SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

(Mark one)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

                For the quarterly period ended September 30, 1998

                                       OR

[  ] TRANSITION  REPORT  PURSUANT  TO SECTION  13 OR 15(d) OF THE  SECURITIES
     EXCHANGE ACT OF 1934

               For the transition period from ________to________.

                           Commission File No. 0-22049

                                 S.W. LAM, INC.
             (Exact name of registrant as specified in its charter)

           Nevada                                         62-1563911
--------------------------------                --------------------------------
(State or other jurisdiction                   (IRS Employer Identification No.)
 of incorporation or organization)

             Unit 25-32, 2nd Floor, Block B, Focal Industrial Centre
                       Man Lok Street, Hunghom, Hong Kong
             -------------------------------------------------------
                    (Address of principal executive offices)

                                 (852) 2766 3688
               --------------------------------------------------
              (Registrant's telephone number, including area code)


              ----------------------------------------------------
              (Former name, former address and formal fiscal year,
                         if changed since last report)

     Check  whether  the issuer (1) filed all  reports  required  to be filed by
section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing requirements for the past 90 days. Yes X No

     As of September 30, 1998,  12,800,000  shares of Common Stock of the issuer
were outstanding.

<PAGE>

                         S.W. LAM, INC. AND SUBSIDIARIES
                         -------------------------------
                                      INDEX



                                                                          Page
                                                                         Number
                                                                         ------
PART I - FINANCIAL INFORMATION

  Item 1.  Financial Statements

           Consolidated Balance Sheets - September 30, 1998 and 
           March 31, 1998..................................................   1

           Consolidated Statements of Operations - For the three 
           months and six months ended September 30, 1998 and 1997.........   2

           Consolidated Statements of Cash Flows - For the six
           months ended September 30, 1998 and 1997........................   3

           Notes to Consolidated Financial Statements......................   4

  Item 2.  Management's Discussion and Analysis of Financial Condition
           and Results of Operations.......................................   5

PART II - OTHER INFORMATION

  Item 6.  Exhibits and Reports on Form 8-K................................   9

SIGNATURES.................................................................  10

<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1 - Financial Statements

                         S.W. LAM, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                    (US$,000)
                                   (Unaudited)

                                                       March 31,   September 30,
ASSETS                                                   1998          1998     
                                                       ---------   -------------
Current assets:
  Cash and cash equivalents                            $ 2,094       $ 4,739
  Accounts receivable, net                              10,248        11,483
  Inventory                                             13,077        14,818
  Due from a director                                        -           669
  Prepayments and other current assets                     395           677
                                                       -------       -------
     Total current assets                               25,814        32,386

Property, plant and equipment, and capital 
  leases, net                                           19,853        19,736
                                                       -------       -------
     Total assets                                      $45,667       $52,122
                                                       =======       =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Short-term bank borrowings                           $ 5,618       $ 9,753
  Long-term bank loans, current portion                    293           253
  Capital lease obligations, current portion             1,106         1,178
  Accounts payable                                       2,880         3,161
  Accrued liabilities                                    4,880         4,992
  Convertible short term loan                           10,000             -
  Income tax payable                                     1,173         1,736
  Due to director                                        1,034             -
                                                       -------       -------
     Total current liabilities                          26,984        21,073

Long-term bank loans, non-current portion                1,189         1,073
Capital lease obligations, non current portion           1,933         1,457
Deferred taxation                                        1,283         1,283
                                                       -------       -------
      Total liabilities                                 31,389        24,886
                                                       -------       -------
Stockholders' Equity:
  Preferred stock                                            0             0
  Common stock                                              13            13
  Additional paid-in capital                               511           511
  Minority interest                                          0        10,000
  Retained earnings                                     13,628        16,563
  Cumulative translation adjustments                       126           149
                                                       -------       -------
     Total stockholders' equity                         14,278        27,236
                                                       -------       -------
     Total liabilities and stockholders' equity        $45,667       $52,122
                                                       =======       =======

    The accompanying notes are an integral part of these financial statements


                                       1
<PAGE>

                         S.W. LAM, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                        (US$,000, except per share data)
                                   (Unaudited)

