SHUN CHEONG<00650> - Announcement

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

"                    SHUN CHEONG HOLDINGS LIMITED
                              ANNOUNCEMENT

THE SUBSCRIPTION

The Company refers to its announcements dated 28 September 2001 and 5 
October 2001 (the "Announcements") relating to the proposed subscription 
by independent third parties of 77,000,000 new shares in the Company.

Terms used in this announcement shall, unless the context otherwise 
requires, have the same meaning in the Announcements.

As previously announced, at a hearing of the Court of First Instance on 5 
October 2001, an order was made restraining three directors of the Company 
from completing the Subscription until further order of the Court.  
Further hearings were held at the Court of First Instance in the matter on 
11 and 12 October 2001.  No further order was made at these hearings and 
the Interim Order has lapsed.  Accordingly, the Company may proceed to 
effect the Subscription.

By order of the Board of Directors
Shun Cheong Holdings Limited

Ou Ka Chi
Company Secretary

Hong Kong, 15th October, 2001"