Convenience Retail Asia Limited
Convenience Retail Asia Makes Debut on Stock Exchange

Hong Kong, January 18, 2001 - Newly-listed Convenience Retail Asia Limited (CRA) [SEHK code: 8052] today made its debut on GEM of The Stock Exchange of Hong Kong. The highest price per share achieved for the day was HK$1.24, with the price closing at HK$1.14.

CRA is 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.

Commenting on CRA's performance, Dr. Victor K. Fung, Chairman of CRA, said, "We are naturally very pleased with the overall success of this IPO. Support from institutions and retail investors reflects their keen interest and confidence in the long-term prospects of CRA. We will continue the tradition at Li & Fung of achieving the best possible value for our shareholders."

CRA Chief Executive Officer Mr. Richard Yeung said, "The first day performance of CRA shares was satisfactory and we thank our investors for their support. We will now focus on our China expansion plan making use of the proceeds from the share offering."

CRA has a growth strategy featuring three stages of development: Guangzhou and the Pearl River Delta area, followed by growth in Eastern China, and subsequently the opening of stores in Northern China.

"With China's imminent entry into the WTO, the opportunities are out there. CRA intends to capitalise on them by building on its solid retailing experience and proven business model and benefits from the enormous business opportunities from the growing China market," added Mr. Yeung.

CRA's 163.9 million shares offered were snapped up in the IPO exercise with the placing shares approximately 14 times oversubscribed.

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: