<PAGE>


                                                                     EXHIBIT 4.3

                                                                  Execution Copy


                                    WARRANTS

THIS WARRANT AND THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY
STATE, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT, THE RULES AND
REGULATIONS THEREUNDER OR ANY STATE SECURITIES LAWS OR THE PROVISIONS OF THIS
WARRANT.

                    No. of Shares of Common Stock: 4,000,000

                                     WARRANT

                           To Purchase Common Stock of

                          CHINA WORLD TRADE CORPORATION


         THIS IS TO CERTIFY THAT Tsang Chi Hung of Unit No. 1217, 12/F., The
Metropolis Tower, No. 10 Metropolis Drive, Hunghom, Kowloon, Hong Kong, SAR, or
his registered assigns, is entitled, at any time from the Warrant Issuance Date
(as hereinafter defined) to the Expiration Date (as hereinafter defined), to
purchase from China World Trade Corporation, a Nevada corporation (the
"Company"), 4,000,000 shares of Common Stock (as hereinafter defined and subject
to adjustment as provided herein), in whole or in part, including fractional
parts, at a purchase price per share equal to US$0.92 (the "Original Purchase
Price") on the terms and conditions and pursuant to the provisions hereinafter
set forth.

     1. DEFINITIONS

         As used in this Warrant, the following terms have the respective
meanings set forth below:

         "Business Day" shall mean any day that is not a Saturday or Sunday or a
day on which banks are required or permitted to be closed in the State of New
York.

         "Closing Date" shall have the meaning set forth in the Share Exchange
Agreement.

         "Commission" shall mean the Securities and Exchange Commission or any
other federal agency then administering the Securities Act and other federal
securities laws.

         "Common Stock" shall mean (except where the context otherwise
indicates) the Common Stock, US$0.001 par value, of the Company as constituted
on the Closing Date, and any capital stock into which such Common Stock may
thereafter be changed, and shall also include (i) capital stock of the Company
of any other class (regardless of how denominated) issued to the holders of
shares of Common Stock upon any reclassification thereof which is also not
preferred as to dividends or assets over any other class of stock of the Company
and which is not subject to redemption, and (ii) shares of common stock of any
successor or acquiring corporation received by or distributed to the holders of
Common Stock of the Company in the circumstances contemplated by Section 4.4.

<PAGE>




         "Convertible Securities" shall mean evidences of indebtedness, shares
of stock or other securities which are convertible into or exchangeable, with or
without payment of additional consideration in cash or property, for shares of
Common Stock, either immediately or upon the occurrence of a specified date or a
specified event.

         "Current Warrant Price" shall mean US$0.92 (or other Original Purchase
Price, if different), subject to any adjustments to such amount made in
accordance with Section 4 hereof.

         "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended, or any successor federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect from time to time.

         "Exercise Period" shall mean the period during which this Warrant is
exercisable pursuant to Section 2.1.

         "Expiration Date" shall mean December 17, 2004.

         "GAAP" shall mean generally accepted accounting principles in the
United States of America as from time to time in effect.

         "Holder" shall mean the Person in whose name the Warrant or Warrant
Stock set forth herein is registered on the books of the Company maintained for
such purpose.

         "Market Price" per Common Share means the average of the closing bid
prices of the Common Shares as reported on The Nasdaq Stock Market ("NASDAQ")
or, if such security is not listed or admitted to trading on NASDAQ, on the
principal national security exchange or quotation system on which such security
is quoted or listed or admitted to trading, or, if not quoted or listed or
admitted to trading on any national securities exchange or quotation system, the
closing bid price of such security on the over-the-counter market on the day in
question as reported by the National Association of Security Dealers, Inc., or a
similar generally accepted reporting service, as the case may be, for the five
(5) trading days immediately preceding the date of determination.

         "Other Property" shall have the meaning set forth in Section 4.4.

         "Person" shall mean any individual, sole proprietorship, partnership,
joint venture, trust, incorporated organization, association, corporation,
institution, public benefit corporation, other legal entity or government
(whether federal, state, county, city, municipal or otherwise, including,
without limitation, any instrumentality, division, agency, body or department
thereof).

         "Registration Rights Agreement" shall mean the Registration Rights
Agreement dated as of December 17, 2002 by and between the Company and Tsang Chi
Hung, as it may be amended from time to time.

         "Restricted Common Stock" shall mean shares of Common Stock which are,
or which upon their issuance on the exercise of this Warrant would be, evidenced
by a certificate bearing the restrictive legend set forth in Section 9.1(a).

         "Securities Act" shall mean the Securities Act of 1933, as amended, or
any successor federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time.

         "Share Exchange Agreement" shall mean the Share Exchange Agreement
dated as of December 17, 2002 by and between the Company and Tsang Chi Hung, as
it may be amended from time to time.



<PAGE>



         "Transfer" shall mean any disposition of any Warrant or Warrant Stock
or of any interest in either thereof, which would constitute a sale thereof
within the meaning of the Securities Act.

         "Transfer Notice" shall have the meaning set forth in Section 9.2.

         "Warrant Issuance Date" shall mean any date on which Warrants are
issued pursuant to the Share Exchange Agreement.

         "Warrants" shall mean this Warrant and all warrants issued upon
transfer, division or combination of, or in substitution for, any thereof. All
Warrants shall at all times be identical as to terms and conditions and date,
except as to the number of shares of Common Stock for which they may be
exercised.

         "Warrant Price" shall mean an amount equal to (i) the number of shares
of Common Stock being purchased upon exercise of this Warrant pursuant to
Section 2.1, multiplied by (ii) the Current Warrant Price as of the date of such
exercise.

         "Warrant Stock" shall mean the shares of Common Stock purchased by the
holders of the Warrants upon the exercise thereof.

