Convenience Retail Asia Limited
Convenience Retail Asia global placing shares over 14 times subscribed, priced at HK$1.15 per share

Hong Kong, January 16, 2001 - Convenience Retail Asia Limited (CRA) [SEHK code: 8052], a subsidiary of privately held Li & Fung (1937) Limited and the licensee of the Circle K convenience store brand in Hong Kong and for most of the Chinese Mainland, announced that the price of its offering of 163.9 million shares has been fixed at HK$1.15 per share.

With a share price of HK$1.15, and if the over-allotment option is not exercised, the IPO will raise approximately HK$188 million. Net proceeds for the Company will amount to approximately HK$166.5 million.

Applications received for the public offer shares of 32.78 million represented a subscription rate of 6.5 times (totaling 214 million shares), while 131.12 million shares placed with professional and institutional investors were over 14 times subscribed.

Mr. Richard Yeung, Chief Executive Officer of CRA, said: "We are very pleased with the strong interest from both local and overseas investors. It clearly demonstrates the recognition of our successful business model and confidence in the future growth of the Company. We appreciate the support and we are determined to pursue our goals to create value for our shareholders."

Dealings in CRA's shares are expected to commence on the GEM of The Stock Exchange of Hong Kong on Thursday, 18 January 2001. BNP Paribas Peregrine is the Global Coordinator and Sponsor for the exercise.

About CRA

Convenience Retail Asia is principally engaged in the operation of one of the leading convenience store chains in Hong Kong under the brand name of Circle K. The Circle K store chain comprises 123 company-owned and managed stores in Hong Kong as of 31 December 2000. Major initiatives are undertaken to expand into the southern part of the Chinese Mainland in the third quarter of 2001.

About Li & Fung

Li & Fung (Retailing) Limited, the holding company of Convenience Retail Asia, was formed in 1985 as a company wholly-owned by Li & Fung (1937) Limited. There are three other chains within the retailing group: Toys "R" Us, Fotomax and Fun Fun World. The retailing group's business extends from Hong Kong to Taiwan, Singapore, and Malaysia, with plans for expansion into China and other Asian countries.

For more information, please contact:

Scotchbrook-BSMG Worldwide(Hong Kong)


2877 3939

Fannie Mok

Direct line:

2863 9119

Ken Walker

Direct line:

2863 9168

CRA corporate website: