WANG ON GROUP<1222> - Announcement

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

Announcement relating to 
the decrease in the price and the increase in the trading volume 
of the shares of the Company

The board of directors (the "Directors") of Wang On Group Limited (the
"Company") wishes to clarify that the Directors are not aware of any
reasons with respect of the recent decrease in the price and the recent
increase in the trading volume of the shares of the Company except for the
reason stated below.

Investors are advised to exercise extreme caution when dealing in the
securities of the Company.

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

The Directors have noted the recent decrease in the price and the recent
increase in the trading volume of the shares of the Company and wish to
state that the Directors are not aware of any reasons for such decrease in
the price and increase in the trading volume except that the Company has
entered into a  (Strategic Co-operation Agreement) on 19
March 2000 with  (Institute of Computing
Technology * Chinese Academy of Sciences), a PRC science and technology
research body, which is independent of and not connected with any of the
Directors, chief executive, or substantial shareholders of the Company or
any of its subsidiaries or any of their respective associates (as defined
under the Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited) under which the Company has agreed to contribute
RMB3 million per annum towards the research efforts of such body for a
period of five years in return for the appointment of the Company as sole
agent for the commercial exploitation of any science and technology
products that may result from its research activities. No detailed terms
and conditions have been reached in relation to the exact research
products or results.

Apart from the matters stated above, the Directors are not aware of any
reasons for the recent decrease in the price and the recent increase in
the trading volume of the shares of the Company. The Directors 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 are the Directors 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 Directors of the Company, 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, 20 March 2000