Hong Kong, July 30, 2002 - Gold jewellery manufacturer Hang Fung Gold Technology Limited (SEHK: 870) today announces that the Company has repurchased a total of 1,560,000 of its shares from the market during the two days on July 29 and July 30, 2002 at prices ranging from HK$.113 to HK$.116 per share. Upon completion of repurchase, the repurchased shares will be cancelled.

Mr Lam Sai Wing, Chairman, Hang Fung Gold Technology Group, noted: "In view of the recent market fluctuation due to unclear market factors, the Group believes that our repurchasing action serves to boost our shareholders' confidence. In fact, we have plans of continuing our efforts to develop our retail business in Hong Kong and China and we are particularly optimistic about our business development in the Mainland. The Group believes that repurchasing of shares at suitable time is an important gesture of the Group's goodwill and confidence and will have beneficial effects to both the Group and its shareholders."

The Group recently announced the audited results for the year ended March 31, 2002. The Group's turnover increased 18% to HK$1,568,757,000 and the profit attributable to shareholders was HK$34,555,000. "The Group's 3D-GOLD Tourism Exhibition Hall in Hunghom has opened for a short one year and has already attracted over one million visitors. In view of the anticipated increasing number of visitors from the Mainland and Taiwan, the Group has already made available a further 30,000 sq ft of retail space for expansion. The new area is expected to be put into operation later this year and will serve to add a new revenue source for the Group," concluded Dr. Lam.

Hang Fung Gold Technology Limited (SEHK: 870) is a leading jewellery manufacturer in Hong Kong with well-equipped production facilities in Hong Kong and Shatoujiao, and a staff team of about 3,000. The Group has achieved ISO 9001:2000 quality accreditation for its entire management, production and sales process, and was awarded Certificates of Merits by the Hong Kong Productivity Council. With a heritage of over 20 years and numerous award-winning designs, the Group has established a solid reputation worldwide as a leading manufacturer of gold, jewellery and precious metal products. As part of its business development initiatives, the Group has recently diversified into tourism-focused retailing businesses, and has introduced two house brands - 3D-GOLD and La Milky Way.

Issued by :
Hang Fung Gold Technology Limited

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