ALPHA GENERAL<0073> - 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.

Alpha General (Holdings) Limited
(incorporated in Bermuda with limited liability)

Proposal for subdivision of shares

The board of directors (the "Board") of Alpha General (Holdings) Limited 
(the "Company") proposes that each of the existing issued and unissued 
shares of HK$0.10 each ("Shares") in the share capital of the Company be 
subdivided ("Share Subdivision") into ten shares of HK$0.01 each 
("Subdivided Shares"). The Share Subdivision is conditional. Following the 
Subdivision, the board lot size of trading in the Shares will remain as 
2,000 being in board lot of 2,000 Subdivided Shares.

Share Subdivision

The Board proposes that each of the existing issued and unissued Shares be 
subdivided into ten shares of HK$0.01 each. It is noted that during the 
last 12 months, the average daily trading volume of Shares account for 
approximately 1.2% of the Company's existing public float. With the 
intention to further improve the liquidity of trading in Shares on The 
Stock Exchange of Hong Kong Limited (the "Stock Exchange"), the Board is 
of the view that the Share Subdivision is in the interest of the Company 
and its shareholders.

As at the date of this announcement, the authorised share capital of the 
Company is HK$60,000,000 which is divided into 600,000,000 Shares, of 
which 386,602,400 Shares are in issue. Immediately upon completion of the 
Share Subdivision and on the basis that 386,602,400 Shares are in issue, 
3,866,024,000 Subdivided Shares will be created pursuant to the Share 
Subdivision. The Subdivided Shares will rank pari passu in all respects 
with the Shares in issue prior to the Share Subdivision and the rights 
attaching to the Subdivided Shares will not be affected by the Share. 
Following the Subdivision, the board lot size of trading in the Shares 
will remain as 2,000 being in the board lot of 2,000 Subdivided Shares.

Conditions of the Share Subdivision

The Share Subdivision is conditional upon, inter alia:

(a)     the passing of an ordinary resolution by shareholders of the 
        Company at a special general meeting (the "SGM"); and

(b)     the Listing Committee of the Stock Exchange granting the listing 
        of and permission to deal in the Subdivided Shares.

Expected Timetable

The expected timetable for the Share Subdivision is as follow:  2000

SGM circular despatched on or about             15 March

Latest time for lodging form of proxy in respect of SGM 
                                                10:00 a.m., 29 March

SGM                                             10:00 a.m., 31 March

Effective date for Share Subdivision            3 April

Dealing in Subdivided Shares commences          10:00 a.m. on 3 April

Existing counter for trading in existing Shares
in board lots of 2,000 Shares temporarily closes 10:00 a.m. on 3 April

Temporary counter for trading in Subdivided Shares in
board lots of 20,000 Subdivided Shares (in the form of
existing Share certificates) opens              10:00 a.m. on 3 April

First day of free exchange of certificates for existing Shares
for new certificates for the Subdivided Shares  3 April

Existing counter for trading in Subdivided Shares in board
lots of 2,000 Subdivided Shares (in the form of new
certificates for the Subdivided Shares) commences 10:00 a.m. on 18 April

Parallel trading in Subdivided Shares (in the form
of new certificates for Subdivided Shares) commences 
                                                10:00 a.m. on 18 April

Temporary counter of trading in Subdivided Shares in board
  lots of 20,000 Subdivided Shares (in the form of
  certificates for existing Shares) ends        4:00 p.m. on 16 May

Parallel trading in Subdivided Shares (in the form
  of new certificates for existing Shares) ends 4:00 p.m. on 16 May

Last day for free exchange of certificates for existing Shares
  for new certificates for Subdivided Shares    19 May

General

An application will be made to the Stock Exchange for the listing of and 
permission to deal in the Subdivided Shares.

A circular containing, among other things, details of the trading 
arrangements in respect of the Subdivided Shares and a notice convening 
the SGM will be despatched to shareholders of the Company as soon as 
practicable.

For and on behalf of the Board
Alpha General (Holdings) Limited
Chu Ka Lok, Peter
Chairman

Hong Kong, 4 March 2000