KING PACIFIC<0072> - 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.

KING PACIFIC INTERNATIONAL HOLDINGS LIMITED 
(Incorporated in Bermuda with limited liability)

ANNOUNCEMENT

The Board held a meeting on 29th February, 2000 to consider issues 
which have been described in various recent announcements by the 
Company and the results of the Meeting is summarised in this 
announcement.

The Board wish to announce that Mr. Gao Zong Ze and Ms. Amelia 
O.M. Cheung were appointed as independent non-executive 
directors of the Company.

The directors of the Company ("Board") refers to the 
announcements of the Company dated 26th February, 2000 and 29th 
February, 2000 ("Previous Announcements") and confirm that a duly 
convened meeting of the Board was held on 29th February, 2000 
("Meeting") to resolve various matters as set out in the Previous 
Announcements, amongst others. The Meeting was attended by Mr. 
Cheng Chao Ming, Jenson, Mr. Zeng Xiang Zhi, Mr. Cheung Kung Tai, 
Mr. Ching Kwok Leung, Mr. Xiong Pingbo, Paul, Ms. Cheung Lik Ping, 
Mr. Chen Vee Yong, Frederick, Mr. Hui Yat On, Kelvin, Dr. Charles 
W.B. Cheung J.P., Mr. Lee Sheung Wah, James and Mr. Steven Kwan, 
while Mr. Cheung Yiu Wing and Mr. Cheung Wing Keung, Samuel ( the 
"Cheung Directors") were absent.

WUHAN OCEAN ESSENCE WATER FACTORY COMPANY LIMITED ("Wuhan 
Company")

As previously announced, the Cheung Directors have requested 
through their legal counsel, among other things, that the 
Company's audit committee should investigate the events 
surrounding the Company's investment in the Wuhan Company. The 
Board has resolved that the Cheung Directors be requested to 
provide information in support of their allegations regarding the 
Wuhan Company. At this time, the Board has not received such 
information from the Cheung Directors.

The Board considered amongst other things the request by the 
Cheung Directors and resolved at the Meeting that an independent 
board committee be formed to investigate the events surrounding 
the Company's investment in the Wuhan Company.

This investigation may affect the progress of the possible 
disposal of the Wuhan Company, as announced by the Company on 17th 
February, 2000. The Company will update shareholders as and when 
necessary in relation to the possible disposal.

PRESS ARTICLES

Certain articles have also appeared in the press on 24th and 25th 
February, 2000 as previously announced by the Company relating 
to, amongst other things, statements which referred to Mr. Cheng 
Chao Ming, Jenson and Mr. Cheung Yiu Wing regarding the affairs 
of the Company (the "Articles").

At the Meeting, the Board resolved that each of Mr. Cheung Yiu 
Wing and Mr. Cheng Chao Ming, Jenson should be requested to 
clarify the statements contained in the Articles and to provide 
the Board with information in support of the statements made in 
the Articles. At this time, the Board has not received any 
information, but will update shareholders as and when necessary 
when it has received relevant information from those directors.

PETITION

As announced by the Company on 26th February, 2000, the Cheung 
Directors served on, inter alia, the Company and certain of its 
directors a Petition under section 168A of the Companies 
Ordinance alleging that the Company and its affairs are being 
conducted in a manner unfairly prejudicial to the interests of 
its shareholders ("Petition"). 

The Board has appointed legal counsel to represent the Company 
to defend the Petition at the hearing scheduled to be held on 13th 
March, 2000. At the Meeting, the Board has also resolved to 
request each of Mr. Cheung Yiu Wing and Mr. Cheng Chao Ming, Jenson 
provide information regarding all allegations made in the 
Petition. The Board has not received such information at this 
time.

The Company received a letter from legal counsel to the Cheung 
Directors dated 6th March, 2000 indicating that counsel for the 
Cheung Directors will apply to the court at the hearing on 13th 
March, 2000 to withdraw the petition with costs to the Cheung 
Directors.

Appointment of Directors

At a meeting of the Board held on 7th March, 2000, Mr. Gao Zong 
Ze and Ms. Amelia O.M. Cheung were appointed as independent 
non-executive directors of the Company with immediate effect.

Mr. Cheng Chao Ming, Jenson, Mr. Xiong Pingbo, Paul, Mr. Ching 
Kwok Leung, Mr. Chen Vee Yong, Frederick, Mr. Hui Yat On, Kelvin 
and Dr. Charles W.B. Cheung J.P. voted in favour of the 
resolutions approving the appointment while Mr. Cheung Yiu Wing 
and Mr. Cheung Wing Keung, Samuel abstained from voting on these 
resolutions.

Mr. Cheung Kung Tai, Mr. Zeng Xiang Zhi and Ms. Cheung Lik Ping 
were absent from the meeting held on 7th March, 2000.

APPROVAL OF THIS ANNOUNCEMENT

The publication of this announcement has been approved by Mr. 
Cheng Chao Ming, Jenson, Mr. Zeng Xiang Zhi, Mr. Cheung Kung Tai, 
Mr. Xiong Pingbo, Paul, Mr. Ching Kwok Leung, Ms. Cheung Lik Ping, 
Mr. Chen Vee Yong, Frederick, Mr. Hui Yat On, Kelvin and Dr. 
Charles W.B. Cheung J.P.. Each of the directors of the Company 
who approved this announcement take responsibility for the 
accuracy of this announcement. Mr. Cheung Yiu Wing and Mr. Cheung 
Wing Keung, Samuel were not contactable for the approval of this 
announcement prior to the time of printing.

Further announcements will be issued by the Company as and when 
necessary regarding the progress of the matters contained in this 
announcement.

In the meantime, shareholders and potential investors should 
exercise extreme caution when dealing in the securities of the 
Company.

Made by order of the board
Hui Yat On, Kelvin
Director

Hong Kong, 7th March, 2000