China Aerospace: Die Satelliten steigen bald....

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China Aerospace: Die Satelliten steigen bald.... birkhauser

China Aerospace: Die Satelliten steigen bald....

The  Stock  Exchange of Hong Kong Limited (`Stock Exchange') takes no
   responsibility  for  the  contents  of this announcement, makes no
   representation  as  to  its  accuracy or completeness 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.

   (Incorporated in Hong Kong with limited liability)

   Placing of existing shares and subscription for new shares

   Burhill  Company  Limited  (the `Vendor') has appointed ING
   Barings  as  the placing agent to place on a fully underwritten basis
   an  aggregate of 204,017,400 existing shares (the `Placing Shares') of
   HK$1.00  each  (`Shares')  in China Aerospace International Holdings
   Limited  (`the  Company')  at  a  price  of HK$1.80 per Share to
   independent  investors  (the `Placing'). In addition, the Vendor also
   granted  ING  Barings an over-allocation option to require the Vendor
   to  place  on  a  fully underwritten basis an additional 21,373,200
   existing  Shares  at the same price (the `Over-allocation Option') on
   or  before 4th February, 2000. The Vendor has also agreed to subscribe

   (the  `Subscription') for 357,017,400 new Shares at a price per share
   equal  to the Placing price per share after adjusting for any expenses
   properly incurred in connection with the Placing.

   Net  proceeds from the Subscription amounting to approximately HK$632
   million  will  be used primarily to finance the capital expenditures
   for  the  development  of broadband multimedia data transmission and
   digital  video  broadcasting  services  and  the  working capital
   requirements  of  the  Company,  its  subsidiaries and affiliated
   companies  (the  `Group').  Approximately  HK$440  million will be
   allocated  for  the development of broadband media data transmission
   and  digital  video broadcasting services while approximately HK$192
   million will be for the working capital of the Group.

   The  Vendor  and its associates (the `Controlling Shareholders'), all
   of  which  are wholly owned subsidiaries of China Aerospace Science &
   Technology  Corp (`CAST') together with parties acting in concert with
   them,  currently  hold approximately 42.86% of the Company's existing
   issued  share  capital.  Upon completion of the Placing and assuming
   that  the  Over-allocation  Option  will  not  be exercised, the
   Controlling  Shareholders and parties acting in concert with them will
   hold  approximately  31.43%  of the Company's existing issued share
   capital.  The  Controlling  Shareholders'  interests in the Company
   immediately  after the Placing will be reduced to approximately 30.23%
   should  the  Over-allocation  Option  be  exercised in full. After
   completion  of the Subscription, total shareholding of the Controlling
   Shareholders  and parties acting in concert with them will increase to
   approximately  42.86%  of  the  Company's  issued share capital as
   enlarged  by the Subscription or 41.86% if the Over-allocation Option
   is exercised in full.

   The  Placing  and Subscription Agreement is conditional. Please refer
   to  the  paragraph  `Condition  of  the  Placing and Subscription
   Agreement' below for more details.

   Trading  in  the  shares of the Company was suspended at 2:30p.m. on
   25th  January,  2000  upon  request by the Company. Lifting of the
   suspension  as  from 10:00a.m. on 27th January, 2000 has been applied
   for by the Company.

   PLACING and subscription AGREEMENT DATED - 26th JANUARY, 2000
   Burhill  Company  Limited,  a beneficial and registered owner of the
   placing Shares.

   The  Vendor,  its associates and parties acting in concert with them
   have  not  dealt in the shares within the past 12 months prior to the
   date  of  this  announcement. Burhill Company Limited, together with
   five  other companies, all of which being wholly-owned subsidiaries of
   CAST,  are  currently the beneficial and registered owners of 42.86%
   interest  in  the  Company.  CAST  specialises in the research and
   development  of space technology and related products in the People's
   Republic  of China. CAST is a state-owned enterprise established as a
   result of a reorganisation of China Aerospace Corporation in 1999.

   Number of shares to be placed:
   204,017,400  Shares, representing about 11.43% of the existing issued
   share  capital  of the Company of 1,785,402,502 Shares. In addition,
   the  Vendor  also  granted ING Barings an over-allocation option to
   require  the Vendor to place an additional 21,373,200 existing shares,
   representing  1.20%  of  the  existing issued share capital of the
   Company,  on  or  before  4th  February,  2000. Assuming that the
   Over-allocation  Option  will  be exercised in full, total number of
   Shares  to be placed, amounting to 225,390,600 Shares, will represent
   about 12.62% of the Company's existing issued share capital.

