09:49 HANG FUNG GOLD<00870> - 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 liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. HANG FUNG GOLD TECHNOLOGY LIMITED (Incorporated in Bermuda with limited liability) (Stock Code: 870) RESULTS OF THE RIGHTS ISSUE The Directors are pleased to announce that the Rights Issue has closed and become unconditional at 4:00 p.m. on Tuesday, 26 April 2005. 108 valid acceptances of provisional allotment of Rights Shares have been received for a total of 110,966,185 Rights Shares and 92 valid applications for excess Rights Shares have been received for a total of 110,887,489 Rights Shares, resulting in a total of valid applications of 221,853,674 Rights Shares. Accordingly, the Rights Issue was approximately 1.19 times subscribed, of which approximately 0.60 times were subscribed under the provisional allotment of Rights Shares and approximately 0.59 times were subscribed under the excess applications for the Rights Shares. As a result of the over-subscription of the Rights Shares, the Underwriter's obligations under the Underwriting Agreement have been discharged. It is expected that the share certificates of the Rights Shares will be despatched to the address (as shown on the register of members of the Company) of those persons who have accepted or applied for and paid for the Rights Shares by ordinary post on or before Thursday, 28 April 2005 at their own risk. Dealings in the Rights Shares, in their fully-paid form, are expected to commence at 9:30 a.m. on Tuesday, 3 May 2005. Reference is made to the prospectus (the "Prospectus") issued by the Company dated 6 April 2005 in relation to the Company's rights issue. Capitalised terms used herein shall have the same meanings as defined in the Prospectus unless otherwise stated. RESULTS OF THE RIGHTS ISSUE The Directors are pleased to announce that all of the conditions set out in the Underwriting Agreement have been fulfilled and the Underwriting Agreement has not been terminated in accordance with its terms. The Rights Issue has closed and become unconditional at 4:00 p.m. on Tuesday, 26 April 2005. 108 valid acceptances of provisional allotment of Rights Shares have been received for a total of 110,966,185 Rights Shares and 92 valid applications for excess Rights Shares have been received for a total of 110,887,489 Rights Shares, resulting in a total of valid applications of 221,853,674 Rights Shares. Accordingly, the Rights Issue was approximately 1.19 times subscribed, of which approximately 0.60 times were subscribed under the provisional allotment of Rights Shares and approximately 0.59 times were subscribed under the excess applications for the Rights Shares. Such acceptances and applications include: (i) 54,486,603 Rights Shares accepted and paid for and 12,214,066 excess Rights Shares applied for by the Qualifying Shareholders (other than Mr. Lam and his Concert Parties); (ii) 677,332 Rights Shares accepted and paid for and 98,673,423 excess Rights Shares applied for by Mr. Lam; and (iii) 55,802,250 Rights Shares (being the same number of Rights Shares representing the entitlement of Quality Prince Limited under the Rights Issue, the provisional allotment of which has not been taken up by it) applied and paid for by the Underwriter as nominated by Mr. Lam to discharge his undertaking pursuant to the Underwriting Agreement to procure acceptances of the Rights Shares which were provisionally allotted to Quality Prince Limited. As a result of the over-subscription of the Rights Shares, the Underwriter's obligations under the Underwriting Agreement have been discharged at 4:00 p.m. on Tuesday, 26 April 2005. EXCESS APPLICATION Regarding 92 valid applications for Rights Shares applied for by way of excess application, the Directors have resolved to allot, from among the Rights Shares allotted provisionally but not accepted, to the applicants such number of Rights Shares in the following manner: Approximate percentage of allocation based on the total number