June 16 2004

Shares of Tencent Holdings Limited ("Tencent" or the "Group" SEHK 700) commenced trading today on the Main Board of the Stock Exchange of Hong Kong.

The initial offer price for the initial public offering of Tencent's ordinary shares which included a Hong Kong public offering and an international placing was fixed at HK$3.70 per share. At that offer price per share and assuming the over-allotment option is not exercised the net proceeds from the offering are estimated to be approximately HK$1437.8 million.

The securities will not be and have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.