     2. EXERCISE OF WARRANT

         2.1 Manner of Exercise. (a) From and after the Warrant Issuance Date
and until 5:00 P.M., New York City time, on the Expiration Date, Holder may
exercise this Warrant, on any Business Day, for all or any part (which part
shall be no less than 10,000 shares) of the number of shares of Common Stock
purchasable hereunder. In order to exercise this Warrant, in whole or in part,
Holder shall fax to the Company an executed and completed Notice of Exercise to
exercise this Warrant, which Notice of Exercise shall specify the number of
shares of Common Stock to be purchased (the "Notice of Exercise"), and shall
deliver to the Company within three (3) business days thereafter by hand
delivery or express courier at the office or agency designated by the Company
pursuant to Section 12: (i) the original Notice of Exercise, (ii) payment by
cash, check or bank draft payable to the Company of the Warrant Price in cash or
by wire transfer or cashier's check drawn on a United States bank or by the
Holder's surrender of Warrant Stock (or the right to receive such number of
shares pursuant to Section 2.1(b)) having an aggregate Market Price equal to the
Warrant Price for all shares then being purchased, and (iii) this Warrant. The
Notice of Exercise shall be substantially in the form appearing at the end of
this Warrant as Exhibit 1, duly executed by Holder or its agent or attorney.
Upon receipt of the items referred to in clauses (i), (ii) and (iii) above, the
Company shall, as promptly as practicable, and in any event within three (3)
Business Days thereafter, execute or cause to be executed and deliver or cause
to be delivered to Holder a certificate or certificates representing the
aggregate number of full shares of Common Stock issuable upon such exercise,
together with cash in lieu of any fraction of a share, as hereinafter provided.
The stock certificate or certificates so delivered shall be, to the extent
possible, in such denomination or denominations as Holder shall request in the
notice and shall be registered in the name of Holder or, subject to Section 9,
such other name as shall be designated in the notice. This Warrant shall be
deemed to have been exercised and such certificate or certificates shall be
deemed to have been issued, and Holder or any other Person so designated to be
named therein shall be deemed to have become a holder of record of such shares
for all purposes, as of

the date the Warrant has been exercised by means of the fax of the Notice of
Exercise to the Company. If this Warrant shall have been exercised in part, the
Company shall, at the time of delivery of the certificate or certificates
representing Warrant Stock, deliver to Holder a new Warrant evidencing the
rights of Holder to purchase the unpurchased shares of Common Stock



<PAGE>


called for by this Warrant, which new Warrant shall in all other respects be
identical with this Warrant.

         (b) If the Market Price of one share of Common Stock is greater than
the Current Warrant Price, this Warrant may be exercised by means of a written
notice as described in Section 2.1(a), marked to reflect a "Net Issue Exercise"
and specifying the amount of Warrant Stock to be purchased. Upon such exercise,
the Holder shall be entitled to receive Warrant Stock equal in value to the
value of this Warrant (or the portion thereof being cancelled) and the Company
shall issue to Holder a number of shares of Warrant Stock computed as of the
date of surrender of this Warrant to the Company using the following formula:

                                   X = Y(A-B)
                                       ------
                                         A

Where X = the number of shares of Warrant Stock to be issued to Holder under
this Section 2.1(b);

      Y = the number of shares of Warrant Stock purchasable under this Warrant
or, if only a portion of the Warrant is being exercised, the portion of the
Warrant being cancelled (at the date of such calculation);

      A = the Market Price of one share of the Warrant Stock (at the date of
such calculation); and

      B = the Current Warrant Price (as adjusted to the date of such
calculation).



         (c) The Holder shall be entitled to exercise the Warrant
notwithstanding the commencement of any case under 11 U.S.C. Section 101 et seq.
(the "Bankruptcy Code"). If the Company is a debtor under the Bankruptcy Code,
the Company hereby waives to the fullest extent permitted any rights to relief
it may have under 11 U.S.C. Section 362 in respect of the Holder's exercise
right. The Company hereby waives to the fullest extent permitted any rights to
relief it may have under 11 U.S.C. Section 362 in respect of the exercise of the
Warrant. The Company agrees, without cost or expense to the Holder, to take or
consent to any and all action necessary to effectuate relief under 11 U.S.C.
Section 362.


         2.2. Payment of Taxes and Charges. All shares of Common Stock issuable
upon the exercise of this Warrant pursuant to the terms hereof shall be validly
issued, fully paid and nonassessable, and without any preemptive rights. The
Company shall pay all expenses in connection with, and all taxes and other
governmental charges that may be imposed with respect to, the issue or delivery
thereof, other than any income or other similar taxes incurred by the Holder in
connection with the issue, delivery and exercise of this Warrant.

         2.3. Fractional Shares. The Company shall not be required to issue a
fractional share of Common Stock upon exercise of any Warrant. As to any
fraction of a share which Holder would otherwise be entitled to purchase upon
such exercise, the Company shall pay a cash adjustment in respect of such final
fraction in an amount equal to the same fraction of the Market Price per share
of Common Stock on the relevant exercise date.

         2.4. Continued Validity. A holder of shares of Common Stock issued upon
the exercise of this Warrant, in whole or in part (other than a holder who
acquires such shares after the same have been publicly sold pursuant to a
Registration Statement under the Securities



<PAGE>


Act or sold pursuant to Rule 144 thereunder), shall continue to be entitled with
respect to such shares to all rights to which it would have been entitled as
Holder under Sections 9, 10 and 14 of this Warrant. The Company will, at the
time of exercise of this Warrant, in whole or in part, upon the request of
Holder, acknowledge in writing, in form reasonably satisfactory to Holder, its
continuing obligation to afford Holder all such rights; provided, however, that
if Holder shall fail to make any such request, such failure shall not affect the
continuing obligation of the Company to afford to Holder all such rights.

