WANG ON GROUP<1222> - Announcement

WANG ON GROUP LIMITED
(Incorporated in Bermuda with limited liability)

Announcement relating to
the increases in the share price and trading volume of the shares of 
Company

The board of directors (the "Directors") of Wang On Group Limited (the
"Company") wishes to state that the Directors are not aware of any reasons
with respect of the recent increases in the share price and trading volume
of the shares of the Company except to clarify a press article appearing
on 31st December, 1999 edition of Hong Kong Economic Times (the
"Article").

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 state that the Directors
are not aware of any reasons for such increases except that the Directors
wish to clarify the Article in relation to the "Possible Co-operation
Leading to a Website Joint Venture" (the "Project") announced by the
Company on 30th December, 1999.

In respect of the Article, the Directors clarify the followings:

1.        as the possible co-operation 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 Project by 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