SECURITIES (DISCLOSURE OF INTERESTS) DAILY SUMMARIES - (GEM)                         PRINTED: 07/03/03  PAGE:   1
                                                        DIRECTORS'/CHIEF EXECUTIVES' NOTIFICATIONS REPORT - B
                                                            (GRANTS, ASSIGNMENTS AND EXERCISES OF RIGHTS)

 STOCK NAME : VC Holdings                    (08101)

       Director/Chief Executive        G/E     Class                 Company Name                 Quantity       Exercise Period   Ex. Price  Consideration       Note
 ------------------------------------  --- ---------------  -------------------------------  ------------------  ---------------  ---------- ---------------  -----------
 HO HUNG SUN STANLEY                    G  ORD              VALUE CONVERGENCE HOLDINGS LIM-         7,350,000                         0.360                1  N2         
                                                            ITED                          

 CHENG KAR SHING PETER                  G  ORD              VALUE CONVERGENCE HOLDINGS LIM-         7,350,000                         0.360                1  N2         
                                                            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.