     3. TRANSFER, DIVISION AND COMBINATION

         3.1 Transfer. Subject to compliance with Sections 9, transfer of this
Warrant and all rights hereunder, in whole or in part, shall be registered on
the books of the Company to be maintained for such purpose, upon surrender of
this Warrant at the principal office of the Company referred to in Section 2.1
or the office or agency designated by the Company pursuant to Section 12,
together with a written assignment of this Warrant substantially in the form of
Exhibit 2 hereto duly executed by Holder or its agent or attorney. Upon such
surrender, the Company shall, subject to Section 9, execute and deliver a new
Warrant or Warrants in the name of the assignee or assignees and in the
denomination specified in such instrument of assignment, and shall issue to the
assignor a new Warrant evidencing the portion of this Warrant not so assigned,
and this Warrant shall promptly be cancelled. A Warrant, if properly assigned in
compliance with Section 9, may be exercised by a new Holder for the purchase of
shares of Common Stock without having a new Warrant issued.

         3.2 Division and Combination. Subject to Section 9, this Warrant may be
divided or combined with other Warrants upon presentation hereof at the
aforesaid office or agency of the Company, together with a written notice
specifying the names and denominations in which new Warrants are to be issued,
signed by Holder or its agent or attorney. Subject to compliance with Section
3.1 and with Section 9, as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or
Warrants in exchange for the Warrant or Warrants to be divided or combined in
accordance with such notice.

         3.3 Expenses. The Company shall prepare, issue and deliver at its own
expense the new Warrant or Warrants under this Section 3.

         3.4 Maintenance of Books. The Company agrees to maintain, at its
aforesaid office or agency, books for the registration and the registration of
transfer of the Warrants.

     4. ADJUSTMENTS

         The number of shares of Common Stock for which this Warrant is
exercisable, or the price at which such shares may be purchased upon exercise of
this Warrant, shall be subject to adjustment from time to time as set forth in
this Section 4. The Company shall give Holder notice of any event described
below which requires an adjustment pursuant to this Section 4 at the time of
such event.

         4.1. Stock Dividends, Subdivisions and Combinations. If at any time the
Company shall:



<PAGE>


           (a) take a record of the holders of its Common Stock for the purpose
of entitling them to receive a dividend payable in, or other distribution of,
additional shares of Common Stock,

           (b) subdivide its outstanding shares of Common Stock into a larger
number of shares of Common Stock, or

           (c) combine its outstanding shares of Common Stock into a smaller
number of shares of Common Stock,

then (i) the number of shares of Common Stock for which this Warrant is
exercisable immediately after the occurrence of any such event shall be adjusted
to equal the number of shares of Common Stock which a record holder of the same
number of shares of Common Stock for which this Warrant is exercisable
immediately prior to the occurrence of such event would own or be entitled to
receive after the happening of such event, and (ii) the Current Warrant Price
shall be adjusted to equal (A) the Current Warrant Price multiplied by the
number of shares of Common Stock for which this Warrant is exercisable
immediately prior to the adjustment divided by (B) the number of shares for
which this Warrant is exercisable immediately after such adjustment.


         4.2. Certain Other Distributions.

           If at any time prior to the Expiration Date the Company shall take a
record of the holders of its Common Stock for the purpose of entitling them to
receive any dividend or other distribution of:

cash,

any evidences of its indebtedness, any shares of its stock or any other
securities or property of any nature whatsoever (other than cash, Convertible
Securities or additional shares of Common Stock), or

any warrants or other rights to subscribe for or purchase any evidences of its
indebtedness, any shares of its stock or any other securities or property of any
nature whatsoever (other than cash, Convertible Securities or additional shares
of Common Stock), then Holder shall be entitled to receive such dividend or
distribution as if Holder had exercised the Warrant. A reclassification of the
Common Stock (other than a change in par value, or from par value to no par
value or from no par value to par value) into shares of Common Stock and shares
of any other class of stock shall be deemed a distribution by the Company to the
holders of its Common Stock of such shares of such other class of stock within
the meaning of this Section 4.2 and, if the outstanding shares of Common Stock
shall be changed into a larger or smaller number of shares of Common Stock as a
part of such reclassification, such change shall be deemed a subdivision or
combination, as the case may be, of the outstanding shares of Common Stock
within the meaning of Section 4.1.

           (b) (i) If at any time or from time to time the Company issues or
sells, or is deemed by the express provisions of this subsection (i) to have
issued or sold, Additional Shares of Common Stock (as hereinafter defined),
other than as a dividend or other distribution on any class of stock as provided
in Section 4.2(a) above, and other than a subdivision or combination of shares
of Common Stock as provided in Section 4.1 above, for



<PAGE>


an Effective Price (as hereinafter defined) less than the then effective Current
Warrant Price, then and in each such case the Current Warrant Price shall be
reduced, as of the opening of business on the date of such issue or sale, to a
price determined by multiplying the Current Warrant Price existing immediately
prior to such issuance by a fraction (x) the numerator of which shall be (A) the
number of shares of Common Stock deemed outstanding (as defined below)
immediately prior to such issue or sale, plus (B) the number of shares of Common
Stock which the aggregate consideration received (as defined in subsection
(b)(ii)) by the Company for the total number of Additional Shares of Common
Stock so issued would purchase at the Current Warrant Price existing immediately
prior to such issuance, and (y) the denominator of which shall be the number of
shares of Common Stock deemed outstanding (as defined below) immediately prior
to such issue or sale plus the total number of Additional Shares of Common Stock
so issued. For the purposes of the preceding sentence, the number of shares of
Common Stock deemed to be outstanding as of a given date shall be the sum of (A)
the number of shares of Common Stock actually outstanding, (B) the number of
shares of Common Stock into which the then outstanding debts could be converted
if fully converted on the day immediately preceding the given date, and (C) the
number of shares of Common Stock which could be obtained through the exercise or
conversion of the Warrants, all other rights, options and convertible securities
on the date immediately preceding the given date.

