Z-OBEE HOLDINGS LIMITED

(Incorporated in the Bermuda)

(Company registration number: 39519)

PROPOSED DUAL PRIMARY LISTING ON THE MAIN BOARD OF

THE STOCK EXCHANGE OF HONG KONG LIMITED BY WAY OF INTRODUCTION

Reference is made to the announcements of Z-Obee Holdings Limited (the "

The Company has decided to revise the proposal to the SEHK for the HK Listing. The proposed HK Listing to be submitted to the SEHK will involve an offer of up to 78,000,000 new Shares to be issued by the Company ("

The number of Vendor Shares to be offered under the Share Offer will be between 20,000,000 to 40,000,000 Vendor Shares. The final number of Vendor Shares to be offered depends on the placing demand and number of Shares to be transferred from the Bermuda Share Registrar to the Hong Kong Share Registrar for trading in Hong Kong, in order to provide sufficient trading liquidity for the Shares in the Hong Kong market after the HK Listing.

The number of New Shares to be offered in the proposed Share Offer will be 78,000,000 new Shares as the Company under the general share issue mandate given to the Directors at the Annual General Meeting of the Company held on 30 July 2009.

The Company has submitted the above proposal on a preliminary basis to SEHK on 29 December 2009. It is expected that the Company will submit the formal proposal with the revised prospectus in relation to the HK Listing to SEHK as and when appropriate.

As the proposed HK Listing involving the proposed Share Offer is different from the earlier proposed HK Listing by introduction, the Directors intend to convene another special general meeting to seek the approval of the Shareholders for, inter alia, the proposed HK Listing.

In the meantime, the Directors announce that the process of transfer of Shares between the share transfer agent of the Company in Singapore and Hong Kong has been restarted. Any Shareholders who would like to transfer their Shares to the share transfer agent of the Company in Hong Kong for trading of Shares in Hong Kong after the proposed HK Listing can contact Tricor Barbinder Share Registration Services (a division of Tricor Singapore Pte. Ltd.), the share transfer agent of the Company in Singapore, whose address is #11-00 PwC Building 8 Cross Street Singapore 048424.

Further announcement(s) in relation to the progress of the HK Listing will be made as and when appropriate. Company") dated 20 August 2009, 23 September 2009, 28 September 2009, 4 December 2009, 18 December 2009, 22 December 2009, 30 December 2009 and 8 January 2010 respectively and the circular of the Company despatched on 7 December 2009 in relation to the dual primary listing of the ordinary shares of the Company ("Shares") on the main board of The Stock Exchange of Hong Kong Limited ("SEHK") ("HK Listing") by way of introduction. New Shares") and certain number of existing Shares currently owned by Ms. Wang Tao (a Director and a substantial shareholder of the Company) ("Vendor Shares") in Hong Kong by way of a public offer and a placement ("Share Offer").

Shareholders and potential investors should note that as the proposed HK Listing is subject to the approval of SEHK and relevant authorities and the approval of the Shareholders at a special general meeting, the proposed HK Listing may or may not occur. Shareholders and potential investors are therefore reminded to exercise caution when dealing in the Shares.

BY ORDER OF THE BOARD

Wang Shih Zen

Chairman and Chief Executive Officer

14 January 2010