10:15     A-MAX<00959> - Announcement & Resumption (4)                        

    13-1-2005  48,525,745  1.82  2.075  0  7.49     0                         
      (14-1-2005)                                                             
                                                                              
    Note:  The number of shares in the issued share capital of the Company    
    was 648,119,125 from 14 December 2004 to 13 January 2005 upon the         
    exercise of convertible notes in the aggregate principal amount of HK$    
    600,000 by independent third parties which resulted in the allotment of   
    88,249,455 shares by the Company.                                         
                                                                              
    The Directors confirm that there was no concurrent change of Directors    
    during the period from 14 December 2004 to 13 January 2005.               
                                                                              
    The Company became aware of each of the ten disposals by Mr. Lu by the    
    time the Company received the relevant Form 1 from Mr. Lu. In light of    
    the enquiry made by the Listing Division of the Stock Exchange and in     
    order to discharge the Board's fiduciary duty to ensure that public       
    investors would be informed of price-sensitive information relating to    
    the Company so as to maintain fair and orderly trading of the shares in   
    the Company, the Board did consider each of these disposals every time    
    such disposal was notified to the Company. In respect of each of the      
    first eight disposals, the Board took the view that the information was   
    not price sensitive and thus the Company was under no general             
    obligation to disclose the same to the public because: (i) Mr. Lu only    
    disposed of approximately 2 per cent. shareholding interests in the       
    issued share capital of the Company; (ii) Mr. Lu remained the             
    substantial shareholder and single largest shareholder of the Company     
    after each of the disposals; (iii) Mr. Lu is not a Director,              
    controlling shareholder or a member of the management of the Company;     
    and (iv) Mr. Lu has disclosed each of the disposals to the public and     
    the Stock Exchange through the Form 1 and the relevant information has    
    already become public knowledge. As to the last two disposals on 12       
    January 2005 and 13 January 2005 (both of which came to the attention     
    of the Company on 13 January 2005), the Company considers that it is      
    under a general obligation to disclose the disposals in the               
    announcement since after the disposals, Mr. Lu ceased to be a             
    substantial shareholder of the Company and then ceased to be a            
    shareholder of the Company respectively.                                  
                                                                              
    So far as the Directors are aware, as at the date of this announcement,   
    the Company did not have any shareholder, who is entitled to exercise,    
    or control the exercise of, 5% or more of the voting power at any         
    general meeting of the Company. As at the date of this announcement,      
    the Company had outstanding convertible notes in an aggregate principal   
    amount of HK$8,400,000, of which, HK$4,800,000, HK$1,200,000,             
    HK$1,200,000 and HK$1,200,000 are held by Dame Fortune Investments        
    Limited (beneficially owned by Guo Qi Li), Yiu Fuk Kei, He Chu Xing and   
    Su Wei Fen respectively.                                                  
                                                                              
    Each of the outstanding convertible notes is in the principal amount of   
    HK$200,000. Upon full conversion of the convertible note, the Company     
    will issue shares of the Company that represent 5% of the then issued     
    share capital of the Company.                                             
                                                                              
    Dealings in the shares of the Company has been suspended at the request   
    of the Company with effect from 9:30 a.m. on 14 January 2005 pending      
    release of the announcement under Rule 13.10 of the Listing Rules.        
    Application has been made by the Company for the resumption of dealings   
    in the shares of the Company on the Stock Exchange with effect from       
    9:30 a.m. on 24 January 2005.                                             
                                                                              
    Made by the order of the Company, the directors of which individually     
    and jointly accept responsibility for the accuracy of this announcement.  
                                                                              
    As at the date of this statement, the Board comprises Ng Wai Fong,        
    Leung Kwai Hing, Kam Shuk Ling, Lam Yiu Man and Ching Mei Yee as the      
    executive directors as well as Wong Chi Keung, Yuan Xiaoxin and Ng Wai    
    Hung as the independent non-executive directors.                          
                                                                              
    By Order of the Board of                                                  
    A-Max Holdings Limited                                                    
    Ng Wai Fong                                                               
    Chairperson                                                               
                                                                              
    Hong Kong, 21 January 2005                                                
                                                                              
    *  For identification purposes only