09:30     FIRST DRAGONCOM<00875> - Announcement & Resumption (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               
    liability whatsoever for any loss howsoever arising from or in            
    reliance upon the whole or any part of the contents of this               
    announcement.                                                             
                                                                              
    FIRST DRAGONCOM AGRO-STRATEGY HOLDINGS LIMITED                            
    (incorporated in Bermuda with limited liability)                          
    (Stock code: 875)                                                         
                                                                              
    PROPOSED CONVERTIBLE BOND ISSUE                                           
    RESUMPTION OF TRADING IN THE SHARES OF THE COMPANY                        
                                                                              
    THE AGREEMENT                                                             
                                                                              
    The Company entered into the Agreement with Top Strategy on 11            
    April 2005 pursuant to which Top Strategy agreed to subscribe for,        
    and the Company agreed to allot and issue the Bond. Top Strategy          
    and its ultimate beneficial owner are third parties independent           
    of and not connected with the Company and connected persons of the        
    Company.                                                                  
                                                                              
    THE BOND                                                                  
                                                                              
    The principal amount of the Bond will be issued at the price of           
    HK$20,000,000 in denomination of HK$100,000 each.                         
                                                                              
    The Bond will bear interest on the outstanding principal from the         
    date of issue at a rate per annum equal to 4% per annum accrued           
    from the date of issue on a day to day basis on the principal amount      
    of the Bond outstanding, payable semi-annually in arrear on dates         
    falling six months and one year after the date of issue of the Bond.      
                                                                              
    The Company will repay the outstanding principal amount of the Bond       
    on the first anniversary of the date of the Issue, unless                 
    previously converted into Shares.                                         
                                                                              
    The conversion price is HK$0.0429, representing a discount of             
    approximately 19.96% to the average closing price of the Shares,          
    i.e. HK$0.0536 over the 10 previous trading days prior to the             
    suspension of trading of the Shares on the Stock Exchange and also        
    representing a discount of approximately 15.88% to the closing            
    price of the Shares, i.e. HK$0.051, as quoted on the Stock Exchange       
    on 11 April 2005.                                                         
                                                                              
    A SGM will be held for the purposes of approving the Agreement,           
    the Instrument, the allotment and issue of any Shares in the              
    capital of the Company which may fall to be allotted and issued           
    upon the exercise of conversion rights attached to the Instrument         
    and the transaction(s) contemplated therein in accordance with            
    Rule 13.36(1)(a) of the Listing Rules. A circular containing,             
    amongst other things, details of the Issue and a notice to convene        
    the SGM will be sent to Shareholders as soon as practicable.              
                                                                              
    At the request of the Company, trading in the Shares has been             
    suspended from 9:30 a.m. on 12 April 2005. Application has been           
    made by the Company to the Stock Exchange for resumption of trading       
    with effect from 9:30 a.m. on 20 April 2005.                              
                                                                              
    THE AGREEMENT DATED 11 APRIL 2005                                         
                                                                              
    The Directors are pleased to announce that the Company entered into       
    the Agreement with Top Strategy on 11 April 2005 pursuant to which        
    Top Strategy agreed to subscribe for, and the Company agreed to           
    allot and issue the Bond. Top Strategy and its ultimate beneficial        
    owner are independent third parties not connected with the Company        
    and not connected with or acting in concert with the directors,           
    chief executives and substantial shareholders of the Company or           
    any of its subsidiaries or their respective associates.                   
                                                                              
    Conditions                                                                
                                                                              
    Completion of the Agreement is conditional on the following:              
                                                                              
    (a)   the passing by the Shareholders in the SGM of an ordinary           
    resolution approving the Agreement, the Instrument and the                
    transaction(s) contemplated therein; and                                  
                                                                              
    (b)   the Stock Exchange having granted the listing of, and               
    permission to deal in the Conversion Shares which may fall to be          
    issued on conversion of the Bond.