   Placement to:
   Widely  placed  by  ING  Barings to professional and institutional

   Placing price:
   HK$1.80  per  Share, representing a discount of approximately 12.20%
   to  the last traded price of HK$2.05 per Share as quoted on the Stock
   Exchange  before the suspension of trading in the Shares at 2:30 p.m.
   on  25th  January,  2000, a discount of approximately 15.29% to the
   closing  price  of HK$2.125 per Share as quoted on Stock Exchange on
   24th  January,  2000,  which is the last full trading day before the
   suspension  of  trading on 25th January, 2000, and a premium of about
   25.87%  to the average closing price of HK$1.43 per Share as quoted on
   the  Stock  Exchange for the 10 full trading days up to and including
   24th January, 2000.

   The  Placing  Shares are fully paid and carry full entitlement to all
   dividends  declared after the Completion Date (as defined below). The
   placees  will obtain title to the Placing Shares free and clear of any
   lien, claim or encumbrance.

   Placing agent and underwriter:
   ING  Barings  Asia  Limited,  as  agent  for ING Bank N.V. (`ING

   Independence of placees and placing agent:
   The  placees and their ultimate beneficial owners and ING Barings are
   independent  of, not connected with and not acting in concert with the
   Controlling  Shareholders,  the  directors,  chief  executive and
   substantial  shareholders  of the Company and any of its subsidiaries
   or  any  of  their  respective associates (as defined in the Rules
   Governing  the  listing  of securities on the Stock Exchange of Hong
   Kong Limited).

   Condition of the Placing and Subscription Agreement:
   If  there  is any material breach of the representations, warranties
   or  undertakings by the Controlling Shareholders relating to (amongst
   other  things) the ownership of the Placing Shares and by the Company
   and  the  Controlling  Shareholders in relation to the business and
   financial  condition of the Company contained in the Placing Agreement
   or  the  occurrence of certain events (including a change in national
   or  international law or regulation, financial, political or economic
   conditions  as  would likely be materially adverse to the success of
   the  Placing,  material  breach  of any of the representations and
   warranties  set  out  in the Placing Agreement, and material adverse
   change  in  the financial position of the Company), on or before the
   closing  of  the Placing (as set out in the Placing Agreement) which,
   in  the  opinion of ING Barings, has or is likely to have a material
   adverse  effect  on the financial position of the Group as a whole or
   which  is  or  would  be  materially adverse to the success of the
   Placing,  ING Barings may, at any time prior to 11:00 a.m. on the day
   of  completion of the Placing, by written notice to the Vendor and the
   Company terminate the Placing Agreement.

   The Placing is otherwise unconditional.
   Completion of the placing:
   Expected on 28th January, 2000 (`Completion Date').
   Burhill Company Limited
   Number of new shares subscribed for:
   357,017,400  new  Shares,  representing about 20.00% of the existing
   issued  share  capital of the Company and about 16.66% of the issued
   share capital of the Company as enlarged by the Subscription.

   Subscription price:
   The  Vendor  will  subscribe  for 357,017,400 new shares (the `New
   Shares')  at  a price per share equal to the Placing Price per share.
   The  net  subscription  proceeds  amounted to approximately HK$632
   million  in  aggregate, after adjusting for the all expenses properly
   incurred  by the Vendor in connection with the proposed Placing. Such
   expenses,  including  placing commission, Stock Exchange transaction
   levy,  stamp duty and other expenses amounting to approximately HK$10
   million, will be borne by the Company.

   Mandate to issue new Shares:
   The  new  Shares will be issued under the general mandate granted to
   the  directors  of the Company at the annual general meeting held on
   30th June, 1999.

   Ranking of the new Shares:
   The  new Shares, when fully paid, will rank equally with the existing
   Shares on the date of issue.

