The directors of SmarTone Telecommunications Holdings are pleased to announce that Douglas Li has been appointed as the new Chief Executive Officer of the company, with effect from 17th July 2001. Mr. Li will take over from the current Chief Executive Officer, Ian Stone, who is leaving to pursue other career opportunities.

Mr. Li is no stranger to the company, having served as SmarTone's founding CEO from its inception in 1992 until 1996. During his time with the company, Mr. Li oversaw the rapid expansion and service innovations that laid the foundations for what SmarTone is today, one of the territory's leading mobile communications operators. In addition to his experience in mobile communications, Mr. Li is well versed in corporate finance and direct investment.

Ian Stone became CEO of SmarTone in 1999, and since then he has led the company on its evolution from a mobile voice operator to a full multimedia service provider, offering wireless Internet and general packet radio service, paving the way for third generation mobile communications.

Raymond Kwok, SmarTone's Chairman, thanked Mr. Stone for his contribution to the company. He said 'The mobile communications field has changed a lot in the recent past, with rapidly developing technologies and applications, and Ian has steered the company well through these challenging times. The Board and I wish him well in his endeavours. As the very competitive mobile communications market evolves in the new millennium, I am confident that Douglas will again lead the company forward in offering a compelling and competitive service to SmarTone's customers.'

Mr. Li said 'I am keenly aware of the opportunities and challenges in the mobile communications industry and I am excited with returning to SmarTone at this time. I look forward to working with my SmarTone colleagues in enhancing our service to the Hong Kong public.'

Mr. Kwok also stressed that SmarTone and its new CEO enjoyed the full backing of the company's principal shareholder, Sun Hung Kai Properties. He said 'Hong Kong is at the forefront of mobile communications and we see exciting potential as new technologies and applications come to the fore. Sun Hung Kai Properties will continue to hold its stake in SmarTone as a strategic long-term investment.

Douglas Li graduated in Pharmacology from the University of London, and he is a Chartered Accountant. He worked for KPMG Peat Marwick in both London and Hong Kong, and joined Morgan Grenfell in Hong Kong in 1986. In 1989 Mr. Li joined Sun Hung Kai Properties, where he was in charge of corporate finance, direct investments and new business development, and in 1992 he became the founding CEO of SmarTone. Since 1996 Mr. Li has been Managing Director of Suez Asia Holdings in Hong Kong, the position he leaves to re-join SmarTone.

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