PAC CENT CYBER<1186> - 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.

PACIFIC CENTURY CYBERWORKS LIMITED
(Incorporated in Hong Kong with limited liability)

ANNOUNCEMENT

Exercise of Option

Further  to  the  announcement  (the `Announcement') by Pacific
Century  CyberWorks  Limited  (the `Company') on 25th January, 2000
headed  `Placing of Existing Shares and Subscription of New Shares and
Proposed  Joint  Venture with CMGI, Inc.', the Company is pleased to
announce  that the Option was fully exercised by BNP Peregrine on 26th
January, 2000.

Unless  otherwise  defined herein, terms defined in the Announcement
shall have the same meanings when used in this announcement.

Further  to  the  Announcement  in  relation to, among others, the
Placing  and Subscription, the directors of the Company are pleased to
announce  that the Option was fully exercised by BNP Peregrine on 26th
January,  2000.  As  a result of the full exercise of the Option, an
aggregate  of  60,000,000  additional  Shares  were placed by BNP
Peregrine  at  the Placing Price of HK$15.80. Accordingly, the total
number  of  Shares  placed under the Placing was 248,000,000 Shares,
which  means  that PCG will subscribe for an aggregate of 248,000,000
new  Shares  at  the  Placing  Price pursuant to the Subscription
Agreement.

Upon  completion  of  the Placing and Subscription, the issued share
capital  of  the Company will be 9,315,035,875 Shares. Mr. Richard Li
Tzar  Kai  and  his associates (as defined under the Listing Rules)
including  PCRD, PCG, PCD, together with Intel, a connected person of
the  Company,  will  be interested in an aggregate of 5,920,425,171
Shares,  representing approximately 63.6% of the enlarged issued share
capital of the Company.

                               By Order of the Board 
                               Chu Mee Lai, Helen 
                               Company Secretary                     
                                                             
Hong Kong, 26th January, 2000