09:51     WAI YUEN TONG<00897> - Announcement (3)                             

    The Subscription is conditional upon:                                     
                                                                              
    (a)     the Listing Committee of the Stock Exchange granting the          
    listing of, and permission to deal in, the Subscription Shares;           
                                                                              
    (b)     completion of the Placing; and                                    
                                                                              
    (c)     if required, the Bermuda Monetary Authority granting or           
    agreeing to grant permission to allot, issue and subsequent               
    transfer of the Subscription Shares pursuant to the Subscription          
    on or before completion of the Subscription.                              
                                                                              
    The above conditions may not be waived by either party to the             
    Subscription Agreement.                                                   
                                                                              
    Application will be made to the Listing Committee of the Stock            
    Exchange to grant the listing of, and permission to deal in,              
    the Subscription Shares.                                                  
                                                                              
    Completion                                                                
                                                                              
    Under the Listing Rules, the Subscription must be completed               
    within 14 days from the date of the Subscription Agreement, that          
    is, on or before 3 February 2005.                                         
                                                                              
    In the event that the conditions to the Subscription Agreement            
    are not fulfilled by 3 February 2005, the Company and the Vendor          
    may elect, subject to compliance with all requirements in                 
    relation to connected transactions under the Listing Rules, to            
    postpone completion to a later date to be agreed between the              
    Company and the Vendor.                                                   
                                                                              
    Shareholders should note that completion of each of the Top-Up            
    Subscription Agreement is conditional. Shareholders and                   
    potential investors should exercise caution when dealing in the           
    Shares.                                                                   
                                                                              
    GENERAL MANDATE                                                           
                                                                              
    The Subscription Shares will be allotted and issued pursuant              
    to the general mandate to allot, issue and deal with Shares               
    granted to the Directors by a resolution passed at the Company's          
    annual general meeting held on 13 August 2004. At the date of             
    passing the resolution for such general mandate, the issued share         
    capital of the Company comprised 2,763,869,225 Shares and                 
    552,773,845 Shares, representing 20% of the issued share capital          
    of the Company as at the date of passing such resolution, can             
    be allotted under such general mandate. At the date of this               
    announcement, the existing general mandate has not been                   
    utilized.                                                                 
                                                                              
    EFFECTS ON SHAREHOLDING STRUCTURE                                         
                                                                              
    Before completion                                                         
    of Placing              After Placing but               After Placing     
    And Subscription                Before Subscription             and       
    Subscription                                                              
    (approximately)         (approximately)         (approximately)           
                                                                              
    The Vendor      29.75%          9.78%           24.80%                    
    Placees -%              19.97%          16.65%                            
    Public  70.25%          70.25%          58.55%                            
                                                                              
                                                                              
    100.00%         100.00%         100.00%                                   
                                                                              
                                                                              
    Note:   The Vendor is a wholly-owned subsidiary of Wang On.               
                                                                              
    USE OF PROCEEDS