           (ii) For the purpose of making any adjustment required under this
Section 4.2(b), the consideration received by the Company for any issue or sale
of securities shall (A) to the extent it consists of cash, be computed at the
gross purchase price thereof, (B) to the extent it consists of property other
than cash, be computed at the fair value of that property as determined in good
faith by the Board of Directors, and (C) if Additional Shares of Common Stock,
Convertible Securities (as hereinafter defined) or rights or options to purchase
either Additional Shares of Common Stock or Convertible Securities are issued or
sold together with other stock or securities or other assets of the Company for
a consideration which covers both, be computed as the portion of the
consideration so received that may be reasonably determined in good faith by the
Board of Directors to be allocable to such Additional Shares of Common Stock,
Convertible Securities or rights or options.

           (iii) For the purpose of the adjustment required under this Section
4.2(b), if the Company issues or sells any rights or options for the purchase
of, or stock or other securities convertible into, Additional Shares of Common
Stock (such convertible stock or securities being herein referred to as
"Convertible Securities") and if the Effective Price of such Additional Shares
of Common Stock is less than the Current Warrant Price, in each case the Company
shall be deemed to have issued at the time of the issuance of such rights or
options or Convertible Securities the maximum number of Additional Shares of
Common Stock issuable upon exercise or conversion thereof (assuming the
satisfaction of any conditions to exercisability, including without limitation,
the passage of time, but without taking into account potential antidilution
adjustments) and to have received as consideration for the issuance of such
shares an amount equal to the total amount of the consideration, if any,
received by the Company for the issuance of such rights or options or
Convertible Securities, plus, in the case of such rights or options, the minimum
amounts of consideration, if any, payable to the Company upon the exercise of
such rights or options, plus, in the case of Convertible Securities, the minimum
amounts of consideration, if any, payable to the Company (other than the
cancellation of liabilities or obligations evidenced by such Convertible
Securities) upon the conversion thereof; provided that if in the case of
Convertible Securities the minimum amounts of such consideration cannot be
ascertained, but are a function of antidilution or similar protective clauses,
the Company shall be deemed to have received the minimum amounts of
consideration without reference to such clauses; provided further that if the
minimum amount



<PAGE>


of consideration payable to the Company upon the exercise or conversion of
rights, options or Convertible Securities is reduced over time or on the
occurrence or nonoccurrence of specified events other than by reason of
antidilution adjustments, the Effective Price shall be recalculated using the
figure to which such minimum amount of consideration is reduced; provided
further that if the minimum amount of consideration payable to the Company upon
the exercise or conversion of such rights, options or Convertible Securities is
subsequently increased, the Effective Price shall be again recalculated using
the increased minimum amount of consideration payable to the Company upon the
exercise or conversion of such rights, options or Convertible Securities. No
further adjustment of the Current Warrant Price, as adjusted upon the issuance
of such rights, options or Convertible Securities, shall be made as a result of
the actual issuance of Additional Shares of Common Stock on the exercise of any
such rights or options or the conversion of any such Convertible Securities. If
any such rights or options or the conversion privilege represented by any such
Convertible Securities shall expire without having been exercised, the Current
Warrant Price, as adjusted upon the issuance of such rights, options or
Convertible Securities, shall be readjusted to the Current Warrant Price which
would have been in effect had an adjustment been made on the basis that the only
Additional Shares of Common Stock so issued were the Additional Shares of Common
Stock, if any, actually issued or sold on the exercise of such rights or options
or rights of conversion of such Convertible Securities, and such Additional
Shares of Common Stock, if any, were issued or sold for the consideration
actually received by the Company upon such exercise, plus the consideration, if
any, actually received by the Company for the granting of all such rights or
options, whether or not exercised, plus the consideration received for issuing
or selling the Convertible Securities actually converted, plus the
consideration, if any, actually received by the Company (other than by
cancellation of liabilities or obligations evidenced by such Convertible
Securities) on the conversion of such Convertible Securities, provided that such
readjustment shall not apply to prior conversions of debts.

           (iv) "Additional Shares of Common Stock" shall mean all shares of
Common Stock issued by the Company or deemed to be issued pursuant to this
Section 4.2(b), whether or not subsequently reacquired or retired by the
Company, other than (1) shares of Common Stock issued upon conversion of the
debts or exercise of the Warrants; (2) any shares of Common Stock issuable or
issued pursuant to options (as adjusted for any stock dividends, combinations,
splits, recapitalizations and the like) after the issue date of the Warrants to
employees, officers or directors of, or consultants or advisors to the Company
or any subsidiary of the Company pursuant to any plan approved by the Board of
Directors) (provided that no more than 500,000 shares shall be issuable or
issued pursuant to options at an exercise price of less than US$0.92 per share
(as adjusted for any stock dividends, combinations, recapitalizations and the
like); (3) shares of Common Stock issued pursuant to the exercise of options,
warrants or convertible securities outstanding as of the issue date of the
Warrants; (4) shares of Common Stock (or options, warrants, or other rights to
purchase such Common Stock) issued or issuable to entities in connection with
equipment leasing, bank financing or strategic alliance transactions (if such
issuances are made in connection with transactions that do not have as a primary
purpose equity financing) upon the express approval of the Board of Directors;
provided, however, that all such issuances of Common Stock or such rights to
acquire Common Stock issued or issuable under this clause (4) shall not exceed,
on an aggregate basis, twenty-five percent (25%) of the outstanding Common Stock
at any time; and (5) shares of Common Stock issued in connection with
acquisitions by the Company of equity and/or assets of other businesses or in
connection with a merger of the Company with another entity (if such issuances
are made in connection with transactions that do not have as a primary purpose
equity financing). The "Effective Price" of Additional Shares of Common Stock
shall mean the quotient determined by dividing the total number of Additional
Shares of Common



<PAGE>


Stock issued or sold, or deemed to have been issued or sold by the Company under
this Section 4.2(b), into the aggregate consideration received, or deemed to
have been received by the Company for such issue under this Section 4.2(b), for
such Additional Shares of Common Stock.

