08:59     GREENCOOL TECH<08056> - Announcement                                

                                                                              
    The Stock Exchange of Hong Kong Limited (the "Stock Exchange") 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 content of this          
    announcement.                                                             
                                                                              
    GREENCOOL TECHNOLOGY HOLDINGS LIMITED                                     
    (incorporated in the Cayman Islands with limited liability)               
    (Stock Code: 8056)                                                        
                                                                              
    Response to Press Articles                                                
                                                                              
    The Company notes certain press reports which refer to a writ dated       
    14th January, 2005 and issued by Mr. Sung against Mr. Gu and the          
    Company seeking a declaration that Mr Sung was authorized by Mr Gu        
    and/or the Company and unspecified third parties to make the Sales and    
    transfer the Proceeds to bank accounts controlled by Mr Sung in May       
    2004 (the "Misappropriation"). The Company wishes to respond as follows:  
                                                                              
    *  the Misappropriation was not authorized by the Company and/or Mr Gu;   
                                                                              
    *  the Misappropriation was reported to the Hong Kong Police in May       
    2004 after the Misappropriation and the matter has since been in the      
    hands of the Hong Kong Police with whom the Company and Mr. Gu are        
    fully cooperating;                                                        
                                                                              
    *  Sun Hung Kai Investment Services Limited ("SHK"), the securities       
    house with whom the Group had maintained its securities account and the   
    ex-employer of Mr Sung, has already compensated the Group and replaced    
    the misappropriated securities. SHK has already commenced proceedings     
    in Canada against persons including Mr. Sung to recover the proceeds of   
    the Misappropriation.                                                     
                                                                              
    By Order of the Board                                                     
    Greencool Technology Holdings Limited                                     
    Hu, Xiao Hui                                                              
    Vice Chairman, CEO & President                                            
                                                                              
    Hong Kong, 17th January, 2005                                             
                                                                              
    Executive Directors                                                       
    Gu, Chu Jun (Chairman)                                                    
    Hu, Xiao Hui                                                              
    Zhang, Xi Han                                                             
    Liu, Cong Meng                                                            
    Xu, Wan Ping                                                              
    Chen, Chang Bei                                                           
                                                                              
    Independent non-executive Directors                                       
    Fan, Jia Yan                                                              
    Margaret Man                                                              
    Wang Jingshi                                                              
                                                                              
    This announcement, for which the directors of the Company (the            
    "Directors") collectively and individually accept full responsibility,    
    includes particulars given in compliance with the Rules Governing the     
    Listing of Securities on the Growth Enterprise Market of the Stock        
    Exchange for the purpose of giving information with regard to the         
    Company. The Directors, having made all reasonable enquiries, confirm     
    that, to the best of their knowledge and belief: (1) the information      
    contained in this announcement is accurate and complete in all material   
    respects and not misleading; (2) there are no other matters the           
    omission of which would make any statement in this announcement           
    misleading; and (3) all opinions expressed in this announcement have      
    been arrived at after due and careful consideration and are founded on    
    bases and assumptions that are fair and reasonable.                       
                                                                              
    The above announcement is a summary only. For the full version of this    
    announcement, please refer to the open code "Latest Company               
    Announcements" page on the GEM website at www.hkgem.com.