10:11     WING ON TRAVEL<01189>& CHINA STRATEGIC<00235>-JA & Resume(4)        

    Placing Agreement will not proceed. Further announcement will be made by  
    Wing On Travel as and when appropriate in relation to the fulfillment     
    of the conditions of the Second Placing Agreement.                        
                                                                              
    AUTHORITY TO ISSUE THE SUBSCRIPTION SHARES                                
                                                                              
    The 3,660 million Subscription Shares under the First Placing Agreement   
    are to be issued by Wing On Travel under the General Mandate (which as    
    at the date of this announcement, allows Wing On Travel to issue or deal  
    with up to 3,663,346,554 new Shares). The 2,340 million Subscription      
    Shares under the Second Placing Agreement are to be issued by Wing On     
    Travel pursuant to Independent Shareholders approval, if obtained. Wing   
    On Travel will apply to the Listing Committee for the listing of, and     
    permission to deal in, the Subscription Shares.                           
                                                                              
    RANKING OF SUBSCRIPTION SHARES                                            
                                                                              
    The Subscription Shares, when issued and fully paid, will rank pari       
    passu in all respects with the Shares in issue on the date of allotment   
    and issue of the Subscription Shares including the right to any           
    dividends or distributions.                                               
                                                                              
    CHANGES IN SHAREHOLDING OF WING ON TRAVEL AS A RESULT OF THE PLACING AND  
    SUBSCRIPTION                                                              
                                                                              
    The changes of the shareholding of Wing On Travel as a result of the      
    Placing and the Subscription are illustrated in the table as follows:     
                                                                              
                         No. of shares held          No. of shares held       
       No. of existing         No. of shares held         after completion    
              after completion                                                
       shares held         after completion         of Placing and            
    of Placing and                                                            
       as at the date          of the Placing but         Subscription        
              the Subscription                                                
       of this          before completion         under the First             
    under both                                                                
       Announcement      %   of the Subscription      %   Placing Agreement   
          %   Placing Agreements      %                                       
                                                                              
    CEL   8,650,000,000      30.28   2,650,000,000      9.28   6,310,000,000  
          19.58   8,650,000,000      25.02                                    
    Directors of Wing On Travel                                               
    Dr. Chan Kwok Keung, Charles   17,280,000      0.06   17,280,000          
    0.06   17,280,000      0.05   17,280,000      0.05                        
    Chan Yeuk Wai (note 2)   3,090,694,440      10.82   3,090,694,440         
    10.82   3,090,694,440      9.59   3,090,694,440      8.94                 
    Public                                                                    
    Existing Public Shareholders   16,808,758,330      58.84                  
    16,808,758,330      58.84   16,808,758,330      52.16   16,808,758,330    
          48.63                                                               
    Placees   -      0.00   6,000,000,000      21.00   6,000,000,000          
    18.62   6,000,000,000      17.36                                          
                                                                              
    TOTAL   28,566,732,770      100.00   28,566,732,770      100.00           
    32,226,732,770      100.00   34,566,732,770      100.00                   
                                                                              
    Notes:                                                                    
                                                                              
    1.   The above table assumes that there are no changes to the             
    shareholding in Wing On Travel of the parties named above, other than as  
    a result of the Placing and the Subscription.                             
                                                                              
    2.   Based on the notice dated 27 November 2004 filed by Mr. Chan Yeuk    
    Wai with Wing On Travel pursuant to the SFO, Mr. Chan Yeuk Wai had 50%    
    control of Hounslow Limited and he is deemed to be interested in          
    3,090,694,440 Shares by virtue of his interests in Hounslow Limited. To   
    the best of the knowledge, information and belief of the directors of     
    CSH having made all reasonable enquiry. Hounslow Limited is not a         
    connected person of CSH.                                                  
                                                                              
    3.   To the best of the knowledge, information and belief of the          
    directors of CSH having made all reasonable enquiry, no substantial       
    shareholder of Wing On Travel (excluding CEL) is a connected person of    
    CSH under the Listing Rules.                                              
                                                                              
    4.   CSH currently accounts for Wing On Travel as an associated company.  
    Upon completion of the Placing and the Subscription under the First       
    Placing Agreement (and before completion of the Subscription of the       
    Second Placing Agreement), CSH will continue to account for Wing On       
    Travel as an associated company.                                          
                                                                              
    The board of directors of Wing On Travel does not expect any placee will  
    become a substantial shareholder of Wing On Travel (as defined in the     
    Listing Rules) as a result of the Placing.