09:12     YONGLONG<08211> - Announcement                                      

                                                                              
    The Stock Exchange 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.                            
                                                                              
    ZHEJIANG YONGLONG ENTERPRISES CO., LTD.                                   
    (a joint stock limited company incorporated in the People's Republic      
    of China with limited liability)                                          
                                                                              
    CHANGE OF PRINCIPAL PLACE                                                 
    OF BUSINESS IN HONG KONG                                                  
                                                                              
    The board of directors (the "Board") of Zhejiang Yonglong                 
    Enterprises Co., Ltd. (the "Company") hereby announces that               
    the Company's principal place of business in Hong Kong will               
    be changed to Suite 604, 6th Floor, Prudential Tower, The Gateway,        
    25 Canton Road, Tsimshatsui, Kowloon, Hong Kong with effect from          
    4 February 2003.                                                          
                                                                              
                                                                              
            By order of the Board                                             
            CHEN YEN YUNG                                                     
            Company Secretary                                                 
                                                                              
    Hong Kong, 23 January 2003                                                
                                                                              
    This announcement, for which the directors (the "Directors")              
    of the Company collectively and individually accept full                  
    responsibility, includes particulars given in compliance with             
    the Rules Governing the Listing of Securities on the Growth               
    Enterprise Market of the Stock Exchange of Hong Kong Limited              
    for the purpose of giving information with regard to the Company.         
    The Directors, having made all reasonable enquiries, confirm that,        
    to the best of their knowledge and belief: (1) the information            
    contained in this announcement is accurate and complete in all            
    material respects and not misleading; (2) there are no other              
    matters the omission of which would make any statement in this            
    announcement misleading; and (3) 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 of the GEM website for at least 7 days from the date of its          
    posting.