10:33     NGAI HING HONG<01047> - Announcement & Resumption (9)               

                                   announcement                               
    `Listing Rules'                the Rules Governing the                    
                                   Listing of Securities on the               
                                   Stock Exchange                             
    `Offer Share(s)'               60,000,000 new Shares to be                
                                   allotted and issued under the              
                                   Open Offer                                 
    `Open Offer'                   the proposed issue of the                  
                                   Offer Shares at the                        
                                   Subscription Price by way of               
                                   open offer to the Qualifying               
                                   Shareholders on the terms to               
                                   be set out in the Prospectus               
                                   Documents and summarised                   
                                   herein                                     
    `Option(s)'                    the outstanding option(s)                  
                                   granted by the Company                     
                                   pursuant to the share option               
                                   scheme of the Company adopted              
                                   on 5 December 2002                         
    `Option Holder(s)'             the holder(s) of the                       
                                   outstanding Options                        
    `Overseas Shareholder(s)'      Shareholder(s) whose name(s)               
                                   appear(s) on the register of               
                                   members of the Company on the              
                                   Record Date and whose                      
                                   registered address(es) on                  
                                   that date is/are in (a)                    
                                   place(s) outside Hong Kong                 
    `PRC'                          the People's Republic of                   
                                   China, for the purpose of                  
                                   this announcement, excludes                
                                   Hong Kong, Macau Special                   
                                   Administration Region and                  
                                   Taiwan                                     
    `Prospectus'                   the prospectus to be                       
                                   despatched to the Qualifying               
                                   Shareholders in connection                 
                                   with the Open Offer                        
    `Prospectus Documents'         the Prospectus, the                        
                                   Application Form and the                   
                                   Excess Application Form                    
    `Qualifying Shareholder(s)'    Shareholder(s) whose name(s)               
                                   appear(s) on the register of               
                                   members of the Company on the              
                                   Record Date, other than the                
                                   Unqualifying Shareholder(s)                
    `Record Date'                  Wednesday, 25 May 2005, being              
                                   the date by reference to                   
                                   which entitlements to the                  
                                   Open Offer will be determined              
                                   (or such other date as the                 
                                   Underwriter may agree in                   
                                   writing with the Company)                  
    `Share(s)'                     ordinary share(s) of HK$0.10               
                                   each in the share capital of               
                                   the Company                                
    `Shareholder(s)'               holder(s) of the Shares                    
    `Stock Exchange'               The Stock Exchange of Hong                 
                                   Kong Limited                               
    `Subscription Price'           the subscription price of                  
                                   HK$0.60 per Offer Share                    
                                   pursuant to the Open Offer                 
    `Underwriter'                  Good Benefit Limited, a                    
                                   company beneficially owned as              
                                   to 45.1%, 45.1%, 0.8% and                  
                                   9.0% by Ever Win Limited,                  
                                   Evergrow Company Limited,                  
                                   Madam Liu Sau Lai, and other               
                                   shareholders who are not                   
                                   connected persons to the                   
                                   Company and are not connected              
                                   with the directors, chief                  
                                   executive, substantial                     
                                   shareholders of the Company                
                                   or its subsidiaries or any of              
                                   their respective associates                
                                   (within the meaning under                  
                                   Rule 1.01 of the Listing                   
                                   Rules) respectively                        
    `Underwriting Agreement'       the underwriting agreement                 
                                   dated 9 May 2005 (as amended               
                                   by a letter dated 10 May                   
                                   2005) entered into between                 
                                   the Company and the                        
                                   Underwriter                                
    `Unqualifying Shareholder(s)'  those persons whose name(s)                
                                   appear on the register of                  
                                   members of the Company on the              
                                   Record Date and whose                      
                                   address(es) as shown on such               
                                   register as at that date are               
                                   in jurisdictions outside Hong              
                                   Kong and as to be excluded