Man Sang Holdings, Inc. First Quarter Announcement

NEW YORK, NY--(Marketwire - August 14, 2009) - Man Sang Holdings, Inc. (the "Company") (NYSE Amex: MHJ) announced the following, with regards to the Form-10Q filed with
the SEC this morning:

Business Review

The Group had two primary business segments during the three months ended
June 30, 2009. One business segment is engaged in the purchase, processing,
assembling, merchandising and wholesale distribution of pearls and jewelry
products ("Pearl Operations") and the other is engaged in real estate
development and real estate leasing ("Real Estate Operations"). Net sales
for the three months ended June 30, 2009 decreased by HK$40.8 million to
HK$48.6 million, consisting of HK$45.4 million attributable to Pearl
Operations and HK$3.2 million attributable to Real Estate Operations.

Gross Profit

Gross profit decreased by HK$21.1 million, or 57.7%, from HK$36.6 million
for the three months ended June 30, 2008 to HK$15.5 million for the three
months ended June 30, 2009, consisting of HK$13.5 million attributable to
our Pearl Operations and HK$2.0 million attributable to our Real Estate
Operations.

Net income attributable to Man Sang Holdings, Inc. decreased by HK$3.5
million, or 83.4%, from HK$4.2 million for the three months ended June 30,
2008 to HK$0.7 million for the three months ended June 30, 2009.

Pearl Operations

Net sales attributable to our Pearl Operations decreased by HK$36.4
million, or 44.5%, from HK$81.8 million for the three months ended June 30,
2008 to HK$45.4 million for the three months ended June 30, 2009. Decreases
in net sales attributable to our Pearl Operations were primarily due to a
decrease in market demand in the United States and other regions due to the
current global economic contraction and recession. Net sales to the United
States market decreased by HK$9.5 million, or 52.0%, from HK$18.3 million
for the three months ended June 30, 2008 to HK$8.8 million for the three
months ended June 30, 2009. Net sales to the Europe market decreased by
HK$8.5 million, or 23.6%, from HK$36.1 million for the three months ended
June 30, 2008 to HK$27.6 million for the three months ended June 30, 2009.

Gross profit attributable to our Pearl Operations decreased by HK$18.5
million, or 57.9%, from HK$32.0 million for the three months ended June 30,
2008 to HK$13.5 million for the three months ended June 30, 2009. Gross
profit margin decreased from 39.1% for the three months ended June 30, 2008
to 29.6% for the three months ended June 30, 2009. The decrease in gross
profit margin was primarily due to the mounting pressures to cut prices
amid the current global economic downturn.

Real Estate Operations

Net sales attributable to our Real Estate Operations decreased by HK$4.3
million, or 57.3%, from HK$7.5 million for the three months ended June 30,
2008 to HK$3.2 million for the three months ended June 30, 2009. The
decrease was primarily due to a decrease in demand for shops and booths in
China Pearls and Jewellery City, as a result of a decrease in consumer
demand for pearls and jewelry.

Gross profit attributable to our Real Estate Operation decreased by HK$2.6
million or 56.2% from HK$4.6 million for the three months ended June 30,
2008 to HK$2.0 million for the three months ended June 30, 2009. Gross
profit margin attributable to our Real Estate Operation increased from
61.1% for the three months ended June 30, 2008 to 62.7% for the three
months ended June 30, 2009. Gross profit margin varied depending on the
location of the shop or booth unit in China Pearls and Jewellery City. More
centrally located shop and booth units command relatively higher prices.

Gross rental income decreased by HK$0.2 million, or 2.7%, from HK$6.0
million for the three months ended June 30, 2008 to HK$5.8 million for the
three months ended June 30, 2009. The decrease was primarily attributable
to a decrease of HK$0.5 million in rental income attributable to Man Sang
Industrial City, due to a decrease in occupancy rate from 87% as of June
30, 2008 to 82% as of June 30, 2009. The decrease was partially offset by
an increase of HK$0.3 million in rental income attributable to China Pearls
and Jewellery City.

Future Trends

Despite signs of stabilization in economic conditions following a series of
stimulus measures, there is still a high degree of economic uncertainty
which makes it difficult for us to assess credit and capital markets, the
future direction of economic conditions and the further effects these
factors could have on the global economy. Customers remain cautious about
increasing their levels of inventories, which adversely affects demand for
our products in our Pearl Operations. In the meantime, investor demand for
real estate in the PRC has declined significantly reflecting a reduction of
capital invested in the market. A further recessionary economic cycle,
higher levels of unemployment, higher consumer debt levels, or other
economic factors could further adversely affect our results of operations.

