09:22     401 HOLDINGS<00401> - Announcement                                  

    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.                   
                                                                              
    401 Holdings Limited                                                      
    (Incorporated in Bermuda with limited liability)                          
    (Provisional Liquidators Appointed)                                       
    (Stock Code: 0401)                                                        
                                                                              
    Further adjournment of the hearing of the winding-up petition             
                                                                              
    The hearing of the winding up petition has been further adjourned from    
    10 January 2005 to 14 March 2005.                                         
                                                                              
    Trading in the shares of the Company was suspended at the request of the  
    Company with effect from 28 March 2003 and will remain suspended until    
    further notice.                                                           
                                                                              
    Reference is made to the Company's announcements dated 20 August 2004     
    and 15 October 2004 ("Announcements"). Terms used herein shall have the   
    same meaning as defined in the Announcements.                             
                                                                              
    The hearing of the winding up petition against the Company has been       
    further adjourned by the High Court of Hong Kong SAR from 10 January      
    2005 to 14 March 2005 to enable the Provisional Liquidators to            
    facilitate the proposed self-restructuring of the Company.                
                                                                              
    In light of the Petitioner's support for the proposed self-restructuring  
    of the Company, the Petitioner did not oppose the adjournment.            
                                                                              
    As at the date of the announcement, the directors of the Company are Mr.  
    Wong Chong Kwong, Derek, Mr. Po Kam Hi, John, Mr. Au-Yeung Yok Cho and    
    Mr. Wu Chi Lok. Pursuant to the order by the Hong Kong court, the         
    Provisional Liquidators were appointed to the Company and the powers of   
    the Board has been suspended since then, but Mr. Wu Chi Lok has since     
    become an executive director of an operating subsidiary of the Company.   
                                                                              
    For and on behalf of                                                      
    401 Holdings Limited                                                      
    (Provisional Liquidators Appointed)                                       
    Cosimo Borrelli                                                           
    Fan Wai Kuen                                                              
    Joint and Several Provisional Liquidators                                 
                                                                              
    Hong Kong, 20 January 2005