09:30     S.A.S. DRAGON<01184> - 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.                                                             
                                                                              
    S.A.S. DRAGON HOLDINGS LIMITED                                            
    (incorporated in Bermuda with limited liability)                          
    (Stock Code : 1184)                                                       
                                                                              
    ANNOUNCEMENT IN PURSUANCE OF RULES 13.13 AND 13.15 OF THE LISTING         
    RULES                                                                     
                                                                              
    This announcement is made by the directors of the Company in              
    compliance with the disclosure requirements under Rules 13.13             
    and 13.15 of the Listing Rules. Due to inadvertent oversight,             
    the Company failed to disclose details of the advance to an entity        
    by the Group, comprising Trade Receivables which exceeded 8%              
    of the Market Capitalisation of the Company.                              
                                                                              
    As at 31 December 2004, trade receivables due to S.A.S. Dragon            
    Holdings Limited (the "Company") together with its subsidiaries           
    (collectively the "Group") from Shenzhen Sze Hung Imports &               
    Exports Ltd ("Sze Hung") and Time Speed Electronic (Taiwan)               
    Company Limited ("Time Speed") amounted to approximately                  
    HK$28,968,000 and HK$23,831,000 respectively, representing                
    approximately 15.2% and 12.5% respectively of the market                  
    capitalisation of approximately HK$190,637,000. Each of them              
    exceeds eight per cent in terms of the relevant percentage ratios         
    as defined in the Rules Governing the Listing of Securities (the          
    "Listing Rules") on The Stock Exchange of Hong Kong Limited (the          
    "Stock Exchange"). Neither Sze Hung nor Time Speed is a connected         
    person (as defined in the Listing Rules) of the Company.                  
                                                                              
    Such trade receivables are unsecured, interest-free and with              
    credit terms 120 days. They primarily arose from sales of                 
    electronic components. As at 31 December 2004, there were                 
    242,540,720 shares of the Company in issue. Based on the average          
    closing price of the Company's shares of HK$0.786 as stated in            
    the Stock Exchange's daily quotation sheets for trading days              
    from 24 December 2004 to 31 December 2004 (both days inclusive),          
    being the five business days immediately preceding 31 December            
    2004, the total market capitalisation of the Company was HK$              
    190,637,000 as at 31 December 2004.                                       
                                                                              
    Save as disclosed above, the Company does not have other                  
    disclosure obligations under Rules 13.13 and 13.15 of the Listing         
    Rules.                                                                    
                                                                              
    Under Rule 13.13 of the Listing Rules, the Company should have            
    disclosed the relevant trade receivables due from Time Speed              
    since 31 March 2004, being the date when the current Rule 13.13           
    came into effect. However, due to inadvertent oversight, the              
    Company failed to do so. The Stock Exchange reserves the right            
    to take appropriate action against the Company and/or its                 
    directors in respect of such failure.                                     
                                                                              
    As at the date of this announcement, the executive directors              
    of the Company are Mr. Yim Yuk Lun, Stanley,  Mr. Wong Sui Chuen,         
    Mr. Cheung Yuk Kuen and Mr. Lau Ping Cheung. The non-executive            
    director is Dr. Chang Chu Cheng. The independent non-executive            
    directors are Mr. Chang Ping Kin, Mr. Cheung Chi Kwan, Mr. Liu            
    Chun Ning, Wilfred, Dr. Lui Ming Wah and Mr. Wong Tak Yuen,               
    Adrian.                                                                   
                                                                              
    By Order of the Board                                                     
    Yim Yuk Lun Stanley                                                       
    Chairman and Managing Director                                            
                                                                              
    Hong Kong, 18 March 2005