09:11     K. WAH INT'L<00173> - Unusual price & volume movements              

    The Stock Exchange has received a message from K. Wah International       
    Holdings Limited which is reproduced as follows:-                         
                                                                              
    "This statement is made at the request of The Stock Exchange of Hong Kong 
    Limited.                                                                  
                                                                              
    We have noted the recent decrease in the price and the increase in the    
    trading volume of the shares of K. Wah International Holdings Limited     
    ("the Company") and wish to state that we are not aware of any reasons for
    such decrease in price and increase in trading volume .                   
                                                                              
    Save as disclosed in our announcements respectively dated 7th October     
    2004, 14th October 2004, 17th December 2004 and 6th January 2005, we also 
    confirm that there are no negotiations or agreements relating to intended 
    acquisitions or realisations which are discloseable under rule 13.23,     
    neither is the Board aware of any matter discloseable under the general   
    obligation imposed by rule 13.09, which is or may be of a price-sensitive 
    nature.                                                                   
                                                                              
    Made by the order of the Board of the Company the directors of which      
    individually and jointly accept responsibility for the accuracy of this   
    statement.                                                                
                                                                              
    As at the date of this statement, the executive directors are Dr. Lui Che 
    Woo, Mr. Francis Lui Yiu Tung, Mr. Lennon Lun Tsan Kau, Mr. Eddie Hui Ki  
    On, Mr. William Lo Chi Chung and Ms. Paddy Tang Lui Wai Yu.  the non-     
    executive director is Mr. Michael Leung Man Kin; and the independent non- 
    executive directors are Sir David Akers-Jones, Dr. Alex Wu Shu Chih, Dr.  
    Philip Wong Kin Hang, Dr. Leo Lee Tung Hai, Dr. Robin Chan Yau Hing, Dr.  
    Charles Cheung Wai Bun and Mr. Robert George Nield.                       
                                                                              
    By Order of the Board                                                     
                                                                              
    Steven Tong                                                               
    Company Secretary                                                         
                                                                              
    Hong Kong, 7th January 2005"