09:31     GORIENT<00729> - Announcement & Resumption (1)                      

    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.                   
                                                                              
                                                                              
    GORIENT (HOLDINGS) LIMITED                                                
    (incorporated in Bermuda with limited liability)                          
    (Stock code: 729)                                                         
                                                                              
    PLACING OF EXISTING SHARES                                                
    AND                                                                       
    TOP-UP SUBSCRIPTION FOR NEW SHARES                                        
                                                                              
    Placing Agent                                                             
                                                                              
                                                                              
    China Everbright Securities (HK) Limited                                  
                                                                              
    Placing and Top-up Subscription                                           
                                                                              
    Power Assets Enterprises Limited has agreed to place, through its         
    placing agent, China Everbright Securities (HK) Limited, up to            
    260,000,000 existing ordinary shares of HK$0.01 each in the share         
    capital of the Company to six or more independent investors at the        
    Placing Price of HK$0.08 per Share and the Vendor will subscribe for up   
    to 260,000,000 new Shares at the price of HK$0.08 per Share.              
                                                                              
    The Placing will be done on a best efforts basis by China Everbright.     
                                                                              
    The Placing Shares represent approximately 17.72% of the existing         
    issued share capital of the Company of 1,467,177,166 Shares and           
    approximately 15.05% of the Company's issued share capital as enlarged    
    by the Top-up Subscription of up to 260,000,000 new Shares (assuming no   
    outstanding options are exercised). The net proceeds from the Top-up      
    Subscription of approximately HK$19.9 million will be used by the Group   
    as to 30% as working capital and 70 % for any future possible             
    acquisition of the Group, which is yet to be identified.                  
                                                                              
    The Vendor, the controlling shareholder of the Company, has               
    approximately 35.23% interest in the Company as at the date of this       
    announcement.                                                             
                                                                              
    The shareholding of the Vendor in the Company will be reduced from        
    approximately 35.23% to approximately 17.51% immediately upon             
    completion of the Placing and will be increased from approximately        
    17.51% to approximately 29.93% immediately upon completion of the         
    Top-up Subscription.                                                      
                                                                              
    Share price and trading volume movement                                   
                                                                              
    The Directors have noted the increase in the price and trading volume     
    of the Shares on 4 January 2005. The Directors wish to state that save    
    for the Placing and the Subscription as detailed in this announcement,    
    they are not aware of any reasons for such movements.                     
                                                                              
    Save for the above, the Directors confirm that they are not aware of      
    any other matter which is discloseable under Rule 13.23 of the Listing    
    Rules, or under the general obligation imposed by Rule 13.09 of the       
    Listing Rules which is or may be of a price-sensitive nature.             
                                                                              
    Resumption of trading                                                     
                                                                              
    Trading in the Shares of the Company was suspended from 9:30 a.m. on 5    
    January 2005 at the request of the Company pending the issue of this      
    announcement and application has been made to the Stock Exchange for      
    the resumption of trading of the Shares of the Company from 9:30 a.m.     
    on 10 January 2005.                                                       
                                                                              
    A.  PLACING OF UP TO 260,000,000 EXISTING SHARES                          
                                                                              
    The Placing Agreement dated 5 January 2005 was entered into between the   
    Vendor and China Everbright containing the following terms:               
                                                                              
    Vendor:                                                                   
                                                                              
    The Vendor, the controlling shareholder of the Company.                   
                                                                              
    Placing agent:                                                            
                                                                              
    China Everbright Securities (HK) Limited, which is independent of, not    
    connected with the directors, chief executive or substantial              
    shareholders (as defined under the Listing Rules) of any member of the