           The "Average Outstanding Shares" shall mean all shares of capital
stock of the Company calculated on weighted-average, fully-diluted basis in
accordance with generally accepted accounting principles consistently applied,
increased to reflect those shares of Common Stock specified on Exhibit 3 which
have not been issued, exercised or fully vested as of the end of the applicable
fiscal year for which the calculation is being performed (to the extent such
shares are not included in the initial weighted-average, fully-diluted number
calculated in accordance with generally accepted accounting principles
consistently applied; for the avoidance of doubt, it being understood that no
such shares shall be counted twice). In addition, in calculating the number of
Average Outstanding Shares, any adjustment resulting from any stock split, stock
combination, divided payable in shares of the Company's common stock or other
such event shall be appropriately reflected in such calculation.

         4.3. Other Provisions Applicable to Adjustments under this Section. The
following provisions shall be applicable to the making of adjustments of the
number of shares of Common Stock for which this Warrant is exercisable and the
Current Warrant Price provided for in this Section 4:

           (a) When Adjustments to Be Made. The adjustments required by this
Section 4 shall be made whenever and as often as any specified event requiring
an adjustment shall occur. For the purpose of any adjustment, any specified
event shall be deemed to have occurred at the close of business on the date of
its occurrence.

           (b) Fractional Interests. In computing adjustments under this Section
4, fractional interests in Common Stock shall be taken into account to the
nearest 1/10th of a share.

           (c) When Adjustment Not Required. If the Company shall take a record
of the holders of its Common Stock for the purpose of entitling them to receive
a dividend or distribution or subscription or purchase rights and shall,
thereafter and before the distribution to stockholders thereof, legally abandon
its plan to pay or deliver such dividend, distribution, subscription or purchase
rights, then thereafter no adjustment shall be required by reason of the taking
of such record and any such adjustment previously made in respect thereof shall
be rescinded and annulled.

           (d) Challenge to Good Faith Determination. Whenever the Board of
Directors of the Company shall be required to make a determination in good faith
of the fair value of any item under this Section 4, such determination may be
challenged in good faith by the Holder, and any dispute shall be resolved by an
investment banking firm of recognized national standing selected by the Holder.

         4.4. Reorganization, Reclassification, Merger, Consolidation or
Disposition of Assets. In case the Company shall reorganize its capital,
reclassify its capital stock, consolidate or merge with or into another entity
(where the Company is not the surviving corporation or where there is a change
in or distribution with respect to the Common Stock of the Company), or sell,
transfer or otherwise dispose of all or substantially all its property, assets
or business to another entity and, pursuant to the terms of such reorganization,
reclassification, merger, consolidation or disposition of assets, shares of
common stock of the successor or



<PAGE>


acquiring corporation, or any cash, shares of stock or other securities or
property of any nature whatsoever (including warrants or other subscription or
purchase rights) in addition to or in lieu of common stock of the successor or
acquiring corporation ("Other Property"), are to be received by or distributed
to the holders of Common Stock of the Company, then Holder shall have the right
thereafter to receive, upon exercise of the Warrant, the number of shares of
common stock of the successor or acquiring corporation or of the Company, if it
is the surviving corporation, and Other Property receivable upon or as a result
of such reorganization, reclassification, merger, consolidation or disposition
of assets by a holder of the number of shares of Common Stock for which this
Warrant is exercisable immediately prior to such event. In case of any such
reorganization, reclassification, merger, consolidation or disposition of
assets, the successor or acquiring corporation (if other than the Company) shall
expressly assume the due and punctual observance and performance of each and
every covenant and condition of this Warrant to be performed and observed by the
Company and all the obligations and liabilities hereunder, subject to such
modifications as may be deemed appropriate, subject to the Holder's consent, in
order to provide for adjustments of shares of Common Stock for which this
Warrant is exercisable which shall be as nearly equivalent as practicable to the
adjustments provided for in this Section 4. For purposes of this Section 4.4,
"common stock of the successor or acquiring corporation" shall include stock of
such corporation of any class which is not preferred as to dividends or assets
over any other class of stock of such corporation and which is not subject to
redemption and shall also include any evidences of indebtedness, shares of stock
or other securities which are convertible into or exchangeable for any such
stock, either immediately or upon the arrival of a specified date or the
happening of a specified event and any warrants or other rights to subscribe for
or purchase any such stock. The foregoing provisions of this Section 4.4 shall
similarly apply to successive reorganizations, reclassifications, mergers,
consolidations or disposition of assets.

         4.5. Other Action Affecting Common Stock. In case at any time or from
time to time the Company shall take any action in respect of its Common Stock,
other than any action taken in the ordinary course of the Company's business or
any action described in this Section 4, which would, in the opinion of an
unaffiliated investment bank selected by Holder, have a materially adverse
effect upon the rights of the Holder, the number of shares of Common Stock
and/or the purchase price thereof shall be adjusted in such manner as may be
equitable in the circumstances, as determined in good faith by an unaffiliated
investment bank selected by Holder.

         4.6. Certain Limitations. Notwithstanding anything herein to the
contrary, the Company agrees not to enter into any transaction which, by reason
of any adjustment hereunder, would cause the Current Warrant Price to be less
than the par value per share of Common Stock.

         4.7. No Voting Rights. This Warrant shall not entitle its Holder to any
voting rights or other rights as a stockholder of the Company.

