Contact:	Shiu Ka Yue, Zelda Yung	March 14, 2001
Tel:	2801-6198, 2801-7761

Global Bio-chem Technology Group Company Limited ("Global Bio-chem" or the "Company", stock code: 809) today announced that the Company's public offer of 32 million new shares (excluding over - allotment option) were approximately three times subscribed.

At the close of the application list on March 12, 2001, a total of 703 valid applications had been received pursuant to the new issue from the public, for a total of 86,766,000 new issue shares, equivalent to approximately three times of the total number of new issue shares available for application on white and yellow application forms (excluding the 3.2 million new issue shares which have been validly applied for on pink application forms).

Of the applications received on white and yellow application forms, a total of 699 valid applications in respect of a total of 60,766,000 new issue shares were made in the value (excluding brokerage and Stock Exchange transaction levy) of HK$5 million or less in pool A, and 4 valid applications for a total of 26,000,000 new issue shares were made in the value (excluding brokerage and Stock Exchange transaction levy) of over HK$5 million in pool B.

The 288 million placing shares were approximately 1.9 times subscribed by professional, institutional, and other investors.

Global Bio-chem commenced the placing and public offer of a total of 320 million shares in early March 2001, at HK$1.02 per share, representing pro forma fully diluted PE multiples and weighted average PE multiples of 5.9 times and 4.5 times respectively. Of the 320 million shares, 288 million shares were allocated for placing and 32 million shares were offered for the public subscription.

Dealings in Global Bio-chem's shares on the Main Board of The Stock Exchange of Hong Kong Limited will commence on March 16, 2001.

"We are satisfied with the response to our placing and public offer, considering the extremely volatile market condition during the past few days. Despite the adverse market sentiment, we managed to secure solid interest from prudent institutional and retail investors in our Company's placing and public offer," said Mr. Liu Xiaoming, Chairman of Global Bio-chem.

"Given our proven track record, unique market position and the enormous potential of our target market, we shall be able to maintain our growth momentum and to realise our expansion plan according to schedule," added Mr. Liu.

During Global Bio-chem's placing and public offer, the Hong Kong Hang Seng Index plunged by 1,300 points, with the local stock market capitalisation trimmed by approximately 10 per cent.

Global Bio-chem is principally engaged in the research and development, manufacturing and sales of a wide range of corn based biochemical products and corn refined products. It is currently the largest China-based producer of lysine, a widely used amino acid, with an output capacity of 15,000 tonnes per annum. The Company is also one of the leading manufacturers of corn sweeteners and one of the top three corn refining manufacturers in China.

Deloitte & Touche Corporate Finance Ltd is the sponsor of the Company's initial public offer, and GC Capital (Asia) Limited is the bookrunner and lead underwriter of the Company's placing and public offer.

Issued by : Global Bio-chem Technology Group Company Limited

Through : CorporateLink Limited