WANG ON GROUP<1222> - Exceptional Price & Turnover Movements

The Stock Exchange has received a message from Wang On Group Limited      
which is reproduced as follows:-

"This statement is made at the request of The Stock Exchange of Hong Kong 
Limited.

The Directors have noted the recent increases in the price and trading 
volume of the shares of the Company and wish to clarify an article 
appearing in today's edition of Hong Kong Economic Times in relation to 
the "Possible Co-operation Leading to a Website Joint Venture" (the 
"Project") announced on 30 December 1999.

We write to clarify the followings:

1. as the possible cooperation is still in its negotiation stage, there is 
no assurance that the Project will proceed and hence it is too early and 
immature to consider any spin-off of the Project;

2. there is no negotiation with Yahoo for any participation in the 
Project; and

3. there is presently no intention for any proposed change of 
name/proposed spin-off of the Company.

Save as aforesaid, the Directors confirm that there are no negotiations or 
agreements relating to intended acquisitions or realisations which are 
discloseable under paragraph 3 of the Listing Agreement, neither are they 
aware of any matter discloseable under the general obligation imposed by 
paragraph 2 of the Listing Agreement, which is or may be of a 
price-sensitive nature.

In the meantime, investors are advised to exercise extreme caution when 
dealing in the securities of the Company.

Made by the order of the Board of Directors of Wang On Group Limited the 
directors of which individually and jointly accept responsibility for the 
accuracy of this statement.

By Order of the Board
Chan Chun Hong Thomas 
Director and Secretary

Hong Kong, 3rd January 2000"