ARTFIELD GROUP<1229>-Announcement & Resumption of Trading

The Stock Exchange of Hong Kong Limited (the "Stock Exchange") 
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.

ARTFIELD GROUP LIMITED
(Incorporated in Bermuda with limited liability)

ANNOUNCEMENT

At the request of Artfield Group Limited (the "Company"), 
its shares were suspended from trading on the Stock Exchange 
with effect from 10:00 a.m. on 25 February 2000. The Company 
has requested the Stock Exchange to resume trading in the 
Company's shares with effect from 10:00 a.m. on 3 March 2000.

Further to the announcement of the Company dated 14 February 
2000, the Company is still in discussion with an independent 
third party (the "Proposed Placee) regarding a possible 
placement of new shares of the Company to the Proposed Placee 
which may lead to a change in the control of the Company. 
The parties have reached agreement on some major terms 
relating to the proposed placement whilst some other major 
terms are still under negotiation and no legally binding 
agreement in respect of the proposed placement has been 
reached yet.

The shareholders of the Company are urged to note that the 
said proposal may or may not proceed. If the proposed share 
placement proceeds, the Proposed Placee may hold 50% or more 
of the enlarged issued share capital of the Company, and will 
make a general offer for the securities in the Company. 
Persons dealing in shares of the Company are therefore 
reminded to exercise all due caution in dealing in shares 
of the Company.

With reference to the Company's announcement dated 14 
February 2000 and the Company's request to suspend the 
trading of its shares on the Stock Exchange with effect from 
10:00 a.m. on 25 February 2000, the Company confirms that 
it is still in discussion with an independent third party 
(the "Proposed Placee") regarding a possible placement of 
new shares of the Company to the Proposed Placee which may 
lead to a change in the control of the Company. The lawyers 
of both parties are working on the documentation relating 
to the proposed placement. The Company and the Proposed 
Placee have reached agreement on some of the major terms 
whilst some other major terms are still under negotiation. 
No legally binding agreement in respect of the proposed 
placement has been reached yet.

If the proposed placement proceeds, the Proposed Placee may 
hold 50% or more of the enlarged issued share capital of the 
Company, and will be required to make a general offer for 
the securities in the Company. The existing controlling 
shareholder of the Company is Golden Glory Group Limited, 
whose beneficial owner is Mr. Liang Jin You which holds 
50.774% of the issued share capital of the Company.

A further announcement containing details of the terms of 
the placement will be made as and if a formal agreement is 
to be executed.

The shareholders of the Company are urged to note that the 
said proposal may or may not proceed. If the proposed share 
placement proceeds, the Proposed Placee may hold 50% or more 
of the enlarged issued share capital of the Company, and will 
make a general offer for the securities in the Company. 
Persons dealing in shares of the Company are therefore 
reminded to exercise all due caution in dealing in shares 
of the Company.

At the request of the Company, its shares were suspended from 
trading on the Stock Exchange with effect from 10:00 a.m. 
on 25 February 2000. The Company has requested the Stock 
Exchange to resume trading in the Company's shares with 
effect from 10:00 a.m. on 3 March 2000.

By Order of the Board
LO Wah Wai
Company Secretary

Hong Kong, 2 March 2000

The directors of the Company jointly and severally accept 
full responsibility for the accuracy of the information 
contained in this announcement and confirm, having made all 
reasonable inquiries that to the best of their knowledge, 
opinions expressed in this announcement have been arrived 
at after due and careful consideration and there are no other 
facts not contained in this announcement, the omission of 
which would make any statement in this announcement 
misleading.