10:00     UPBEST GROUP<00335> - Announcement & Resumption (4)                 

    Completion:                                                               
    The consideration will be payable in cash to Vendor                       
    B in the following manner:                                                
                                                                              
    (1)   HK$5 million upon signing of Agreement B;                           
                                                                              
    (2)   HK$15 million within 30 days from the date of                       
    Agreement B; and                                                          
                                                                              
    (3)   The balance of HK$7 million within 90 days from                     
    the date of Agreement B.                                                  
                                                                              
    The total consideration will be satisfied by cash                         
    payment and such source of cash funding may come from                     
    one or more of several possible sources of financing.                     
                                                                              
    Information relating to the Property B                                    
    Property B is located at Lot TN26b, Estrada Coronel                       
    Nicolau de Mesquita, Taipa, Macau. Its site area is                       
    approximately 669 sq. m. and a two-storey restaurant                      
    is erected thereon with a total gross floor area of                       
    approximately 1,068 sq. m. The Company intends to                         
    re-develop the site into a residential / commercial                       
    building with a total marketable floor area of                            
    approximately 10,498 sq. m.                                               
                                                                              
    Implication under the Listing Rules:                                      
    The Second Acquisition constitutes a disclosable                          
    transaction for the Company under Chapter 14 of the                       
    Listing Rules. Details of the Second Acquisition will                     
    be included in the circular to the shareholders of                        
    the Company in relation to the First Acquisition.                         
                                                                              
    (3)   REASONS FOR ENTERING INTO THE ACQUISITIONS                          
    The principal activity of the Company is investment                       
    holding. Its subsidiaries are principally engaged in                      
    securities broking, futures broking, securities                           
    margin financing, money lending, corporate finance                        
    advisory and asset management.                                            
                                                                              
    The Board believes that the First and the Second                          
    Acquisitions present an excellent opportunity for the                     
    Group to diversify its existing business into property                    
    investment and development in Macau. The Group expects                    
    high growth in the future development of the Macau                        
    property market.                                                          
                                                                              
    The Board considers that the First and the Second                         
    Acquisitions are on normal commercial terms and that                      
    such terms are fair and reasonable to the Company and                     
    Shareholders as a whole. The views and recommendations                    
    of the Independent Board Committee in respect of the                      
    First Acquisition will be set out in the circular to                      
    be issued by the Company to its shareholders as                           
    required by the Listing Rules.                                            
                                                                              
    (4)   APPLICATION FOR THE SUSPENSION AND RESUMPTION                       
    OF TRADING                                                                
    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.                                                            
                                                                              
    As at the date of this announcement, the Board of the                     
    Company consists of Mr. Wong Ching Hung, Thomas, Mr.                      
    Cheng Kai Ming, Charles and Mr. Li Kwok Cheung, George                    
    as executive directors and Mr. Wong Wai Kwong, David,                     
    Mr. Pang Cheung Hing, Alex and Mr. Fuk Ho Kai as                          
    independent non-executive directors.                                      
                                                                              
    DEFINITIONS                                                               
    "Acquisitions"   two transactions consist of the                          
    First Acquisition and the Second Acquisition                              
                                                                              
    "Board"   the board of directors of the Company                           
                                                                              
    "CCAA"   CCAA Group Limited, a company incorporated                       
    in the British Virgin Islands with limited liability,                     
    which holds 75% equity interest of the Company                            
                                                                              
    "Company"   Upbest Group Limited (stock code: 335),                       
    a company incorporated in Cayman Islands with limited                     
    liability, the shares of which are listed on the Stock                    
    Exchange