Financial Telecom Limited (FTLHK), a wholly-owned subsidiary of ours, is a
private company limited by shares incorporated in Hong Kong in 1983. FTLHK is
principally engaged in the business of providing financial information to
institutional and retail investors. FTLHK was the first company in Hong Kong to
provide real-time financial information services using a wireless network for
the dissemination of data. FTLHK generates revenue through the provision of
financial information services and the sale of technical analysis software. In
view of the keen competition in the financial data service industry in Hongkong,
in the 4th quarter of 2004, we decided to gradually terminate some of FTLHK's
online services by transferring its customers to another financial data vendor
in Hongkong. In return, FTLHK receives re-current commissions.