     5. NOTICES TO HOLDER

         5.1. Notice of Adjustments. Whenever the number of shares of Common
Stock for which this Warrant is exercisable, or whenever the price at which a
share of such Common Stock may be purchased upon exercise of the Warrants, shall
be adjusted pursuant to Section 4, the Company shall forthwith prepare a
certificate to be executed by an executive officer of the Company setting forth,
in reasonable detail, the event requiring the adjustment



<PAGE>


and the method by which such adjustment was calculated, specifying the number of
shares of Common Stock for which this Warrant is exercisable and (if such
adjustment was made pursuant to Section 4.4 or 4.5) describing the number and
kind of any other shares of stock or Other Property for which this Warrant is
exercisable, and any change in the purchase price or prices thereof, after
giving effect to such adjustment or change. The Company shall promptly cause a
signed copy of such certificate to be delivered to the Holder in accordance with
Section 14.2. The Company shall keep at its office or agency designated pursuant
to Section 12 copies of all such certificates and cause the same to be available
for inspection at said office during normal business hours by the Holder or any
prospective purchaser of a Warrant designated by the Holder.

         5.2. Notice of Corporate Action. If at any time

           (a) the Company shall take a record of the holders of its Common
Stock for the purpose of entitling them to receive a dividend or other
distribution, or any right to subscribe for or purchase any evidences of its
indebtedness, any shares of stock of any class or any other securities or
property, or to receive any other right, or

           (b) there shall be any capital reorganization of the Company, any
reclassification or recapitalization of the capital stock of the Company or any
consolidation or merger of the Company with, or any sale, transfer or other
disposition of all or substantially all the property, assets or business of the
Company to, another corporation, or

           (c) there shall be a voluntary or involuntary dissolution,
liquidation or winding up of the Company;


then, in any one or more of such cases, the Company shall give to Holder (i) at
least 10 Business Days' prior written notice of the date on which a record date
shall be selected for such dividend, distribution or right or for determining
rights to vote in respect of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, dissolution, liquidation or winding
up, and (ii) in the case of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, dissolution, liquidation or winding
up, at least 20 Business Days' prior written notice of the date when the same
shall take place. Such notice in accordance with the foregoing clause also shall
specify (i) the date on which any such record is to be taken for the purpose of
such dividend, distribution or right, the date on which the holders of Common
Stock shall be entitled to any such dividend, distribution or right, and the
amount and character thereof, and (ii) the date on which any such
reorganization, reclassification, merger, consolidation, sale, transfer,
disposition, dissolution, liquidation or winding up is to take place and the
time, if any such time is to be fixed, as of which the holders of Common Stock
shall be entitled to exchange their shares of Common Stock for securities or
other property deliverable upon such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, dissolution, liquidation or winding
up. Each such written notice shall be sufficiently given if addressed to Holder
at the last address of Holder appearing on the books of the Company and
delivered in accordance with Section 14.2.

     6. NO IMPAIRMENT

         The Company shall not by any action, including, without limitation,
amending its articles of incorporation or through any reorganization, transfer
of assets, consolidation, merger, dissolution, issue or sale of securities or
any other voluntary action, avoid or seek to



<PAGE>



avoid the observance or performance of any of the terms of this Warrant, but
will at all times in good faith assist in the carrying out of all such terms and
in the taking of all such actions as may be reasonably necessary to protect the
rights of Holder against impairment. Without limiting the generality of the
foregoing, the Company will (a) not increase the par value of any shares of
Common Stock receivable upon the exercise of this Warrant above the amount
payable therefor upon such exercise immediately prior to such increase in par
value, (b) take all such action as may be necessary or appropriate in order that
the Company may validly and legally issue fully paid and nonassessable shares of
Common Stock upon the exercise of this Warrant, and (c) use its best efforts to
obtain all such authorizations, exemptions or consents from any public
regulatory body having jurisdiction thereof as may be necessary to enable the
Company to perform its obligations under this Warrant.

         Upon the request of Holder, the Company will at any time during the
period this Warrant is outstanding acknowledge in writing, in form reasonably
satisfactory to Holder, the continuing validity of this Warrant and the
obligations of the Company hereunder.

     7. RESERVATION AND AUTHORIZATION OF COMMON STOCK

         From and after the Closing Date, the Company shall at all times reserve
and keep available for issue upon the exercise of Warrants such number of its
authorized but unissued shares of Common Stock as will be sufficient to permit
the exercise in full of all outstanding Warrants. All shares of Common Stock
which shall be so issuable, when issued upon exercise of any Warrant and payment
therefor in accordance with the terms of such Warrant, shall be duly and validly
issued and fully paid and nonassessable, and not subject to preemptive rights.

         Before taking any action which would cause an adjustment reducing the
Current Warrant Price below the then par value, if any, of the shares of Common
Stock issuable upon exercise of the Warrants, the Company shall take any
corporate action which may be necessary in order that the Company may validly
and legally issue fully paid and non-assessable shares of such Common Stock at
such adjusted Current Warrant Price.

         Before taking any action which would result in an adjustment in the
number of shares of Common Stock for which this Warrant is exercisable or in the
Current Warrant Price, the Company shall obtain all such authorizations or
exemptions thereof, or consents thereto, as may be necessary from any public
regulatory body or bodies having jurisdiction thereof.

     8. TAKING OF RECORD; STOCK AND WARRANT TRANSFER BOOKS

         In the case of all dividends or other distributions by the Company to
the holders of its Common Stock with respect to which any provision of Section 4
refers to the taking of a record of such holders, the Company will in each such
case take such a record and will take such record as of the close of business on
a Business Day. The Company will not at any time during normal business hours
close its stock transfer books or Warrant transfer books so as to result in
preventing or delaying the exercise or transfer of any Warrant except in
compliance with the terms and conditions of this Warrant or applicable laws.



