For Immediate Release

November 10, 2001

SUNeVision Holdings Limited today announced it has restructured its operations by discontinuing one business unit, scaling back another and relocating its headquarters. The business enabling service Super-Office has ceased functions and there have been significant reductions at Red Dots, the on-line auction site. Fewer than 50 people have been affected by the restructuring. SUNeVision has also moved all of its headquarter operations to the MEGA-iAdvantage data centre in Chai Wan.

With the staff reductions and relocation to new offices, SUNeVision aims to realize a saving of HK$35 million annually. The company intends to build on its core competencies and refocus on Internet infrastructure and services that have better prospects with high growth potential. These include data-centric and data-related operations, as well as innovative, value-added services. SUNeVision remains financially strong, with cash and interest-bearing securities totalling HK$1.84 billion that allow the company to capitalize on new opportunities as they arise.

SUNeVision's Managing Director Sheridan Yen said "This is a highly-competitive time in the information technology and e-commerce sectors, and we have to adapt to changing market conditions in order to operate efficiently and cost-effectively. We are continuing with a range of proactive measures suited to a significant period of consolidation, and our streamlined operations will act as a new platform for future growth. I remain confident that SUNeVision is on-track to reaching its targets."

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