09:10     WING LEE HOLD<00876> - Announcement (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.                                                             
                                                                              
    Wing Lee Holdings Limited                                                 
    (incorporated in Bermuda with limited liability)                          
    (Stock code: 876)                                                         
                                                                              
    PLACING OF EXISTING SHARES AND                                            
    SUBSCRIPTION OF NEW SHARES                                                
    UNDER GENERAL MANDATE                                                     
                                                                              
    PLACING AGENT                                                             
    SUN HUNG KAI INTERNATIONAL LIMITED                                        
                                                                              
    On 21st January, 2005, the Vendor entered into the Placing                
    Agreement and the Subscription Agreement with the Placing Agent           
    and the Company respectively.                                             
                                                                              
    Pursuant to the Placing Agreement, the Vendor agreed to place,            
    through the Placing Agent, an aggregate of 9,350,000 existing             
    Shares, on a fully underwritten basis to independent individual,          
    corporate and/or institutional investors, and who and whose               
    ultimate beneficial owners (i) are not connected persons (as              
    defined in Listing Rules) of the Company; and (ii) are independent        
    of the Company, its connected persons and other placees at a price        
    of HK$4.90 per Share.                                                     
                                                                              
    Pursuant to the Subscription Agreement, the Vendor conditionally          
    agreed to subscribe for an aggregate of 9,350,000 Shares at a             
    price of HK$4.90 per Share or 28,050,000 Shares at a price of             
    HK$1.6333 per Share, as the case may be.                                  
                                                                              
    The Placing Shares of 9,350,000 Shares represent (i)                      
    approximately 18.18% of the existing issued share capital of the          
    Company of 51,440,343 Shares; and (ii) about 15.38% of the issued         
    share capital of the Company of 60,790,343 Shares as enlarged by          
    the Subscription. The Placing Price of HK$4.90 represents (i) a           
    discount of approximately 16.24% to the closing price of HK$5.85          
    per Share as quoted on the Stock Exchange on the Last Trading Day;        
    (ii) a discount of approximately 12.97% to the average closing            
    price per Share of HK$5.63 as quoted on the Stock Exchange for            
    the last five full trading days up to and including the Last              
    Trading Day; and (iii) a discount of approximately 4.58% over the         
    average closing price per Share of HK$5.135 as quoted on the Stock        
    Exchange for the last ten full trading days up to and including           
    the Last Trading Day.                                                     
                                                                              
    The Subscription is conditional upon (1) the Listing Committee            
    of the Stock Exchange granting the listing of, and permission to          
    deal in, the Subscription Shares and (2) the completion of Placing.       
    The net proceeds from the Subscription of about HK$43.9 million           
    will be applied for (i) construction of an electroplating factory         
    in Heyuan, Guangdong Province and procurement of machinery for            
    the new factory; (ii)acquisition of facilities to comply with the         
    relevant environmental regulations in the PRC; and (iii) general          
    working capital.                                                          
                                                                              
    PLACING AGREEMENT                                                         
                                                                              
    Date                                                                      
                                                                              
    21st January, 2005                                                        
                                                                              
    Parties involved                                                          
                                                                              
    The Placing Agent and the Vendor                                          
                                                                              
    Placing Agent                                                             
                                                                              
    Sun Hung Kai International Limited is the Placing Agent and will          
    receive a placing commission of 3.5% on the gross proceeds of the         
    Placing to be paid by the Company and which was arrived at after          
    arm's length negotiations between the Company and the Placing             
    Agent. The Placing Agent and its ultimate beneficial owners are           
    not connected persons (as defined in Listing Rules) of the Company        
    and are third parties independent of the Company and its connected        
    persons.