09:29     HANG FUNG GOLD<00870> - 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.                   
                                                                              
                                                                              
    HANG FUNG GOLD TECHNOLOGY LIMITED                                         
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 870)                                                         
                                                                              
                                                                              
    CLARIFICATION ANNOUNCEMENT                                                
                                                                              
    The Directors of Hang Fung Gold Technology Limited (the "Company") have   
    noted that an article was published on 30 January 2005 in Hong Kong       
    Daily News regarding, inter alia, a possible plan of the Company to       
    fund raise via rights issue.                                              
                                                                              
    We would like to clarify that as part of the Company's strategy to        
    finance further growth in its business, the Company is considering a      
    possible equity exercise in the form of an issue by way of rights of      
    its shares. However, no contract has been entered into by the Company     
    in respect of the above possible transaction and this transaction may     
    or may not take place. Further announcement will be made by the Company   
    as appropriate in respect of the above transaction. Investors should      
    exercise caution when dealing in securities of the Company.               
                                                                              
    We have noted that an article was published on 30 January 2005 in Hong    
    Kong Daily News regarding a possible plan of the Company to fund raise    
    via an issue by way of rights of its shares. We would like to clarify     
    that as stated in the announcement of the Company made on 10 September    
    2004 as part of the Company's strategy to raise fund and to finance       
    further growth in its business, the Company is considering a possible     
    equity exercise, in the form of an issue by way of rights of its          
    shares. However, since the announcement dated 10 September 2004,          
    discussions in respect of the proposed rights issue are now in an         
    advanced stage. However, no underwriting or other agreement has been      
    entered into by the Company to make the rights issue and the rights       
    issue may or may not take place. Further announcement will be made by     
    the Company as appropriate in respect of the above transaction.           
    Investors should exercise caution when dealing in securities of the       
    Company.                                                                  
                                                                              
    Save as disclosed above, we confirm that there are no negotiations or     
    agreements relating to intended acquisitions or realizations which are    
    discloseable under rule 13.23 of The Rules Governing the Listing of       
    Securities on The Stock Exchange of Hong Kong Limited (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.                           
                                                                              
    As at the date of this announcement, the executive directors of the       
    Company are Mr. Lam Sai Wing and Ms. Chan Yam Fai, Jane, the              
    non-executive director is Mr. Wong Kwong Chi and the independent          
    non-executive directors are Mr. Liu Ngai Wing, Mr. Lee Kok Keung and      
    Mr. Lou Ping Ho.                                                          
                                                                              
    Made by the order of the Board of Hang Fung Gold Technology Limited,      
    the directors of which individually and jointly accept responsibility     
    for the accuracy of this announcement.                                    
                                                                              
                                                                              
                                                                              
    By order of the board                                                     
    Hang Fung Gold Technology Limited                                         
    Lam Sai Wing                                                              
    Chairman                                                                  
                                                                              
    Hong Kong, 31 January 2005