09:27     ASIA ALLIANCE<00616>-Announcement & Resumption of Trading(5)        

    `Transaction'                  phase 1 of the Project in                  
                                   Huzhou which involves the                  
                                   Acquisition, the Construction              
                                   and the setting up of                      
                                   manufacturing operations                   
                                   initially comprising garment               
                                   manufacturing and bleaching                
                                   and dyeing capabilities                    
    `Vendor'                       The People's Government of                 
                                   Zhili Town, Wuxin District,                
                                   Huzhou                                     
                                   City                                       
                                                                              
    In this announcement, the exchange rate of HK$1.00 to RMB1.061 is         
    adopted (for illustration only).                                          
                                                                              
                                   By order of the Board                      
                                   Asia Alliance Holdings Limited             
                                   Koon Wing Yee                              
                                   President and Chief Executive Officer      
                                                                              
    Hong Kong, 3 January 2005