<TABLE>

                                          Three Months Ended           Six Months Ended
                                             September 30,              September 30,
                                       ----------------------     -----------------------       
                                        1997          1998         1997            1998
                                       ------       -------       ------          -------
<S>                                   <C>         <C>            <C>             <C>    

Revenues:
  Net sales                          $ 14,107     $ 15,460      $ 26,459       $ 31,463
  Subcontracting fees                   1,352          717         2,927          1,196
                                      -------      -------       -------        -------

        Total revenues                 15,459       16,177        29,386         32,659

Cost of sales and services            (11,982)     (11,755)      (22,309)       (24,355)
                                      -------      -------       -------        -------
        Gross profit                    3,477        4,422         7,077          8,304

Selling, general and
 administrative expenses               (1,750)      (2,835)       (3,159)        (4,188)
                                      -------      -------       -------        -------
        Operating income                1,727        1,587         3,918          4,116
                                      -------      -------       -------        -------
Other income (expense), net:
  Interest expenses                      (212)        (377)         (741)          (715)
  Interest income                          65          109            72            175
  Other income                             22          (98)           83            (78)
        Total other income            -------      -------       -------        -------
          (expense), net                 (125)        (366)         (586)          (618)
                                      -------      -------       -------        -------
Income before income taxes              1,602        1,221         3,332          3,498

Provision for income taxes               (134)        (149)         (276)          (563)
                                      -------      -------       -------        -------
Net income                            $ 1,468      $ 1,072       $ 3,056        $ 2,935
                                      =======      =======       =======        =======
Basic income per share                $  0.11      $  0.08       $  0.24        $  0.23
                                      =======      =======       =======        =======
Weighted average shares
 outstanding                       12,800,000   12,800,000    12,800,000     12,800,000
                                   ==========   ==========    ==========     ==========
</TABLE>

        The accompanying notes are an integral part of these consolidated
                              financial statements


                                       2
<PAGE>


                         S.W. LAM, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                    (US$,000)
                                   (Unaudited)

<TABLE>
                                                                 Six Months Ended September 30,
                                                                 ------------------------------
                                                                    1997               1998   
                                                                 ----------          ----------
<S>                                                              <C>                 <C>

Cash flows from operating activities:
Net income                                                          3,056             2,935
Adjustments to reconcile net income to net cash
    provided by operating activities -
    Depreciation of property, plant and equipment                   1,044             1,786
(Increase) Decrease in operating assets -
    Accounts receivable, net                                         (638)           (1,235)
    Inventories                                                    (1,869)           (1,741)
    Prepayments and other current assets                           (1,505)             (282)
    Due from a director                                              (317)           (1,703)
(Decrease) Increase in operating liabilities -
     Accounts payable                                                 140               281
     Deposits from customers                                       (1,013)                -
     Accrued liabilities                                               20               112
     Income taxes payable                                             276               563
                                                                   -------           -------
     Net cash provided by operating activities                       (806)              716
                                                                   -------           -------
Cash flows from investing activities:
Additions to property, plant and equipment                         (6,965)           (1,669)
                                                                   -------           -------
      Net cash used in investing activities                        (6,965)           (1,669)
                                                                   -------           -------
Cash flows from financing activities:
Net proceeds from issuance of preference share by a subsidiary          -            10,000
Net increase in short-term bank borrowings                           2,861            4,135
Net (decrease) increase in convertible short-term loan              10,000          (10,000)
Additions of capital lease obligations                                  92            2,138
Repayment of capital element of capital lease obligations             (237)          (2,542)
Additions of long-term bank loans                                      388                -
Repayment of long-term bank loans                                     (147)            (156)
                                                                    -------          -------
       Net cash provided by financing activities                    12,957            3,575
                                                                    -------          -------
Effect of exchange rate changes in cash                                  4               23
                                                                    -------          -------
Net increase in cash                                                 5,190            2,645
Cash and cash equivalents, as of beginning of period                    94            2,094
                                                                    -------          -------
Cash and cash equivalents, as of end of period                     $ 5,284          $ 4,739
                                                                    =======          =======
</TABLE>

        The accompanying notes are an integral part of these consolidated
                              financial statements


