China Convergent Receives Listing Notification from Nasdaq

Apr 24, 2001, 01:00 ET from China Convergent Corporation Limited

    HONG KONG and LOS ANGELES, April 24 /PRNewswire Interactive News Release/
 -- China Convergent Corporation Limited (Nasdaq:   CVNG; ASX: CVNG; FSX: OLSA)
 today announced it has received notification from Nasdaq regarding the
 potential delisting of the company's American Depositary Receipts (ADRs) due
 to a failure to maintain a minimum bid price of $1.00 for a thirty-day trading
 period.
     According to Marketplace Rules, the company must regain a minimum bid
 price of $1.00 per ADR for a period of 10 consecutive trading days before June
 6, 2001, or it will become subject to a formal delisting of its ADRs.
     The company indicated there can be no assurance that the minimum bid price
 for its ADRs will reach the required minimum bid level of $1.00 for
 10 consecutive trading days before June 6, 2001.  If the company's ADRs are
 delisted from the Nasdaq National Market, China Convergent plans to have its
 securities quoted on the OTC Bulletin Board.
 
     About the CVN Project
     CVN is a development stage company whose goals are to build and manage a
 national interactive broadband network; create and source complementary
 domestic and international broadband products and services; and deliver
 broadband content and commercial services in China.
     According to the State Administration of Radio, Film and Television
 (SARFT) which is under the State Council and is the administrative body in
 charge of China's radio, film and television, cable passes 90% of China's
 1.25 billion population.  To date CVN has announced nine joint ventures with
 provincial and local cable broadcasting bureaus, eight of which are
 subsidiaries of SARFT.  Management's strategy is to build CVN using SARFT's
 national fiber optic network, and benefit from its existing broadband
 capabilities and unique "last mile" connections.
     The joint ventures will upgrade the existing cable systems to two-way
 interactive, and market broadband cable to their combined 26 million of
 China's 80 million cable subscribers, the world's largest market.  Because of
 China's 90% penetration rate for household TVs, management intends to connect
 its national network to subscribers using its third generation set-top box
 technology.  In addition to customers having access to broadband content,
 communications and e-commerce, this proprietary technology provides TV sets
 with personal computing functionality, which presents a lower cost method of
 satisfying the natural demands within a country with penetration rates for PCs
 and Internet usage of 4% and 1% respectively.
     The security of CVN's network is expected to facilitate the importation of
 Western intellectual property and expand China's offering of movies,
 television programs, and video-on-demand programming.  CVN will also offer
 domestic and foreign merchandisers and advertisers access to its subscriber
 network, and provide IT expertise and database management outsourcing to
 commercial users.  The network will utilize existing technologies from Nortel,
 nCube and other vendors, as well as its proprietary set-top boxes.
 
     About China Convergent Corporation Limited
     China Convergent is a Hong Kong based holding company engaged in the
 development of interactive broadband cable television operations in the
 People's Republic of China through its wholly owned subsidiary, CVN Group Inc.
 The shares of China Convergent are traded on the Australian Stock Exchange
 (ASX: CVG), Frankfurt Stock Exchange and NASDAQ Stock Market (Nasdaq:   CVNG).
     In addition to managing broadband assets in China, China Convergent
 provides CVN with technology, develops broadband Chinese content, manufactures
 its own set-top boxes and develops Asian interactive broadband cable networks
 outside of China through its Hong Kong-listed subsidiary, Prosper eVision
 Limited (Hong Kong stock code: 979).
 
     This release contains forward-looking statements within the meaning of the
 Private Securities Litigation Reform Act of 1995.  These forward-looking
 statements are not guarantees of China Convergent Corporation Limited's future
 operational or financial performance and are subject to risks and
 uncertainties that might adversely affect the operating results of the company
 in a material way.  Such risks and uncertainties include, without limitation,
 ability to obtain financing, technological changes, and competition, as well
 as other risks and uncertainties detailed in filings with the Securities and
 Exchange Commission.
 
