09:58     UPBEST GROUP<00335> - Announcement & Resumption (1)                 

    The Stock Exchange of Hong Kong Limited takes no                          
    responsibility for the content of this announcement,                      
    makes no representation as to its accuracy or                             
    completeness and expressly disclaims and liability                        
    whatsoever for any loss howsoever arising from or in                      
    reliance upon the whole or any part of the contents                       
    of this announcement.                                                     
                                                                              
    UPBEST GROUP LIMITED                                                      
    (Incorporated in Cayman Islands with limited                              
    liability)                                                                
    (Stock code: 335)                                                         
                                                                              
    DISCLOSEABLE AND CONNECTED TRANSACTION                                    
                                                                              
    Financial Advisor to Upbest Group Limited                                 
                                                                              
    Upbest Securities Company Limited                                         
                                                                              
    On 3 January 2005, the Group entered into Agreement                       
    A and Agreement B with Companhia De Fomento Predial                       
    E Investimento San San, Limitada and Mr. Lam Iam Weng                     
    respectively. These two agreements are relating to                        
    the acquisition of two properties located in Macau                        
    for a consideration of HK$28.5 million and HK$27                          
    million respectively and are both payable in cash.                        
                                                                              
    Ms. Chim Mei Hing, spouse of an executive director                        
    of the Company and one of the beneficiaries of a trust                    
    which assets include interests in the entire issued                       
    share capital of CCAA, which holds 75% equity interest                    
    of the Company, has 50% equity interest in Companhia                      
    De Fomento Predial E Investimento San San, Limitada.                      
    The First Acquisition constitutes a connected and                         
    discloseable transaction for the Company under                            
    Chapter 14A and Chapter 14 of the Listing Rules.                          
                                                                              
    Mr. Lam Iam Weng is an independent third party not                        
    connected with the directors, chief executive or                          
    substantial shareholders of the Company or its                            
    subsidiaries or an associate (as defined in the                           
    Listing Rules) of any of them. The Second Acquisition                     
    constitutes a discloseable transaction for the                            
    Company under Chapter 14 of the Listing Rules.                            
                                                                              
    A circular containing, inter alia, further details                        
    of the First Acquisition, valuation report, a letter                      
    from the independent board committee, a letter of                         
    advice from the independent financial adviser to the                      
    independent board committee and a notice for convening                    
    an extraordinary general meeting to approve the                           
    Agreement A will be sent to shareholders of the Company                   
    as soon as practicable.                                                   
                                                                              
    At the request of the Company, the shares of the                          
    Company have been suspended from trading on the Stock                     
    Exchange at 9:30am on 4 January, 2005 pending the                         
    release of this announcement. Application has been                        
    made for resumption of trading in the shares of the                       
    Company on the Stock Exchange from 9:30 a.m. on 7                         
    January, 2005.                                                            
                                                                              
    (1) THE FIRST ACQUISITION                                                 
    The Board hereby announces that Upbest Land Company                       
    Limited and Upbest Macau Land Company Limited, both                       
    wholly owned subsidiaries of the Company, have entered                    
    into a sales and purchase agreement dated 3 January                       
    2005 (the "Agreement A") to acquire the entire share                      
    capital of San San from Ms. Chim, Mr. Chan and Mr.                        
    Song (the "First Acquisition").                                           
                                                                              
    Agreement A                                                               
    Date:                                                                     
    3 January 2005                                                            
                                                                              
    Parties:                                                                  
    Ms. Chim, Mr. Song and Mr. Chan together as the vendors                   
    ( "Vendor A")                                                             
                                                                              
    Upbest Land Company Limited and Upbest Macau Land                         
    Company Limited, both wholly owned subsidiaries of                        
    the Company, as the purchasers ( "Purchaser A") to                        
    acquire 20% and 80% of San San respectively.