401 HOLDINGS<00401> - Exceptional Price & Turnover Movements

The Stock Exchange has received a message from 401 Holdings Limited       
which is reproduced as follows:-

"This statement is made at the request of The Stock Exchange of Hong Kong 
Limited.

The Board of Directors of the Company (the "Board") have noted the  
decreases in price and increases in the trading volume of the 
shares of the Company today and wish to state that the Board are not aware 
of any reasons for such changes save as the information disclosed in the 
announcements of the Company dated 17 September, 2002 and 1 November, 
2002.

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.

Made by the order of the Board of 401 Holdings Limited, the directors of 
which individually and jointly accept responsibility for the accuracy of 
this statement.


For and on behalf of
401 Holdings Limited

David T. H. Leung
Managing Director

28 November, 2002"