Persistence Gold Group Ltd — Regulatory Filings 2000

Oct 27, 2000

The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Ying Wing Holdings Limited

(Incorporated in Bermuda with limited liability)

ANNOUNCEMENT

This announcement is made in respect of the recent fluctuations in the price of the shares of the Company and of the concentration of the Company's public float in the hands of a small number of shareholders as at 13 October 2000.

Shareholders and investors of the Company are therefore reminded to exercise extreme caution when dealing in the Shares in the Company.

This statement is made at the request of The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

We have noted the recent fluctuations in the price of the shares of the Company and wish to state that we are not aware of any reasons for such fluctuations.

We also confirm that there are no negotiations or agreements relating to intended acquisitions or realisations which are discloseable under paragraph 3 of the Listing Agreement, neither is the Board aware of any matter discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which is or may be of a price-sensitive nature.

In addition, the Board of Directors of the Company has recently been informed by the Stock Exchange that on the basis of the information provided by the Securities and Futures Commission to the Stock Exchange, as at 13 October 2000, apart from the 148,964,000 shares of HK$0.10 each ("Shares") (representing 74.5% of the Company's entire issued share capital) held by Feng Lin Holdings Limited whose entire issued share capital is directly and indirectly held by the Company's controlling shareholder and chairman, Mr. Tsoi Hon Chung, 48,856,000 Shares (representing 24.4% of the Company's entire issued share capital) were held by 9 other investors. As a result, 98.9% of the Company's issued share capital were held, in total, by 10 investors, leaving only 2,180,000 Shares or 1.1% of the issued share capital in the hands of the other public shareholders.

Given the concentration of the Company's public float in the hands of a small number of shareholders as at 13 October 2000, and the recent fluctuations in the price of the Company's Shares, the Company hereby makes this announcement on the aforesaid matter to keep the market promptly informed thereof.

Made by the order of the Board the directors of which individually and jointly accept responsibility for the accuracy of this statement.

Shareholders and investors of the Company are therefore reminded to exercise extreme caution when dealing in the Shares in the Company.

By Order of the Board

Cheung Chun Ying

Director

Hong Kong, 26 October 2000

Please also refer to the published version of this announcement in the i Mail dated 27/10/2000.