09:55     UNITED POWER<00674> - Announcement                                  

    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.                                
                                                                              
    UNITED POWER INVESTMENT LIMITED                                           
    (Incorporated in Bermuda with limited liability)                          
    ("the Company")                                                           
    (Stock code: 674)                                                         
                                                                              
    ANNOUNCEMENT                                                              
                                                                              
    The directors of the Company are not aware of any reasons                 
    for the increases in the price and trading volume of the                  
    shares of the Company.                                                    
                                                                              
    Today the Company has decided to cease negotiation to                     
    acquire an interest in a hotel in Macau.                                  
                                                                              
    This statement is made at the request of The Stock Exchange               
    of Hong Kong Limited.                                                     
                                                                              
    The board of directors of the Company noted the recent                    
    increases in the price and trading volume of the shares of                
    the Company and wish to state that the directors of the                   
    Company are not aware of any reasons for such increases.                  
                                                                              
    The Company refers to the announcement of the Company dated               
    23rd November, 2004, and announces that today it has decided              
    to cease negotiation relating to a proposed acquisition of                
    an interest in a hotel in Macau from an associate of Mr.                  
    Yeung Chi Hang, a director and controlling shareholder of                 
    the Company.                                                              
                                                                              
    The Company confirms that save as disclosed above, 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.                    
                                                                              
    By order of the Board                                                     
    Liu Yu Mo                                                                 
    Director                                                                  
                                                                              
    Hong Kong, 6th January, 2005                                              
                                                                              
    The directors of the Company as at the date of this                       
    announcement are Messrs. Yeung Chi Hang, Ma Shuk Kam, Liu                 
    Yu Mo, Chung Siu Wah, Yeung Kit Yu, Kitty, Au, Edmond Wah,                
    Chan Lai Mei, Lee Wai Loun and Lee Yuk Sang, Angus.