[For Immediate Release]

Man Sang International 2001/02 Annual Results

Turns around to HK$ 20.4 Million Net profit

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Actively Promotes South Sea Pearls &

Pearl Jewelry Businesses

(Hong Kong, June 28, 2002) – Man Sang International Limited (“Man Sang”) (stock code: 938) today announced its annual results for the year ended March 31, 2002.

In the year under review, the Group saw a general slow down of the economies of, and weakened business confidence in, many of the Group’s major markets, especially after the attack in New York on September 11, 2001, Man Sang posted a decrease in turnover of 9% from HK$311.1 million in 2001 to HK$282.7 million in 2002. Nevertheless, its business operations recorded a profit attributable to shareholders of approximately HK$20.4 million, in contrast to approximately HK$49.8 million loss recorded in the previous year due to a write-down in value on certain inventories.

Basic earnings per share of the Group was 3.03 Hong Kong cents. The Board of Directors does not recommend the payment of a final dividend for the year ended March 31, 2002.

Cheng Chung Hing, Chairman of Man Sang said, “With the global economy growing at a low level, this has had an unfavourable effect on the Group during the reporting year. The turnover in the last quarter, however, posted a strong rebound and recorded an increase of 17% to HK$79.6 million as against HK$68.0 million for the comparative period in last year, demonstrating our increased marketing efforts and improvement in the market sentiments.”

Of the various pearl products offered by the Group, South Sea Pearls (including white and gold South Sea pearls and Tahitian black pearls) were bestsellers, continuing to constitute the largest share of its total turnover at approximately 48%. South Sea Pearls, at present, are very popular among international fashion designers in their jewellery designs. The Group believes this fashion trend shall sustain and expects Tahitian black pearls, in particular, shall soon become a market focus. The global demand for South Sea Pearls in general shall continue to grow. To capitalise on this global market trend, Man Sang is strengthening its marketing and sales efforts for South Sea pearls by virtue of its well-established purchasing network. Such network has allowed it to purchase top quality South Sea pearls in large amounts and at competitive prices. The Group will enhance its promotional and marketing efforts for South Sea pearls in order to strengthen its market share.

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Man Sang International Announces Annual Results

June 28, 2002 / P.2

On Chinese freshwater and cultured pearls, there are signs that their supply and selling price have been stabilised. With the continuing improvement in quality of Chinese cultured pearls against Japanese cultured pearls in the past few years, the Group is shifting its sales towards the Chinese cultured pearls.

The Group also provides value-added services including jewelry design to customers to boost sales.

Cheng Chung Hing continued, “At present, the global economy has not settled into any steady trend and yet to show clear signs of recovery or growth in the near terms. Man Sang will remain responsive to the market conditions, and continues to undertake measures to control operating costs, improve quality of products and to enlarge customer base. With the entry of the PRC into the World Trade Organization, the Group is positive about the future demand for pearl and jewelry products in the PRC and will take steps to strengthen its presence there.”

Looking forward to the future, the management will keep a cautious and positive attitude towards its business development and Man Sang will continue to adopt prudent yet aggressive operating strategies, get well prepared in capturing every opportunity for further expansion and achieving the best possible returns for shareholders.

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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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