"XINHUAONLINE" TO LAUNCH FIRST PHASE OF INFORMATION SERVICES

July 4, 2001, Hong Kong - Xinhuaonline, a joint venture between Global China Technology Group ("Global China Technology", HKSE: 1105) and the China Economic Information Service ("CEIS"), an affiliate of Xinhua News Agency, will launch the first phase of its information services on July 16, 2001. Xinhuaonline also announced the appointment of Yu Gan as Chief Executive Officer. The industry veteran will be charged with the responsibility of developing Xinhuaonline into an authoritative, value-added information service provider in Mainland China.

The first phase of Xinhuaonline will include two of its five planned product offerings. "Top News" will provide users with PDA versions of latest macro data, sector figures and breaking news, while "Market Analysis" will feature in-depth analytical reports on key industries such as "Media in China" and "China Securities Industry Overview". "WTO Express" will also be available in this stage which will bring together statistical analysis and points of view on WTO sensitive industries. With a click of the mouse, users can easily find the most recent information products through Xinhuaonline's website and will be able to order products online. Xinhuaonline plans to launch the other three flagship services - "Data Series", "Authoritative Reports" and "Customized Data" later in this year.

"Xinhuaonline will be the perfect vehicle for Global China Technology to develop the information business in China. The large market there will help us solidify our foothold in the media and information services sector," said Judy Inn, Chief Operating Officer at Global China Technology. "Our relationship with Xinhua News Agency and 15 state-owned information providers has allowed us to tap into an unrivaled pool of resources. Their scale and breadth, coupled with our professional team led by Yu Gan, will enable us to grow into an authoritative and mutli-channel information service provider that brings value-added business intelligence to customers. We are confident that Xinhuaonline will be playing a key part in the commercialization of China's information industry."

"With the backings and resources of Xinhua News Agency and Global China Technology, we will be able to offer customers with industry-specific and value-added information utilizing the latest technology and distribution channels. Our advanced information processing system allows us to get to the market faster, bringing insights and intelligence to corporations while establishing ourselves as the market leader in the industry," said Yu Gan, CEO of Xinhuaonline.

China's information industry has been undergoing exponential growth in recent years. However, until the launch of Xinhuaonline there has not been a service that provides the full spectrum of analytical value-added elements with an international perspective. China's imminent entry into the World Trade Organization has created an even greater demand for quality and timely market intelligence for corporations. In response to the market demand Xinhuaonline will launch industry-specific information and analytical reports through various formats such as print, fax, electronic, CD-ROM and PDA etc. Xinhuaonline has signed a co-operative agreement with the WTO unit of the University of International Business and Economics to produce in-depth WTO research reports and industry studies for local and overseas corporate users.

Headquartered in Beijing, the Xinhuaonline staff includes over 50 professionals specializing in management, network engineering, sales and marketing as well as information aggregation. The office has been in full operations since May 15, 2001.

Xinhuaonline's website http://www.xinhuaonline.com, will be officially launched on July 16, 2001.

About Xinhua News Agency/The China Economic Information Service
Xinhua News Agency is the largest news agency and information distribution center in China with global presence. As a subsidiary of Xinhua News Agency, China Economic Information Service possesses the most comprehensive news and information database, providing business information to over 200,000 customers in the Mainland and over 160 countries/regions around the world.

About Global China Technology Group Ltd
Global China Technology Group (HKSE: 1105) is principally engaged in information technology and Internet-related businesses. Its four business focuses are broadband technology, media and information service, education and training, as well as financial service. It also holds approximately 75% of Sing Tao Group (HKSE: 233).

For further information, please contact:
Global China Technology Group Ltd		Ogilvy Public Relations Worldwide
Susan Kwan		Ingrid Cheng
Tel: 2830 0300		Tel: 2884 8544
Fax : 2830 0399		Fax : 2560 0681
Email: susankwan@globalchina.com		Email: ingrid.cheng@ogilvy.com

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