09:23     REXCAPITAL<00155> & REX FINANCIAL H<00555> - J.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.                   
                                                                              
                                                                              
       REXCAPITAL International    REXCAPITAL Financial                       
       Holdings Limited   Holdings Limited                                    
       (Incorporated in Bermuda with limited liability)   (Incorporated in    
    Bermuda with limited liability)                                           
       (Stock code: 155)   (Stock code: 555)                                  
                                                                              
    JOINT ANNOUNCEMENT                                                        
    EXTENSION OF COMPLETION DATE                                              
                                                                              
                                                                              
    Reference is made to the announcement dated 29 December 2004 jointly      
    issued by REXCAPITAL International and REXCAPITAL Financial. Approval     
    from the Securities and Futures Commission of Hong Kong (the "SFC") as    
    described below has been obtained and REXCAPITAL Group Limited (a         
    wholly-owned subsidiary of REXCAPITAL International) and REXCAPITAL       
    Financial have mutually agreed to extend the completion date of the Sale  
     and Purchase Agreement to 8 April 2005.                                  
                                                                              
    Reference is made to the announcement dated 29 December 2004 jointly      
    issued by REXCAPITAL International and REXCAPITAL Financial (the          
    "Announcement"). Terms defined in the Announcement shall have the same    
    meanings when used herein unless the context requires otherwise.          
                                                                              
    EXTENSION OF COMPLETION DATE                                              
                                                                              
    Approval from the SFC pursuant to the Securities and Futures Ordinance    
    (Cap. 571 of The Laws of Hong Kong) in relation to the change of          
    substantial shareholders of all relevant companies in the Sale Group has  
     been obtained. To provide REXCAPITAL Group Limited (a wholly-owned       
    subsidiary of REXCAPITAL International) with sufficient time to conduct   
    an update due diligence review (the previous due diligence review was     
    conducted more than 10 months ago), REXCAPITAL Group Limited and          
    REXCAPITAL Financial have mutually agreed to extend the completion date   
    of the Sale and Purchase Agreement to 8 April 2005 (the "Extension").     
                                                                              
    The Extension does not have any material adverse effect on the operation  
     and financial position of each of REXCAPITAL International and           
    REXCAPITAL Financial.                                                     
                                                                              
    As at the date of this announcement, the board of directors of            
    REXCAPITAL International comprises three executive directors namely Mr.   
    Chan How Chung, Victor, Ms. Lee Huei Lin and Mr. Chan Wai Kwong, Peter,   
    and three independent non-executive directors namely Mr. Chow Siu Ngor,   
    Mr. Yin Tat Man and Mr. Chan Pei Cheong, Andy; whereas the board of       
    directors of REXCAPITAL Financial comprises three executive directors     
    namely Mr. Chan How Chung, Victor, Ms. Lee Huei Lin and Mr. Boo Chun      
    Lon, and three independent non-executive directors namely Mr. Yuen Wai    
    Ho, Mr. On Kien Quoc and Mr. Chow Siu Ngor.                               
                                                                              
       By order of the board   By order of the board                          
       REXCAPITAL International Holdings Limited   REXCAPITAL Financial       
    Holdings Limited                                                          
       Ng Yuen Yee   Lee Huei Lin                                             
       Company secretary   Company secretary                                  
                                                                              
    Hong Kong, 28 January 2005