Looking ahead, we anticipate the global economic environment will continue
to stabilize and recover slowly over the coming year. We will continue to
monitor the effects of the financial crisis in the markets where we operate
and to adopt appropriate business and financial management policies in
order to capture business growth opportunities when economic conditions
improve.

Complete filing can be found on the SEC website at:
http://www.sec.gov/cgi-bin/browse-edgar?company=MAN+SANG+HOLDINGS+INC&match=&CIK=&filenum=&State=&SIC=&owner=
include&action=getcompany

ABOUT MAN SANG HOLDINGS, INC.

Man Sang Holdings, Inc. is principally engaged through subsidiaries in the
purchasing, processing, assembling, merchandising and wholesale
distribution of pearls, pearl jewelry products and jewelry products. In
addition, Man Sang Holdings, Inc., through its subsidiaries, owns and
operates commercial real estate for lease and sale in Hong Kong and the
People's Republic of China.

This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, which are, by
their nature, subject to risks and uncertainties. This Act provides a
"safe harbor" for forward-looking statements to encourage companies to
provide prospective information about themselves so long as they identify
these statements as forward-looking and provide meaningful cautionary
statements identifying important factors that could cause actual results to
differ from the projected results. All statements, including statements
regarding industry prospects and future results of operations or financial
position, made in this press release are forward looking.

Words such as "may," "believes," "will," "expect," "project," "estimate,"
"intend," "anticipate," "plan," "continue"" and similar expressions may
identify forward-looking statements. These forward-looking statements
include, without limitation, statements relating to: the Company's future
performance, the Company's expansion efforts, the state of economic
conditions and the Company's market. These forward-looking statements are
based on assumptions and analyses made by the Company in light of its
experience and perception of historical trends, current conditions and
expected future developments, as well as other factors the Company believes
to be appropriate in particular circumstances. However, whether actual
results and developments will meet the Company's expectations and
predictions depends on a number of known and unknown risks and
uncertainties and other factors, any or all of which could cause actual
results, performance or achievements to differ materially from the
Company's expectations, whether expressed or implied by such
forward-looking statements (which may relate to, among other things, the
Company's sales, costs and expenses, income, inventory performance, and
receivables).

Primarily engaged in the processing and trading of pearls and pearl jewelry
products, and in real estate investment, the Company's ability to achieve
its objectives and expectations are derived at least in part from
assumptions regarding economic conditions, consumer tastes, and
developments in its competitive environment. The following assumptions,
among others, could materially affect the likelihood that the Company will
achieve its objectives and expectations communicated through these
forward-looking statements: (i) that low or negative growth in the
economies or the financial markets of its customers, particularly in the
United States and in Europe, will not occur and reduce discretionary
spending on goods that might be perceived as "luxuries"; (ii) that the Hong
Kong dollar will remain pegged to the US dollar at US$1 to HK$7.8; (iii)
that customer's choice of pearls vis-à-vis other precious stones and metals
will not change adversely; (iv) that the Company will continue to obtain a
stable supply of pearls in the quantities, of the quality and on terms
required by the Company; (v) that there will not be a substantial adverse
change in the exchange relationship between the renminbi ("RMB") and the
Hong Kong or US dollar; (vi) that there will not be substantial increase in
tax burden of subsidiaries of the Company operating in the PRC; (vii) that
there will not be substantial change in climate and environmental
conditions at the source regions of pearls that could have material effect
on the supply and pricing of pearls; and (viii) that there will not be
substantial adverse change in the real estate market conditions in the PRC
and in Hong Kong.

The discussion of our results of operation, and liquidity and capital
resources should be read in conjunction with the financial statements and
the notes thereto included elsewhere in this release and Form 10-K and with
the Company's quarterly report on Form 10-Q, both of which can be obtained
on the Company's website on www.man-san.com. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak only
as of the date of this release. The Company will not publicly release any
revisions to these forward-looking statements after the date hereof.
Readers are urged, however, to review the factors set forth in reports that
the Company files from time to time with the Securities and Exchange
Commission.