09:21     FUJIKON IND<00927> - Announcement (1)                               

    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.                                                             
                                                                              
    Fujikon Industrial Holdings Limited                                       
    (incorporated in Bermuda with limited liability)                          
                                                                              
    ANNOUNCEMENT                                                              
                                                                              
    The Directors were informed by Value Partners Limited on 22               
    November 2002 that Value Partners Limited was holding 36,082,000          
    Shares as at 15 November 2002, representing approximately 10.03           
    per cent of the total issued share capital of the Company. The            
    total amount of the Shares held by the public thus fell to                
    approximately 16.63 per cent.                                             
                                                                              
    The number of Shares held by the public has fallen below the              
    prescribed minimum percentage under Rule 8.08 of the Listing              
    Rules. The Directors confirm that, so far as they are aware, the          
    shortfall in the prescribed percentage of public float arose              
    purely from an increased holding of Shares by Value Partners              
    Limited which after such acquisition, became a connected person           
    by virtue of its being a substantial shareholder of the Company.          
    The Directors also confirm that apart from the holding of                 
    36,082,000 Shares and thus a substantial shareholder of the               
    Company, Value Partners Limited is otherwise an independent third         
    party not connected with the Company, the Directors, the                  
    substantial shareholders of the Company or any of their                   
    respective associates and Value Partners Limited does not have            
    any representative on the board of Directors.                             
                                                                              
    The Directors confirm that the Company and/or the controlling             
    shareholders of the Company will take appropriate steps to ensure         
    that no less than 25 per cent. of the issued share capital of the         
    Company will be held by the public within 3 months from the date          
    of this announcement.                                                     
                                                                              
    The Company will inform the Stock Exchange as soon as possible            
    when it becomes aware of a change in the circumstances which would        
    affect the independence of Value Partners Limited.                        
                                                                              
    Shareholders of the Company and investors are reminded to                 
    exercise extreme caution when dealing in the Shares.                      
                                                                              
    The directors (the "Directors") of Fujikon Industrial Holdings            
    Limited (the "Company") were informed by Value Partners Limited           
    on 22 November 2002 that Value Partners Limited was holding               
    36,082,000 shares (the "Shares") of HK$0.10 each of the Company           
    as at 15 November 2002, representing approximately 10.03 per cent         
    of the total issued share capital of the Company. Value Partners          
    Limited thus became a substantial shareholder of the Company              
    within the meaning of the Securities (Disclosure of Interests)            
    Ordinance (Chapter 396 of the Laws of Hong Kong). Value Partners          
    Limited, as far as the Directors understand, is an institutional          
    investor with investments other than in the Shares. Prior to 15           
    November 2002, the total amount of the Shares held by the public          
    (within the meaning of the Listing Rules) exceeded 25 per cent            
    of the issued share capital of the Company. After the acquisition         
    of Shares by Value Partners Limited, the total amount of the              
    Shares held by the public fell to approximately 16.63 per cent.           
                                                                              
    According to paragraph 18(2) of the listing agreement between the         
    Company and The Stock Exchange of Hong Kong Limited (the "Stock           
    Exchange"), the number of Shares held by the public has fallen            
    below the prescribed minimum percentage, 25 per cent., under Rule         
    8.08 of the Rules Governing of the Listing Securities on the Stock        
    Exchange (the "Listing Rules"). The Directors confirm that, so            
    far as they are aware, the shortfall in the prescribed percentage         
    of public float arose purely from an increased holding of Shares          
    by Value Partners Limited which after such acquisition, became            
    a connected person by virtue of its being a substantial                   
    shareholder of the Company. The Directors also confirm that apart         
    from the holding of 36,082,000 Shares and thus a substantial              
    shareholder of the Company, Value Partners Limited is otherwise           
    an independent third party not connected with the Company, the            
    Directors, the substantial shareholders of the Company or any of          
    their respective associates (as defined in the Listing Rules) and         
    Value Partners Limited does not have any representative on the            
    board of Directors.