UDL HOLDINGS<0620> - Announcements

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.

UDL Holdings Limited
(incorporated in Bermuda with limited liability)

ANNOUNCEMENT

-       A resolution was passed at the annual general 
meeting held on 21 December 1999 that no audited 
accounts of the Group for the year ended 31 March 1999 
(the "1999 Audited Accounts") was available for 
presentation to shareholders at the meeting.

-       It is intended that the announcement of the 
unaudited interim results of the Group for the six 
months ended 30 September 1999 (the "Unaudited Interim 
Results") will be postponed until on or before 29 
February 2000. This constitutes a breach of paragraph 
11(1) of the Listing Agreement. The Stock Exchange of 
Hong Kong Limited (the "Stock Exchange") has indicated 
that it will reserve its right to take appropriate 
action against the Company and its directors in respect 
of such breach.

The board of directors (the "Board") of UDL Holdings 
Limited (the "Company"), and together with its 
subsidiaries, (the "Group") would like to advise that 
at the annual general meeting held on 21 December 1999 
("AGM"), the shareholders of the Company passed the 
resolution that there were no 1999 Audited Accounts 
available for presentation at the AGM which was held 
in order to comply with the requirements of the 
Companies Act 1981 of Bermuda and the Company's 
Bye-Laws. In addition, due to the limited manpower and 
financial resources of the Company and concentration 
of efforts to implement the scheme of arrangement (the 
"Scheme") as announced on 16 October 1999 to oppose the 
petitions for winding-up of the Company and certain 
subsidiaries, the audit work in respect of the Group's 
1999 Audited Accounts has not yet commenced. A court 
hearing will be held on 28 January 2000 to obtain 
direction from the court in respect of the 
implementation of the Scheme.

Because of the limited manpower of the Company and the 
concentration of efforts to implement the Scheme, the 
Company is unable to comply with paragraph 11(1) of the 
Listing Agreement entered into between the Company and 
the Stock Exchange which requires the announcement of 
the Unaudited Interim Results to be made on or before 
31 December 1999. The Company intends to postpone the 
announcement of the Unaudited Interim Results until on 
or before 29 February 2000. The Stock Exchange has 
indicated that it will reserve its right to take 
appropriate action against the Company and its 
directors in respect of such breach.

The directors confirm that they have not dealt in any 
shares of the Company since 17 July 1999 and have given 
their undertakings to the Stock Exchange that they will 
not deal in the shares of the Company until the release 
of the Group's 1999 Audited Accounts and the Unaudited 
Interim Results.

By Order of the Board
UDL Holdings Limited
Leung Yat Tung
Chairman

Hong Kong, 24 December 1999