09:14     SHENZHEN DONGJIANG ENVIRONMENTAL COMPANY LTD <08230>-Ann (2)        

    Shares for subscription and the Vendors to convert up to 2,320,000        
    Domestic Shares to 2,320,000 additional Sale H Shares at the Placing      
    Price, altogether representing approximately 15% of the number of         
    Shares initially available under the Placing. These H Shares will be      
    issued at the Placing Price for the purpose of covering                   
    over-allocations in the Placing, if any. An announcement will be made     
    if the Over-allotment Option is exercised.                                
                                                                              
    Application has been made to the GEM Listing Committee of the Stock       
    Exchange for the listing of and permission to deal in the H Shares of     
    RMB0.10 each in the share capital of the Company in issue and to be       
    issued as described in the Prospectus including any additional H          
    Shares which may be issued upon the exercise of the Over-allotment        
    Option. Dealings in the H Shares on GEM are expected to commence at       
    9:30 a.m. on Wednesday, 29 January, 2003.                                 
                                                                              
    If the GEM Listing Committee of the Stock Exchange grants the             
    listing of, and permission to deal in, the H Shares on GEM and the        
    Company complies with the stock admission requirements of HKSCC, the      
    H Shares will be accepted as eligible securities by HKSCC for             
    deposit, clearance and settlement in the Central Clearing and             
    Settlement System (`CCASS') with effect from the date of commencement     
    of dealings in the H Shares on GEM or on any other date HKSCC             
    chooses. Settlement of transactions between participants of the Stock     
    Exchange is required to take place in CCASS on the second business        
    day after any trading day. All activities under CCASS are subject to      
    the General Rules of CCASS and CCASS Operational Procedures in effect     
    from time to time.                                                        
                                                                              
    The announcement of the results of allotment of the Placing is            
    expected to be published on the GEM website before 9:00 a.m. on           
    Tuesday, 28 January, 2003.                                                
                                                                              
                                                                              
    By order of the Board                                                     
    Shenzhen Dongjiang Environmental Company Limited                          
    Zhang Wei Yang                                                            
    Chairman                                                                  
                                                                              
    Hong Kong, 23 January, 2003                                               
                                                                              
    This announcement and a copy of the Prospectus will remain on the         
    GEM website at http://www.hkgem.com for 7 days from the day of its        
    posting.