09:51     A-MAX<00959> - 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.                                                     
                                                                              
    A-MAX HOLDINGS LIMITED                                                    
    (incorporated in Bermuda with limited liability)                          
    (Stock code: 959)                                                         
                                                                              
    UNUSUAL MOVEMENT IN TRADING VOLUME                                        
                                                                              
    This announcement is made pursuant to Rules 13.09 and                     
    13.10 of the Listing Rules regarding the unusual                          
    movement in trading volume of the shares of the                           
    Company.                                                                  
                                                                              
    This announcement is made pursuant to Rules 13.09 and                     
    13.10 of the Rules Governing the Listing of Securities                    
    on the Stock Exchange of Hong Kong Limited (the                           
    "Listing Rules").                                                         
                                                                              
    The board ("Board") of directors of A-Max Holdings                        
    Limited (the "Company") noted the recent increase in                      
    the trading volume of the shares of the Company and                       
    the Board is not aware of any reasons for such                            
    increase.                                                                 
                                                                              
    The Board wishes to state that the Company has issued                     
    102,159,776 new shares in the Company (representing                       
    approximately 13.6% of the issued share capital of                        
    the Company as enlarged thereby) to three individuals                     
    who are parties independent of, and not connected with                    
    the directors, chief executive and substantial                            
    shareholders of the Company, its subsidiaries and                         
    their respective associates (as defined in the Listing                    
    Rules) pursuant to the exercise of the conversion                         
    right under the existing convertible notes of the                         
    Company on 24 January 2005.                                               
                                                                              
    The Board also wishes to confirm that there are no                        
    negotiations or agreements relating to intended                           
    acquisitions or realisations which are discloseable                       
    under Rule 13.23 of the Listing Rules, neither is the                     
    Board aware of any matter discloseable under the                          
    general obligation imposed by Rule 13.09 of the                           
    Listing Rules, which is or may be of a price-sensitive                    
    nature.                                                                   
                                                                              
    So far as the Board is 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.                                                   
                                                                              
    This statement is made by the order of the Board, the                     
    directors of which individually and jointly accept                        
    responsibility for the accuracy of this statement.                        
                                                                              
    By Order of the Board of                                                  
    A-Max Holdings Limited                                                    
    NG Wai Fong                                                               
    Chairperson                                                               
                                                                              
    As at the date of this announcement the executive                         
    directors of the Company are Ng Wai Fong, Chan King                       
    Ming, Leung Kwai Hing, Kam Shuk Ling, Lam Yiu Man and                     
    Ching Mei Yee and the independent non-executive                           
    directors of the Company are Wong Chi Keung, Yuan                         
    Xiaoxin and Ng Wai Hung.                                                  
                                                                              
    Hong Kong, 27 January 2005