10:06     WAI YUEN TONG<00897> & WANG ON GROUP<01222>-JA & Resume(8)          

    Wang On Group   822,323,315     29.75   270,323,315     9.78              
            822,323,315     24.80   1,197,323,315   32.44                     
    Public  1,941,545,910   70.25   2,493,545,910   90.22                     
            2,493,545,910   75.20   2,493,545,910   67.56                     
                                                                              
                                                                              
    Total   2,763,869,225   100.00  2,763,869,225   100.00                    
            3,315,869,225   100.00  3,690,869,225   100.00                    
                                                                              
                                                                              
    Note:   In the event of full conversion of the Convertible Notes          
    where the shareholding interest of Wang On in WYT will become             
    approximately 32.44%, Wang On will comply with the Hong Kong              
    Code on Takeovers and Mergers.                                            
                                                                              
    GENERAL                                                                   
                                                                              
    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 (holding 24.8% of the shareholding interest            
    in WYT assuming completion of the Top-Up Placing which is                 
    expected to be on or before 3 February 2005), the Transaction             
    and the Issue constitute connected transactions for WYT under             
    the Listing Rules and require Independent WYT Shareholders'               
    approval at the WYT SGM. Being the substantial shareholder of             
    WYT Shareholder, Wang On and its associates are required to               
    abstain from voting on the relevant resolutions in respect of             
    the Transaction and the Issue 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.                                                              
                                                                              
    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.                              
                                                                              
    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.                                 
                                                                              
    As at the date of this announcement, the WYT Board comprises              
    two executive directors, namely Mr. Tang Ching Ho and Mr. Chan            
    Chun Hong, Thomas, a non-executive director, namely Mr. Leung             
    Wai Ho, and three independent non-executive directors, namely             
    Mr. Siu Man Ho, Simon, Mr. Yuen Chi Choi and Mr. Cho Wing Mou.            
    The Wang On Board comprises three executive directors, namely             
    Mr. Tang Ching Ho, Ms. Yau Yuk Yin and Mr. Chan Chun Hong, Thomas,        
    and four independent non-executive directors, namely Dr. Lee              
    Peng Fei, Allen, Mr. Wong Chun, Justein, Dr. Siu Yim Kwan, Sidney         
    and Mr. Siu Kam Chau.