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China Tire e-commerce.com Limited Press Release

17 October 2000

China Tire e-commerce.com Limited Press Release

    HONG KONG, Oct. 17 The Board of China Tire e-commerce.com
Limited ("China Tire") referred to the press release of October 11
and announced that Dr. Chan Kwok Keung, Charles ("Dr. Chan") and Mr. Yap,
Allan ("Mr. Yap") were appointed as the Chairman and the Vice-Chairman of the
Company respectively with effect from 12th October, 2000.
    Dr. Chan is currently the Chairman of the Board of ITC Corporation
Limited, Paul Y. - ITC Construction Holdings Limited and Asia logistics
Technologies Limited and the Managing Director of Hanny Holdings Limited
("Hanny"), shares of all these companies are listed on The Hong Kong Stock
Exchange Limited.  He is also a director of a number of companies listed in
Hong Kong and overseas.  Dr. Chan holds an honorary degree of Doctor of Laws
and a bachelor's degree in civil engineering and has over 20 years
international corporate management experience in the construction and property
sectors as well as in strategic investments.
    Mr. Yap is currently the Deputy Managing Director of Hanny.  Mr. Yap has
over 18 years experience in finance, investment and banking.  Mr. Yap is also
a director of a number of companies in Hong Kong and overseas.
    The Board would take this opportunity to express its warm welcome to the
joining of Dr. Chan and Mr. Yap.

    For more information, please contact:

    Hong Kong
    China Tire e-commerce.com Limited
    Tel:  852-2514-0300
    Fax:  852-2810-6982

    New York
    Citigate Dewe Rogerson Inc.
    Tel:  212-688-6840
    Fax:  212-838-3393