09:15     ING BEIJING<01062> - Announcement (1)                               

    The Stock Exchange of Hong Kong Limited and Hong Kong Securities          
    Clearing Company Limited take no responsibility for the contents of this  
    announcement, make no representation as to its accuracy or completeness   
    and expressly disclaim any liability whatsoever for any loss howsoever    
    arising from or in reliance upon the whole or any part of the contents    
    of this announcement.                                                     
                                                                              
    ING BEIJING INVESTMENT COMPANY LIMITED                                    
    (incorporated in Hong Kong with limited liability)                        
    (Stock Code: 1062)                                                        
                                                                              
    to become a wholly-owned subsidiary of                                    
                                                                              
    NEW CAPITAL INTERNATIONAL INVESTMENT LIMITED                              
    (a new holding company incorporated in the Cayman Islands with limited    
    liability and the shares of which are proposed to be listed on The Stock  
    Exchange of Hong Kong Limited by way of introduction)                     
                                                                              
    by way of a scheme of arrangement under section 166 of the Companies      
    Ordinance,                                                                
    Chapter 32 of the Laws of Hong Kong                                       
                                                                              
    DESPATCH OF THE SCHEME DOCUMENT                                           
                                                                              
    Financial adviser and sponsor                                             
    Quam Capital Limited                                                      
                                                                              
    The Board wishes to announce that the Scheme Document containing, inter   
    alia, details of the Scheme, has been despatched to the Shareholders on   
    13 January 2005.                                                          
                                                                              
    Shareholders should note that the Shares are expected to cease trading    
    and withdraw from listing after 4:00 p.m. on Tuesday, 1 March 2005 and    
    dealings in the Newco Shares are expected to commence on Wednesday, 2     
    March 2005.                                                               
                                                                              
    Shareholders should also note that the Scheme is subject to a number of   
    conditions as described in the Scheme Document and may or may not         
    proceed. Shareholders are therefore advised to read the Scheme Document   
    carefully before taking any action in respect of the Scheme.              
                                                                              
    Reference is made to the announcement of the Company dated 9 October      
    2003 in relation to the proposed change of domicile of the Company.       
                                                                              
    DESPATCH OF THE SCHEME DOCUMENT                                           
                                                                              
    A scheme document (the "Scheme Document") containing, inter alia,         
    details of the Scheme together with the expected timetable and notices    
    convening the Court Meeting and the EGM, is expected to be despatched to  
    the Shareholders on 13 January 2005. Unless the context otherwise         
    requires, terms used herein shall have the meanings defined in the        
    Scheme Document.                                                          
                                                                              
    EXPECTED TIMETABLE                                                        
                                                                              
    The expected timetable for the Scheme is set out as follows:              
    2005                                                                      
    Latest time for lodging forms of                                          
      proxy in respect of:                                                    
      the Court Meeting (Notes 1 and 3)         10:00 a.m.,                   
            Saturday, 5 February                                              
      the EGM (Notes 2 and 3)         11:00 a.m.,                             
            Saturday, 5 February                                              
                                                                              
    Court Meeting        10:00 a.m.,                                          
            Monday, 7 February                                                
                                                                              
    EGM        11:00 a.m.,                                                    
            Monday, 7 February                                                
            or as soon as thereafter the Court Meeting                        
            shall have been concluded or adjourned                            
    Court hearing of petition to                                              
      sanction the Scheme        Tuesday, 1 March                             
                                                                              
    Last day of dealings in the Shares        Tuesday, 1 March                
                                                                              
    Record Time        4:00 p.m.,                                             
            Tuesday, 1 March                                                  
                                                                              
    Withdrawal of listing of the Shares        close of business on           
            Tuesday, 1 March                                                  
                                                                              
    Effective Date        Wednesday, 2 March