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)

SUBDIVISION OF SHARES

The Board wishes to announce that the ordinary 
resolution approving the Subdivision of Shares was duly 
passed at the SGM and the Subdivision shall become 
effective on 3rd April, 2000.

The board lot size of trading in the Shares will remain 
as 2,000 Shares being in board lot of 2,000 Subdivided 
Shares. The arrangement for dealings in the Subdivided 
Shares on the Stock Exchange is set out below.

The board ("Board") of directors of Alpha General 
(Holdings) Limited (the "Company") has noted the recent 
increases in the price and the trading volume of Shares 
of the Company and wishes to state that save as 
described below, the Board is not aware of any reasons 
for such increases.

The Board also confirm that there are no negotiations 
or agreements relating to intended acquisitions or 
realisations which are discloseable under paragraph 3 
of the Listing Agreement neither is the Board aware of 
any matter discloseable under the general obligation 
imposed by paragraph 2 of the Listing Agreement, which 
is or may be of a price-sensitive nature.

Further to the announcement dated 4th March, 2000, the 
Board of the Company wishes to announce that the 
ordinary resolution approving the subdivision (the 
"Subdivision") of shares of HK$0.10 each in the share 
capital of the Company ("Shares") into ten Shares of 
HK$0.01 each ("Subdivided Shares") was duly passed at 
the special general meeting of the Company held on 31st 
March, 2000 (the "SGM"). The Listing Committee of The 
Stock Exchange of Hong Kong Limited (the "Stock 
Exchange") has also granted the listing of and the 
permission to deal in the Subdivided Shares. 
Accordingly, the Subdivision shall become effective on 
3rd April, 2000 and the board lot size of trading in 
the Shares will remain as  2,000 Shares being in board 
lot of 2,000 Subdivided Shares.

Timetable for the Subdivision

The arrangement for dealings in the Subdivided Shares 
on the Stock Exchange is set out below:

                                        2000

Effective date of Share Subdivision     Monday, 3 April

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

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

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

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

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

Temporary counter for 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 Tuesday, 16 May

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

Last day for free exchange of certificates for existing 
Shares
  for new certificates for Subdivided Shares    
                        4:00 p.m. on Friday, 19 May

Reference was made to the circular dated 15th March, 
2000 whereby it stated that the colour of the existing 
share certificates was in blue but in fact the colour 
of the existing share certificates was in grey. Hence, 
grey certificates for existing Shares will be valid for 
delivery and settlement in respect of dealings only up 
to and including 16th May, 2000. Such certificates will 
cease to be marketable and will not be acceptable for 
dealing purposes after 4:00 p.m. on 16th May, 2000. 
However, grey certificates for existing Shares will 
continue to be good evidence of legal title and may be 
exchanged for new yellow certificates for the 
Subdivided Shares at any time on the basis of one 
existing Share for ten Subdivided Shares at a charge. 

By Order of the Board
Chu Ka Lok, Peter
Chairman
Hong Kong, 31st March, 2000

The Board of the directors of the Company individually and jointly accept 
responsibility for the accuracy of this announcement.