09:17     RAINBOW INT'L<08079> - 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.               
                                                                              
    RAINBOW INTERNATIONAL HOLDINGS LIMITED                                    
    (incorporated in the Cayman Islands with limited liability)               
                                                                              
    RIGHTS ISSUE ALLOTMENT RESULTS                                            
    AND BONUS ISSUE                                                           
                                                                              
    The Directors announce that 7 valid acceptances of provisional            
    allotment letters for Rights Shares and 6 valid applications for          
    excess Rights Shares have been received for a total of 347,593,011        
    Rights Shares, comprising (a) acceptances of provisional allotments       
    for 341,769,360 Rights Shares and (b) excess applications for             
    5,823,651 Rights Shares under the Rights Issue. The aggregate number      
    of Rights Shares accepted or applied for represents approximately         
    99.31% of the total number of Rights Shares available under the           
    Rights Issue.                                                             
                                                                              
    As a result of the under-subscription of the Rights Shares, the           
    Underwriters have procured 5 subscribers, who are individual and          
    corporate investors and are independent third parties not connected       
    with any of the directors, chief executive or substantial                 
    shareholders of the Company or its subsidiaries or any of their           
    respective associates (as defined in the GEM Listing Rules) and the       
    Underwriters, for the subscription of 2,406,989 Rights Shares.            
                                                                              
    The Rights Issue became unconditional on Thursday, 23rd January,          
    2003.                                                                     
                                                                              
    Upon the Rights Issue becoming unconditional, Bonus Shares will be        
    issued to the Shareholders on the basis of five Bonus Shares for          
    every two Shares held on 6th February, 2003 pursuant to the Bonus         
    Issue.                                                                    
                                                                              
                                                                              
    By Order of the Board                                                     
    Rainbow International Holdings Limited                                    
    Li Ngar Kwan, Aldy                                                        
    Chairperson                                                               
                                                                              
    Hong Kong, 23rd January, 2003                                             
                                                                              
    The above announcement is a summary only. For the full version of         
    this announcement, please refer to the `Latest Company Announcements'     
    page on the GEM website at www.hkgem.com.