Major Shareholder:

• Mr. Yang Zhongwang & his wife ¡V 50.03% interest

Company Subsidiaries:

• Fuwang (100%): Manufacture and sale of tinplate cans ad provision of tinplate lacquering and printing services

The Group is engaged principally in the manufacture and sale of tinplate cans for the packaging of foods and beverages in the PRC. The Group also provides tinplate lacquering and printing services.

The Group has an established client base of over 60 PRC food and beverages producers located in 20 provinces in the PRC. The major customers of the Group include reputable food producers such as Fujian Taifu Food Co., Ltd, Wenzhou shi Taiyu food Industry Co., Ltd , and beverage producers such as Shanxi Dazhai Beverage Co., Ltd and Jinjiang Luoshan Weili Food co., Ltd. The Group is positioned as a high quality tinplate cans manufacturer in the PRC which provides all in one services in the production of tinplate cans for the packaging of foods and beverages. The Directors believe that the Group has an established reputation in the PRC food and beverage industry for its capability to manufacture high quality tinplate cans of various sizes in the timely manner.

The Group's tinplate cans are commonly referred to as three piece cans in the packaging industry in the PRC and are used by food and beverage producers to store a variety of beverages and processed foods such as fruit juice, protein drinks, tea beverages and congee. A typical tinplate can tinplate can manufactured by the Group is made up of three components; (a) a cylindrical can body with lacquer applied on the inside and artwork printed on the outside; (b) a lacquered bottom lid; and (c) a lacquered easy opening end. The Group manufacturers the can bodies and the bottom lids, while the easy-opening ends are sourced from external suppliers.

The Group's manufacture facilities are mainly located in Fuqing, Fujian Province, the PRC, which have a total gross floor area of approximately 12,383sq.m the Group currently owns and operates two highly automated workshops in Fuqing, one for the manufacture of tinplate cans and the other for tinplate lacquering and printing. As at the Practicable Date, the Group employed 253 full time employees at its manufacturing faculties located in Fuqing.

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

• The Group's senior management team having in depth knowledge and over 10 years extensive experience in the tinplate cans manufacturing industry;
• The Group's provision of all in one services in the production of tinplate cans which includes lacquering, printing and manufacturing of tinplate cans;
• The Group's technical expertise in tinplate lacquering and printing;
• The Group's stringent quality control which has obtained the ISO 9002 accreditation; and
• The established reputation of the Group among food and beverages producers in the Fujian Provinces;

• Potential produce liability
• Reliance on key personnel
• Reliance on major customer
• Reliance on major suppliers
• Sustainability of high profit margin
• Environmental regulations and enforcement

The Directors consider that the development of new products is crucial to the Group's success in the future. In order to introduce packaging for different types of products, the Group intends to develop aerosol cans, gift boxes, and other tinplate containers in a variety of shapes and sizes. In particular, the Group plans to develop tinplate containers for bottled alcohol, insecticides, and air fresheners. Through the introduction of new products, the directors believe that the Group's source of revenue can be widened and profitability can be further increased.

The Directors plan to take advantage of the economic development in the western region of the PRC by expanding the Group's customer base in that region,. The Group has established good business relations with a number of recognized food and beverage producers in the western region of the PRC. In particular, the Group has entered into an agreement with Shanxi Dazhai Berages Co., Ltd for the manufacture of approximately 30 million

To cope with the increase in production capacity of the production facilities in Fuqing, the Directors plan to install additional ventilation and air pollution control equipment for the existing production facilities of the Group. The Directors anticipate the installation of the additional ventilation and air pollution control equipment will be completed by July 2003.

The net proceeds from the Placing, after deducting the related expenses, are estimated to amount to approximately HK$86.4 million (based on the offer price HK$1.23 per share). The Group at present intends to apply the net proceeds as follows: