YING WING HOLD<01104> - Exceptional Price Movement

The Stock Exchange has received a message from Ying Wing Holdings Limited 
which is reproduced as follows:-

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

We, the board of directors ("Board") of Ying Wing Holdings Limited (the 
"Company") have noted the recent fluctuation in the price of the shares of 
the Company and wish to state that, save for the matters disclosed in the 
Company's joint announcement with Angel Field Limited dated 25 January 
2002 ("Announcement"), we are not aware of any reasons for such 
fluctuation in the price of the Company's shares.

We also confirm that save as disclosed in the Announcement and above, 
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.

By Order of the Board of
Ying Wing Holdings Limited

Cheung Chun Ying
Director

28 January 2002"