     For further information please contact P.T. Kwok, Corporate Secretary of
 China Broadband Corp., 011-852-2821-4688; Dennis Yu, Executive Director of
 China Broadband Corp., Chief Executive Officer of Century Vision Network,
 011-852-2918-9988, dennis.yu@chinabroadband.com; George T. Raney, Jr., Vice
 President Strategic Partnerships of Dragon Broadband, U.S. Affiliate,
 310-247-0056; or Gary S. Maier or Michael Pollock of Pondel/Wilkinson Group,
 310-207-9300, investor@pondel.com.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X12424661
 
 

SOURCE China Convergent Corporation Limited
    HONG KONG and LOS ANGELES, April 24 /PRNewswire Interactive News Release/
 -- China Convergent Corporation Limited (Nasdaq:   CVNG; ASX: CVNG; FSX: OLSA)
 today announced it has received notification from Nasdaq regarding the
 potential delisting of the company's American Depositary Receipts (ADRs) due
 to a failure to maintain a minimum bid price of $1.00 for a thirty-day trading
 period.
     According to Marketplace Rules, the company must regain a minimum bid
 price of $1.00 per ADR for a period of 10 consecutive trading days before June
 6, 2001, or it will become subject to a formal delisting of its ADRs.
     The company indicated there can be no assurance that the minimum bid price
 for its ADRs will reach the required minimum bid level of $1.00 for
 10 consecutive trading days before June 6, 2001.  If the company's ADRs are
 delisted from the Nasdaq National Market, China Convergent plans to have its
 securities quoted on the OTC Bulletin Board.
 
     About the CVN Project
     CVN is a development stage company whose goals are to build and manage a
 national interactive broadband network; create and source complementary
 domestic and international broadband products and services; and deliver
 broadband content and commercial services in China.
     According to the State Administration of Radio, Film and Television
 (SARFT) which is under the State Council and is the administrative body in
 charge of China's radio, film and television, cable passes 90% of China's
 1.25 billion population.  To date CVN has announced nine joint ventures with
 provincial and local cable broadcasting bureaus, eight of which are
 subsidiaries of SARFT.  Management's strategy is to build CVN using SARFT's
 national fiber optic network, and benefit from its existing broadband
 capabilities and unique "last mile" connections.
     The joint ventures will upgrade the existing cable systems to two-way
 interactive, and market broadband cable to their combined 26 million of
 China's 80 million cable subscribers, the world's largest market.  Because of
 China's 90% penetration rate for household TVs, management intends to connect
 its national network to subscribers using its third generation set-top box
 technology.  In addition to customers having access to broadband content,
 communications and e-commerce, this proprietary technology provides TV sets
 with personal computing functionality, which presents a lower cost method of
 satisfying the natural demands within a country with penetration rates for PCs
 and Internet usage of 4% and 1% respectively.
     The security of CVN's network is expected to facilitate the importation of
 Western intellectual property and expand China's offering of movies,
 television programs, and video-on-demand programming.  CVN will also offer
 domestic and foreign merchandisers and advertisers access to its subscriber
 network, and provide IT expertise and database management outsourcing to
 commercial users.  The network will utilize existing technologies from Nortel,
 nCube and other vendors, as well as its proprietary set-top boxes.
 
     About China Convergent Corporation Limited
     China Convergent is a Hong Kong based holding company engaged in the
 development of interactive broadband cable television operations in the
 People's Republic of China through its wholly owned subsidiary, CVN Group Inc.
 The shares of China Convergent are traded on the Australian Stock Exchange
 (ASX: CVG), Frankfurt Stock Exchange and NASDAQ Stock Market (Nasdaq:   CVNG).
     In addition to managing broadband assets in China, China Convergent
 provides CVN with technology, develops broadband Chinese content, manufactures
 its own set-top boxes and develops Asian interactive broadband cable networks
 outside of China through its Hong Kong-listed subsidiary, Prosper eVision
 Limited (Hong Kong stock code: 979).
 
     This release contains forward-looking statements within the meaning of the
 Private Securities Litigation Reform Act of 1995.  These forward-looking
 statements are not guarantees of China Convergent Corporation Limited's future
 operational or financial performance and are subject to risks and
 uncertainties that might adversely affect the operating results of the company
 in a material way.  Such risks and uncertainties include, without limitation,
 ability to obtain financing, technological changes, and competition, as well
 as other risks and uncertainties detailed in filings with the Securities and
 Exchange Commission.
 
     For further information please contact P.T. Kwok, Corporate Secretary of
 China Broadband Corp., 011-852-2821-4688; Dennis Yu, Executive Director of
 China Broadband Corp., Chief Executive Officer of Century Vision Network,
 011-852-2918-9988, dennis.yu@chinabroadband.com; George T. Raney, Jr., Vice
 President Strategic Partnerships of Dragon Broadband, U.S. Affiliate,
 310-247-0056; or Gary S. Maier or Michael Pollock of Pondel/Wilkinson Group,
 310-207-9300, investor@pondel.com.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X12424661
 
 SOURCE  China Convergent Corporation Limited