The Exchange announces that with effect from 28 May 2001, the shares of Siu-Fung Ceramics Holdings Limited (In liquidation) (the "Company") have been put into the third stage of the delisting procedures in accordance with Practice Note 17 of the Exchange Listing Rules (the "Delisting Procedures").

Dealings in the shares of the Company on the Exchange have been suspended since 10 May 2000. Since its suspension, the Company has not been able to implement a valid resumption proposal. A valid resumption proposal means a proposal that, if it were implemented, would enable an issuer to demonstrate that it complies with paragraph 38 of the Listing Agreement entered into between the Company and the Exchange ("Listing Agreement"). Paragraph 38 of the Listing Agreement requires an issuer to carry out a sufficient level of operations or have tangible assets of sufficient value and/or intangible assets for which a sufficient potential value can be demonstrated to warrant the continued listing of the listed companys securities on the Exchange.

As the Company is being wound up and its assets apportioned by Mr. Gabriel C. K. Tam and Mr. Alan C. W. Tang as the joint & several liquidators of the Company, there is no significant activity by the Company. Accordingly, the Exchange put the shares of the Company to the third stage of the Delisting Procedures with effect from 28 May 2001. The Company is given a final six months for the submission of a valid resumption proposal. If the Company does not submit a valid resumption proposal by 27 November 2001, the Exchange intends to cancel the listing of the shares of the Company.

The Exchange will make a further announcement of any major development in due course.