The Stock Exchange of Hong Kong Limited 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.

Kwong Hing International Holdings (Bermuda) Limited

廣興國際控股有限公司 *

(Incorporated in Bermuda with limited liability)

Announcement on exceptional price movement

The Directors have noted the recent increase in the price of the shares of the Company and wish to state that they are not aware of any reasons for such changes, save as disclosed in this announcement.

Shareholders and investors of the Company are reminded to exercise caution when dealing in the shares of the Company.

Trading in the shares of the Company was suspended at the request of the Company with effect from 2:31 p.m. on 19th November 2002. The Company has made an application to the Stock Exchange requesting resumption of trading in the shares of the Company with effect from 9:30 a.m. on 20th November 2002.

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

The directors (the "Directors") of Kwong Hing International Holdings (Bermuda) Limited (the "Company") have noted the recent increase in the price of the shares of the Company and wish to state that they are not aware of any reasons for such changes, save as disclosed in this announcement.

Save for a possible acquisition by the Company (the "Possible Acquisition") currently being contemplated by the Directors and which may or may not constitute a notifiable transaction under the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules"), the Directors confirm that there are no other 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.

The Directors would like to clarify that the Possible Acquisition of certain interest in a company, which engages in the production and distribution of certain consumer products, is only at a preliminary stage and negotiation is being held with an independent third party not connected with the directors, chief executive or substantial shareholders of the Company or any of its subsidiaries or associate of any of them. No agreement has been reached yet on the terms of the Proposed Acquisition. Moreover, no financial advisor has been appointed and no proposed timetable has been fixed yet. The Company will comply with all necessary requirements under the Listing Rules if the Possible Acquisition should proceed.

The Possible Acquisition may or may not materialise. Shareholders and investors of the Company are reminded to exercise caution when dealing in the shares of the Company.

Trading in the shares of the Company was suspended at the request of the Company with effect from 2:31 p.m. on 19th November 2002. The Company has made an application to the Stock Exchange requesting resumption of trading in the shares of the Company with effect from 9:30a.m. on 20th November 2002.

Made by the order of the board of Directors of Kwong Hing International Holdings (Bermuda) Limited, the Directors of which individually and jointly accept responsibility for the accuracy of this statement.

By order of the board of Directors

Kwong Hing International Holdings (Bermuda) Limited

Li Man Ching

Chairman

Hong Kong, 19th November, 2002

* For identification purposes only

Please also refer to the published version of this announcement in the China Daily dated 20 November 2002.