09:41     A-MAX<00959> - Announcement (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.                   
                                                                              
     A-MAX HOLDINGS LIMITED                                                   
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 959)                                                         
                                                                              
    UNUSUAL MOVEMENT IN PRICE                                                 
    CHANGE OF SUBSTANTIAL SHAREHOLDER                                         
                                                                              
    This announcement is made pursuant to Rules 13.09 and 13.10 of the        
    Listing Rules regarding the unusual movement in price of the shares of    
    the Company.                                                              
                                                                              
    This announcement is made pursuant to Rules 13.09 and 13.10 of the        
    Rules Governing the Listing of Securities on the Stock Exchange of Hong   
    Kong Limited (the "Listing Rules"). Terms defined in the Company's        
    circular dated 6 January 2005 shall have the same meanings when used      
    herein.                                                                   
                                                                              
    The Board noted the recent increase in the price of the Shares and the    
    Board is not aware of any reasons for such increase. The Board            
    confirmed that there are no negotiations or agreements relating to        
    intended acquisitions or realisations which are discloseable under Rule   
    13.23 of the Listing Rules, neither is the Board aware of any matter      
    discloseable under the general obligation imposed by Rule 13.09 of the    
    Listing Rules, which is or may be of a price-sensitive nature.            
                                                                              
    The Board is pleased to announce that Greek Mythology has issued a        
    notice dated 25 January 2005 to the Company to exercise its right to      
    convert the First Note. 181,473,355 Shares, representing approximately    
    19.48 % of the issued share capital of the Company (as enlarged           
    thereby), were issued at the conversion price of approximately HK$3.527   
    to Greek Mythology today.                                                 
                                                                              
    So far as the Directors are aware, as at the date of this announcement,   
    other than Greek Mythology, the Company did not have any shareholder,     
    who is entitled to exercise, or control the exercise of, 5% or more of    
    the voting power at any general meeting of the Company. To the best       
    knowledge of the Directors, the remaining 80.52% interest is held by      
    the public. As at the date of this announcement, the Company had not      
    exercised the Company Option and Greek Mythology has not exercised the    
    Greek Mythology Option.                                                   
                                                                              
    As at the date of this announcement, the Company had outstanding          
    convertible notes ("CNs") in an aggregate principal amount of             
    HK$7,800,000. The CNs were originally subscribed by Firstcom Technology   
    Limited pursuant to a subscription agreement dated 20 February 2004       
    entered into between the Company and Firstcom Technology Limited,         
    particulars of the subsequent transfers and conversions of the CNs are    
    as follows:                                                               
                                                                              
          Name(s) of the     No. of                                           
        CN(s) in the   CN holder(s)/    Shares issued                         
        principal   Transferor (as   Transferee(s)   pursuant to              
    Date  Nature  amount of:  the case may be)  of the CN(s)   the            
    Conversion                                                                
                                                                              
    31/3/2004  Issue of CNs   HK$14.6 million  Firstcom Technology  -       - 
            Limited                                                           
                                                                              
    4/6/2004  Transfer  HK$14.6 million  Firstcom Technology  Dame Fortune    
            -        Limited    Investments Limited                           
                                                                              
    10/6/2004  Transfer  HK$5.6 million  Dame Fortune   (i) Wu Mo   -         
          (HK$1.4 million     Investments   (ii) Yiu Fuk Kei                  
          to each of the    Limited  (iii) Wu Wan Min                         
          transferees)    (iv) Lu Zhi Qun                                     
                                                                              
    15/6/2004  Conversion  HK$1.4 million  Yiu Fuk Kei  -  29,070,875         
                                                                              
    7/10/2004  Conversion  HK$1.4 million  Wu Wan Min  -  81,811,283          
                                                                              
    11/11/2004  Conversion  HK$1.4 million  Wu Mo  -  115,116,692             
                                                                              
    12/11/2004  Conversion  HK$1.4 million  Lu Zhi Qun  -  161,980,745        
                                                                              
    17/11/2004  Transfer  HK$4.2 million  Dame Fortune   (i) Yiu Fuk Kei    - 
          (HK$1.4 million    Investments Limited  (ii) He Chu Xing            
          to each of the      (iii) Su Wei Fen                                
          transferees)