<PAGE>


     9. RESTRICTIONS ON TRANSFERABILITY

         The Warrants and the Warrant Stock shall not be transferred,
hypothecated or assigned before satisfaction of the conditions specified in this
Section 9, which conditions are intended to ensure compliance with the
provisions of the Securities Act with respect to the Transfer of any Warrant or
any Warrant Stock. Holder, by acceptance of this Warrant, agrees to be bound by
the provisions of this Section 9.

         9.1. Restrictive Legend. The Holder by accepting this Warrant and any
Warrant Stock agrees that this Warrant and the Warrant Stock issuable upon
exercise hereof may not be assigned or otherwise transferred unless and until
(i) the Company has received an opinion of counsel for the Holder that such
securities may be sold pursuant to an exemption from registration under the
Securities Act, or (ii) a registration statement relating to such securities has
been filed by the Company and declared effective by the Commission.


         (a) Each certificate for Warrant Stock issuable hereunder shall bear a
legend substantially worded as follows unless such securities have been sold
pursuant to an effective registration statement under the Securities Act:

                  "The securities represented by this certificate have not been
         registered under the Securities Act of 1933, as amended (the "Act") or
         any state securities laws. The securities may not be offered for sale,
         sold, assigned, offered, transferred or otherwise distributed for value
         except (i) pursuant to an effective registration statement under the
         Act or any state securities laws, or (ii) pursuant to an exemption from
         registration or prospectus delivery requirements under the Act or any
         state securities laws in respect of which the Company has received an
         opinion of counsel satisfactory to the Company to such effect. Copies
         of the agreement covering both the purchase of the securities and
         restricting their transfer may be obtained at no cost by written
         request made by the holder of record of this certificate to the
         Secretary of the Company at the principal executive offices of the
         Company."

         (b) Except as otherwise provided in this Section 9, the Warrant shall
be stamped or otherwise imprinted with a legend in substantially the following
form:

                  "This Warrant and the securities represented hereby have not
         been registered under the Securities Act of 1933, as amended, or any
         state securities laws and may not be transferred in violation of such
         Act, the rules and regulations thereunder or any state securities laws
         or the provisions of this Warrant."

         9.2. Notice of Proposed Transfers. Prior to any Transfer or attempted
Transfer of any Warrants or any shares of Restricted Common Stock, the Holder
shall give five days' prior written notice (a "Transfer Notice") to the Company
of Holder's intention to effect such Transfer, describing the manner and
circumstances of the proposed Transfer, and obtain from counsel to Holder an
opinion that the proposed Transfer of such Warrants or such Restricted Common
Stock may be effected without registration under the Securities Act or state
securities laws. After the Company's receipt of the Transfer Notice and opinion,
such Holder



<PAGE>


shall thereupon be entitled to Transfer such Warrants or such Restricted Common
Stock, in accordance with the terms of the Transfer Notice. Each certificate, if
any, evidencing such shares of Restricted Common Stock issued upon such Transfer
and the Warrant issued upon such Transfer shall bear the restrictive legends set
forth in Section 9.1, unless in the opinion of such counsel such legend is not
required in order to ensure compliance with the Securities Act. In no event
shall the Holder knowingly make a transfer of any Warrants to a competitor of
the Company in the business of the design, engineering, manufacturing and
installation of custom curtainwall systems for the construction industry.

         9.3. Required Registration. Pursuant to the terms and conditions set
forth in the Registration Rights Agreement, the Company shall prepare and file
with the Commission not later than the 90th day after the receipt of a written
request to register the Warrant Stock, a Registration Statement relating to the
offer and sale of the Common Stock issuable upon exercise of the Warrants and
shall use its best efforts to cause the Commission to declare such Registration
Statement effective under the Securities Act no later than 180 days after the
request date.

         9.4. Termination of Restrictions. Notwithstanding the foregoing
provisions of Section 9, the restrictions imposed by this Section upon the
transferability of the Warrants, the Warrant Stock and the Restricted Common
Stock (or Common Stock issuable upon the exercise of the Warrants) and the
legend requirements of Section 9.1 shall terminate as to any particular Warrant
or share of Warrant Stock or Restricted Common Stock (or Common Stock issuable
upon the exercise of the Warrants) (i) when and so long as such security shall
have been effectively registered under the Securities Act and applicable state
securities laws and disposed of pursuant thereto, or (ii) when the Company shall
have received an opinion of counsel reasonably acceptable to the Company that
such shares may be transferred without registration thereof under the Securities
Act and applicable state securities laws.


           All Warrants issued upon registration of transfer, division or
combination of, or in substitution for, any Warrant or Warrants entitled to bear
such legend shall have a similar legend endorsed thereon. Whenever the
restrictions imposed by this Section shall terminate as to any share of
Restricted Common Stock, as hereinabove provided, the holder thereof shall be
entitled to receive from the Company, at the Company's expense, a new
certificate representing such Common Stock not bearing the restrictive legends
set forth in Section 9.1.


         9.5. Listing on Securities Exchange. If the Company has listed or will
list any shares of Common Stock on any securities exchange, it will, at its
expense, list thereon, maintain and, when necessary, increase such listing of,
all shares of Common Stock issued or, to the extent permissible under the
applicable securities exchange rules, issuable upon the exercise of this Warrant
so long as any shares of Common Stock shall be so listed during any such
Exercise Period.

     10. SUPPLYING INFORMATION

         The Company shall cooperate with Holder in supplying such information
as may be reasonably necessary for Holder to complete and file any information
reporting forms presently or hereafter required by the Commission as a condition
to the availability of an exemption from the Securities Act for the sale of any
Warrant or Restricted Common Stock.




