10:13     WING ON TRAVEL<01189>& CHINA STRATEGIC<00235>-JA & Resume(8)        

    As at the date of this announcement, the directors of CSH are as follows: 
                                                                              
    Executive Directors:   Independent Non-executive Directors:               
                                                                              
    Dr. Chan Kwok Keung, Charles   Mr. David Edwin Bussmann                   
    Dr. Yap, Allan   Ms. Fung Wan Yiu, Agnes                                  
    Mr. Li Wa Kin   Mr. Wong King Lam, Joseph                                 
    Ms. Chau Mei Wah, Rosanna                                                 
    Ms. Chan Ling, Eva                                                        
    Mr. Chan Kwok Hung                                                        
    (Alternate to Dr. Chan Kwok Keung, Charles)                               
    Mr. Lui Siu Tsuen, Richard                                                
    (Alternate to Dr. Yap, Allan)                                             
                                                                              
    As at the date of this announcement, the directors of Wing On Travel are  
    as follows :                                                              
                                                                              
    Executive Directors:   Non-Executive Directors:                           
    Mr. Yu Kam Kee, Lawrence, M.B.E., J.P. (Chairman)   Mr. Chan Yeuk Wai     
    (Honorary Chairman)                                                       
    Mr. Cheung Hon Kit (Managing Director)   Mr. Fok Kin-ning, Canning        
    Dr. Chan Kwok Keung, Charles   Ms. Shih, Edith                            
    Dr. Yap, Allan     (Alternate to Mr. Fok Kin-ning, Canning)               
    Mr. Chan Pak Cheung, Natalis                                              
    Mr. Lui Siu Tsuen, Richard   Independent Non-Executive Directors:         
    Ms. Luk Yee Lin, Ellen   Mr. Kwok Ka Lap, Alva                            
    Mr. Sin Chi Fai                                                           
    Mr. Wong King Lam, Joseph                                                 
                                                                              
    DEFINITIONS                                                               
                                                                              
    In this announcement, unless the context otherwise requires, the          
    following expressions have the following meanings:                        
                                                                              
    "associate(s)"   has the meaning as ascribed to it under the Listing      
    Rules                                                                     
                                                                              
    "CEL"   China Enterprises Limited, a company incorporated in Bermuda      
    with limited liability and the shares of which are traded on the OTC      
    Bulletin Board in the United States of America                            
                                                                              
    "CEL Group"   CEL and its subsidiaries                                    
                                                                              
    "Convertible Notes"   HK$260 million convertible notes issued by Wing On  
    Travel on 14 June 2004, of which a principal amount of HK$55,000,000 is   
    outstanding as at the date of this announcement, and currently            
    convertible into Shares at HK$0.02 per Share (subject to adjustments)     
                                                                              
    "CSH"   China Strategic Holdings Limited, a company incorporated in Hong  
    Kong with limited liability and the shares of which are listed on the     
    Stock Exchange                                                            
                                                                              
    "CSH Group"   CSH and its subsidiaries                                    
                                                                              
    "First Placing Agreement"   the placing agreement dated 30 November 2004  
    between CEL, Wing On Travel and the Placing Agent in respect of the       
    placing of 3,660 million existing Shares and the conditional              
    subscription of 3,660 million new Shares                                  
                                                                              
    "General Mandate"   the general mandate granted by shareholders of Wing   
    On Travel at its annual general meeting held on 25 May 2004 to issue or   
    deal with up to 3,663,346,554 new Shares                                  
                                                                              
    "HK$"   Hong Kong dollars, the lawful currency of Hong Kong               
                                                                              
    "Hong Kong"   the Hong Kong Special Administrative Region of the          
    People's Republic of China                                                
                                                                              
    "Independent Third Parties"   (in respect of Wing On Travel) a party who  
    to the best of the knowledge, information and belief of directors of      
    Wing On Travel having made all reasonable enquiry is a third party        
    independent of Wing On Travel and connected persons (as defined in the    
    Listing Rules) of Wing On Travel and (in respect of CSH) a party who to   
    the best of the knowledge, information and belief of directors of CSH     
    having made all reasonable enquiry is a third party independent of CSH    
    and connected persons (as defined in the Listing Rules) of CSH            
                                                                              
    "Independent Shareholders"   shareholders of Wing On Travel (other than   
    CEL and its associates)                                                   
                                                                              
    "Kingsway Transaction   the announcement published by Wing On Travel      
    Group on 24 November                                                      
    Announcement"   2004 in respect of the proposed acquisition of 34.24%     
    attributable interests in Kingsway Hotel Limited which constitutes a