THIS IS A PIMSWIRE TEST MESSAGE
                                                                                                                       
                                                                                                       6th August, 2010
 
                                             TEST COMPANY HOLDINGS LIMITED                                             
                                                                                                                       
                                                                                                                       
                                                                                                                       
                                PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010                                
 
 
Chairman's Statement
 
Although the Chinese economy experienced positive growth in 2010 and remained one of the bright spots in Asia, the
Group's hotel operations were adversely impacted by the slow down in travel experienced worldwide in the fourth quarter
and by increasing market competition.  The intensified competition of other hotels and restaurants, particularly in
????????, caused a decline in operating results.  In addition, the Group's property interests in Beijing continued to
be adversely impacted by difficult market conditions and a continuing oversupply of commercial buildings.  A write down
in the value of the ?????? Hotel and property was deemed prudent.
 
As reported in our interim statement for June 2010, the Group made a significant change in its structure as a result of
which the parent company of the Group, Test Company Holdings Limited (the "Company"), is now a company domiciled in
?????????.  The new corporate structure should provide the Group with an international profile and a platform for
expanding the shareholder base to a wider range and larger number of international investors.  It should also allow
greater flexibility for future business development and growth and international tax planning.  The Company also
purchased all of the preference shares of Test Company Holdings plc resulting in a simpler capital structure within the
Group.
 
In addition, since the US dollar and currencies closely linked to it form the main currency bloc in which the Group's
business is transacted, the Group has adopted the US dollar as its reporting currency with effect from 1 January 2010.
 
Gross turnover for the year ended 31 December 2010 of USD12,015,000 was higher than the USD33,737 achieved in 2000. 
The operating loss for 2010 was USD91,464,000 (2000: operating loss of USD8,710,000).  This includes an exceptional
charge from the write-down in the carrying value of fixed assets, mainly attributable to the ??????? Hotel and ???????
development project, of USD30,480,000 (2000: USD30,931,000) which is partly offset by amortisation of negative goodwill
of USD18,288,000 (2000: USD18,558,000).  The pre-tax loss before minority interests was USD10,316,000 (2000:
USD9,537,000).  The loss after tax and minority interests for the year was USD539,000 compared with a profit after tax
and minority interests of USD405,000 for the year ended 31 December 2000.  Net assets per share were USD0.491 (2000:
USD0.484).  Gearing slightly reduced to 26.5% (2000: 26.7%).
 
 
 
On behalf of the Board, I would like to thank our management and staff for their continued commitment.
 
 
Chairman
 
 
Operational Review
 
??????? HOTEL AND SITE (��)
 
Test Company Holdings Limited owns a 60% equity interest in the Beijing ??????? Landmark Limited ("???????"), a joint
venture company with the Municipal Government, to operate the ??????? Hotel and to develop the site of some 10,000
sq.m. in the District.
 
During the year, ??????? continued to make significant investments in the facilities of the hotel.  The Health Centre
was upgraded to include a new sauna, jacuzzi, extra massage facilities as well as new exercise equipment.  The
guestrooms from floors 12 to 16 were totally refurbished while the guestrooms from floors 5 to 7 benefited from minor
soft refurbishment.  All six guest elevators were refurbished.  The Revolving Restaurant also underwent soft
refurbishment.  Management also introduced stringent measures to reduce costs particularly those associated with the
conservation of energy and other utility costs.
 
In a very competitive market, ??????? managed to maintain its occupancy rate at 75% in 2010, the same level as in 2000.
  Room rates were 3.5% higher than those achieved in 2000.  Food and beverage result increased by 8.4% from 2000 to
2010.
 
Because of the growing oversupply of commercial buildings, and the delay in pursuing the development of the site, there
was a decrease in the value of the hotel and development properties at the end of the year.  We have kept the ???????
development on hold but will continue to review the scope and timing of this project.
 
Note:
 
The Directors believe that it is advantageous for the Company to be able to buy its own common shares in the market and
accordingly will propose at its forthcoming annual general meeting a general authority to do so.
 
 
GROUP PROFIT AND LOSS ACCOUNT
 
                                                             Year ended Year ended
                                                            31 December         31
                                                                          December
                                                                   2010       2010
                                                                USD'000    USD'000
                                                                                  
TURNOVER                                                  2     34,015     33,737 
COST OF SALES                                                  (27,620)   (27,930)
                                                            ___________ __________
GROSS PROFIT                                                     6,395      5,807 
ADMINISTRATIVE EXPENSES                                                           
Administrative expenses                                         (1,667)    (2,144)
                                                                                  
