09:15     HANG FUNG GOLD<00870> - Announcement                                

    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.                   
                                                                              
                                                                              
    HANG FUNG GOLD TECHNOLOGY LIMITED                                         
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 870)                                                         
                                                                              
                                                                              
    DELAY IN DESPATCH OF CIRCULAR IN RELATION TO THE RIGHTS ISSUE AND THE     
    WHITEWASH WAIVER TO THE SHAREHOLDERS                                      
                                                                              
    The despatch of the Circular is delayed from 27 February 2005 to 14       
    March 2005.                                                               
                                                                              
    Further announcement containing the revised expected timetable in         
    relation to the Rights Issue will be issued by the Company.               
                                                                              
    Reference is made to the announcement dated 7 February 2005 (the          
    "Announcement") issued by Hang Fung Gold Technology Limited (the          
    "Company"). Unless the context requires otherwise, capitalised terms      
    used in this announcement shall have the same meanings as those defined   
    in the Announcement.                                                      
                                                                              
    DELAY IN DESPATCH OF THE CIRCULAR                                         
                                                                              
    As stated in the Announcement, a circular (the "Circular") containing,    
    amongst other things, details of the terms of the Rights Issue and the    
    Whitewash Waiver, a letter of advice from Barits to the Independent       
    Board Committee and the Independent Shareholders in relation to the       
    Whitewash Waiver, a letter of recommendation from the Independent Board   
    Committee to the Independent Shareholders in relation to the Whitewash    
    Waiver, a notice of SGM and a proxy form, has to be despatched by the     
    Company to the Shareholders on or before 27 February 2005 in accordance   
    with Rule 8.2 of the Takeovers Code.                                      
                                                                              
    As additional time is required to finalise certain financial              
    information to be contained in the Circular, particularly information     
    in relation to the indebtedness and unaudited pro forma statement of      
    adjusted net tangible assets of the Company which is expected to be       
    finalised on 11 March 2005, an application has been made to the           
    Executive for a consent to delay the latest date of despatch of the       
    Circular from 27 February 2005 as required under Rule 8.2 of the          
    Takeovers Code to 14 March 2005.                                          
                                                                              
    REVISED EXPECTED TIMETABLE IN RELATION TO THE RIGHTS ISSUE                
                                                                              
    As a result of the delay in despatch of the Circular, further             
    announcement containing the revised expected timetable in relation to     
    the Rights Issue will be issued by the Company.                           
                                                                              
                                                                              
                                                                              
    By Order of the Board                                                     
    Hang Fung Gold Technology Limited                                         
    Lam Sai Wing                                                              
    Chairman                                                                  
                                                                              
    Hong Kong, 24 February 2005                                               
                                                                              
    As at the date hereof, the Board comprises six directors, of which        
    Mr. Lam Sai Wing and Ms. Chan Yam Fai, Jane are executive Directors,      
    Mr. Wong Kwong Chi is a non-executive Director and Mr. Liu Ngai Wing,     
    Mr. Lee Kok Keung and Mr. Lou Ping Ho are independent non-executive       
    Directors.                                                                
                                                                              
    The Directors jointly and severally accept full responsibility for the    
    accuracy of the information contained in this announcement and confirm    
    having made all reasonable enquiries, that to the best of their           
    knowledge, opinions expressed in this announcement have been arrived at   
    after due and careful consideration and there are no other facts not      
    contained in this announcement, the omission of which would make any      
    statement in this announcement misleading.