WAH YIK HOLD<0862> - Announcement

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.

Wah Yik Holdings Company Limited
(incorporated in the Cayman Islands with limited liability)

Placing OF Existing Shares by Best Millennium Limited

Best Millennium Limited ("Best Millennium") has placed a total 
of 500,000,000 existing shares of the Company, representing 
23.84% of the issued share capital of the Company, to independent 
placees on 24th February, 2000.

The board of directors (the "Board") of Wah Yik Holdings Company 
Limited (the "Company") announces that Best Millennium, the 
holder of 66.75% and 99.15% interests in the existing issued share 
capital and outstanding warrants of the Company respectively, has 
successfully placed a total of 500,000,000 existing shares ("Sale 
Shares") of the Company, representing 23.84% of the existing 
issued share capital of the Company, to independent placees not 
connected with the directors, chief executive or substantial 
shareholders of the Company, its subsidiaries or their respective 
associates (as defined under the Rules Governing the Listing of 
Securities on The Stock Exchange of Hong Kong Limited (the "Stock 
Exchange")) through Tai Fook Securities Company Limited on 24th 
February, 2000.

The Sale Shares were placed at a price of HK$1.50 per share, 
representing a discount of approximately 13.29% to the closing 
price of HK$1.73 as quoted on the Stock Exchange on 24th February, 
2000.

Upon completion of the aforementioned placement, Best Millennium 
will be interested in 42.91% of the issued share capital of the 
Company and none of the placees will be interested in more than 
10% of the existing issued share capital of the Company.

As at the date of this announcement, Best Millennium has no present 
intention to make further placement of shares in the Company.

By Order of the Board
Wah Yik Holdings Company Limited
Chan Kwok Keung, Charles
Director

Hong Kong, 24th February, 2000