Hong Kong, May 15, 2002 - FX Creations International Holdings Limited (HKGEM: 8136) announced that the Group's issue of new shares for public subscription between May 8 and 13, 2002 had been1.05 times subscribed. The placing shares were 3.8 times subscribed. The issue price has been fixed at HK$0.26 per share.

The Group received a total of 156 valid applications on white and yellow forms or through electronic instructions to Hongkong ClEarning for a total of 41,944,000 shares, equivalent to approximately 1.05 times of the 40 million public offer shares available for subscription.

Trading of FX Creations' shares will commence on the GEM of the Stock Exchange of Hong Kong on Tuesday, May 21, 2002. Based on the issue price of HK$0.26 per share, the Group's capitalisation will amount to HK$104,000,000 upon flotation. Share certificates and refund cheques will be posted by Thursday, May 16, 2002.

Net proceeds from the new issue will total HK$13,300,000, which will mainly be used for the acquisition of production plant and machinery, setting up of additional retail shops in Hong Kong and Taiwan and advertising and marketing promotions.

Petto Ng Pak-to, Chairman and Managing Director of FX, said, "FX Creations is an original design and brand of Hong Kong. Its stylish and unisex image is well-received by young executives in both home and overseas markets. We plan to further expand our geographic coverage after listing. The funds raised will enable us to continue to build on the growth we have had to date."

Kingston Corporate Finance Limited is the sponsor of the placing and public offer with Kingston Securities Limited as the lead manager.

FX Creations International Holdings Limited is a leading concept chain and brandname of bags. It opened its first department store counter in 1996, and now commands a network of over 130 retail points in Greater China and Asia Pacific. The FX Creations collection comprises a range of executive bags, portfolios, sports bags, backpacks, handbags and wallets, as well as accessories including belts, timepieces, eyewear and umbrellas.

Issued by :
FX Creations International Holdings Limited