09:19     BRILLIANCE CHI<01114> - Ann. & Suspension of Trading (1)            

    The Stock Exchange of Hong Kong Limited takes no responsibility for       
    the contents of this announcement, makes no representation as to its      
    accuracy or completeness and expressly disclaims any liability            
    whatsoever for any loss howsoever arising from or in reliance upon        
    the whole or any part of the contents of this announcement.               
                                                                              
    BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED                              
    (Incorporated in Bermuda with limited liability)                          
                                                                              
    Conditional mandatory cash offer by                                       
    CLSA Limited                                                              
    on behalf of the Offerors                                                 
    to acquire all issued shares (including shares represented by ADSs)       
    in the share capital of                                                   
    Brilliance China Automotive Holdings Limited                              
    and the Employee Options                                                  
    (other than those already owned or held by the Offerors                   
    or parties acting in concert with them)                                   
                                                                              
    DESPATCH OF OFFEREE DOCUMENT                                              
    AND                                                                       
    CLARIFICATION OF PRESS ARTICLES                                           
                                                                              
    The offeree document containing, among other things, (i) a letter from    
    the board of Directors; (ii) a letter from the Independent Board          
    Committee; and (iii) a letter from SBI E2-Capital (HK) Limited, the       
    Independent Financial Adviser, has been despatched to Ordinary            
    Shareholders, holders of Ordinary Shares represented by ADSs and          
    holders of Employee Options on 23 January 2003.                           
                                                                              
    Reference is made to various recent press articles raising queries        
    concerning the Offer and information contained in previous                
    announcements made by the Company and the Board wishes to clarify such    
    queries.                                                                  
                                                                              
    At the request of the Company, trading in the Ordinary Shares will        
    be suspended with effect from 9:30 a.m. on Friday, 24 January 2003        
    pending the release of an announcement regarding the impact of the        
    order on the Offer.                                                       
                                                                              
    Reference is made to the joint announcement dated 19 December 2002        
    made by the respective board of directors of the Company and (Huachen     
    Automotive Group Holdings Company Limited)*, Messrs. Wu Xiao An (also     
    known as Ng Siu On), Hong Xing, Su Qiang (also known as So Keung) and     
    He Tao (also known as Ho To) and the board of trustees of the Foundation  
    in relation to the Offer.                                                 
                                                                              
    Unless otherwise defined, terms used herein shall have the same           
    meanings as in the Joint Announcement.                                    
                                                                              
    Despatch of Offeree Document                                              
                                                                              
    The Board wishes to announce that the Offeree Document containing,        
    among other things, (i) a letter from the Board; (ii) a letter from       
    the Independent Board Committee comprising Messrs. Wei Sheng Hong,        
    Huang Anjiang and Yi Min Li, all of whom are independent non-executive    
    Directors; and (iii) a letter from SBI E2-Capital (HK) Limited, the       
    independent financial adviser to the Independent Board Committee has      
    been despatched to Ordinary Shareholders, holders of Ordinary Shares      
    represented by ADSs and holders of Employee Options on 23 January         
    2003.                                                                     
                                                                              
    Ordinary Shareholders, holders of Ordinary Shares represented by ADSs     
    and holders of Employee Options should read the Offeree Document, in      
    particular the advice from the Independent Board Committee and the        
    Independent Financial Adviser, before taking any action with regard       
    to their Shares or Employee Options in relation to the Offer.             
                                                                              
    Clarification of recent press articles                                    
                                                                              
    Reference is made to various recent press articles raising queries        
    concerning the Offer and information contained in previous                
    announcements made by the Company and the Board wishes to clarify such    
    queries as follows.                                                       
                                                                              
    The Board wishes to state that all information contained in               
    announcements previously made by the Company was true and complete        
    and contained all the price-sensitive information which was in the        
    possession of the Directors at the time of the preparation and            
    dissemination of such announcements.