   Conditions of the Subscription:
   The Subscription is conditional upon the following:-
   1. the completion of the Placing;

   2. the  Listing  Committee  of  the  Stock  Exchange  (the `Listing
   Committee')  granting  listing  of and permission to deal in the new
   Shares; and

   3. the  Executive  Director  of  the Corporate Finance Division of the
   Securities  and  Futures Commission or any delegate of the Executive
   Director  (the  `Executive') granting the Vendor the waiver from the
   obligation  to  make  a  general offer under the Hong Kong Code on
   Takeovers and Mergers (the `Takeovers Code')

   The  Subscription is expected to be completed within 14 days from the
   signing  of  the  Placing Agreement (i.e. on or before 8th February,

   The  Company  will apply to the Listing Committee for the listing of
   and permission to deal in the new Shares.

   Obligation to make a general offer:
   Immediately  after  completion  of  the  Placing, the Controlling
   Shareholders'  and  parties acting in concerts' voting rights in the
   Company  will  be reduced from approximately 42.86% to approximately
   31.43%.  The Controlling Shareholders' and parties acting in concerts'
   voting  rights  in the Company immediately after the Placing will be
   reduced  to approximately 30.23% should the Over-allocation Option be
   exercised  in  full. The Controlling Shareholders' and parties acting
   in  concerts' voting rights will be increased to approximately 42.86%
   after  completion  of the Subscription or approximately 41.86% if the
   Over-allocation  Option  is exercised in full. With the percentage of
   voting  rights in the Company held by the Controlling Shareholders and
   parties  acting  in concerts' increasing from below 35% to more than
   35%,  an  obligation  to  make  a  mandatory general offer by the
   Controlling  Shareholders and parties acting in concerts' for all the
   Shares  not held by the Controlling Shareholders and parties acting in
   concerts'  will  be  triggered under Rule 26.1 of the Takeovers Code
   unless otherwise waived by the Executive.

   An  application  will  be made to the Executive for waiver from such
   obligation  to  make  a general offer under Rule 26 of the Takeovers

   Principal business of the Company:
   The  principal  businesses  of  the Group comprise manufacturing of
   high-tech  industrial  products  such  as printed circuit board and
   liquid  crystal  display  as  well as TV and home video appliance.
   Through  its  54.64% subsidiary, CASIL Telecommunications (listed in
   Hong Kong in August, 1997), the Group also engages in
   telecommunication  equipment  manufacturing  and global positioning
   systems  operations.  Other businesses of the Group include trading,
   property,  and financial services. The future strategy of the Company
   is  to  focus  on  the development of information technologies and
   satellite  applications  as the two new core business sectors. One of
   the  key  projects  under the information technologies sector is the
   Company's  49%  owned  joint  venture  which  was formed with the
   Broadcasting  and  TV  Bureau in the Jiangsu Province in September,
   1998.  The  joint venture is planned to develop broadband multimedia
   data  transmission  and digital video broadcasting services over the
   provincial  broadband cable TV backbone network. With a population of
   around  72 million in the Jiangsu Province and an established Cable TV
   subscriber  base  of  approximately  7.3 million under the cable-TV
   network,  the directors of the Company believe that this joint venture
   is  well-positioned to take advantage of the fast-growing information
   technologies industry in the People's Republic of China.

   Use of proceeds:
   Net  proceeds from the Subscription amounting to about HK$632 million
   will  be used primarily to invest in projects that are related to the
   development  of  broadband  multimedia data transmission and digital
   video  broadcasting  services and the working capital requirements of
   the  Group.  Approximately  HK$440 million will be allocated for the
   development  of  broadband media data transmission and digital video
   broadcasting  services while approximately HK$192 million will be for
   the working capital of the Group.

   Suspension and resumption of trading:
   Trading  in  the  shares of the Company was suspended at 2:30p.m. on
   25th  January,  2000  upon  request by the Company. Lifting of the
   suspension  as  from 10:00a.m. on 27th January, 2000 has been applied
   for by the Company.

                                     By Order of the Board
                         China Aerospace International Holdings Limited
                                         WANG Yanguang                      
   Hong Kong, 26th January, 2000

   The  directors  of  the  Company jointly and severally accept full
   responsibility  for  the  accuracy of information contained in this
   announcement  and confirm, having made all reasonable inquiries, that
   to  the  best  of  their  knowledge,  opinions expressed in this
   announcement  have been arrived as after due and careful consideration
   and  that there are no other facts not contained in this announcement,
   the  omission  of which would make any statement in this announcement

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