09:43     INNOMAXX BIOTEC<00340> - 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.                                                     
                                                                              
    This announcement appears for information only and                        
    does not constitute an invitation or offer to acquire,                    
    purchase or subscribe for any securities of the                           
    Company.                                                                  
                                                                              
                                                                              
    INNOMAXX BIOTECHNOLOGY GROUP LIMITED                                      
    *                                                                         
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 340)                                                         
                                                                              
                                                                              
    LAPSE OF WARRANT PLACING AGREEMENT                                        
                                                                              
    The Company's offer of the Warrants by way of a private                   
    placing on a best effort basis as contemplated under                      
    the Warrant Placing Agreement has not proceeded to                        
    completion and the Warrant Placing Agreement has                          
    lapsed according to its terms on 31st January 2005.                       
                                                                              
    Shareholders and investors are advised to exercise                        
    caution when dealing in the Shares.                                       
                                                                              
    Reference is made to the Company's announcement dated                     
    29th November 2004 in connection with the Issue and                       
    the Warrant Placing Agreement (the "Announcement").                       
    Terms used herein shall have the same meanings as                         
    those defined in the Announcement.                                        
                                                                              
    Due to the deterioration of market sentiment                              
    subsequent to the signing of the Warrant Placing                          
    Agreement, there was insufficient interest of                             
    suitable placees for the Company's offer of the                           
    Warrants by way of a private placing on a best effort                     
    basis as contemplated under the Warrant Placing                           
    Agreement. As a result, the Issue has not proceeded                       
    to completion and the Warrant Placing Agreement has                       
    lapsed according to its terms on 31st January 2005.                       
    The Warrant Placing Agreement has ceased to have any                      
    effect and no party to the Warrant Placing Agreement                      
    will have any claims against the other party in                           
    respect of any matters in connection with the Warrant                     
    Placing Agreement.                                                        
                                                                              
    Shareholders and investors are advised to exercise                        
    caution when dealing in the Shares.                                       
                                                                              
    As at the date of this announcement, the Directors                        
    are as follows:                                                           
                                                                              
    Executive Directors     Zhou Yucheng, Fu Weimin, Qi                       
    Xianchao and Zhao Linye                                                   
    Independent non-executive Directors     Wang Yiming,                      
    Tang Tin Sek and Julia F. Charlton                                        
                                                                              
                                                                              
                                                                              
    By order of the Board                                                     
    Qi Xianchao                                                               
    Executive Director & Chief Executive Officer                              
                                                                              
    Hong Kong, 31st January 2005                                              
                                                                              
    * For the Chinese Name, please refer to the press announcement today.