YAU LEE HOLDINGS LIMITED (Incorporated in Bermuda with limited liability)

ALL FINE INVESTMENT COMPANY LIMITED (Incorporated in the Cook Islands with limited liability)

JOINT ANNOUNCEMENT

CONDITIONAL MANDATORY CASH OFFERS
by ICEA CAPITAL LIMITED

on behalf of
ALL FINE INVESTMENT COMPANY LIMITED
for acquiring all the issued shares in,
and cancelling all outstanding options granted by,
YAU LEE HOLDINGS LIMITED
(other than those already owned or held
by All Fine Investment Company Limited
or parties acting in concert with it)

As at 4:00 p.m. on Wednesday, 16th February, 2000, being the first closing date of the Offers, the Offeror received acceptances of the Share Offer in respect of 54,000 Shares, representing approximately 0.003 per cent. of the total issued share capital of the Company and received no acceptance of the Option Offer. The Offeror and parties acting in concert with it were therefore interested in 882,624,400 Shares, representing approximately 49.8 per cent. of the total issued share capital of the Company. Since the Offeror has not received acceptances of the Share Offer which, together with the Shares already owned or held by the Offeror or parties acting in concert with it as at 4:00 p.m. on the First Closing Date, would result in the Offeror and parties acting in concert with it owning or holding 50 per cent. or more of the voting rights of the Company, the Offers have not become unconditional and have lapsed. Those investors who have accepted the Share Offer will be returned their respective share certificate(s) by ordinary post and at their own risk within ten days from the date of this announcement.

Reference is made to the announcements dated 5th January, 2000 and 26th January, 2000 both jointly made by All Fine Investment Company Limited (the "Offeror") and Yau Lee Holdings Limited (the "Company") and the composite document dated 26th January, 2000 (the "Composite Document") in relation to, inter alia, the Offers. Unless otherwise stated, terms used in this announcement shall have the same meanings as those defined in the Composite Document.

The respective boards of directors of the Company and the Offeror announce that as at 4:00 p.m. on Wednesday, 16th February, 2000, being the first closing date of the Offers (the "First Closing Date"), the Offeror received acceptances of the Share Offer in respect of 54,000 Shares, representing approximately 0.003 per cent. of the total issued share capital of the Company and received no acceptance of the Option Offer. As at the date of this announcement, taking into account the valid acceptances received pursuant to the Share Offer, the Offeror and parties acting in concert with it were interested in 882,624,400 Shares, representing approximately 49.8 per cent. of the total issued share capital of the Company as at 4:00 p.m. on the First Closing Date.

None of the Offeror or parties acting in concert with it have acquired or dealt in any Shares, warrants or any other securities convertible into Shares since 5th January, 2000.

Since the Offeror has not received acceptances of the Share Offer which, together with the Shares already owned or held by the Offeror or parties acting in concert with it as at 4:00 p.m. on the First Closing Date, would result in the Offeror and parties acting in concert with it owning or holding 50 per cent. or more of the voting rights of the Company, the Offers have not become unconditional and have lapsed.

Those investors who have accepted the Share Offer will be returned their respective share certificate(s) by ordinary post and at their own risk within ten days from the date of this announcement.

Shareholders, Optionholders and investors are advised to exercise caution in dealing in the Shares.

By Order of the Board Yau Lee Holdings Limited Chui Man Lung, Everett Company Secretary

By Order of the Board All Fine Investment Company Limited Wong Ip Kuen Director

Hong Kong, 16th February, 2000

The directors of the Offeror jointly and severally accept full responsibility for the accuracy of the information contained in this announcement other than the information relating to the Group and confirm, after having made all reasonable inquiries, that to the best of their knowledge, opinions expressed in this announcement other than the information relating to the Group have been arrived at after due and careful consideration and there are no other material facts not contained in this announcement, the omission of which would make any statement in this announcement misleading other than the information relating to the Group.

The directors of the Company jointly and severally accept full responsibility for the accuracy of the information contained in this announcement other than the information relating to the Offeror and confirm, after having made all reasonable inquiries, that to the best of their knowledge, opinions expressed in this announcement other than the information relating to the Offeror have been arrived at after due and careful consideration and there are no other material facts not contained in this announcement, the omission of which would make any statement in this announcement misleading other than the information relating to the Offeror.

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