Major Shareholder:

• Mr. Yuanguang ¡V 23.24% interest
• Mr. Chau Siu Piu ¡V 15.44% interest
• Mr. Hu Zhi Jian ¡V 13.02% interest

Company Subsidiaries:

• Guangzhou Global Link (100%): Provision of value added telecommunications solutions, telecommunications application software and networking solutions
• Hong Kong Global Link (100%): Provision of value added telecommunications solutions and telecommunications application software

The Group is principally engaged in the research and development and provision of telecommunications software solutions for new telecommunications services and value-added telecommunications services, as well as provision of other communication network solutions. The Group's customers mainly include those small to medium virtual telecommunications operators and those value-added telecommunications service providers who are seeking to provide various kinds of new and value-added telecommunications services to users and other telecommunications operators in the PRC and in other parts of the Asia-Pacific region.

The Group's history dates back to September 1998, when Mr. Ma and Mr. Chau, both being founders of the Group, established Guangzhou Global Link. In March 1999, the Group started to research and develop its proprietary, MAGPlus Tserver, being the core underlying technology of the Group's MAGPlus series solutions. Following the establishment of Guangzhou Global Link in 1998, the Group had its headquarters set up in Guangzhou Tianhe Software Park. Located at Tianhe, Guangzhou, Guangzhou Tianhe Software Park was recognized by the State Development Planning Commission and MII in July 2001 as one of the eleven national software development bases in the PRC.

Capitalising on its management's extensive experience and knowledge in the telecommunications industry, the Group also plans to provide business analysis and consultancy services in relations to new and value-added telecommunications services with a view to complementing and achieving synergy with its business of providing telecommunications solutions. The customers of the Group mainly include small to medium virtual telecommunications operators, value-added telecommunications service providers, and other enterprise customers.

The development of the Group's MAGPlus series solutions, namely the MAGPlus Multi-Services Platform, MAGPlus Large Capacity IVR System, and MAGPlus Intelligent Public Phone Management System, is based on the Group's core technology ¡V the proprietary MAGPlus Tserver. MAGPlus Tserver is the engine for the Group's MAGPlus series telecommunications solutions, supporting the open programming switching platform such as Excel and PC-based card. Based on the MAGPlus Tserver, users are able to effectively extend their capacity and capability to provide various value-added telecommunications services in the market.

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

• The Group offers proprietary and customised telecommunications solutions to its customers and has complete control in the development of its solutions, which would make it difficult for its competitors to replicate

• The Group has a team of dedicated and experienced management and IT professionals with the relevant technical expertise in the development of integrated solutions in the telecommunications industry

• The Group places strong emphasis on research and development with a view of delivering functional and advanced solutions and professional services to satisfy its customers' requirements

• The Group's business partner relationship with Lucent Technologies

• The Group provides comprehensive after-sale services and ongoing training to enhance customers' satisfaction and loyalty

• Guangzhou Global Link has a history of losses for the years ended 31^st December 1999 and 2000;
• Wells software License Agreement;
• Possible infringement of intellectual property rights;
• Reliance on key personnel;
• Reliance on major customers;
• Reliance on major supplier;

The Directors consider that the opening of the PRC telecommunications industry provides and opportunity for the Group to expand its telecommunications solutions business. Apart from continually enhancing the technical applications in telecommunications exchange, computer network, and IP network etc., the Group will also focus on the development of other new telecommunications solutions. The Group also invests in the development of new technical applications, such as the VoIP Solutions and the next generation network business applications with a view to capitalizing on the growth in this area.

The Directors put strong emphasis on the research and development of proprietary telecommunications solutions applications software and total solution plans. The MAGPlus series solutions are the results of the Group's previous efforts. The Group will continue to upgrade and fine-tune the existing solutions so as to fulfil the requirements of the customers after receiving their feedback and opinions. In an attempt to exploit the opportunities brought by the rapidly changing telecommunications market and to provide a one-stop solution for its end-users, the Group will continue to develop other self-owned application software in the future.

The Group intends to pursue strategic acquisitions of hi-tech projects and strategic investments in the future if such opportunities arise and are considered to be capable of strengthening or complementing the Group's existing business. As at the Latest Practicable Date, no such acquisitions or investments had been identified.

The Group intends to increase its sales network in the PRC by expanding its sales force and marketing programs. The Group's sales force and engineers are knowledgeable in the provision of telecommunications solutions and application software and are able to provide related consultancy services to the Group's customers.

The net proceeds from the Placing, after deducting the related expenses, are estimated to amount to approximately HK$21.0 million (based on the offer price HK$0.36 per share). The Group at present intends to apply the net proceeds as follows: