GRANT OF SHARE OPTIONS

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Incorporated in Bermuda with limited liability)
(Stock Code: 173)

GRANT OF SHARE OPTIONS

This announcement is made pursuant to Rule 17.06A of the Rules Governing the Listing of
Securities on The Stock Exchange of Hong Kong Limited.
The Board of Directors ("Board") of K. Wah International Holdings Limited ("Company") hereby announces that the Company has granted the following share options, subject to acceptance of the grantees, under its share option scheme adopted on 20 June 2011 with details as follows:
Date of Grant : 17 January 2012
Exercise price of share options granted
: HK$2.12 to subscribe for one ordinary share of HK$0.10 each of and in the share capital of the Company ("Share")
Number of share options granted
: 17,264,000 share options (each share option shall entitle the holder of the share option to subscribe for one Share)
Closing price of the Share on the Date of Grant
: HK$2.12 per Share
Validity period of the share options
: During the period commencing on 17 January 2012 and expiring on 16 January 2018. The share options granted cannot be exercised before 17 January 2013.
Consideration for the Grant : HK$1.00 to be paid by each grantee upon acceptance of the share options granted.

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Among the 17,264,000 share options granted, 9,674,000 share options were granted to the following Directors of the Company as follows:

Name of Director Position Number of share options granted

Dr. Che-woo Lui Chairman & Managing Director 2,358,000
Mr. Francis Lui Yiu Tung Executive Director 1,400,000
Ms. Paddy Tang Lui Wai Yu Executive Director 2,358,000
Mr. Alexander Lui Yiu Wah Executive Director 2,358,000
Dr. Cheng Mo Chi, Moses Non-executive Director 200,000
Dr. Chan Yau Hing, Robin Independent Non-executive Director 200,000
Dr. Yip Shue Lam, William Independent Non-executive Director 200,000
Professor Poon Chung
Kwong
Independent Non-executive Director 200,000
Mr. Au Man Chu Independent Non-executive Director 200,000
Mr. Wong Kwai Lam Independent Non-executive Director 200,000
The granting of options to the above grantees (including Executive Directors of the Company) have been reviewed by Remuneration Committee of the Company and approved by the Independent Non-executive Directors of the Company.
By Order of the Board
K. Wah International Holdings Limited
Chairman & Managing Director
Dr. Che-woo Lui
Hong Kong, 18 January 2012

As at the date of this announcement, the Executive Directors are Dr. Che-woo Lui (Chairman & Managing Director), Mr. Francis Lui Yiu Tung, Ms. Paddy Tang Lui Wai Yu and Mr. Alexander Lui Yiu Wah; the Non-executive Director is Dr. Moses Cheng Mo Chi and the Independent Non-executive Directors are Dr. Robin Chan Yau Hing, Dr. William Yip Shue Lam, Professor Poon Chung Kwong, Mr. Au Man Chu and Mr. Wong Kwai Lam.

Website: www.kwih.com

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