09:44     CHU KONG SHIP<00560> - Announcement (1)                             

    The Stock Exchange 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.                                                             
                                                                              
                                                                              
    Chu Kong Shipping Development Company Limited                             
    (Incorporated in Hong Kong with limited liability                         
    under the Companies Ordinance)                                            
    (Stock code: 560)                                                         
                                                                              
    ANNOUNCEMENT                                                              
                                                                              
    The Stock Exchange has granted the Company a                              
    three-year conditional waiver from strict compliance                      
    of Rule 3.24 of the Listing Rules for a period of 3                       
    years from 31st December 2004.                                            
                                                                              
    The Stock Exchange of Hong Kong Limited (the "Stock                       
    Exchange") has granted Chu Kong Shipping Development                      
    Company Limited ("the Company") a three-year                              
    conditional waiver (the "Waiver") from strict                             
    compliance of Rule 3.24 of the Rules Governing the                        
    Listing of Securities on The Stock Exchange of Hong                       
    Kong Limited (the "Listing Rules").                                       
                                                                              
    Under Rule 3.24 of the Listing Rules, the Company must                    
    ensure that, at all times, it employs on a full time                      
    basis, at senior management level, an individual                          
    whose responsibility includes oversight of the                            
    Company and its subsidiaries in connection with its                       
    financial reporting procedures and internal controls                      
    in compliance with the requirements under the Listing                     
    Rules with regard to financial reporting and other                        
    accounting related issues. Such individual must be                        
    a qualified accountant and a fellow or associate                          
    member of the Hong Kong Society of Accountants (now                       
    known as Hong Kong Institute of Certified Public                          
    Accountants (the "HKICPA") or a similar body of                           
    accountants recognized by the HKICPA for the purpose                      
    of granting exemptions from the examination                               
    requirement for membership of the HKICPA.                                 
                                                                              
    Mr. He Weijian ("Mr. He"), the Financial Controller                       
    of the Company, is able to meet all the requirements                      
    set out in Rule 3.24 as the qualified accountant                          
    except that he is not a fellow or associate member                        
    of the HKICPA or a similar body of accountants                            
    recognized for the purpose of granting exemptions                         
    from the examination requirement for membership of                        
    the HKICPA. The Company has in place arrangements                         
    providing Mr. He with access to the assistance of Miss                    
    Yau Lai Ying who is an associate member of the HKICPA                     
    during the period covered by the Waiver being granted                     
    ("the Waiver Conditions").                                                
                                                                              
    Upon the application of the Company, the Stock                            
    Exchange granted the Waiver which will cease on the                       
    earlier of: (i) 30th December 2007, being 3 years from                    
    the date of the Waiver; (ii) the Company fails to                         
    fulfill any of the above Waiver Conditions.                               
                                                                              
    By order of the Board of Directors                                        
    Ng Kin Yuen                                                               
    Company Secretary                                                         
                                                                              
    Hong Kong, 11th January 2005                                              
                                                                              
    As at the date of this announcement, the Directors                        
    are: