09:12     WING LEE HOLD<00876> - Announcement (6)                             

    "Subscription Agreement"   the subscription agreement between             
    the Vendor and the Company dated 21st January, 2005 in relation           
    to the Subscription                                                       
                                                                              
    "Subscription Price"   HK$4.90 or HK$1.6333 per Share, as the             
    case may be                                                               
                                                                              
    "Subscription Shares"   a total of 9,350,000 or 28,050,000 new            
    Shares, as the case may be, to be subscribed for by the Vendor            
    pursuant to the Subscription Agreement                                    
                                                                              
    "Vendor"   Bright Asia Holdings Limited, a substantial                    
    shareholder of the Company which held approximately 56.36% of the         
    Company's issued share capital immediately prior to the Placing           
    and the Subscription                                                      
                                                                              
    "HK$"   Hong Kong dollars, the lawful currency of Hong Kong               
                                                                              
    "%"   per cent.                                                           
                                                                              
    By order of the Board                                                     
    Wing Lee Holdings Limited                                                 
    Chow Tak Hung                                                             
    Chairman                                                                  
                                                                              
    Hong Kong, 21st January, 2005                                             
                                                                              
    As at the date of this announcement, the Board comprises of (1)           
    Executive Directors: Mr. Chow Tak Hung, Ms. Chow Woon Yin, Ms.            
    Wong Siu Wah, Ms. Chau Choi Fa; and (2) Independent Non-executive         
    Directors: Dr. Lau Yue Sun, Yip Tai Him and Lam Kwok Cheong.