10:13     WANG ON GROUP<01222>-Announcement & Resumption of Trading(2)        

    the request of the Company with effect from 9:30 a.m. on 21 March 2005    
    pending the release of this announcement. Application has been made to    
    the Stock Exchange for resumption of trading in the shares in the         
    Company with effect from 9:30 a.m. on 23 March 2005.                      
                                                                              
                                                                              
    (I)  HANWIN ACQUISITION                                                   
                                                                              
    Introduction                                                              
                                                                              
    On 18 March 2005, Suitbest, a wholly-owned subsidiary of the Company,     
    Mr. Tang and Hanwin entered into the Hanwin Acquisition Agreement,        
    pursuant to which Suitbest has agreed to acquire from Mr. Tang the        
    entire issued share capital and shareholder's loan of Hanwin.             
                                                                              
    The Hanwin Acquisition Agreement                                          
                                                                              
    Date:  18 March 2005                                                      
                                                                              
    Parties:  (i)  Mr. Tang, the chairman and managing director of the        
    Company, as vendor;                                                       
                                                                              
      (ii)  Suitbest, a wholly-owned subsidiary of the Company, as            
    purchaser; and                                                            
                                                                              
      (iii)  Hanwin, a limited liability company incorporated in Hong Kong    
    and wholly and beneficially owned by Mr. Tang.                            
                                                                              
    Assets to be acquired:  (i)  one share of HK$1 in the share capital of    
    Hanwin, being the entire issued share capital of Hanwin; and              
                                                                              
      (ii)  shareholder's loan of Hanwin.                                     
                                                                              
    The Hanwin Consideration shall represent the face value of the entire     
    issued share capital and shareholder's loan of Hanwin as at Completion.   
    As at the date of the Hanwin Acquisition Agreement, the shareholder's     
    loan of Hanwin amounted to HK$3,000,000 which had been fully paid by      
    Hanwin to partially satisfy as the initial deposit for the purchase of    
    the Sham Shui Po Property. The Hanwin Consideration shall be payable in   
    cash and funded by internal resources of the Group and/or debt            
    borrowing from bank.                                                      
                                                                              
    The Hanwin Consideration shall be as follows and payable in the           
    following manner:                                                         
                                                                              
    (1)  a sum of HK$3,000,001 paid to Mr. Tang as deposit on the signing     
    of the Hanwin Acquisition Agreement (representing the value of the        
    entire issued share capital of Hanwin and amount of shareholder's loan    
    of Hanwin as at the date of the Hanwin Acquisition Agreement);            
                                                                              
    (2)  whenever Hanwin shall be required to pay any amounts in accordance   
    with the Provisional Agreement or Formal Agreement, Suitbest shall,       
    upon request by Mr. Tang, pay to Hanwin (or such other person(s) as       
    directed by Mr. Tang) such same amounts of money, which shall be deemed   
    to be advanced by Mr. Tang to Hanwin as additional shareholder's loan     
    and be applied by Hanwin in accordance with the Provisional Agreement     
    or the Formal Agreement (as applicable); and                              
                                                                              
    (3)  the balance of Hanwin Consideration (if any) shall be paid to Mr.    
    Tang (or such other person(s) as directed by Mr. Tang) at Completion.     
                                                                              
    As at the date of this announcement, the sum of HK$3,000,001 referred     
    to in (1) above had been paid to Mr. Tang.                                
                                                                              
    Completion of the Hanwin Acquisition Agreement is conditional upon the    
    following conditions precedent:                                           
                                                                              
    (i)  approval of the Hanwin Acquisition Agreement and other               
    transactions contemplated in or incidental to the Hanwin Acquisition      
    Agreement at the SGM of the independent Shareholders in accordance with   
    the Listing Rules; and                                                    
                                                                              
    (ii)  all other necessary waivers, consents and approvals (if required)   
    from the relevant governmental or regulatory authorities in Hong Kong     
    and Bermuda as required under the Hanwin Acquisition Agreement and        
    required under the transactions contemplated in the Hanwin Acquisition    
    Agreement in relation to Suitbest and the Company having been obtained.   
                                                                              
    Completion:                                                               
                                                                              
    Completion shall take place on the next business day after satisfaction   
    of all the conditions precedent under the Hanwin Acquisition Agreement    
    set out above or at such time and date as the parties may agree.