GLOBAL TECH<0143> - Announcement

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.

Global Tech (Holdings) Limited
(Incorporated in the Cayman Islands with limited liability)


The board of directors of Global Tech (Holdings) Limited (the "Company") 
announces that Power Ring Enterprises Limited, a wholly-owned subsidiary 
of the Company has, on 27th January, 2000, entered into a non-binding 
letter of intent ("Letter of Intent") with Mr. Cheng Kwee Cheh regarding 
the acquisition of a majority equity interest in an internet and network 

The board of directors of the Company announces that Power Ring 
Enterprises Limited ("Power Ring"), a wholly-owned subsidiary of the 
Company, has entered into the Letter of Intent on 27th January, 2000 with 
Mr. Cheng Kwee Cheh, an independent third party not connected with the 
Company, its subsidiaries, their respective directors, chief executives, 
substantial shareholders or their respective associates (as defined in the 
Rules Governing the Listing of Securities on the Stock Exchange). The 
Letter of Intent provides a framework upon which Power Ring and Mr. Cheng 
Kwee Cheh to finalise the terms in relation to the acquisition by Power 
Ring from Mr. Cheng Kwee Cheh of the entire issued share capital of 
Freespeech Technology Limited ("Freespeech") by 30th April, 2000. 
Freespeech currently holds the majority equity interest in a PRC internet 
and network company.

The Letter of Intent provides for Power Ring to conduct a due diligence 
investigation as to the financial, contractual, taxation and trading 
position of Freespeech and being satisfied in relation thereto.

The consideration for the acquisition of Freespeech is proposed to be 
settled by way of an issue of new shares in the authorised share capital 
of the Company but may include part-cash consideration. The price for the 
new shares in the Company to be issued has not yet been determined.

Holders of the securities of the Company and investors are advised to 
exercise extreme caution in dealing with the securities of the Company  as 
the proposed transaction may or may not proceed.

The Company will make further announcements as and when appropriate to 
advise holders of securities of the Company of further developments.

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

By Order of the Board of
Global Tech (Holdings) Limited
Sze Tsang Fai

Hong Kong, 27th January, 2000