The following announcement clarifies the contents of a press article about two Japanese companies indicating their interests in subscribing for the shares of the Company upon its listing on the Stock Exchange.

INTRODUCTION

The directors of CEC International Holdings Limited (the "Company") ("the "Director") noted the contents of a press article which appeared on the Oriental Daily News on the 1st November, 1999 in relation to two Japanese companies indicating their interests to subscribe for shares of the Company (the "Shares") and this announcement is made in response to the articles.

BACKGROUND

The Company has applied to the Listing Committee of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") for the listing of, and permission to deal in, the Shares on the Stock Exchange (the "Application") and as at today, no formal approval has been given by the Stock Exchange in relation to the Application.

CLARIFICATION

The directors wish to state that two Japanese companies, namely Toko, Inc. and Nittoku Hong Kong Ltd., both independent third parties, have approached Dao Heng Securities Limited ("DHS"), the sponsor and lead manager for the listing of the Company on the Stock Exchange in relation to their subscribed and terms have not yet been finalized, the subscription may or may not proceed. If such subscription takes place, it will be at issue price, HK$1.10 per share, and will be accounted for as Placing Shares.

The directors have no knowledge as to whether the two companies mentioned in the press article, and are referring to the two Japanese companies which have approached DHS. The directors further clarify that, as of the date of this announcement, Toko, Inc. and Nittoku Hong Kong Ltd., are the only Japanese companies which have approached DHS in relation to subscription of Shares of the Company.

Investors are advised to exercise caution in subscribing for the Shares.

By order of the Board
Lam Wai Chun
Chairman

Hong Kong, 3rd November 1999

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