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China Chengtong Development Group Limited

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THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in doubt as to any aspect of this circular or as to the action to be taken, you should consult a licensed securities dealer or registered institution in securities, a bank manager, solicitor, professional accountant or other professional adviser. If you have sold or transferred all your shares in China Chengtong Development Group Limited (the “Company”), you should at once hand this circular and the accompanying form of proxy to the purchaser or the transferee or to the licensed securities dealer or registered institution in securities or other agent through whom the sale or transfer was effected for transmission to the purchaser or the transferee. This circular is addressed to the shareholders of the Company in connection with an extraordinary general meeting of the Company to be held on 19 March 2007. This circular is not and does not constitute an offer of, nor is it intended to invite offers for, shares in or other securities of the Company. The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this circular, make 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 circular. CHINA CHENGTONG DEVELOPMENT GROUP LIMITED 中國誠通發展集團有限公司 (Incorporated in Hong Kong with limited liability) (Stock Code: 217) (1) PROPOSED RIGHTS ISSUE OF NOT LESS THAN 607,051,490 RIGHTS SHARES AND NOT MORE THAN 616,021,490 RIGHTS SHARES OF HK$0.10 EACH AT HK$0.33 PER RIGHTS SHARE PAYABLE IN FULL ON ACCEPTANCE (IN THE PROPORTION OF THREE RIGHTS SHARES FOR EVERY TEN EXISTING SHARES HELD ON THE RECORD DATE) (2) APPLICATION FOR WHITEWASH WAIVER (3) PROPOSED REFRESHMENT OF GENERAL MANDATE (4) PROPOSED GRANT OF SPECIFIC MANDATE Independent financial adviser to the Independent Board Committees and the Independent Shareholders CIMB-GK Securities (HK) Limited Underwriter to the Rights Issue Oriental Patron Asia Limited A letter from the board of directors of the Company is set out on pages 8 to 39 of this circular. A letter from the Independent Board Committee of the Rights Issue containing its recommendation to the Independent Shareholders to the Rights Issue is set out on page 40 to 41 of this circular. A letter from the Independent Board Committee of the Transaction(s) containing its recommendation to the Independent Shareholders to the Transaction(s) is set out on page 42 of this circular. A letter from CIMB-GK, the independent financial adviser to the Independent Board Committees and the Independent Shareholders, containing its advice in connection with the various transactions as detailed in this circular is set out on pages 43 to 69 of this circular. It should be noted that the last day of dealings in Shares on a cum-rights basis is 12 March 2007. The Shares will be dealt with on a ex-rights basis from 13 March 2007. To qualify for the Rights Issue, a Qualifying Shareholder’s name must appear on the register of members of the Company on the Record Date, which is currently expected to be 19 March 2007. In order to be registered as a member of the Company on the Record Date, any transfers of Shares (with the relevant share certificates) must be lodged to the Company’s share registrar in Hong Kong, Computershare Hong Kong Investor Services Limited, for registration by 4:00 p.m. on 14 March 2007. A notice convening the EGM to be held at Lavender Room, 27th Floor, The Park Lane Hong Kong, 310 Gloucester Road, Hong Kong at 10:30 a.m. on 19 March 2007 is set out on page 188 to 194 of this circular. Whether or not you are able to attend the meeting in person, you are requested to complete and return the enclosed form of proxy in accordance with the instructions printed thereon and deposit it with the Company’s share registrar, Computershare Hong Kong Investor Services Limited, at Rooms 1806-1807, 18th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong as soon as possible and in any event not less than 48 hours before the time appointed for the holding of the meeting or any adjournment thereof. Completion and return of the form of proxy shall not preclude you from attending and voting at the EGM or any adjournment of it if you so wish. It should be noted that the Underwriting Agreement contains provisions granting the Underwriter, by notice in writing, the right to terminate the Underwriter’s obligations thereunder on the occurrence of certain events. The Underwriter may terminate the Underwriting Agreement on or before the Latest Time for Termination if prior to the Latest Time for Termination: (a) in the reasonable opinion of the Underwriter, the success of the Rights Issue would be materially