China Tire E-Commerce.Com Limited; Change of Company's Name to 'China Enterprise Limited'

    HONG KONG, June 1 The board of directors of China Tire
e-commerce.com Limited ("China Tire") announced yesterday at the
annual meeting of shareholders all resolutions proposed in the Company's proxy
statement dated April 23, 2001 were passed.  The Company's name will be
changed to "China Enterprise Limited" subject to the approval of the Registrar
of Companies in Bermuda and the New York Stock Exchange.
    Further Press Release will be issued by the Company when the new Company's
name becomes effective.

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