                                       3
<PAGE>

                         S.W. LAM, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)
                               September 30, 1998

1.   INTERIM PRESENTATION

     The interim consolidated  financial statements are prepared pursuant to the
     requirements  for  reporting  on Form 10-Q.  These  statements  include the
     accounts of S.W. Lam,  Inc. and all of its wholly owned and majority  owned
     subsidiary  companies.  The March 31, 1998  balance  sheet data was derived
     from  audited  financial  statements  but does not include all  disclosures
     required by generally accepted accounting principles. The interim financial
     statements  and  notes  thereto  should  be read in  conjunction  with  the
     financial  statements and notes included in the Company's Form 10-K for the
     year ended  March 31,  1998.  In the  opinion of  management,  the  interim
     financial  statements  reflect all adjustments of a normal recurring nature
     necessary  for a fair  statement  of the results  for the  interim  periods
     presented.  The current period  results of operations  are not  necessarily
     indicative of results which  ultimately  will be reported for the full year
     ending March 31, 1999.

2.   CURRENCY PRESENTATION AND FOREIGN CURRENCY TRANSLATION

     The translation of the financial  statements of group companies into United
     States  Dollars is  performed  for balance  sheet  accounts  using  closing
     exchange  rates in effect at the  balance  sheet date and for  revenue  and
     expense accounts using average exchange rate during each reporting  period.
     The gains or losses resulting from translation are included in shareholders
     equity separately as cumulative translation adjustments.



                                       4
<PAGE>

Item 2. Management's  Discussion and Analysis Of Financial Condition And Results
        Of Operations

     This  report  contains  forward-looking  statements  within the  meaning of
Section 27A of the Securities Act of 1933 and Section 21E of Securities Exchange
Act of 1934.  Statements  contained  herein which are not  historical  facts are
forward-looking  statements that involve risks and uncertainties.  All phases of
the Company's  operations  are subject to a number of  uncertainties,  risks and
other influences.  Therefore,  the actual results of the future events described
in such  forward-looking  statements  in this Form 10-Q could differ  materially
from those stated in such  forward-looking  statements.  Among the factors which
could  cause  the  actual  results  to  differ  materially  are  the  risks  and
uncertainties described both in this Form 10-Q and the risks,  uncertainties and
other factors set forth from time to time in the Company's other public reports,
filings and public  statements.  Many of these factors are beyond the control of
the Company,  any of which, or a combination of which,  could materially  affect
the  results  of  the  Company's  operations  and  whether  the  forward-looking
statements made by the company ultimately prove to be accurate.

Results Of Operations

     The following table sets forth,  for the periods  indicated,  certain items
from the  Consolidated  Statements  of  Operations  expressed as a percentage of
total revenues.

                                  Quarter Ended            Six Months Ended
                                   September 30,             September 30,      
                               --------------------      --------------------
                               1997            1998      1997            1998
                               ----            ----      ----            ----

Net sales                      91.3 %          95.6 %    90.0 %           96.3 %
Subcontracting fees             8.7             4.4      10.0              3.7
 Total revenues               100.0           100.0     100.0            100.0
Cost of sales                  77.5            72.7      75.9             74.6
Gross profit                   22.5            27.3      24.1             25.4
Operating expenses             11.3            17.5      10.8             12.8
Income from operations         11.2             9.8      13.3             12.6
Other income (expense), net   (0.8)           (2.3)     (2.0)            (1.9)
Income before income taxes     10.4             7.5      11.3             10.7
Income taxes                    0.9             0.9       0.9              1.7
Net income                      9.5             6.6      10.4              9.0

Quarter Ended September 30, 1998 Compared to Quarter Ended September 30, 1997

     Revenues and Gross Profit.  Total revenues increased $0.7 million, or 4.6%,
to $16.2 million for the quarter ended September 30, 1998 from $15.5 million for
the quarter ended September 30, 1997.  Sales of Company products were up 9.6% to
$15.5 million  during the current  period  compared to $14.1 million  during the
same period in the prior fiscal year.  Subcontracting fees decreased by 46.9% to
$0.7 million in the current  period from $1.4 million  during the same period in
the prior fiscal year.