and adversely affected by: (i) the introduction of any new regulation or any change in existing law or regulation (or the judicial interpretation thereof) or other occurrence of any nature whatsoever which may in the reasonable opinion of the Underwriter materially and adversely affect the business or the financial or trading position or prospects of the Group as a whole or is materially adverse in the context of the Rights Issue; or (ii) the occurrence of any local, national or international event or change (whether or not forming part of a series of events or changes occurring or continuing before, and/or after the date of the Underwriting Agreement), of a political, military, financial, economic or other nature, or in the nature of any local, national or international outbreak or escalation of hostilities or armed conflict, or affecting local securities markets which may, in the reasonable opinion of the Underwriter materially and adversely affect the business or the financial or trading position or prospects of the Group as a whole; or (iii) any material adverse change in the business or in the financial or trading position or prospects of the Group as a whole; or (b) any material adverse change in market conditions (including, without limitation, a change in fiscal or monetary policy or foreign exchange or currency markets, suspension or restriction of trading in securities, and a change in currency conditions for the purpose of this clause includes a change in the system under which the value of the Hong Kong currency is pegged with that of the currency of the United States of America) occurs which in the reasonable opinion of the Underwriter makes it inexpedient or inadvisable to proceed with the Rights Issue; or (c) the circular in relation to the Rights Issues or the Prospectus when published contain information (either as to business prospects or the condition of the Group or as to its compliance with any laws or the Listing Rules or any applicable regulations) which has not prior to the date of the Underwriting Agreement been publicly announced or published by the Company and which may in the reasonable opinion of the Underwriter is material to the Group as a whole upon completion of the Rights Issue and is likely to affect materially and adversely the success of the Rights Issue or might cause a prudent investor not to accept the Rights Shares provisionally allotted to it. If the Underwriting Agreement is terminated by the Underwriter on or before the aforesaid deadline or does not become unconditional, the Underwriting Agreement shall terminate (save in respect of any rights and obligations which may accrue under the Underwriting Agreement prior to such termination) and neither the Company nor the Underwriter shall have any claim against the other party for costs, damages, compensation or otherwise and the Rights Issue will not proceed. Pursuant to the Underwriting Agreement, the Underwriter is entitled by notice in writing to rescind the Underwriting Agreement if prior to the Latest Time for Termination: (a) any material breach of any of the warranties or undertakings contained in the Underwriting Agreement comes to the knowledge of the Underwriter; or (b) any event occurring or matter arising on or after the date of the Underwriting Agreement and prior to the Latest Time for Termination which if it had occurred or arisen before the date of the Underwriting Agreement would have rendered the warranties contained in the Underwriting Agreement untrue or incorrect in any material aspect comes to the knowledge of the Underwriter. The Shares will be dealt in on an ex-rights basis from 13 March 2007. Dealings in the Rights Shares in their nil-paid form will take place from 23 March 2007 to 30 March 2007 (both days inclusive). If the conditions of the Rights Issue are not fulfilled and/or waived on or before the Latest Acceptance Time (or such later time and/or date as the Company and the Underwriter may determine in writing), or the Underwriting Agreement is terminated by the Underwriter, the Rights Issue will not proceed and the Rights Issue will lapse. Any persons contemplating buying or selling Shares from the date of the Announcement dated 9 January 2007 up to the date on which all the conditions of the Rights Issue are fulfilled or waived, and any dealings in the Rights Shares in their nil-paid form between 23 March 2007 to 30 March 2007 (both dates inclusive), bear the risk that the Rights Issue may not become unconditional or may not proceed. Any Shareholders or other persons contemplating dealing in the Shares or nil-paid Rights Shares are recommended to consult their own professional advisers.
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