8 August 2001

Contact: Zelda Yung / Carol Wong
Tel: 2801 7761 / 2801 7729

HONG KONG -- Global Bio-chem Technology Group Company Limited ("Global Bio-chem" or the "Company" or together with its subsidiaries, the "Group", stock code: 809), today announced that it has entered into a joint venture structure agreement with Cargill Incorporated ("Cargill") to set up a joint venture company (JVC) in Hong Kong. The JVC will be established as an investment vehicle for investing in the manufacture and sale of sweeteners and other products from the bio-fermentation of corn and starch in the People's Republic of China (PRC).

The first investment of the 50/50 joint venture company will be a refining plant to be built in Shanghai. The plant will produce High Fructose Corn Syrup (HFCS) - a popular corn sweetener widely used in the food and beverage industry. Cargill is already a major supplier of HFCS to the global food and beverage industry.

"This agreement signifies a major step in the strategic partnership and business cooperation between the Company and Cargill," said Mr. Liu Xiaoming, the Chairman of Global Bio-chem. "The JVC will become an important vehicle for penetrating the PRC's biochemical industry."

"The JVC utilizes Global Bio-chem's experience and extensive connections in the manufacture of corn-based biochemical products in the PRC. Additionally, it capitalizes on Cargill's strong expertise in engineering, production management, efficient sales, marketing and distribution channels, and development of a broad range of agricultural and food products," added Mr. Liu.

"We are pleased to be able to bring Cargill's expertise and experience to this partnership, and to expand our service and product offerings to customers in this market," said Pat Bowe, the President of Cargill's North American Sweeteners business.

"After many years of study in the PRC market, Cargill is excited to align with such a high standing partner as Global Bio-chem. We are very optimistic for our future in the HFCS market, as well as the opportunities in the biochemical industry in the PRC," added Mr. Bowe.

Global Bio-chem is primarily engaged in the research and development, manufacture and sale of corn refined and corn based biochemical products in China and other Asian countries. Headquartered in Hong Kong and with its main production facilities based in Changchun, Jilin province in China, the Group is one of the largest corn based biochemical product manufacturers in China.

Cargill is an international marketer, processor and distributor of agricultural, food, financial and industrial products and services. Headquartered in Minneapolis, Minnesota, U.S.A., Cargill has more than 85,000 employees in 60 countries. The company provides distinctive customer solutions in supply chain management, food applications, product development and health and nutrition.

Issued by	:	Global Bio-chem Technology Group Company Limited
Through	:	CorporateLink Limited

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