Press Release:

HP and China Mobile (Hong Kong) Announce Alliance to Further Mobility in China

Hewlett-Packard Company (NYSE: HWP) and China Mobile (Hong Kong) Limited (NYSE: CHL; HKSE: 941)("CMHK") today announced that HP and CMHK's majority owned subsidiary, the newly formed Aspire Holdings Limited ("Aspire"), have formed a strategic alliance. The work is expected to include joint R&D in wireless data and the Internet, as well as the delivery of wireless platforms and solutions for mobile network operators, online merchants, content providers and e-companies in China.

As part of the alliance, HP will make an investment of up to a maximum equity stake of 7 percent in Aspire. HP will become a preferred provider of hardware and related services for Aspire's Mobile Information Services Center, a standardized nationwide platform for wireless data services in China. HP also will assist in planning Aspire's information technology needs and the design, implementation and support of its services in China. In addition, Aspire will become a preferred customer of HP. Both companies also will be exploring other areas of cooperation, including sales, marketing and reseller agreements.

"This agreement is a giant step toward making our vision of mobility a reality," said Rich Raimondi, vice president and general manager, HP E-Services.Solutions. "HP and Aspire will work to transform how businesses operate and how consumers on-the-go live their lives in China."

"We are very pleased to have entered into a strategic alliance with HP, one of the world's leading solutions and services providers for the mobile marketplace," said Wang Xiaochu, chairman of CMHK. "We expect CMHK to benefit from Aspire's expected fast growing revenue streams generated from providing different wireless data services, such as systems and gateway integration service fees, software licensing fees, and wireless solution fees for E-corporates."

Aspire was recently established by CMHK to develop and provide wireless data service solutions, as well as systems and gateway integration services. Aspire will initially target the provincial mobile network operators of CMHK and its parent, China Mobile Group, which combined have more than 60 million subscribers in China. Aspire also intends to provide wireless data systems integration and software development services to other mobile network operators and content and application providers in China, as well as to enterprise customers outsourcing wireless data services.

About China Mobile (Hong Kong) Limited

China Mobile (Hong Kong) Limited is the second largest mobile telecommunications company in the world, having a subscriber base of 42.7 million as of November 2000. The company is the leading cellular operator in China and now operates in 13 provinces and municipalities in mainland China, serving a geographically contiguous market covering all the coastal regions of mainland China with 608 million people, or approximately 48% of the total national population within its coverage area. Information about CMHK can be found on the World Wide Web at

About HP

Hewlett-Packard Company -- a leading global provider of computing and imaging solutions and services -- is focused on making technology and its benefits accessible to individuals and businesses through simple appliances, useful e-services and an Internet infrastructure that's always on.

HP has 88,500 employees worldwide and had total revenue from continuing operations of $48.8 billion in its 2000 fiscal year. Information about HP and its products can be found on the World Wide Web at

This news release may contain forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause the results of HP and its consolidated subsidiaries to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact may be forward-looking statements, including any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operations; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing. The risks, uncertainties and assumptions referred to above include the ability of HP to retain and motivate key employees; the timely development, production and acceptance of products and services and their feature sets; the challenge of managing asset levels, including inventory; the flow of products into third-party distribution channels; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to the annual report on Form 10-K for the year ended Oct. 31, 1999, and subsequently filed reports. HP does not intend to update these forward-looking statements.

About HP

HP Inc. creates technology that makes life better for everyone, everywhere. Through our portfolio of printers, PCs, mobile devices, solutions, and services, we engineer experiences that amaze. More information about HP Inc. is available at