SECURITIES (DISCLOSURE OF INTERESTS) DAILY SUMMARIES - (GEM)                                                   PRINTED: 26/02/02  PAGE:   1
                                                                                      SUBSTANTIAL SHAREHOLDERS' NOTIFICATIONS REPORT

STOCK NAME :  Blu Spa                        (08176)        * ISC as at 25/02/02 :         410,000,000

Name of Sub. Shareholder   Date     Reason    Present Bal.     Previous Bal.             Share Jointly Held                          Corporate Interest                          Family Interest                  Note
------------------------ -------- ---------- ---------------  ---------------  -----------------------------------------  -----------------------------------------  ----------------------------------------- -----------
CHAN CHOI HAR IVY        19/02/02 2              136,635,670             N.A.                                             XO-HOLDINGS LTD               105,657,870                                                       

                                                                                                                          ALL RICH PACIFIC LTD           30,977,800                            

EAST POINT RESOURCES LI- 19/02/02 2               84,099,330             N.A.                                                                                                                                             
MITED                                                                                                                                                                

HEUNG SEE WAI ANGELA     19/02/02 2              105,657,870             N.A.                                                                                                                                             

LAW KIN MING ALFRED      19/02/02 2              136,635,670             N.A.                                             XO-HOLDINGS LTD               105,657,870                                                       

                                                                                                                          ALL RICH PACIFIC LTD           30,977,800                            

RAJEWSKI NATALIE N       19/02/02 2               84,099,330             N.A.                                             EAST POINT RESOURCES LT-       84,099,330                                                       
                                                                                                                          D                                          

WAH HING CONSULTANTS LI- 19/02/02 2              105,657,870             N.A.                                                                                                                                             
MITED                                                                                                                                                                

XO-HOLDINGS LIMITED      19/02/02 2              105,657,870             N.A.                                                                                                                                             


                    * ISC refers to the latest Issued Share Capital of the listed company recorded by the Exchange as at the date of this summaries.  It might not promptly reflect 
                      changes caused by share placements, rights issue, bonus issue, etc.  Readers should exercise caution when using these figures.

                                                                                               *****  END OF REPORT  *****
Notes:


N1     Consideration per unit : $0.068 - $0.070

N2     Consideration per unit : $0.067 - $0.069