues form advertising and circulation;
To reinforce brand recognition and awareness of the Group's magazine;
To become a communication platform for the banking, finance and trade industries in Hong Kong and the Greater China region; and
To expand its business into the Greater China region.

USE OF PROCEEDS

The net proceeds from the Placing, after deducting the related expenses, are estimated to amount to approximately HK$11.7 million (based on the offer price HK$0.3 per share). The Group at present intends to apply the net proceeds as follows:

For recruiting, employment and training of staff	38.5%
For the promotion of magazine of the Group in Beijing	17.1%
For the promotion of the Capital magazine to readers and advertisers	8.5%
For the publication of financial special issues and stand-alone periodicals or books	17.1%
For the repayment of loan form a major Shareholder of the Group; Mr. Ng	8.5%
Working capital	10.3%

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