[For Immediate Release]

Man Sang International 2002/03 Interim Results

Net Profit Increases 217.6[-]% to HK$19.1[-] Million

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Continues to Strengthen Core Businesses

Actively Expands in the PRC Market

(Hong Kong, November 14, 2002) – Man Sang International Limited (“Man Sang”) (stock code: 938) today announced its interim results for the six months ended September 30, 2002.

In the past six months, the Group adopted an aggressive marketing strategy coupled with stringent cost controls, resulting in an increase of 8.4[-]% in turnover to approximately HK$158.2[-] million as compared to the corresponding period last year. Profit attributable to shareholders also increased by 217.6[-]% to approximately HK$19.1[-] million as compared to the same period last year.

Cheng Chung Hing, Chairman of Man Sang said, “During the reporting period, the overall market sentiment has been improved with major areas of growth in Asia (including the PRC and Thailand) and North America. In addition, as the Group has increased freshwater pearls of higher grades in its product mix, the Group’s gross profit margin improved to 33.1[-]% from 30.3% when compared to the same period last year.”

Among all the pearl categories of pearls, South Sea pearls (including white and gold South Sea pearls and Tahitian black pearls) continue to perform well at its largest share constituting 52.4[-]%, the largest share, of the Group’s total turnover. The Group believes the fashion trend on for South Sea pearls, especially on for Tahitian black pearls, shall will be sustained. It will continue to enhance its promotions on for South Sea pearls to suit the market demand and to further strengthen further on the Group’s market share in this segment.

Man Sang does is not only keep on controlling costs and expenditures to enhance the effectiveness on of its operations, but also adoptings flexible marketing strategies and strengthenings sales network to provide value added services to fulfill the customers’ needs.

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Man Sang International Announces Interim Results

November 14, 2002 / P.2

Cheng Chung Hing continued, “Looking ahead, the Group will continue to strengthen its core business as well as diversify to and expand on its jewelry business. In addition, with the entry of the PRC entry of the into the WTO, the Group believes that the demand for pearl and jewelry products in the PRC will grow. As such, it is taking will surge and it will take steps to enhance its 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.

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