ANNOUNCEMENT -- in relation to the matter of Best Wide Group Limited (the "Company") Cancellation of listing in accordance with the delisting procedures stipulated in Practice Note 17 to the Exchange Listing Rules

Regulatory

14 Nov 2001

ANNOUNCEMENT

In relation to the matter of Best Wide Group Limited
(the "Company")
Cancellation of listing
in accordance with the delisting procedures
stipulated in Practice Note 17 to the Exchange Listing Rules

The Stock Exchange of Hong Kong Limited (the "Exchange") hereby announces that on 16 November, 2001, the listing of the shares of the Company will be cancelled in accordance with the delisting procedures stipulated in Practice Note 17 to the Exchange Listing Rules.

By the end of the Deadline mentioned below, the Company had not fulfilled the conditions acceptable to the Exchange. Therefore, the Exchange will cancel the listing of the Company's shares in accordance with the Delisting Procedures.

The Exchange announces that the listing of the Company's shares will be cancelled with effect from 10:00 a.m. on 16 November, 2001 in accordance with the delisting procedures stipulated in Practice Note 17 to the Exchange Listing Rules (the "Delisting Procedures"). Practice Note 17 to the Exchange Listing Rules formalises the procedures to be adopted to delist long-suspended companies.

Dealings in the Company's shares have been suspended since 19 September, 1996. Accordingly, the Company's shares have effectively been suspended for over 61 months. Since the suspension, the Company has not been able to implement a valid proposal for resumption.

The Company has been put into the third stage of the Delisting Procedures since 25 April, 2000. Pursuant to the Delisting Procedures, at the end of the third stage which in the case of the Company was 25 October, 2000, where no valid proposals have been received for resumption, the listing of the Company's shares will be cancelled. The Company submitted a resumption proposal (the "Proposal") on 12 October, 2000 and the Exchange granted a conditional extension for the delisting of the Company's shares to 26 January, 2001 which was further extended to 26 April, 2001, for the processing of the Proposal. The Company subsequently requested additional time for finalising the information relating to the Proposal. The Exchange granted a further extension for delisting of the Company's shares to 31 May, 2001 (the "Deadline") subject to the fulfillment of certain conditions by the Company. As the Company was not able to fulfil the conditions acceptable to the Exchange by the Deadline, the Exchange will cancel the listing of the Company's shares as of 10:00 a.m. on 16 November, 2001 in accordance with the Delisting Procedures.

The Exchange has notified the Company of its obligation under paragraph 3.1 of Practice Note 17 to issue an announcement informing the public of the cancellation of the listing of its shares on the same day of this announcement.

The Exchange advises shareholders of the Company who have any queries about the implications of the delisting to obtain appropriate professional advice.

Updated 14 Nov 2001