For immediate release

Hong Kong, February 22, 2001 - ICG Asia (HKSE: 0715) today announced the appointment of Joseph Kim as its Deputy Chairman, President and Chief Executive Officer and the expansion of business scope into Japan through combining the operations of ICG Asia and ICG Japan. Kim will lead the combined operations.

These steps will help in positioning ICG Asia as a leading pan-Asian IT company with business units operating seamlessly throughout the region. To date, Kim has been responsible for ICG' s Japan operations as President and CEO of ICG Japan K.K. Kim is also a Managing Director of Internet Capital Group (NASDAQ: ICGE) of the U.S.

"We are fully committed to continuing our strong presence in Hong Kong and Asia and building great and profitable technology businesses together with our partners. Notwithstanding, the sheer size and potential of the Japanese IT market is extremely exciting for our shareholders. Combining both operations allows us to effectively seek out great opportunities across Asia, share key relationships and partnerships, and develop business initiatives on a larger scale. We believe that this will benefit ICG Asia shareholders," said Kim.

Kim continued: "We will focus on building strong businesses in IT services, enterprise software, B2B eCommerce and wireless technology. We will identify the unique opportunities that exist in each of the markets across Asia, and allocate resources to initiatives that will maximize shareholder value in the long term."

Victor Hwang, who resigned as Deputy Chairman and CEO of ICG Asia, will assist and support in Kim's transition as CEO of the combined operations. "In conjunction with ICG Asia's geographic expansion, the company and I agreed that it would be most appropriate for Joe Kim to assume the role of Deputy Chairman, President and CEO of ICG Asia. Joe is an accomplished, talented leader and I am glad that ICG Asia and its shareholders are in good hands," said Hwang.

Issued on behalf of ICG Asia Ltd by Ketchum Newscan:
For further inquiries, please contact:
Ketchum Newscan
David Clarke
david.clarke@knprhk.com
Tel: 3141 8023

Shufen Tan
shufen.tan@knprhk.com
Tel: 3141 8012

ICG Asia Ltd. (HKSE: 0715)

ICG Asia Ltd. is ICG's exclusive platform in Asia Pacific. It is a leading builder of Asia-focused B2B technology companies. ICG Asia's core focus encompass B2B e-Commerce, enterprise software, IT services, and wireless broadband technologies. Established in May of 2000, ICG Asia is a publicly traded company on the Hong Kong Stock Exchange in which ICG has majority interest.

Joseph J. Kim
ICG Asia Ltd., Deputy Chairman, President & CEO

Joseph Kim is Deputy Chairman, President and CEO of ICG Asia Ltd. Previously, Joe has been President and CEO of ICG Japan K.K. ICG's Japanese operations continue to report to Joe. In addition, Joe is a Managing Director of ICG U.S. Prior to joining ICG, Joe was Senior Managing Director of H&Q Asia Pacific, the venture capital firm. Joe is a graduate of Harvard University and of Cambridge University.