10:04     WAI YUEN TONG<00897> & WANG ON GROUP<01222>-JA & Resume(3)          

    For Wang On, the Transaction constitutes a discloseable                   
    transaction under the Listing Rules. A circular containing                
    further details of the Transaction will be despatched to the              
    Wang On Shareholders as soon as practicable.                              
                                                                              
    SUSPENSION AND RESUMPTION OF TRADING                                      
                                                                              
    At the request of WYT, trading in the WYT Shares on the Stock             
    Exchange was suspended from 9:30 a.m. on Monday, 31 January 2005          
    pending the release of this announcement. At the request of Wang          
    On, trading in the Wang On Shares on the Stock Exchange was               
    suspended from 9:30 a.m. on Monday, 31 January 2005 pending the           
    release of this announcement. Applications have been made to              
    the Stock Exchange for resumption of trading in the WYT Shares            
    and the Wang On Shares with effect from 9:30 a.m. on Wednesday,           
    2 February 2005.                                                          
                                                                              
    CONDITIONAL SALE AND PURCHASE AGREEMENT                                   
                                                                              
    Date:   28 January 2005                                                   
                                                                              
    Parties:        Suitbest (as vendor)                                      
    Source Millennium (as purchaser)                                          
    Wang On                                                                   
    WYT                                                                       
                                                                              
    shareholder's loan of the principal amount of HK$30,777,256 as            
    at 28 January 2005                                                        
                                                                              
    Consideration   HK$63,232,857 (subject to adjustment) payable             
    by Source Millennium on completion of the                                 
      and payment   Conditional Sale and Purchase Agreement shall             
    be satisfied in the following manner: (i) as to                           
      terms:        HK$33,232,857 in cash to Suitbest; and (ii) as to the     
    remaining balance of HK$30,000,000 by way of the issue by WYT             
    of the Convertible Notes to Suitbest (or such other person(s)             
    as it may direct). The initial consideration is based on the              
    book value of the shareholder's loan to Geswin of HK$30,777,256           
    and the unaudited net asset value of Geswin as at 28 January              
    2005 of HK$32,455,601 which has been adjusted for the preliminary         
    valuation of the Property of approximately HK$105,000,000                 
    assessed by the Valuer. The cash consideration will be funded             
    by internal resources of the WYT Group. The terms under the               
    Conditional Sale and Purchase Agreement were arrived at after             
    arm's length negotiation. Each of the Wang On Board (including            
    the independent non-executive directors of Wang On) and the WYT           
    Board (including the independent non-executive directors of WYT)          
    considers that the terms under the Conditional Sale and Purchase          
    Agreement are fair and reasonable and are in the best interest            
    (in the case of the Wang On Board) of Wang On and its shareholders        
    and (in the case of the WYT Board) of WYT and its shareholders            
    respectively.                                                             
                                                                              
    Completion accounts and post-completion adjustment to                     
    consideration                                                             
                                                                              
    Suitbest and Source Millennium are required to procure the                
    Independent Accountants to prepare the completion accounts of             
    Geswin within two weeks following completion of the Conditional           
    Sale and Purchase Agreement. The completion accounts of Geswin            
    are to be prepared in accordance with Hong Kong generally                 
    accepted accounting principles.                                           
                                                                              
    The adjustment amount (being the initial consideration of                 
    HK$63,232,857 less the sum of i) the net asset value of Geswin            
    as adjusted by the value of the Property set out in the Valuation         
    Report; and ii) the balance of the shareholder's loan outstanding         
    from Geswin as at