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

(Incorporated in Bermuda with limited liability)

RIGHTS ISSUE OF 1,933,200,000 RIGHTS SHARES OF HK$0.01 EACH

AT HK$0.04 PER RIGHTS SHARE ON THE BASIS OF ONE RIGHTS SHARE

FOR EVERY EXISTING SHARE HELD PAYABLE IN FULL ON ACCEPTANCE

The Directors are pleased to announce that valid acceptances have been received for 1,412,918,000 Rights Shares provisionally allotted under the Rights Issue and valid excess applications have been received for 633,576,499 Rights Shares, together representing approximately 105.86% of the total number of Rights Shares provisionally allotted.

The Rights Issue became unconditional on 28th February, 2002.

Introduction

Reference is made to the prospectus (the "Prospectus") issued by Kwong Hing International Holdings (Bermuda) Limited (the "Company") on 4th February, 2002 in respect of the Rights Issue. Unless the context requires otherwise, terms defined in the Prospectus have the same meanings when used in this announcement.

Results of the Rights Issue

The Directors are pleased to announce that as at 4:00 pm on Friday, 22nd February, 2002 (being the latest time for acceptance and payment for subscription of the Rights Shares), 38 valid acceptances of Rights Shares provisionally allotted under the Rights Issue have been received for a total of 1,412,918,000 Rights Shares and 27 valid excess applications have been received for a total of 633,576,499 Rights Shares. The Rights Shares provisionally allotted and accepted and the excess Rights Shares applied for amounted to 2,046,494,499 Rights Shares in aggregate (representing approximately 105.86% of the total number of Rights Shares provisionally allotted). The Rights Issue became unconditional on 28th February, 2002.

The Directors have determined that the 520,282,000 Rights Shares available for excess applications would be allotted on the following basis:

Number of excess	Number of
Rights Shares	successful
applied for	applicants	Approximate percentage/Basis of allotment
1 to 3,000,000	26	odd lots in full, plus 82.12% of the remaining excess Rights Shares applied for which is rounded up to full board lot
613,784,000 (Note)	1	82.07%
TOTAL	27

Note: Subscribed by HKSCC Nominees Limited

The Directors believe that the allocation of excess Rights Shares has been made on a fair and reasonable basis.

Shareholding of Rayten and Mr. Li

As at 4:00 pm on Friday, 22nd February, 2002 (being the latest time for acceptance and payment for subscription of the Rights Shares), Rayten and Mr. Li (being substantial Shareholders) together held 846,840,000 Shares, which represents approximately 43.81% of the then issued share capital of the Company. In accordance with the terms of the Underwriting Agreement, Rayten and Mr. Li have subscribed for their provisional entitlements of Rights Shares under the Rights Issue in full, amounting to an aggregate of 846,840,000 Rights Shares. Rayten and Mr. Li have not applied for any excess Rights Shares. Accordingly, their collective shareholding interest in the Company will remain unchanged at 43.81%.

Certificates, Refund Cheques and Dealings

Certificates in respect of the Rights Shares and refund cheques in respect of partly unsuccessful applications for excess Rights Shares will be despatched to those entitled thereto at their own risk by ordinary post on or before Tuesday, 5th March, 2002. It is expected that dealings in the Rights Shares will commence on the Stock Exchange on Thursday, 7th March, 2002.

By order of the board of Directors of

Kwong Hing International Holdings (Bermuda) Limited

Li Man Ching

Chairman

Hong Kong, 28th February, 2002

Please also refer to the published version of this announcement in China Daily dated 1/3/2002