(Hong Kong, May 29, 2003) Diyixian.com Ltd., Greater China’s largest IP private network service provider, today announced that it has completed another round of fund-raising of about HK$50 million. The proceeds will be mainly used as working capital for further expanding its coverage and funding for seeking M&A (Merging & Acquisition) targets in the Greater China Region.

This new round of financing is led by existing shareholders and some private funds. ¡§Depsite the facts that SARS virus plunges many businesses into red and the capital market is weak, Diyixian’s outstanding performance won our investors’ strong support. Such investment also shows our investors’ confidence in long-term potential of the IP network business in the Greater China region,¡¨ said Lap Man, CEO of Diyixian. Comparing with 2001, Diyixian’s revenue increased by 20% in 2002, which includes a strong increase of 60% in IP private network revenue, and the gross profit in 2002 was also increased by 80% due to effective cost control measure. ¡§We’ve achieved full year EBITDA positive for 2002, which is a significant step for us to get profit,¡¨ Lap Man added.

In 2002, Diyixian’s business in Taiwan continues to show encouraging growth with more than 120%. This is largely attributable to the trend of migrating manufacturing process to Mainland China. Under current difficult economic environment, corporations are looking for more cost effective, reliable and seamless communication services. In order to capture this significant growth in Taiwan market, Diyixian decides to further expand their operations in Taiwan, especially in Taichung. It is expected that the new operation offices at Taichung will be opened by the third quarter of 2003.

Diyixian has already built a strong market position by providing corporations with advanced and high quality solutions such as MPLS IP private network, virtual ISP (vISP), commercial dedicated and broadband Internet access, managed hosting and value-added services. In addition, with its leading-edge service provisioning, well-established and region-wide coverage in Greater China, Diyixian is able to capitalize on the tremendous call and data-transmission volume across the region. Lap Man noted, ¡§Our first quarter results of 2003 were in line with our expectation and we are expecting net profit by the second or third quarter of 2003, together with a revenue growth of 30-40% compared to 2002 and IP private network revenue growth of more than 100%.¡¨ In the years ahead, Diyixian will continue to explore new business opportunities and provide best-of-breed services for corporate users.