10:03     WAI YUEN TONG<00897> & WANG ON GROUP<01222>-JA & Resume(2)          

    an initial conversion price of HK$0.08 per Conversion Share               
    (subject to adjustment) will be 375,000,000 WYT Shares,                   
    representing (i) approximately 13.57% of the issued share                 
    capital of WYT as at the date of this announcement; (ii)                  
    approximately 11.31% of the enlarged issued share capital of              
    WYT immediately upon completion of the Top-Up Placing, which              
    is expected to be on or before 3 February 2005; and (iii)                 
    approximately 10.16% of the issued share capital of WYT as                
    enlarged by the issue of the Conversion Shares (assuming full             
    exercise of the Convertible Notes and no issue of other WYT Shares        
    in the interim).                                                          
                                                                              
    The initial conversion price of HK$0.08 per Conversion Share              
    under the Convertible Notes was negotiated on an arm's length             
    basis and (i) equals to the closing price of HK$0.08 per WYT              
    Share on the Last Trading Date; (ii) represents a premium of              
    approximately 1.78% to the average closing price of HK$0.0786             
    per WYT Share for the last five trading days up to and including          
    the Last Trading Date; and (iii) represents a premium of                  
    approximately 2.96% to the average closing price of HK$0.0777             
    per WYT Share for the last ten trading days up to and including           
    the Last Trading Date.                                                    
                                                                              
    CESSATION OF CONTINUING CONNECTED TRANSACTION                             
                                                                              
    On 23 July 2004, WYT (Retail) entered into the Lease with Geswin          
    pursuant to which Geswin has leased the Property to WYT (Retail)          
    for an initial term of three years commencing from 1 August 2004          
    at HK$330,000 per month. The Lease constitutes a continuing               
    connected transaction for WYT under Rule 14A.34 of the Listing            
    Rules. Please refer to WYT's announcement dated 23 July 2004              
    for further details of the Lease. Subject to and upon completion          
    of the Transaction, Geswin will be a wholly-owned subsidiary              
    of WYT and the Lease will no longer constitute a continuing               
    connected transaction for WYT under the Listing Rules.                    
                                                                              
    GENERAL                                                                   
                                                                              
    WYT Shareholders, Wang On Shareholders and potential investors            
    should note that the Transaction, which is subject to the                 
    fulfillment of a number of conditions, may or may not complete.           
    Shareholders of and potential investors in each of Wang On and            
    WYT are advised to exercise caution when dealing in the                   
    respective securities of Wang On and WYT.                                 
                                                                              
    For WYT, the Transaction constitutes a major transaction under            
    the Listing Rules. In addition, as Geswin is an indirect                  
    wholly-owned subsidiary of Wang On and Wang On is a substantial           
    shareholder of WYT, both the Transaction and the Issue constitute         
    connected transactions for WYT under the Listing Rules and                
    require Independent WYT Shareholders' approval at the WYT SGM.            
                                                                              
    An independent board committee of WYT will be established to              
    advise the Independent WYT Shareholders in relation to the terms          
    of the Transaction and the Issue. Baron Capital Limited has been          
    appointed as the independent financial adviser to advise the              
    independent board committee of WYT and the Independent WYT                
    Shareholders in respect of the terms of the Transaction and the           
    Issue.                                                                    
                                                                              
    A circular containing, among other things, (i) further details            
    of the Transaction and the Issue; (ii) the Valuation Report;              
    (iii) the letter of recommendation from the independent board             
    committee of WYT; (iv) the letter from the independent financial          
    adviser to the independent board committee of WYT and the                 
    Independent WYT Shareholders; and (v) a notice of the WYT SGM,            
    will be despatched to the WYT Shareholders as soon as                     
    practicable.