09:51     WING ON TRAVEL<01189>-Announcement&Resumption of Trading (1)        

    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 purposes only and does not      
    constitute an invitation or offer to acquire, purchase or subscribe for   
    securities.                                                               
                                                                              
    WING ON TRAVEL (HOLDINGS) LIMITED                                         
    (Incorporated in Bermuda with limited liability)                          
    Stock Code: 1189                                                          
                                                                              
    PLACING OF EXISTING SHARES AND                                            
    SUBSCRIPTION OF NEW SHARES                                                
                                                                              
    SHARE CONSOLIDATION                                                       
                                                                              
    CHANGES IN BOARD LOT SIZE                                                 
                                                                              
    On 4 February 2005, Wing On Travel entered into a placing and             
    subscription agreement with CEL, a subsidiary of CSH and a substantial    
    shareholder of Wing On Travel, and the Placing Agent pursuant to which    
    the Placing Agent agreed to place, on a best efforts basis, up to 6,400   
    million Shares at the price of HK$0.022 per Placing Share to no less      
    than six Placees who are Independent Third Parties procured by the        
    Placing Agent and CEL would subscribe for up to 6,400 million new Shares  
     at the same price of HK$0.022 per Subscription Share. The Subscription   
    Shares represent approximately (i) 18.51% of Wing On Travel's existing    
    issued share capital and (ii) 15.62% of Wing On Travel's issued share     
    capital as enlarged by the Subscription. The 6,400 million Subscription   
    Shares under the Placing Agreement are to be issued by Wing On Travel     
    under the General Mandate.                                                
                                                                              
    Wing On Travel intends to put forward for approval by the Shareholders    
    at the SGM resolution to approve the Share Consolidation pursuant to      
    which every one hundred (100) Shares in the issued and unissued ordinary  
     share capital of Wing On Travel will be consolidated into one (1)        
    Consolidated Share of HK$1.00.                                            
                                                                              
    Upon the Share Consolidation becoming unconditional and effective, the    
    board lot of the Shares will be changed from 10,000 Shares to 1,000       
    Consolidated Shares.                                                      
                                                                              
    Trading of the shares of Wing On Travel on the Stock Exchange were        
    suspended at 9:30 a.m. on 2 February 2005 pending the issue of the        
    Announcement. Application has been made to the Stock Exchange for the     
    resumption of trading of the shares of Wing On Travel with effect from    
    9:30 a.m. on 7 February 2005.                                             
                                                                              
    PLACING AGREEMENT DATED 4 FEBRUARY 2005                                   
                                                                              
    Pursuant to the Placing Agreement, the Placing Agent agreed to place on   
    a best efforts basis, up to 6,400 million existing Shares at a price of   
    HK$0.022 per Placing Share on behalf of CEL and CEL would subscribe for   
    up to 6,400 million new Shares equivalent to the number of Placing        
    Shares placed. The terms of the Placing Agreement are set out below:      
                                                                              
    A.   In respect of the Placing                                            
                                                                              
    Vendor:                                                                   
                                                                              
    CEL, which owns through its wholly-owned subsidiary, Million Good         
    Limited, 8,650 million Shares as at the date of this Announcement,        
    representing approximately 25.02% of the existing issued share capital    
    of Wing On Travel, which comprises 34,566,732,770 Shares.                 
                                                                              
    Placing Agent:                                                            
                                                                              
    Tai Fook, an Independent Third Party. The Placing Agent is entitled to    
    receive a commission equal to 2.5% of the aggregate placing price of the  
     Placing Shares.                                                          
                                                                              
    Number of Shares to be placed:                                            
                                                                              
    Up to 6,400 million existing Shares held by CEL Group representing (i)    
    approximately 18.51% of Wing On Travel's existing issued share capital    
    and (ii) approximately 15.62% of Wing On Travel's issued share capital    
    as enlarged by the Subscription.                                          
                                                                              
    The Placing is on a best efforts basis.                                   
                                                                              
    Placees: