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

The board of directors (the "Directors") of Yau Lee Holdings Limited ("Yau Lee") announces that valid acceptances were received for approximately 44.8 per cent. of the total number of Rights Shares provisionally allotted under the Rights Issue. As a result of the Rights Issue, All Fine Investment Company Limited ("All Fine"), the Company's substantial shareholder, is beneficially interested in 557,799,094 Shares, representing approximately 31.5 per cent. of the issued share capital of Yau Lee as enlarged by the Rights Issue. Since the Rights Issue has not been fully subscribed as aforesaid, ICEA Capital Limited will procure subscription for a total of 325,751,306 unsubscribed Rights Shares (representing approximately 18.4 per cent. of the issued share capital of Yau Lee as enlarged by the Rights Issue) pursuant to its underwriting obligations under the Underwriting Agreement dated 22nd November, 1999.

Reference is made to the announcement made by Yau Lee on 22nd November, 1999 in relation to the Rights Issue (the "Previous Announcement").

Terms and expressions defined in the Previous Announcement shall have the same respective meanings when used herein unless otherwise defined herein or the context otherwise requires.

ALLOTMENT RESULTS OF THE RIGHTS ISSUE

The Directors announce that the Rights Issue closed at 4:00p.m. on Wednesday, 22nd December, 1999 by which time 131 valid acceptances of provisional allotment made under the Rights Issue had been received for a total of 264,576,828 Rights Shares (representing approximately 44.8 per cent. of the total number of Rights Shares provisionally allotted).

All Fine, which was beneficially interested in approximately 31.5 per cent. of the issued share capital of Yau Lee prior to the Rights Issue and had given an irrevocable and unconditional undertaking to accept in full its entitlement to Rights Shares under the Rights Issue, has accepted alll of the 185,943,031 Rights Shares provisionally allotted to it (which include 15,000 Rights Shares provisionally allotted to All Fine in respect of 30,000 Shares registered in All Fine's name in the register of members of Yau Lee as at the Record Date which were not beneficially owned by All Fine) in accordance with its undertaking. Accordingly, after closing of the Rights Issue, All Fine is beneficially interested in 557,799,094 Shares, representing approximately 31.5 per cent. of the issued share capital of Yau Lee as enlarged by the Rights Issue. Since the Rights Issue has not been fully subscribed as aforesaid, ICEA Capital Limited will subscribe or procure subscription for a total of 325,751,306 unsubscribed Rights Shares (representing approximately 18.4 per cent. of the issued share capital of Yau Lee as enlarged by the Rights Issue) pursuant to its underwriting obligations under the Underwriting Agreement dated 22nd November, 1999. Accordingly, approximately 50.1 per cent. of the issued share capital of Yau Lee as enlarged by the Rights Issue will be held by the public immediately after the completion of the Rights Issue. The Rights Issue has become unconditional at 5:00 p.m. on Friday, 24th December, 1999.

All the conditions of the Rights Issue as stated in the Rights Issue prospectus dated 8th December, 1999 have been fulfilled.

Certificates for the Rights Shares will be posted to persons entitled thereto, at their own risk, to their registered addresses on or before Wednesday, 29th December, 1999. Dealings in the fully-paid Rights Shares are expected to commence on Monday, 3rd January, 2000.

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

Hong Kong, 24th December, 1999

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