Standard & Poor’s and Shihua Financial Information Join Forces to Introduce Global Standard into China’s Investment Research Market, Enhancing the Level of Investor Sophistication

Shanghai, October 23, 2003 – Standard & Poor’s, the leading provider of independent investment research, indices and ratings, formalized its strategic partnership with Shihua Financial Information today in Shanghai. This event follows the kick-off press conference in Hong Kong on August 12, 2003 where the two organizations first revealed their intention to enter into a strategic partnership and also celebrates the official launch of Standard & Poor’s currency and Asian equity research products on Shihua’s information platform.

On Standard & Poor’s equity research being made available to investors in China for the first time, Mr. William J. Reidy, Managing Director for Standard & Poor’s Investment Services in the Asia Pacific, commented, “We are thrilled to have this opportunity to introduce our award-winning investment research into the China market. We firmly believe that our global methodology and proven track record will help retail investors increasingly realize the importance of fundamental analysis and therefore enhance the level of investor sophistication over the long term.”

As the first strategic partner of Standard & Poor’s in the area of investment research in China, on behalf of Shihua Financial Information, Dr. Zhao Liang, Chairman & CEO, said, “The cooperation between Shihua and Standard & Poor’s signifies the modernization of China’s financial information industry, and the country’s emerging connection to the global marketplace. Standard & Poor’s independent and objective investment analysis that will be made available through Shihua’s distribution platform will further enhance the transparency of the China investment market and reinforce the concept of informed investment decision-making.”

Mr. Reidy further supplemented, “As the landscape for equity research in the US changes with the forthcoming implementation of the SEC settlement, the need for truly independent opinions and analysis is growing by the day. For this reason, analytical rigor, which has always been a priority at Standard & Poor’s, has become even more critical than ever. With the launch of our Asian equity research last year, we have brought our robust equity research methodology to Asia. Now by partnering up with Shihua, we have an opportunity to introduce this in China, which is a very exciting step forward for us.”

Dr. Zhao concluded by saying that a combination of Standard & Poor’s analytical capabilities and Shihua’s distribution network should hopefully help investors gain a more objective understanding of the progress that China has made in terms of entering the global investment marketplace, and to make a more accurate analysis and evaluation of China and China-related corporations possible. In addition, Dr. Zhao has aspirations that this partnership will broaden the horizons of domestic investors while at the same time as playing a pivotal role in keeping international investors informed on the development of the China market.

About Standard & Poor’s

Standard & Poor’s has the largest U.S. equity coverage count among equity research firms that are not affiliated with a Wall Street investment bank, analyzing more than 1,200 U.S. stocks. In Asia, markets covered by Standard & Poor’s currently include Hong Kong, Taiwan, China, Singapore and Malaysia.

Standard & Poor’s, a division of The McGraw-Hill Companies (NYSE: MHP), is a leader in providing widely recognized financial data, analytical research and investment and credit opinions to the global capital markets. With 5,000 employees located in 19 countries, Standard & Poor’s is an integral part of the world’s financial architecture. Additional information is available at www.standardandpoors.com.

Disclaimer: Standard & Poor’s Equity Research Department operates independently from, and has no access to information obtained by Standard & Poor’s Credit Market Services, which may in the course of its operations obtain access to confidential information.

About Shihua International Financial Information Company Limited

Established in August 1993, Shihua International Financial Information Co. Ltd. is the leading financial information provider in China. Headquartered in Beijing, P.R.C., the company has broadened its national footprint to more than 20 branches offices, with more than 300 professionals, providing round-the-clock premier financial information services. Shihua Financial Information, the company’s core product, is an indispensable, reliable and comprehensive resource for market professionals and corporate leaders to make informed decisions and strategic investment planning. Shihua International Financial Information Co. Ltd. is a subsidiary of Sino-i Technology Limited (a company listed on the Stock Exchange of Hong Kong)

Sino-i Technology (stock code: 250) focuses its strategic business advancement on IT application services for corporations, financial information services, culture and media, distance learning and applications services, and property investment and development. In each of these industries, the company’s subsidiaries are market leaders as well as a driving force of innovative advancement in China. Sino-i Technology has branch offices in over 40 cities in China, and over 4,000 employees with expertise in management, technology and business development.