(excluding impairment of fixed assets)                                            
Deficit on revaluation of fixed assets                         (30,480)   (30,931)
Amortisation of negative goodwill                               18,288     18,558 
                                                            ___________ __________
                                                               (13,859)   (14,517)
                                                            ___________ __________
OPERATING LOSS                                                  (7,464)    (8,710)
EXCEPTIONAL ITEMS                                                                 
Reorganisation costs of continuing operations                     (782)          -
OTHER INCOME                                                          -     1,512 
                                                            ___________ __________
LOSS ON ORDINARY ACTIVITIES BEFORE INTEREST AND                 (8,246)    (7,198)
TAXATION                                                                          
INTEREST                                                        (2,070)    (2,339)
                                                            ___________ __________
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION               2    (10,316)    (9,537)
TAXATION                                                  4     (1,028)    (1,101)
                                                            ___________ __________
LOSS ON ORDINARY ACTIVITES AFTER TAXATION                      (11,344)   (10,638)
MINORITY INTERESTS                                               10,805     11,043
                                                            ___________ __________
(ACCUMULATED LOSS) RETAINED PROFIT ATTRIBUTABLE                                   
                                                                                  
TO SHAREHOLDERS                                                   (539)       405 
                                                            ___________ __________
(LOSS) PROFIT PER SHARE                                                           
                                                                                  
BASIC                                                     4      (0.19)       0.14
                                                                  cents     cents 
 
GROUP BALANCE SHEET
 
                                                                     (Restated)
                                                                               
                                                              As at As at      
                                                                               
                                                        31 December 31 December
                                                               2010        2010
                                                            USD'000     USD'000
                                                                               
                                                                               
                                                                               
FIXED ASSETS                                                                   
Tangible assets                                            369,121     395,295 
Negative goodwill                                         (102,544)   (120,832)
                                                        ___________ ___________
                                                           266,577     274,463 
                                                        ___________ ___________
CURRENT ASSETS                                                                 
Stocks                                                       1,140       1,297 
Debtors                                                      1,788       1,602 
Cash at bank and in hand                                    39,865      36,929 
                                                        ___________ ___________
                                                            42,793      39,828 
CREDITORS:  amounts falling due within one year            (28,682)    (42,061)
                                                        ___________ ___________
NET CURRENT ASSETS (LIABILITIES)                            14,111      (2,233)
                                                        ___________ ___________
TOTAL ASSETS LESS CURRENT LIABILITES                       280,688     272,230 
CREDITORS:  amounts falling due after one year             (33,870)    (16,600)
                                                        ___________ ___________
                                                           246,818     255,630 
MINORITY INTEREST                                         (108,882)   (119,723)
                                                        ___________ ___________
NET ASSETS                                                  137,936    135,907 
                                                         ==========  ==========
CAPITAL AND RESERVES                                                           
Called up share capital                                      14,042     14,042 
Revaluation reserve                                          76,213     71,838 
Capital and special reserve                                   3,206      3,282 
Statutory reserve                                             2,463      2,086 
Merger reserve                                               58,433     58,433 
Exchange equalisation reserve                                 1,029      2,793 
Profit and loss account                                    (17,450)    (16,567)
                                                        ___________ ___________
SHAREHOLDERS' FUNDS                                         137,936     135,907
                                                         ==========  ==========
                                                                               
 
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
 
                                                                         (Restated)
                                                                                   
                                                             Year ended  Year ended
                                                            31 December 31 December
                                                                                   
                                                                   2010        2010
                                                                                   
                                                                USD'000     USD'000
                                                                                   
(LOSS) PROFIT FOR THE YEAR                                        (539)         405
Unrealised gain on revaluation of hotel properties                2,546       4,894
                                                            ___________ ___________
Total gains for the year before currency adjustments              2,007       5,299
Exchange adjustments                                                 22         735
                                                            ___________ ___________
TOTAL GAINS RECOGNISED FOR THE YEAR                               2,029       6,034
Prior year adjustments (see note below)                           1,524  ==========
                                                            ___________            
TOTAL GAINS RECOGNISED SINCE LAST FINANCIAL                       3,553            
STATEMENTS                                                                         
                                                             ==========            
                                                                                   
                                                                                   
RECONCILIATION OF SHAREHOLDERS' FUNDS                                              
                                                                                   
Total recognised gains                                            2,029       6,034
Shareholders' funds at beginning of year (originally                               
USD134,383,000 before                                                              
                                                                135,907     129,873
addition of prior year adjustment of USD1,524,000)                                 
                                                            ___________ ___________
Shareholders' funds at end of year                              137,936     135,907
                                                             ==========  ==========
                                                                                   
 
The deferred tax liability was previously provided as a result of the upward revaluation of properties held for
development.  On acquisition the intention was to redevelop and then sell these properties and a deferred tax liability
of USD40,480,000 was provided to cover the tax charge arising on the expected gain on disposal.  The Group's share of
the deferred tax liability was included in the calculation of negative goodwill which arose on the acquisition of the
company which held these properties.  The balance was borne by the minority interest.
 
 
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