08:49     IMERCHANTS<08009> - 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.                   
                                                                              
    iMerchants Limited                                                        
    (incorporated in Hong Kong with limited liability under the Companies     
    Ordinance)                                                                
    (Stock Code: 8009)                                                        
                                                                              
    DISCLOSEABLE TRANSACTION                                                  
                                                                              
    Financial Adviser                                                         
                                                                              
                                                                              
    Grand Vinco Capital Limited                                               
                                                                              
    The Directors announce that on 24 March 2005, iMerchants Asia has         
    entered into the Share Subscription Agreement with eBANK to subscribe     
    1,000 new ordinary shares of eBANK for a total consideration of           
    JPY140,000,000, which is approximately HK$10,500,000.                     
                                                                              
    The Share Subscription constitutes a discloseable transaction of the      
    Company under Rule 19.06 of the GEM Listing Rules.                        
                                                                              
    A circular containing further details of the Share Subscription           
    Agreement will be dispatched to the shareholders of the Company within    
    21 days from the date of this announcement.                               
                                                                              
                                                                              
    By order of the Board                                                     
    Clement Leung Yuen Wing                                                   
    Company Secretary                                                         
                                                                              
    Hong Kong, 31 March 2005                                                  
                                                                              
    The Directors of the Company as at the date of this announcement are as   
    follows:                                                                  
                                                                              
    Executive Directors:                                                      
    Mr. Leroy Kung Lin Yuen (Chairman)                                        
    Ms. Lena Foo                                                              
    Mr. Edward Un Ding Bong                                                   
                                                                              
    Independent Non-executive Directors:                                      
    Dr. Alice Piera Lam Lee Kiu Yue                                           
    Mr. Kenneth Tseung Yuk Hei                                                
    Mr. Matthew P. Johnston                                                   
                                                                              
    Non-executive Director:                                                   
    Mr. Ronny Chow Fan Chim                                                   
                                                                              
    This announcement, for which the directors of the Company collectively    
    and individually accept full responsibility, includes particulars given   
    in compliance with the Rules Governing the Listing of Securities on the   
    Growth Enterprise Market of The Stock Exchange of Hong Kong Limited for   
    the purpose of giving information with regard to the Company. The         
    directors of the Company, having made all reasonable enquiries, confirm   
    that, to the best of their knowledge and belief, (1) the information      
    contained in this announcement is accurate and complete in all material   
    respects and not misleading; (2) there are no other matters the omission  
    of which would make any statement in this announcement misleading; and    
    (3) all opinions expressed in this announcement have been arrived at      
    after due and careful consideration and are founded on bases and          
    assumptions that are fair and reasonable.                                 
                                                                              
    The above announcement is a summary only. For the full version of this    
    announcement, please refer to the "Latest Company Announcements" page on  
    the GEM website of http://www.hkgem.com.