11:08     MAXX BIOSCIENCE<00512>-Announcement&Resumption of Trading-9         

    EXPECTED TIMETABLE                                                        
    The expected timetable for the Open Offer is set out below:-              
    (Note) 2005                                                               
    Despatch of circular in relation to                                       
    the SGM to the Shareholders                                               
    Thursday, 27 January                                                      
    Latest time for lodging forms of                                          
    proxy for the SGM                                                         
    10:00 a.m. on Monday, 14 February                                         
    Last day of dealings in Shares on a                                       
    cum-entitlement basis                                                     
    Tuesday, 15 February                                                      
    First day of dealings in Shares on a                                      
    ex-entitlement basis                                                      
    Wednesday, 16 February                                                    
    SGM                                                                       
    10:00 a.m. on Wednesday, 16 February                                      
    Latest time for lodging transfer of                                       
    Shares for entitlement to                                                 
    the Open Offer                                                            
    4:00 p.m. on Thursday, 17 February                                        
    Book closure period                                                       
    (both days inclusive)                                                     
    Friday, 18 February to Tuesday, 22 February                               
    Record Date                                                               
    Tuesday, 22 February                                                      
    Despatch of Prospectus Documents                                          
    Tuesday, 22 February                                                      
    Register of members re-opens                                              
    Wednesday, 23 February                                                    
    Latest time for payment for and                                           
    acceptance of the Offer Shares                                            
    4:00 p.m. on Tuesday, 8 March                                             
    Result of acceptance of                                                   
    the Offer Shares available                                                
    Wednesday, 9 March                                                        
    Open Offer becomes unconditional                                          
    4:00 p.m. on Friday, 11 March                                             
    Announcement on results of                                                
    the Open Offer appears on newspaper                                       
    Monday, 14 March                                                          
    Despatch of refund cheques in respect                                     
    of unsuccessful excess applications                                       
    Monday, 14 March                                                          
    Despatch of Share certificates for                                        
    Offer Shares on or before                                                 
    Monday, 14 March                                                          
    Dealings in Offer Shares expected to                                      
    commence                                                                  
    Wednesday, 16 March                                                       
    Note: All times refer to Hong Kong local times.                           
                                                                              
    Dates or deadlines specified in this announcement for events in the       
    timetable for (or otherwise in relation to) the Open Offer are            
    indicative only and may be exercised or varied by agreement between       
    the Company and the Underwriters. Any consequential changes to the        
    expected timetable will be published by way of public announcement.       
                                                                              
                                                                              
    REASONS FOR THE OPEN OFFER AND USE OF PROCEEDS                            
    The Group is principally engaged in (i) investment holding; (ii)          
    manufacturing, trading and distribution of health products, health        
    drinks and pharmaceutical products; and (iii) development of drug         
    products. According to Company's 2003 Annual Report, the Group            
    recorded audited net loss attributable to Shareholders of                 
    approximately HK$88 million. The loss attributable to Shareholders        
    for the six months ended 30 June 2004 and 2003 are approximately of       
    HK$23 million and HK$16 million respectively. In order to enhance the     
    earning base and profit potential of the Group, the Company has been      
    actively seeking for investment opportunities that could contribute       
    positively to the Group. As at the Announcement Date, no specific         
    investment items have been concluded yet.                                 
                                                                              
    In light of the above and given the recently improved equity market       
    conditions, the Board considers that it is in the interest of the         
    Company to raise equity capital to improve the gearing position and       
    reduce the indebtedness of the Group whilst allowing the Qualifying       
    Shareholders the opportunity to maintain their respective                 
    shareholdings in the Company. The Board considers the terms of the        
    Open Offer are fair and reasonable to Shareholders as a whole.            
                                                                              
    The estimated net proceeds of the Open Offer is approximately             
    HK$77.0 million, of which approximately HK$70.2 million will be used      
    for the Early Redemption and the balance of approximately HK$6.8          
    million will be used for working capital purpose. Upon redemption of      
    the Convertible Notes and the Promissory Notes, the gearing position      
    of the Group will be improved and the Group's financial position will     
    be strengthened, facilitating the development of its business in the      
    future.                                                                   
                                                                              
    Having considered (i) other means available to the Group for fund         
    raising such as debt financing and other equity financing, including      
    placing of shares; (ii) the current financial position of the Group;      
    and (iii) the current market situation, the Directors consider that