Quarterly Results announcement form
     
Name of listed company            :International Capital Network Holdings Limited
     
Stock code                        :8004
     
Year end date                     :31/07/2002
     
     
Important Note :
     
This result announcement form only contains extracted information from
and should be read in conjunction with the detailed results announcement
of the issuer, which can be viewed on the GEM website at
http://www.hkgem.com
     
Currency: HK$'000
                                          (Unaudited)       (Unaudited)
Quarterly Results Announcement                Current              Last  
                                                          Corresponding
                                               Period            Period
                                      from 01/08/2001   from 01/08/2000
                                        to 31/01/2002     to 31/01/2001
                                              HK$'000           HK$'000
     
Turnover                             :          2,354               580
Profit/(Loss) from Operations        :          (594)               (1)
Finance cost                         :              0                 0
Share of Profit/(Loss) of Associates :              0                 0
Share of Profit/(Loss) of
     Jointly Controlled Entites      :              0                 0
Profit/(Loss) after Taxation & MI    :          (594)               (1)
% Change Over the Last Period        :          N/A %
EPS / (LPS) - Basic                  :    (0.21) cent       (0.00) cent
            - Diluted                :            N/A               N/A
Extraordinary (ETD) Gain/(Loss)      :              0                 0
Profit (Loss) after ETD Items        :          (594)               (1)
2nd Q Dividend per Share             :            Nil               Nil
(specify if with other options)      :            N/A               N/A
B/C Dates for 2nd Dividend           :            N/A  to      N/A bdi.
Payable Date                         :                N/A
B/C Dates for AGM/SGM                :            N/A  to      N/A bdi.
Other Distribution for Current Period:                Nil
B/C Dates for Other Distribution     :            N/A  to      N/A bdi.
                                             (bdi: both days inclusive)
     
                                                      For and on behalf of
                                         International Capital Network Holdings Limited
                           Signature :
                           Name      :               Lui Bing Kin, Michael
                           Title     :                   Vice Chairman
     
Responsibility statement
     
The directors of the Company (the "Directors") as at the date hereof hereby
collectively and individually accept full responsibility for the accuracy of
the information contained in this results announcement form (the "Information")
and confirm, having made all reasonable inquiries, that to the best of their
knowledge and belief the Information are accurate and complete in all material
respects and not misleading and that there are no other matters the omission
of which would make the Information herein inaccurate or misleading.
The Directors acknowledge that the Stock Exchange has no responsibility
whatsoever with regard to the Information and undertake to indemnify the
Exchange against all liability incurred and all losses suffered by the Exchange
in connection with or relating to the Information.
     
Remarks:
     
1.  Principal accounting policies and basis of preparation
     
The unaudited consolidated financial statements have been prepared under 
the historical cost convention.
     
Pursuant to a group reorganisation (the "Reorganisation") in preparation
for the listing of the Company's shares on the Growth Enterprise Market
("GEM") of The Stock Exchange of Hong Kong Limited (the "Stock
Exchange"), the Company became the ultimate holding company of the Group
on 9th November, 2001.  Furtherdetails of the Reorganisation are set out
in the prospectus of the Company dated 20th November, 2001.
     
The Reorganisation has been reflected in the financial statements by
regarding the Group, which comprises the Company and its subsidiaries, as
a continuing entity.  Accordingly,the combined results of the Group for
the Period and the corresponding financial period of last year have been
prepared on a merger basis, which are based on the unaudited results of
the Group as if the current group strucuture of the Group had been in
existence throughout the relevant periods.  All material intra-group
transactions and balances have been eliminated on combination.
     
The accounting policies adopted in preparing the unaudited financial
statements of the Company for the period are consistent with those
followed in the Group's accountants' report as set out in the 
prospectus of the Company dated 20th November, 2001.
     
2.  Turnover
     
Turnover represents the net amounts received and receivable from services
provided by the Group to outside clients in Hong Kong during the period.
     
3.  Taxation
     
No provision for Hong Kong profits tax was made as the Company had no
assessable profits for the period.  There were no material unprovided 
deferred tax liabilities as at 31st January, 2002.
     
4.  Basic loss per share
     
The calculation of loss per share is based on the loss attributable to 
shareholders of HK$594,284 (six months ended 31st January, 2001: HK$489 
(loss)) and on the weighted average of 282,869,565 shares (six months 
ended 31st January, 2001: on an assumption that 264,000,000 shares in
issued) in issue during the period.
     
No diluted loss per share for the period have been presented because
there were no dilutive potential ordinary shares in existence during the
periods.
     
5.  Interim Dividend
     
The Board does not recommend the payment of an interim dividend for the
2nd quarter period.