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 Board of Directors (the "Board") has noted the recent increases in the 
price and trading volume of the shares of the Company and wishes to state 
that we are not aware of any reasons for such increases except for the 
placement as announced on 9 February, 2000 by the Company and the reasons 
stated as follows:-

Discussions are being held between the Group and an independent third 
party not connected with any of the Directors, chief executive, or 
substantial shareholders of the Company or any of their respective 
associates (as defined under the Rules Governing the Listing of Securities 
on The Stock Exchange of Hong Kong Limited (the "Listing Rules")) 
regarding a potential cooperation in an internet project (the "Proposed 
Transaction"). As the discussions are at a preliminary stage, the Board 
wishes to state that no terms and conditions have been reached. The 
Proposed Transaction may or may not occur or may or may not constitute a 
notifiable transaction of the Company under the Listing Rules.

Save as aforesaid, we also 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 is the 
Board 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 Wang On Group Limited, the directors of 
which individually and jointly accept responsibility for the accuracy of 
this statement.

By Order of the Board

Tang Ching Ho
Chairman and Managing Director

Hong Kong, 11 February, 2000"