09:17     NIPPON ASIA INV<00603> - Unusual price & volume movements           

    The Stock Exchange has received a message from Nippon Asia Investments    
    Holdings Limited which is reproduced as follows:-                         
                                                                              
    "This statement is made at the request of The Stock Exchange of Hong Kong 
    Limited.                                                                  
                                                                              
    The board of directors ("Board") of Nippon Asia Investments Holdings      
    Limited ("Company") has noted the recent increases in the price and       
    trading volume of the shares of the Company and wishes to state that it is
    not aware of any reasons for such increases.                              
                                                                              
    Save as our announcements dated (i) 21 September 2004 in relation to the  
    preliminary discussion with certain Japanese investors regarding a        
    proposed fund raising exercise of the Company; (ii) 20 October 2004 in    
    relation to a Memorandum of Understanding regarding a possible acquisition
    of a majority stake in Shanghai Holdfast Science & Technology Co., Ltd,   
    and (iii) 23 December 2004 in relation to, among others, proposed placing 
    of new shares of the Company; and as disclosed in the Company's 2003 -    
    2004 annual report, a possible disposal of natural gas investment if the  
    Group cannot achieve management control of China City Natural Gas Co.,    
    Ltd., the Board confirms that there are no negotiations or agreements     
    relating to intended acquisitions or realisations which are discloseable  
    under rule 13.23, neither is the Board aware of any matter discloseable   
    under the general obligation imposed by rule 13.09, which is or may be of 
    a price-sensitive nature.                                                 
                                                                              
    Made by the order of the Board, the directors of which individually and   
    jointly accept the responsibility for the accuracy of this statement.     
                                                                              
                                                                              
    For and on behalf of                                                      
    NIPPON ASIA INVESTMENTS HOLDINGS LIMITED                                  
                                                                              
    Wong Kui Shing, Danny                                                     
    Director                                                                  
                                                                              
                                                                              
    As at the date of this statement, the Board comprises six executive       
    directors, namely Mr. Wong Kui Shing, Danny, Mr Masanori Suzuki, Mr. Eiji 
    Sato, Mr. Wong King Shiu, Daniel, Mr. Kan Kwok Shu and Mr Lin Che Chu,    
    George; and three independent non-executive directors, namely Mr Cheung   
    Man Yau, Timothy, Mr Chuk Che Shing and Mr Kim Kwi Nam, Takao.            
                                                                              
    3 January 2005"