09:57     DYNAMIC GLOBAL<00231> - Announcement (1)                            

    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 liabilities                      
    whatsoever for any loss howsoever arising from or in                      
    reliance upon the whole or any part of the contents                       
    of this announcement.                                                     
                                                                              
    Dynamic Global Holdings Limited                                           
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 231)                                                         
                                                                              
    DISCLOSEABLE TRANSACTION                                                  
    DISPOSAL OF A SUBSIDIARY                                                  
                                                                              
    Reference is made to the 2003 Announcement. By the time                   
    the 2005 Agreement was signed, the 2003 Purchaser had                     
    not exercised the option to acquire the remaining 80%                     
    of the Sale Shares due to financial difficulties of                       
    the 2003 Purchaser.                                                       
                                                                              
    The Company further announces that on 4 February 2005                     
    the Company entered into the 2005 Agreement with the                      
    2003 Purchaser and the 2005 Purchaser, by virtue of                       
    which the 2003 Purchaser shall formally give up the                       
    option to acquire the remaining 80% share capital of                      
    HLJ Industry and revert to the Company the title to                       
    the 20% of the share capital of HLJ Industry while the                    
    2005 Purchaser shall purchase the Sale Shares.                            
                                                                              
    The total consideration comprises a nominal                               
    consideration in the amount of RMB1.00 (approximately                     
    HK$0.94) and the assumption by the 2005 Purchaser of                      
    the Company's liability in relation to HLJ Industry                       
    to return RMB9.0 million to the 2003 Purchaser                            
    (approximately HK$8.5 million, representing the                           
    consideration paid for the purchase of 20% of the share                   
    capital of HLJ Industry by the 2003 Purchaser under                       
    the 2003 S&P Agreement) as a result of the revocation                     
    of the 2003 S&P Agreement and of the Company's                            
    responsibility to repay to the 2003 Purchaser an                          
    amount of RMB1 million (approximately HK$0.94 million,                    
    representing the expenses incurred by the 2003                            
    Purchaser in the course of performing the 2003 S&P                        
    Agreement). The total consideration has been arrived                      
    at after arm's length negotiations between the Company                    
    and the 2005 Purchaser.                                                   
                                                                              
    The 2005 Disposal contemplated under the 2005                             
    Agreement constitutes a discloseable transaction of                       
    the Company under the Listing Rules. A circular                           
    containing details of the 2005 Disposal will be                           
    dispatched to the Shareholders as soon as practicable.                    
                                                                              
    Trading in the Company's shares has been suspended                        
    since 19 August 2004 and remains suspended pending an                     
    announcement to clarify the detention of Mr. Liang                        
    Jianhua, former chairman of the Company, by the PRC                       
    authorities.                                                              
                                                                              
    Reference is made to the 2003 Announcement. Unless                        
    otherwise defined herein, terms used herein shall have                    
    the same meanings as defined in the 2003 Announcement.                    
    The Company entered into the 2003 S&P Agreement with                      
    the 2003 Purchaser on 13 August 2003, under which the                     
    2003 Purchaser shall purchase 20% of the share capital                    
    of HLJ Industry for a consideration of RMB9.0 million                     
    (approximately HK$8.5 million) and an option be                           
    granted to the 2003 Purchaser to acquire the remaining                    
    80% of the share capital of HLJ Industry for a                            
    consideration of RMB29.2 million (approximately                           
    HK$27.5 million) within a one-year period until 12                        
    August 2004.                                                              
                                                                              
    The 2003 Purchaser had, according to the 2003 S&P                         
    Agreement, paid totally RMB9.0 million to the Company                     
    by 10 January 2004 for the acuqisitiion of 20% of the                     
    share capital of HLJ Industry. Furthermore, a                             
    shareholder loan of RMB9.38 million has been drawn                        
    down by HLJ Industry from the Company up to the date                      
    of this Announcement.