                                       5
<PAGE>

     The  increase  in  sales  for the  quarter  ended  September  30,  1998 was
attributable  to  the  introduction  of new  products  and  increased  marketing
efforts.  Net sales for the quarter ended  September 30, 1998 declined 3.4% from
the prior fiscal quarter level and  year-over-year  sales growth declined during
the quarter ended September 30, 1998 to 10.9% from 58.4% during the prior fiscal
quarter.  The  decrease in net sales and growth  rate during the latest  quarter
when  compared  to the  prior  quarter  was  attributable  to  adverse  economic
conditions  during the  quarter in the Asia  Pacific  region.  The  decrease  in
subcontracting fees for the quarter was attributable to increased  concentration
on the  manufacturing  of products  designed by the Group as opposed to products
manufactured  on a  subcontract  basis in order to raise the Group's  brand name
recognition.

     Geographically, within Southeast Asia (including Hong Kong and the PRC) the
Company's  sales  decreased  12.9% to $7.4  million  during  the  quarter  ended
September  30, 1998 from $8.5 million  during the same period in the prior year.
Sales within  Southeast Asia accounted for 48% of total sales during the quarter
as compared to 59.9% during the same period in the prior year.  Sales within the
region were adversely impacted by continuing economic weakness in Southeast Asia
during the period,  which weakness was partially  offset by increased  marketing
efforts. Sales in Hong Kong declined approximately 55.1% to $1.1 million for the
quarter ended  September,  30, 1998 from $2.4 million for the same period of the
prior year. Sales in the PRC were up during the quarter ended September 30, 1998
due  to  stable  economic   conditions   relative  to  the  region,   increasing
approximately  19.2% to $3.8 million for the quarter  ended  September  30, 1998
from $3.2 million in the same period of the prior year.  Sales in Southeast Asia
(not  including  Hong Kong and the PRC) during the quarter  ended  September 30,
1998 were down due to  adverse  economic  conditions,  decreasing  12.5% to $2.5
million for the quarter  ended  September 30, 1998 from $2.8 million in the same
period of the prior year.

     Outside of Asia (in the United  States,  Europe and the Middle  East),  the
Company  experienced a 42.6%  increase in sales with these sales  accounting for
52% of total sales in the quarter ended  September 30, 1998 as compared to 40.1%
of total  sales in the same  period of the prior  year.  The  increase  in sales
outside of Asia was driven by  increased  marketing  efforts and strong  product
demand which accompanied strong economic  conditions in those regions.  Sales in
Europe  increased  approximately  192.2% to $3.7  million for the quarter  ended
September 30, 1998 from $1.3 million in the same period of the prior year. Sales
in the Middle  East were down  during the  quarter  ended  September  30,  1998,
decreasing  approximately  19.6% to $1.7  million  from $2.1 million in the same
period of the prior year.  Sales in the United  States  increased  approximately
16.7% to $2.6  million  during the quarter  ended  September  30, 1998 from $2.3
million in the same period of the prior year.

     Gross profits  increased by 27.2% to $4.4 million  during the quarter ended
September 30, 1998 from $3.5 million  during the same period in the prior fiscal
year.  Gross margins  increased from 22.5% of revenues  during the quarter ended
September  30, 1997 to 27.3% during the quarter ended  September  30, 1998.  The
increase in gross profits was  principally  attributable  to the increase in net
sales.  The  increase  in gross  profit  percentage  during  the  quarter  ended
September  30,  1998  was  primarily   attributable  to  cost  control  measures
implemented by management.

     Operating  Expenses.  Operating  expenses  totaled $2.8 million  during the
quarter ended  September  30, 1998,  up 62%,  from $1.7 million  during the same
period in the prior fiscal year.  The  principal  components  of the increase in
operating  expenses  during the quarter were marketing  expenses,  depreciation,
salary and wages to support planned sales growth.


