Beijing, July 31, 2002 - Officiated and witnessed by Mr Wang Jun, Chairman of China International Trust & Investment Corporation (CITIC), a comprehensive business collaboration agreement was signed between Massive Resources International Corporation Limited ("Massive Resources") (SEHK: 70) and CITIC Cultural & Sports Industry Co., Ltd. (CCSIC) today at Diaoyutai State Guesthouse in Beijing, China. The signing ceremony was also officiated by Mr Li Bolun, Chairman of CCSIC and Mr Edward Chen, Chairman of Massive Resources. CITIC is the 5th largest corporation in China with assets totalling over RMB400 billion (US$50 billion).

Pursuant to the agreement, Massive Resources and CCSIC will form a strategic alliance to seek joint business developments in the areas of (1) film, (2) print media, (3) television, (4) entertainment, (5) advertising and (6) sports. Subsequent to the signing of this agreement, management of the two companies will work out the details of collaboration, and a master business plan will be formulated around the end of August 2002. The alliance initially plans to invest about HK$200 million in the aforesaid businesses.

The unparalleled relationship between Massive Resources and CCSIC takes the form of first priority partnership between the two companies in which all CCSIC's future investments and ventures in Hong Kong will have first priority cooperation with Massive Resources. This significant partnership also represents that Massive Resources will become CCSIC's non-Mainland window to the world and both parties will be able to benefit from such joint cooperation and venture.

Mr Edward Chen, Chairman of Massive Resources said: "Under this strategic partnership, Massive Resources will have priority in taking part in all future business developments of CCSIC. We will consider establishing equity joint ventures in non-regulated industries, but for business arenas such as film making, which do not allow foreign participation under current Chinese Government regulations, we will enter into service agreements with CCSIC."

One such service agreement was signed on January 8, 2002 pursuant to which Massive Resources was appointed by CCSIC as the sole and exclusive agent worldwide (outside Mainland China) for the latter's cultural, media, film, television and entertainment products.

With CITIC as its major shareholder, CCSIC's inception in January 2001 has attracted a lot of attention on the Mainland's media, and was named one of the "Ten Most Important Events in the PRC's Media Industry" of that year. CCSIC has announced an aggressive RMB 1-billion investment plan to tap into media, entertainment and sports related businesses in China.

CCSIC's business development began to gain momentum in 2001 with the establishment of Century Hero Film Investment Co., Ltd as its film and entertainment arm. Century Hero has appointed Mr Chen Kaige, an award-winning Chinese film director, as art director, and has signed up a number of top movie celebrities in China for its future productions. The company has also entered into an agreement with AOL Time Warner to jointly invest about RMB 60 million to film 10 TV movies this year. In a short space of one year, Century Hero has already completed the filming of two movies, namely "To Be With You" and "Zhou Enlai in Bantung" and nine TV series.

"CCSIC has an excellent inception and going ahead, we are looking forward to further internationalize our operations. Our partnership with Massive Resources will give us immediate connection to international networks and resources. We are also privileged to draw on Mr Chen's expertise and extensive experience in the culture, media and entertainment industries," continued Mr Li Bolun, Chairman of CCSIC.

In the area of print media, CCSIC has published two new magazines, "New Movies" and "PhotoChina". Other publications in the pipeline include "Wenhui Baihua Weekly", "Century People" and "Vogue & Fortune".

"We are also finalizing our discussions with Beijing Metro for a comprehensive agency agreement for metro media and advertising, and hope to announce details shortly. We hope to drive our developments in advertising through an innovative 'advertising bank' business concept," said Mr Li.

Other business developments include cinema operation, model agency, celebrities agency and sports agency and media. "We are glad to be able to take part in the exciting boom of China's media, entertainment and advertising sectors. Through this partnership, we are able to fully re-engineer our business model with the ultimate goal of evolving into a media and entertainment company," noted Mr Chen.

About CCSIC
CITIC Cultural Sports & Industry Co., Ltd. (CCSIC) was established as a 51:49 joint venture between CITIC and China Tianping Economic & Cultural Development Co., Ltd. in February 2001. CCSIC now operates more than 10 subsidiaries to engage in (1) film, (2) print media, (3) television, (4) sports, (5) entertainment and (6) advertising businesses, with 15 related projects under development. The company obtained permissions in April and August 2001 from Mainland authorities to engage respectively in TV and film productions. Century Hero, CCSIC's film production and distribution vehicle, subsequently entered into a sole and exclusive worldwide (except Mainland China) agency agreement with Hong Kong's Massive Resources International Corporation Limited (SEHK# 70) in January 2002. CCSIC has emerged as a major wave of success in China's media and entertainment sector, with Century Hero being dubbed the country's pioneer in the film industry.

About Massive Resources
Massive Resources International Corporation Limited (SEHK# 70) was successfully taken over by Mr Edward Chen in August 2001 through 369 Holdings Ltd. Subsequent to a series of management restructurings and fund raising exercises, the company now maintains a strong position to pursue new business opportunities, particularly in the thriving media and entertainment sector. With CITIC Cultural & Sports Industry Co., Ltd. as its close working ally and partner, the Group is ready to take off in its venture into the media and entertainment businesses. Leveraging on the experience, expertise and international network of the Group's management under the leadership of Mr Chen, Massive Resources is well positioned to achieve its corporation vision of becoming a leading media and entertainment company.

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