Wang On Group Limited — Capital/Financing Update 2008

Dec 12, 2008

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.

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WANG ON GROUP LIMITED （宏安集團有限公司）*

(Incorporated in Bermuda with limited liability)

(Stock Code: 1222)

COMPLETION OF PLACING OF NEW SHARES

Placing Agent

The Board is pleased to announce that the New Placing was completed on 12 December 2008 in accordance with the terms and conditions of the New Placing Agreement. An aggregate of 672,600,000 New Placing Shares have been successfully placed to not fewer than six placees, who and whose ultimate beneficial owners are not connected persons (as defined in the Listing Rules) of the Company and its connected persons (as defined in the Listing Rules), at the New Placing Price of HK$0.022 per New Placing Share.

Reference is made to the announcement of the Company dated 27 November 2008 (the “ Announcement ”) in relation to, among other things, the New Placing. Capitalised terms used in this announcement shall have the same meanings as defined in the Announcement unless otherwise stated.

The Board is pleased to announce that all conditions set out in the New Placing Agreement have been fulfilled and the New Placing was completed on 12 December 2008. An aggregate of 672,600,000 New Placing Shares, representing approximately 7.12% of the issued share capital of the Company as at the date of this announcement, have been successfully placed to not fewer than six placees, who and whose ultimate beneficial owners are not connected persons (as defined in the Listing Rules) of the Company and its connected persons (as defined in the Listing Rules), at the New Placing Price of HK$0.022 per New Placing Share. The net proceeds from the New Placing amount to approximately HK$14.43 million.

• For identification purpose only

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The changes of the shareholding of the Company as a result of the New Placing are as follow:

	Immediately before theNew Placing	Immediately before theNew Placing	Immediately after theNew Placing1,005,658,06010.65%672,600,0007.12%7,762,255,58082.23%9,440,513,640 100.00%	Immediately after theNew Placing1,005,658,06010.65%672,600,0007.12%7,762,255,58082.23%9,440,513,640 100.00%	Immediately after theNew Placing1,005,658,06010.65%672,600,0007.12%7,762,255,58082.23%9,440,513,640 100.00%
Mr. Tang and his associates_(Note 1)Placees of the New Placing(Note 2)_Other public ShareholdersTotal	1,005,658,060–7,762,255,5808,767,913,640	11.47%0.00%88.53%100.00%	1,005,658,060672,600,0007,762,255,5809,440,513,640	10.657.1282.23
				100.00	%
Notes:1)The above 1,005,658,060 Shares include (a) 16,218,960 Shares held by Mr. Tang; (b) 16,218,920 Shares heby Ms. Yau Yuk Yin (“Ms. Yau”), an executive Director and the spouse of Mr. Tang; (c) 59,326,780 Sharheld by Caister Limited, a company wholly and beneficially owned by Mr. Tang; and (d) 913,893,400 Shar

Notes:

• 1. The above 1,005,658,060 Shares include (a) 16,218,960 Shares held by Mr. Tang; (b) 16,218,920 Shares held by Ms. Yau Yuk Yin (“ Ms. Yau ”), an executive Director and the spouse of Mr. Tang; (c) 59,326,780 Shares held by Caister Limited, a company wholly and beneficially owned by Mr. Tang; and (d) 913,893,400 Shares held by the Vendor, which is wholly owned by Trustcorp Limited in its capacity as the trustee of Tang’s Family Trust, a discretionary trust of which Mr. Tang was the founder and Ms. Yau is a beneficiary.
• 1. Such Shares have been allotted and issued upon completion of the New Placing.

By Order of the Board WANG ON GROUP LIMITED （宏安集團有限公司） Chan Chun Hong, Thomas* Managing Director

Hong Kong, 12 December 2008

As at the date of this announcement, the Board comprises three executive Directors, namely Mr. Tang Ching Ho, Ms. Yau Yuk Yin and Mr. Chan Chun Hong, Thomas, and four independent non-executive Directors, namely Dr. Lee Peng Fei, Allen, Mr. Wong Chun, Justein, Mr. Siu Yim Kwan, Sidney and Mr. Siu Kam Chau.

• For identification purpose only

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