09:20     FLEXSYSTEM<08050> - Unusual price movement                          

                                                                              
    This announcement is made at the request of the Stock Exchange of Hong    
    Kong Limited (the "Stock Exchange"). The Stock Exchange 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 content of this          
    announcement.                                                             
                                                                              
    FlexSystem Holdings Limited                                               
    (incorporated in the Cayman Islands with limited liability)               
    (Stock code: 8050)                                                        
                                                                              
    ANNOUNCEMENT                                                              
                                                                              
    The board of directors (the "Board") of FlexSystem Holdings Limited (the  
    "Company") notes today's increase in the trading price of the shares of   
    the Company and wishes to state that the Board is not aware of any        
    reasons for such movement.                                                
                                                                              
    The Board also confirms that there are no negotiations or agreements      
    relating to intended acquisitions or realizations which are discloseable  
    under Chapters 19 to 20 of the Rules Governing the Listing of Securities  
    on the Growth Enterprise Market of The Stock Exchange of Hong Kong        
    Limited (the "GEM Listing Rules"), neither is the Board aware of any      
    matter discloseable under the general obligation imposed by Rule 17.10    
    of the GEM Listing Rules, which is or may be of a price-sensitive         
    nature.                                                                   
                                                                              
    Made by the order of the Board, the Directors of which collectively and   
    individually accept responsibility of the accuracy of this announcement.  
                                                                              
    By Order of the Board                                                     
    Lok Wai Man                                                               
    Chairman                                                                  
                                                                              
    Hong Kong, 24th May, 2005                                                 
                                                                              
    As at the date hereof, the executive directors of the Company are Mr.     
    Lok Wai Man, Mr. So Yiu King and Mr. Chow Chi Ming, Daniel; and the       
    independent non-executive directors of the Company are Mr. Tse Lin        
    Chung, Mr. Lee Kar Wai and Mr. Mak Wing Kwong, David.                     
                                                                              
    This announcement will remain on the GEM websit on the "Latest Company    
    Announcements" page for at least 7 days from the day of its posting.