                                       6
<PAGE>

     Other Expense, Net. Other expenses,  net of other income,  increased during
the quarter  ended  September  30, 1998 to  $366,000  from  $125,000 in the same
period  during  the  prior  year.   The  increase  in  net  other  expenses  was
attributable  to (1) an  increase  in  interest  expense  during  the  period of
$165,000  which  resulted  from a higher  level of bank  borrowings  during  the
quarter,  and (2) an adverse  swing in other income of $120,000  which  resulted
from an increase in bank charges during the current  period and the  recognition
of a nonrecurring  gain from an insurance  claim during the prior period;  which
were  partially  offset by an  increase  in  interest  income of  $44,000  which
resulted from an increase in cash generated by operations.

     Income  Taxes.  Income  taxes  increased  by 11.2% to  $149,000  during the
quarter ended  September  30, 1998 from  $134,000  during the same period in the
prior  year.  The  increase  in income  taxes  during the  period was  primarily
attributable to provision for a higher effective tax rate for the current period
in Hong Kong  pending  the  resolution  of the  Company's  offshore  claims with
respect to prior periods.

Six Months Ended  September 30, 1998 Compared to Six Months Ended  September 30,
1997

     Revenues and Gross  Profit.  For the six months ended  September  30, 1998,
total revenues increased $3.3 million, or 11.1%, to $32.7 million as compared to
total revenues of $29.4 million during the six months ended  September 30, 1997.
Sales of Company  products were up 18.9% to $31.5 million  during the six months
ended  September 30, 1998 compared to $26.5 million  during the six months ended
September  30,  1997.  Subcontracting  fees  decreased  by 59.1% to $1.2 million
during the six months ended  September 30, 1998 compared to $2.9 million  during
the six months ended September 30, 1997.

     The  increase  in sales for the six months  ended  September  30,  1998 was
attributable  to  the  introduction  of new  products  and  increased  marketing
efforts.  The decrease in subcontracting fees for the period was attributable to
increased  concentration on the  manufacturing of products designed by the Group
as opposed to products manufactured on a subcontract basis in order to raise the
Group's brand name recognition.

     Geographically, within Southeast Asia (including Hong Kong and the PRC) the
Company's  sales  decreased  2.9% to $15.4  million  during the six months ended
September 30, 1998 from $15.9 million  during the same period in the prior year.
Sales within  Southeast  Asia accounted for 49% of total sales during the period
as compared to 60% during the same  period in the prior year.  Sales  within the
region were adversely impacted by continuing economic weakness in Southeast Asia
during the period,  which weakness was partially  offset by increased  marketing
efforts.  Sales in Hong Kong declined  approximately 44% to $2.5 million for the
six months  ended  September,  30, 1998 from $4.5 million for the same period of
the prior year.  Sales in the PRC were up during the six months ended  September
30, 1998 due to stable economic  conditions  relative to the region,  increasing
approximately  24.1% to $7.6 million for the six months ended September 30, 1998
from $6.1 million in the same period of the prior year.  Sales in Southeast Asia
(not including Hong Kong and the PRC) were unchanged at $5.1 million during both
the six months ended September 30, 1998 and September 30, 1997


                                       7
<PAGE>

     Outside of Asia (in the United  States,  Europe and the Middle  East),  the
Company  experienced a 51.6%  increase in sales with these sales  accounting for
51% of total sales in the six months ended September 30, 1998 as compared to 40%
of total  sales in the same  period of the prior  year.  The  increase  in sales
outside of Asia was driven by  increased  marketing  efforts and strong  product
demand which accompanied strong economic  conditions in those regions.  Sales in
Europe increased  approximately  217.1% to $7.6 million for the six months ended
September 30, 1998 from $2.4 million in the same period of the prior year. Sales
in the Middle East were down during the six months  ended  September  30,  1998,
decreasing  approximately  12.8% to $3.5  million  from $4.0 million in the same
period of the prior year.  Sales in the United  States  increased  approximately
18.9% to $5 million  during the six months  ended  September  30, 1998 from $4.2
million in the same period of the prior year.

     For the six months ended September 30, 1998, gross profits  increased 17.3%
to $8.3  million  from $7.1  million  during the same period in the prior fiscal
year. Gross margins increased from 24.1% of revenues during the six months ended
September 30, 1997 to 25.4% during the six months ended  September 30, 1998. The
increase in gross profits was mainly  attributable to the increase in net sales.
The  increase  in gross  profit  percentage  during the six month  period  ended
September  30,  1998  was  primarily   attributable  to  cost  control  measures
implemented by management.

