SECURITIES (DISCLOSURE OF INTERESTS) DAILY SUMMARIES - (GEM)                         PRINTED: 07/03/03  PAGE:   1
                                                        DIRECTORS'/CHIEF EXECUTIVES' NOTIFICATIONS REPORT - A
                                                                        (ACTUAL TRANSACTIONS)

 STOCK NAME : VC Holdings                    (08101)

      Director/Chief Executive                Class                   Company Name            Tran. Date   Present Bal.   Previous Bal.  A/D Consideration     Note
 ------------------------------------  ---------------------  ------------------------------- ---------- --------------- --------------- --- -------------  -----------
 HO HUNG SUN STANLEY                   ORD                    VALUE CONVERGENCE HOLDINGS LIM-    /  /         73,846,513      73,846,513            0.000              
                                                              ITED                          

 CHENG KAR SHING PETER                 ORD                    VALUE CONVERGENCE HOLDINGS LIM-    /  /         52,809,819      52,809,819            0.000              
                                                              ITED                          

                                                                     *****  END OF REPORT  *****


NOTES


N1      Please refer to the Company's announcement of 3 March 2003.

N2      The number of securities & exercise price have been adjusted
        as a result of rights issue.