09:22     M CHANNEL<08036> - Announcement                                     

                                                                              
    This announcement is made at the request of The Stock Exchange of Hong    
    Kong Limited. 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.                                                             
                                                                              
    M CHANNEL CORPORATION LIMITED                                             
    (Incorporated in Bermuda with limited liability)                          
                                                                              
    ANNOUNCEMENT                                                              
                                                                              
    The board of directors (the "Board") of M Channel Corporation Limited     
    (the "Company") has noted the recent increase in the price of the shares  
    of the Company and wishes to state that save for the possible             
    disclosable transaction ("Possible Disclosable Transaction") as           
    announced by the Company on November 25, 2002, it is not aware of any     
    reasons for such an increase.                                             
                                                                              
    The Board also confirms that save for the Possible Disclosable            
    Transaction, there are no negotiations or agreements relating to          
    intended acquisitions or realisations which are discloseable under        
    Chapters 19 to 20 of the Rules Governing the Listing of Securities        
    on the Growth Enterprise Market of The Stock Exchange of Hong Kong        
    Limited (the "GEM Listing Rules"), neither is it aware of any matter      
    discloseable under the general obligation imposed by Rule 17.10 of        
    the GEM Listing Rules, which is or may be of a price-sensitive nature.    
                                                                              
    Made by the order of the Board, the directors of which collectively       
    and individually accept responsibility for the accuracy of this           
    announcement.                                                             
                                                                              
                                                                              
    By Order of the Board                                                     
    M CHANNEL CORPORATION LIMITED                                             
    Yeung Wing Yan, Wendy                                                     
    Chairman                                                                  
                                                                              
    Hong Kong, November 27, 2002                                              
                                                                              
    This announcement, for which the directors of the Company collectively    
    and individually accept full responsibility, includes particulars         
    given in compliance with the GEM Listing Rules for the purpose of giving  
    information with regard to the Company. The directors of the Company,     
    having made all reasonable enquiries, confirm that, to the best of        
    their knowledge and belief: (i) the information contained in this         
    announcement is accurate and complete in all material respects and        
    not misleading; (ii) there are no other matters the omission of which     
    would make any statement in this announcement misleading; and (iii)       
    all opinions expressed in this announcement have been arrived at after    
    due and careful consideration and are founded on bases and assumptions    
    that are fair and reasonable.                                             
                                                                              
    This announcement will remain on the "Latest Company Announcements"       
    page on the GEM website for at least seven days from the date of its      
    posting.