     Operating Expenses.  Operating expenses totaled $4.2 million during the six
months ended  September  30, 1998, up 32.6%,  from $3.2 million  during the same
period in the prior fiscal year.  The  principal  components  of the increase in
operating  expenses  during the period  were  marketing  expense,  depreciation,
salary and wages to support planned sales growth.

     Other Expense, Net. Other expenses,  net of other income,  increased during
the six months ended  September  30, 1998 to $618,000  from $586,000 in the same
period  during  the  prior  year.   The  increase  in  net  other  expenses  was
attributable to an adverse swing in other income of $161,000 which resulted from
an increase in bank charges during the current  period and the  recognition of a
nonrecurring  gain from an insurance  claim during the prior period;  which were
partially  offset by (1) a decrease  in  interest  expense  during the period of
$26,000  which  resulted  from the maturity of a  convertible  loan on March 19,
1998, and (2) an increase in interest  income of $103,000 which resulted from an
increase in cash generated by operations.

     Income  Taxes.  Income taxes  increased by 104% to $563,000  during the six
month period ended  September 30, 1998 from  $276,000  during the same period in
the prior year.  The increase in income  taxes  during the period was  primarily
attributable to provision for a higher effective tax rate for the current period
in Hong Kong  pending  the  resolution  of the  Company's  offshore  claims with
respect to prior periods.

Financial Condition, Liquidity and Capital Resources

     The Company had a cash balance of $4.7 million and working capital of $11.3
at September  30, 1998  compared to a cash balance of $2.1 million and a deficit
in working  capital of $1.2 million at March 31,  1998.  The increase in cash is
attributable  to a combination  of the income during the period and increases in
short-term bank borrowing.  The increase in working capital was  attributable to
restructuring  and  capitalization  of  the  convertible  note  into  redeemable
preferred share capital of a subsidiary of the Company.


                                       8
<PAGE>

     For the six months ended  September 30, 1998 net cash provided in operating
activities  amounted to $0.7  million as compared to net cash used by  operating
activities of $0.8 million for the corresponding  period of the prior year. This
change resulted from a smaller  increase in prepayments and other current assets
during the current period and a smaller decrease in customer  deposits which was
partially  offset by  increases  in accounts  receivable  and amounts due from a
director.

     Net cash used in investing  activities decreased to $1.7 million during the
six months ended  September 30, 1998 from $7 million during the six months ended
September 30, 1997. This decrease was  attributable to a decrease in acquisition
of machinery and equipment during the current period.

     Net cash provided by financing  activities decreased to $3.6 million during
the six months ended  September 30, 1998 from $13 million  during the six months
ended  September 30, 1997.  This decrease was  attributable to the conversion to
preferred stock of the  convertible  loan of $10 million during prior year while
such loan does not reoccur during the six months ended September 30, 1998.

     At September 30, 1998, the Company had long term debt totaling $3.8 million
compared to long term debt at March 31, 1998 of $4.4  million.  The  decrease in
long term debt was primarily  attributable  to the repayment of the principal of
the loan  while no new long term bank loan was  acquired  during  the six months
ended September 30, 1998 .

     Management  believes  that based on its current  financial  condition,  the
Company's  cash  and  working  capital  is  sufficient  to  meet  the  Company's
anticipated needs for at least the next twelve months.

                           PART II - OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K

     (a)  Exhibits

          27.1 Financial Data Schedule

     (b)  Reports on Form 8-K

          None


                                       9
<PAGE>
                                   SIGNATURES

     In accordance  with the  requirements  of the Exchange Act, the  registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                             S.W. LAM, INC.


Dated:   February 2, 1999               By: /s/ Lam Sai Wing
                                            --------------------------- 
                                            Lam Sai Wing, President and
                                            Chief Executive Officer

Dated:   February 2, 1999               By: /s/ Chan Yam Fai, Jane     
                                            ---------------------------     
                                            Chan Yam Fai, Jane
                                            Chief Financial Officer