[For Immediate Release]

Man Sang International Announces 3^rd Quarter Results

Net Profit Increases 72.8[-]% to HK$21.9[-] Million

* * *

Continues to Strengthen Core Businesses

Actively Expands in THE PRC Market

(Hong Kong, February 14, 2003) – Man Sang International Limited (“Man Sang”) (stock code: 938) today announced its third quarter and nine months results for the period ended December 31, 2002.

During the period under review, the Group adopted an aggressive marketing strategy coupled with stringent cost controls, resulting in an increase of 10.8[-]% in turnover to approximately HK$225.1 million as compared to the corresponding period in 2001. Profit attributable to shareholders also increased 72.8[-]% to approximately HK$21.9[-] million as compared to the same period last year.

Cheng Chung Hing, Chairman of Man Sang said, “Our gross profit margin has slightly reduced to 30.0% from 31.1% in 2001. During this quarter, we had a price cut on the Chinese Cultured pearls, aiming at boosting sales. Nevertheless, other pearl products, such as Freshwater pearls and South Sea pearls, all showed an improvement in the gross profit margin. During the reporting period, the overall market sentiment has been improved with major areas of growth in Asia (including the PRC and Thailand), North America and Europe after the attacks in New York in September 2001.”

of pearlsSouth Sea pearls (including white and gold South Sea pearls and Tahitian black pearls) continue to perform well, contributing the largest share of 50.3at its largest share [-]% to the Group’s total turnover. The Group believes the fashion trend on for South Sea pearls, especially on for Tahitian black pearls, shall shall sustain. It will continue to enhance its promotions onon South Sea pearls to meet the market demand and to to further strengthen further on its market share in this segment.

- more -

Man Sang International Announces Interim Results

February 14, 2003 / P.2

Man Sang does has been adoptings flexible marketing strategies ands providing value added services to fulfill the customers’ needs while at the same time carrying the continual cost saving program keep on to enhance the effectiveness on of its operations. With the Group’s committed effort, a reduction of 9.0% was achieved in administrative expenses as compared to the same period last year.

Cheng Chung Hing continued, “Looking ahead, the Group will continue to strengthen its core business as well as to diversify to and expand on its jewelry business. In December 2002, the Group had acquired fixed assets, inventories and customers information from a jewelry company. This lays a cornerstone to further increasing market share in the industry and broadening the product lines and customer base. In addition, with the entry of the PRC entry of the into the WTO, we believe that the demand for pearl and jewelry products in the PRC will grow. As such, we are taking will surge and it will take steps to enhance our presence there.”

About Man Sang International Limited:

Man Sang was listed on the Hong Kong Stock Exchange in 1997. It is the first pearl company to be listed in Hong Kong. Its principal activities include the purchasing, processing, assembling, merchandising and wholesale distribution of pearls and pearl products, including Chinese cultured pearls, Chinese freshwater pearls, Japanese cultured pearls, Tahitian and South Sea pearls. It operates its own pearl processing facilities in Shenzhen, the PRC.

- End -

For press enquiries:

Strategic Financial Relations Limited

Veron Ng / Emily Chiu

Tel: 2864 4831/2864 4813

Fax: 2804 2789/2527 1196

Email: veron@strategic.com.hk / emily@strategic.com.hk