OCEAN GRAND<1220> - 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.

 Ocean Grand Holdings Limited
 (incorporated in Bermuda with limited liability)

The Directors have noted the increase in share price and trading volume of 
the shares of the Company on Wednesday, 12 January, 2000 and wish to 
confirm that independent third parties who are not connected with any 
director, chief executive or substantial shareholder of the Company or any 
of its subsidiaries or an associate of any of them have approached the 
Company recently for investment opportunities and the Directors hereby 
confirm that negotiations may or may not proceed to formal agreement.

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

The directors (the "Directors") of Ocean Grand Holdings Limited (the 
"Company") have noted the recent increase in share price and trading 
volume of the shares of the Company on Wednesday, 12 January, 2000.

The Directors have been recently approached by independent third parties 
who are not connected with any director, chief executive or substantial 
shareholder of the Company or any of its subsidiaries or an associate of 
any of them regarding investment opportunities in certain internet related 
business and the discussions are at their preliminary stage only. The 
Directors wish to state that other than the preliminary discussions on the 
aforesaid investment opportunities, they are not aware of any reasons for 
the increase in the share price and trading volume of shares of the 
Company.

It is normal for the Company to look for investment opportunities in the 
market and the Company is often approached by independent third parties 
for investment opportunities. The Directors hereby emphasize that the 
aforesaid preliminary discussions may or may not proceed to formal 
agreement and the that no specific terms have been agreed between the 
Company and the independent third parties. The Directors confirm that they 
will comply with the Rules Governing the Listing of Securities on The 
Stock Exchange of Hong Kong Limited and further announcement will be made 
in due course.

The Directors confirm that save as disclosed above, there are no 
negotiations or agreements for any intended acquisitions or realisations 
which are discloseable under paragraph 3 of the Listing Agreement, neither 
are the Directors aware of any matter discloseable under the general 
obligations imposed by paragraph 2 of the Listing Agreement, which is or 
may be price-sensitive information.

If the Company should enter into any agreement which constitutes a 
price-sensitive information or is discloseable under the applicable 
provisions of the Rules Governing the Listing of Securities on The Stock 
Exchange of Hong Kong Limited, an announcement will be made.

In the meantime, public investors are urged to exercise caution in dealing 
in the shares of the Company.

This announcement is made by the order of the board of Directors which 
individually and jointly accept the responsibility for the accuracy of 
this statement.

By order of the board of
Ocean Grand Holdings Limited
Yip Kim Po
Chairman
Hong Kong, 12 January, 2000