ITC CORPORATION<0372> - 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.

ITC CORPORATION LIMITED
(Incorporated in Bermuda with limited liability)

announcement

Announcement on the explanation of the increase in trading volume of the 
shares of ITC Corporation Limited (the "Company").

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

The board of directors of the Company (the "Board") has noted the increase 
in the trading volume of the shares of the Company today and wish to state 
that save for the announcement made by the Company on 6th September, 1999 
and the announcement published by Hanny Holdings Limited on 15th 
September, 1999, it is not aware of any reasons for such increase. 
However, it is the understanding of certain directors of the Company who 
are also directors of Star East Information Technology Corp. ("Star East 
Information"), a 47.8% beneficially owned associated company of the 
Company, that Star East Information is discussing with certain 
independent parties who have expressed interests in co-operation with 
and investing in Star East Information. Negotiations with such parties 
are in progress but no agreement as to the terms has been reached. 
Investors and potential investors are advised to exercise extreme 
caution in dealing in the securities of the Company. The Board wishes 
to inform shareholders that these negotiations may or may not materialise. 
Further announcement will be made by the Company to update shareholders 
if there is any material development.

Save as disclosed above, the Board confirms that there are no 
negotiations or agreements relating to intended acquisitions or 
realisations which are discloseable under paragraph 3 of the Listing 
Agreement, neither is the Board aware of any matter discloseable under 
the general obligation imposed by paragraph 2 of the Listing Agreement, 
which is or may be of a price-sensitive nature.

Made by the order of the Board of the Company the directors of which 
individually and jointly accept responsibility for the accuracy of this 
statement.

By Order of the Board
Rosanna Chau Mei Wah
Managing Director

Hong Kong, 15th September, 1999