SOUNDWILL HOLD<0878> - 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.

SOUNDWILL HOLDINGS LIMITED
(Incorporated in Bermuda with limited liability)

Clarification of Newspaper Article

We have noted an article in a local Chinese newspaper which 
reported on 29 March 2000 that a subsidiary of Soundwill 
Holdings Limited (the "Company") has been involved in legal 
actions taken by the Inland Revenue Department of the Hong 
Kong Special Administrative Region. We clarify that the 
company, Gold Pretty Development Limited, mentioned in the 
article is not a subsidiary of the Company.

We regret that the article is untrue and misleading.

By order of the Board 
Yip Kwai Cheung
Executive Director

Hong Kong, 29 March 2000