09:42     ASIA ORIENT<00214> - Announcement (5)                               

                                   Limited, a licensed                        
                                   corporation to carry on                    
                                   regulated activities 1, 3 and              
                                   4 for the purposes of the SFO              
    `Placing Agreement'            the placing and susbcription               
                                   agreement dated 2nd March,                 
                                   2005 and entered into between              
                                   the Company, the Vendors and               
                                   the Placing Agent in relation              
                                   to the Placing and the                     
                                   Subscription                               
    `Placing Price'                the placing price of HK$2.50               
                                   per Placing Share under the                
                                   Placing, which is the same as              
                                   the Subscription Price                     
    `Placing Share(s)'             34.6 million existing Shares               
                                   to be placed under the                     
                                   Placing                                    
    `SFC'                          the Securities and Futures                 
                                   Commission of Hong Kong                    
    `SFO'                          Securities and Futures                     
                                   Ordinance (Chapter 571 of the              
                                   Laws of Hong Kong)                         
    `Share(s)'                     share(s) of a nominal value                
                                   of HK$0.10 each in the                     
                                   capital of the Company                     
    `Stock Exchange'               The Stock Exchange of Hong                 
                                   Kong Limited                               
    `Subscription'                 the subscription of 34.6                   
                                   million new Shares by the                  
                                   Vendors (or their nominees)                
                                   under the Placing Agreement                
    `Subscription Price'           the subscription price of                  
                                   HK$2.50 per Subscription                   
                                   Share under the Subscription,              
                                   which is the same as the                   
                                   Placing Price                              
    `Subscription Share(s)'        an aggregate of 34.6 million               
                                   new Shares to be subscribed                
                                   by the Vendors (or their                   
                                   nominees) under the Placing                
                                   Agreement which is equivalent              
                                   to the number of Placing                   
                                   Shares placed by the Placing               
                                   Agent                                      
    `Takeovers Code'               the Hong Kong Code on                      
                                   Takeovers                                  
    `Vendors'                      Mr. Poon Jing and the                      
                                   Corporate Vendors                          
    `%'                            per cent.                                  
                                                                              
                                                                              
                                                                              
                                   By Order of the Board of Asia              
                                   Orient Holdings Limited Fung               
                                   Siu To, Clement                            
                                   Chairman                                   
                                                                              
                                                                              
                                                                              
    Hong Kong, 2nd March, 2005                                                
    As at the date of this announcement, the directors of the Company         
    are: Mr. Fung Siu To, Clement, Mr. Lim Yin Cheng, Mr. Poon Jing, Mr.      
    Lun Pui Kan, Mr. Kwan Po Lam, Phileas, Mr. Chan Sze Hung; and the         
    independent non-executive directors are Mr. Cheung Kwok Wah, Ken, Mr.     
    Wong Chi Keung and Mr. Hung Yat Ming.                                     
                                                                              
    The directors of the Company 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 ommission of which would make any statement in this      
    announcement misleading.                                                  
                                                                              
     *  For identification purposes only