09:50     REXCAPITAL<00155> - Announcement & Resumption of Trading(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.                   
                                                                              
    This announcement appears for information purposes only and does not      
    constitute an invitation or offer to acquire, purchase or subscribe for   
    the securities.                                                           
                                                                              
                                                                              
    REXCAPITAL International Holdings Limited                                 
    (incorporated in Bermuda with limited liability)                          
    (Stock Code: 155)                                                         
                                                                              
    PRIVATE PLACING OF LISTED WARRANTS                                        
                                                                              
    Placing Agent                                                             
                                                                              
                                                                              
    FIRST SHANGHAI SECURITIES LIMITED                                         
                                                                              
                                                                              
    PLACING OF WARRANTS                                                       
                                                                              
    The Directors are pleased to announce that on 19 April 2005, the Warrant  
     Placing Agreement was entered into between the Company and the Placing   
    Agent in relation to a private placing of up to 550,000,000 Warrants at   
    an issue price of HK$0.046 per Warrant on a best effort basis.            
                                                                              
    The Warrants entitle the Placees to subscribe for the New Shares at an    
    initial exercise price of HK$0.116 per New Share (subject to adjustment)  
     for a period of two years commencing from the date on which dealings in  
     the Warrants on the Stock Exchange commence. Each Warrant carries the    
    right to subscribe for one New Share.                                     
                                                                              
    Completion is subject to the fulfillment of the conditions stated in the  
     section headed "Conditions of the Warrant Placing" below.                
                                                                              
    It is intended that the net proceeds from the Warrant Placing of          
    approximately HK$23.6 million will be applied as general working capital  
     of the Group.                                                            
                                                                              
    The New Shares will be issued under the Specific Mandate to be sought at  
     the SGM.                                                                 
                                                                              
    The Company will apply to the Listing Committee of the Stock Exchange     
    for the listing of, and permission to deal in, the Warrants and any New   
    Shares which may fall to be allotted and issued upon exercise of the      
    subscription rights attached to the Warrants.                             
                                                                              
    RESUMPTION OF TRADING                                                     
                                                                              
    At the request of the Company, trading in the Shares was suspended with   
    effect from 9:30 a.m. on 19 April 2005 pending the issue of this          
    announcement. Application has been made by the Company to the Stock       
    Exchange for the resumption of trading in the Shares with effect from     
    9:30 a.m. on 22 April 2005.                                               
                                                                              
    INTRODUCTION                                                              
                                                                              
    The Directors are pleased to announce that on 19 April 2005, the Warrant  
     Placing Agreement was entered into between the Company and the Placing   
    Agent in relation to a private placing of up to 550,000,000 Warrants at   
    an issue price of HK$0.046 per Warrant on a best effort basis, details    
    of which are set out below:                                               
                                                                              
    WARRANT PLACING AGREEMENT                                                 
                                                                              
    Date:   19 April 2005                                                     
                                                                              
    Parties:   (i)   Issuer:   the Company                                    
                                                                              
       (ii)   Placing Agent:   First Shanghai Securities Limited              
                                                                              
    The Placing Agent and its ultimate beneficial owners are independent of,  
     and not connected with, the directors, chief executive and substantial   
    shareholders of the Company or its subsidiaries or any of their           
    respective associates. The Placing Agent will receive a commission equal  
     to 3% of the aggregate principal amount of the Warrants to be placed by  
     it.                                                                      
                                                                              
    Placees                                                                   
                                                                              
    The Warrant Placing will be conducted in compliance with the