<PAGE>


     11. LOSS OR MUTILATION

         Upon receipt by the Company from Holder of evidence reasonably
satisfactory to it of the ownership of and the loss, theft, destruction or
mutilation of this Warrant and indemnity reasonably satisfactory to it (it being
understood that the written agreement of the Holder shall be sufficient
indemnity), and in case of mutilation upon surrender and cancellation hereof,
the Company will execute and deliver in lieu hereof a new Warrant of like tenor
to Holder; provided, in the case of mutilation, no indemnity shall be required
if this Warrant in identifiable form is surrendered to the Company for
cancellation.


     12. OFFICE OF THE COMPANY

         As long as any of the Warrants remain outstanding, the Company shall
maintain an office or agency (which may be the principal executive offices of
the Company) where the Warrants may be presented for exercise, registration of
transfer, division or combination as provided in this Warrant, such office to be
initially located at 3901B, 39/F Windsor House, 311 Gloucester Road, Causeway
Bay, Hong Kong, fax: (852) 2882 6335, provided, however, that the Company shall
provide prior written notice to Holder of a change in address no less than 30
days prior to such change.


     13. LIMITATION OF LIABILITY

         No provision hereof, in the absence of affirmative action by Holder to
purchase shares of Common Stock, and no enumeration herein of the rights or
privileges of Holder hereof, shall give rise to any liability of Holder for the
purchase price of any Common Stock or as a stockholder of the Company, whether
such liability is asserted by the Company or by creditors of the Company.

     14. MISCELLANEOUS

         14.1. Nonwaiver and Expenses. No course of dealing or any delay or
failure to exercise any right hereunder on the part of Holder shall operate as a
waiver of such right or otherwise prejudice Holder's rights, powers or remedies,
notwithstanding all rights hereunder terminate on the Expiration Date. If the
Company fails to make, when due, any payments provided for hereunder, or fails
to comply with any other provision of this Warrant, the Company shall pay to
Holder such amounts as shall be sufficient to cover any direct and indirect
losses, damages, costs and expenses including, but not limited to, reasonable
attorneys' fees, including those of appellate proceedings, incurred by Holder in
collecting any amounts due pursuant hereto or in otherwise enforcing any of its
rights, powers or remedies hereunder.

         14.2. Notice Generally. Except as may be otherwise provided herein, any
notice or other communication or delivery required or permitted hereunder shall
be in writing and shall be delivered personally or sent by certified mail,
postage prepaid, or by a nationally recognized overnight courier service, and
shall be deemed given when so delivered personally or by overnight courier
service, or, if mailed, three (3) days after the date of deposit in the United
States mails, as follows:

     COMPANY:                       China World Trade Corporation
                                    3901B, 39/F, Windsor House
                                    311 Gloucester Road
                                    Causeway Bay, Hong Kong
                                    ATTENTION: Mr. John Hui
                                    Chairman & CEO


<PAGE>



                                    Tel.:   (852) 2882 5823
                                    Fax:    (852) 2882 6335

PURCHASER:                          Tsang Chi Hung
                                    Unit No. 1217
                                    12/F., The Metropolis Tower
                                    No. 10 Metropolis Drive
                                    Hunghom, Kowloon
                                    Hong Kong, SAR
                                    Tel.:  (852) 2787-2055
                                    Fax.:  (852) 2787-0005
                                    Email: William@mail.ggcc21.com

                                    Heller, Ehrman, White & McAuliffe LLP
                                    Suite 6308 63rd Floor
                                    The Centre,
                                    99 Queen's Road Central
                                    Hong Kong
                                    Attention: Simon Luk, Esq.
                                    Tel.: (852)-2526-6381
                                    Fax.: (852)-2810-6242



The Company or the Holder may change the foregoing address by notice given
pursuant to this Section 14.2.


         14.3. Indemnification. The Company agrees to indemnify and hold
harmless Holder from and against any liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, claims, costs, attorneys' fees, expenses
and disbursements of any kind which may be imposed upon, incurred by or asserted
against Holder in any manner relating to or arising out of any failure by the
Company to perform or observe in any respect any of its covenants, agreements,
undertakings or obligations set forth in this Warrant.

         14.4. Remedies. Holder in addition to being entitled to exercise all
rights granted by law, including recovery of damages, will be entitled to
specific performance of its rights under this Warrant. The Company agrees that
monetary damages would not be adequate compensation for any loss incurred by
reason of a breach by it of the provisions of this Warrant and hereby agrees to
waive the defense in any action for specific performance that a remedy at law
would be adequate.

         14.5. Successors and Assigns. Subject to the provisions of Sections 3.1
and 9, this Warrant and the rights evidenced hereby shall inure to the benefit
of and be binding upon the successors of the Company and the successors and
assigns of Holder. The provisions of this Warrant are intended to be for the
benefit of all Holders from time to time of this Warrant and, with respect to
Section 9 hereof, holders of Warrant Stock, and shall be enforceable by any such
Holder or holder of Warrant Stock.

         14.6. Amendment. This Warrant and all other Warrants may be modified or
amended or the provisions hereof waived only with the prior written consent of
the Company and the Holder.



<PAGE>


         14.7. Severability. Wherever possible, each provision of this Warrant
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Warrant shall be prohibited by or
invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Warrant.

         14.8. Headings. The headings used in this Warrant are for the
convenience of reference only and shall not, for any purpose, be deemed a part
of this Warrant.

         14.9. Governing Law. This Warrant shall be governed by the laws of the
State of California, without regard to the provisions thereof relating to
conflict of laws.


            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]









<PAGE>



         IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed and its corporate seal to be impressed hereon and attested by its
Secretary or an Assistant Secretary.


Dated: January 24, 2003


                                    CHINA WORLD TRADE CORPORATION



                                    By: /s/ John Hui
                                       -----------------------------------------
                                       Name:  John Hui
                                       Title:    President & CEO