09:15     ING BEIJING<01062> - Announcement (2)                               

    Dealings in the Newco Shares                                              
      to commence        9:30 a.m.,                                           
            Wednesday, 2 March                                                
    First day for exchange of existing                                        
      certificates for the Shares for new                                     
      certificates for the Newco Shares                                       
      free of charge        Wednesday, 2 March                                
                                                                              
    Last day for exchange of existing                                         
      certificates for the Shares for new                                     
      certificates for the Newco Shares                                       
      free of charge        Tuesday, 29 March                                 
                                                                              
    Shareholders should note that the above timetable, which is mainly        
    dependent on the availability of the dates for the Court to hear the      
    Scheme, is subject to change. If there is any change in the above         
    timetable, a separate announcement will be made by the Company.           
                                                                              
    Notes:                                                                    
                                                                              
    1.        The white form of proxy for the Court Meeting should be         
    deposited with the registrar of the Company, Standard Registrars          
    Limited, at Ground Floor, Bank of East Asia Harbour View Centre, 56       
    Gloucester Road, Wan Chai, Hong Kong by the time mentioned above.         
    Alternatively, it may be handed to the chairman of the Court Meeting at   
    the meeting.                                                              
                                                                              
    2.        The yellow form of proxy for the EGM should be deposited with   
    the registrar of the Company, Standard Registrars Limited, at Ground      
    Floor, Bank of East Asia Harbour View Centre, 56 Gloucester Road, Wan     
    Chai, Hong Kong by the time mentioned above.                              
                                                                              
    3.        Completion and return of the forms of proxy will not preclude   
    the Shareholders from attending the meetings and voting in person         
    thereat. In the event that a Shareholder attends a meeting, such form of  
    proxy previously lodged will be deemed to have been revoked.              
                                                                              
    4.        The Scheme will become effective when it is sanctioned, with    
    or without modification, by the Court and an office copy of the Court     
    order and the minutes containing the particulars required by Section 61   
    of the Companies Ordinance are delivered to and registered by the         
    Registrar of Companies in Hong Kong, which is expected to take place      
    before 9:30 a.m. on 2 March 2005.                                         
                                                                              
    UNAUDITED PRO FORMA ADJUSTED CONSOLIDATED NET TANGIBLE ASSETS OF THE      
    GROUP                                                                     
                                                                              
    The Scheme Document contains a statement of unaudited pro forma adjusted  
    consolidated net tangible assets of the Group which has not been          
    previously released to the public and is reproduced in this announcement  
    as follows:                                                               
                                                                              
                                                            Unaudited         
                                                            pro forma         
                                            Unaudited                         
    adjusted                                                                  
                                            pro forma                         
    consolidated                                                              
                                            adjusted                net       
    tangible                                                                  
                                            consolidated net                  
    asset value                                                               
            Unaudited                                 tangible assets of      
            per Newco Share                                                   
            consolidated                                the Group upon        
            immediately after                                                 
            net tangible assets                                 completion    
    of the                completion of the                                   
            of the Group as at                                 Scheme and     
    the                Scheme and                                             
            30 June 2004                Adjustments                           
    Subscription                the Subscription                              
                            (Note 1)                                (Note 2)  
                                                                              
    In HK$'000        176,405                13,664                190,069    
            HK$0.294                                                          
                                                                              
    Notes:                                                                    
                                                                              
    1.        Based on the estimated expenses of the Scheme of approximately  
    HK$2.1 million less HK$0.8 million already incurred by the Company prior  
    to 30 June 2004 and the net proceeds of approximately HK$14.9 million     
    under the Subscription.