09:24     WANG ON GROUP<01222>-Announcement & Resumption of Trading(4)        

    The net proceeds to be raised by the Company from the issue of the        
    Convertible Notes (after deducting the expenses) will amount to           
    approximately HK$66 million. It is the intention of the Company to use    
    HK$40 million of the proceeds for property development and the            
    remaining balance for general working capital purposes.                   
                                                                              
    The general mandate to issue shares in the capital of the Company         
    granted to the board pursuant to the ordinary resolutions passed by       
    Shareholders at the special general meeting on 28 January 2005 (the       
    "General Mandate") has not been utilized. The Conversion Shares will be   
    issued upon exercise of the conversion rights attached to the             
    Convertible Notes under the General Mandate.                              
                                                                              
    Funds Raised by the Company during the 12 Months immediately before the   
    Date of this Announcement                                                 
                                                                              
    Set out below are the fund raising activities conducted by the Company    
    during the past 12 months:                                                
                                                                              
      Actual use of                                                           
      net proceeds                                                            
      as at the                                                               
    Date of   Net proceeds   Intended use of   date of this                   
    announcement  Event  (approximately)  the net proceeds  announcement      
                                                                              
    22 November 2004  Issue of convertible  HK$35 million  General working    
     Fully utilised as   notes for a total of   capital purpose  intended     
      28,600,000 new Shares                                                   
      upon full conversion                                                    
      at a price of HK$1.30                                                   
      per share                                                               
                                                                              
    Effect on Conversion Price of Existing CB                                 
                                                                              
    According to instrument of Existing CB, no adjustment is required to be   
    made to the conversion price as a result of the issue of the              
    Convertible Notes.                                                        
                                                                              
    Effect on Shareholding Structure                                          
                                                                              
    The existing shareholding structure of the Company and the expected       
    shareholding structure of the Company upon full conversion of the         
    Convertible Notes are set out below:                                      
                                                                              
      Assume full conversion                                                  
      of the Convertible Notes   Assume full conversion                       
      (and none of the Existing   of the Existing CB                          
      Existing  CB is converted)  and the Convertible Notes                   
      Number of   % of issued   Number of   % of issued   Number of   % of    
    issued   Shares held  Shares held  Shares held  Shares held  Shares       
    held  Shares held                                                         
                                                                              
    Caister Limited (Note 1)  2,247,227  1.57  2,247,227  1.31                
    2,247,227       1.12Tang Ching Ho (Note 2)  614,355  0.43  614,355  0.36  
    614,355 0.31Yau Yuk Yin (Note 3)  614,354  0.43  614,354  0.36            
    614,354 0.31Tang Mui Fong (Note 4)  5,551,269  3.87  5,551,269  3.23      
    5,551,269       2.77Tang Mui Fun (Note 5)  15,298,239  10.67  15,298,239  
    8.90  15,298,239        7.63Yau Yuk Tong (Note 6)  3,393,955  2.37  3,393 
    ,955                                                                      
    1.97  3,393,955 1.69Existing CB holders  -  -  -  -  28,600,000  14.26    
    Placees  -  -  28,600,000  16.64  28,600,000  14.26                       
    Public  115,600,967  80.66  115,600,967  67.23  115,600,967  57.65        
                                                                              
                                                                              
    Total  143,320,366  100.00  171,920,366  100.00  200,520,366  100.00      
                                                                              
                                                                              
    Notes:                                                                    
                                                                              
    1.  Caister Limited is wholly and beneficially owned by Tang Ching Ho.    
                                                                              
    2.  Tang Ching Ho is the chairman and managing director of the Company.   
                                                                              
    3.  Yau Yuk Yin is the wife of Tang Ching Ho, and the deputy managing     
    director and deputy chairman of the Company.                              
                                                                              
    4.  Tang Mui Fong is a sister of Tang Ching Ho.                           
                                                                              
    5.  Tang Mui Fun is a sister of Tang Ching Ho.                            
                                                                              
    6.  Yau Yuk Tong is a brother of Yau Yuk Yin.                             
                                                                              
    (2)  RESUMPTION OF TRADING