09:55     MINGLY CORP<0478> & HKR INT'L<0480> - Joint Announcement            

    The  Stock  Exchange of Hong Kong Limited takes no responsibility for     
    the  contents of this announcement, makes no representation as to its     
    accuracy  or  completeness  and  expressly disclaims any liability        
    whatsoever  for  any loss howsoever arising from or in reliance upon      
    the whole or any part of the contents of this announcement.               
                                                                              
    THE MINGLY CORPORATION LIMITED       HKR INTERNATIONAL LIMITED            
    (Incorporated in the                 (Incorporated in the Cayman          
    Cayman Islands with limited           Islands with limited                
    liability)                            liability)                          
                                                                              
    Clarification  concerning  today's  increases  in the price and           
    trading  volume  of  the  shares of Mingly. A group reorganisation        
    involving  The  Mingly  Corporation  Limited  (`Mingly')  and HKR         
    International  Limited  (`HKR')  is under preliminary consideration.      
    There is no certainty that it will proceed.                               
                                                                              
    This  statement  is made at the request of The Stock Exchange of Hong     
    Kong  Limited and follows announcements made by Mingly on 27th January    
    and 10th February, 2000.                                                  
                                                                              
    The  Mingly  Board  has  noted  today's increases in the price and        
    trading  volume of the shares of Mingly and wishes to state that it is    
    not  aware of the reasons for such increases. Mingly confirms that it     
    is  at  the preliminary stages of considering, together with HKR and      
    the  Cha Family, being the controlling shareholder of both Mingly and     
    HKR,  a  group  reorganisation,  potentially involving transfers of       
    certain assets between HKR, Mingly and the Cha Family.                    
                                                                              
    The  various  elements  of the group reorganisation, were they to be      
    implemented,  would  constitute  notifiable  transactions (and, in        
    particular, connected transactions) of both Mingly and HKR.               
                                                                              
    The  Mingly  Board  also wishes to clarify that the elements of the       
    group  reorganisation  are  among the projects and plans which were       
    referred  to  as  being under consideration in Mingly's announcement      
    dated 27th January, 2000.                                                 
                                                                              
    At  this stage, no decisions have been made and no agreements entered     
    into  between  any of Mingly, HKR and the Cha Family and there is no      
    certainty  that  this will happen or that if any group reorganisation     
    is  implemented  that  it  will  be  on the terms set out above.          
    Accordingly,  shareholders  of Mingly and HKR and other investors are     
    advised  to exercise caution when dealing in the shares of Mingly and     
    HKR.  As and when there are further developments, Mingly and HKR will     
    make a further announcement.                                              
                                                                              
    The  Boards  of  Mingly  and HKR respectively confirm that save as        
    referred  to above there are no negotiations or agreements relating to    
    intended  acquisitions  or realisations which are discloseable under      
    paragraph  3  of the Listing Agreement and neither Board is aware of      
    any  matter  discloseable  under the general obligations imposed by       
    paragraph  2  of  the Listing Agreement, which is or may be a price       
    sensitive nature.                                                         
                                                                              
    Made  by order of the Boards of Mingly and HKR, the directors of each     
    of  which  individually  and  jointly accept responsibility for the       
    accuracy of this announcement.                                            
                                                                              
    By  Order  of  the Board                                                  
    The Mingly Corporation Limited                                            
    Fong Suk Laurence                                                         
    Company Secretary                                                         
                                                                              
    By Order of the Board                                                     
    HKR International Limited                                                 
    Fong Suk Laurence                                                         
    Company Secretary                                                         
                                                                              
    Hong Kong, 15th February, 2000