09:21     CHINA UNITED<00273>-Announcement & Resumption of Trading (9)        

    international securities markets occurs.                                  
                                                                              
    The Board is not aware of the occurrence of any of such events as at      
    the date of this announcement.                                            
                                                                              
    Conditions of the Placing                                                 
    Completion of the Placing is conditional upon the fulfilment of the       
    following conditions:                                                     
                                                                              
    (1)                                                                       
    the Listing Committee of the Stock Exchange granting (either              
    unconditionally or subject only to conditions to which the Company,       
    does not reasonably object) listing of and permission to deal in the      
    Conversion Shares;                                                        
                                                                              
    (2)                                                                       
    the Stock Exchange having approved (either unconditionally or             
    subject only to conditions to which the Company does not reasonably       
    object) the issue of the New Convertible Notes, or the Company not        
    having received any objection from the Stock Exchange to the issue of     
    the New Convertible Notes; and                                            
                                                                              
    (3)                                                                       
    the passing by the Shareholders of a resolution to approve the            
    Placing Agreement, the issue of the New Convertible Notes and             
    Conversion Shares at the EGM.                                             
                                                                              
    Completion                                                                
    The Placing is to be completed on the third business day (or such         
    other date as may be agreed between the Company and the Placing           
    Agent) after satisfaction of the conditions under the paragraph           
    headed `Conditions of the Placing' above. The Placing Agreement will      
    lapse if the conditions are not satisfied by 15th March, 2005, or         
    such other date as may be agreed between the Company, the Placing         
    Agent. If the Placing Agreement lapses, none of the parties shall         
    have any claims against the others save for any prior breaches of the     
    Placing Agreement.                                                        
                                                                              
    FM CONVERTIBLE NOTE                                                       
    To the extent the New Convertible Notes in the principal amount of        
    HK$100 million which the Placing Agent has agreed to place on a best      
    efforts basis are not fully placed, the Company shall issue the FM        
    Convertible Note in the principal amount equivalent to the amount         
    that has not been placed and otherwise on the same terms as the New       
    Convertible Notes to Found Macau. The FM Convertible Note will be         
    issued to Found Macau to partially satisfy Alpha Aim's obligation to      
    make the New Found Macau Loan. The FM Convertible Note, if issued,        
    will form part of the New Convertible Notes and will be issued on the     
    same terms as the New Convertible Note as described above. If the New     
    Convertible Notes in the aggregate principal amount of HK$200 million     
    are fully placed by the Placing Agent or if shareholders do not           
    approve the FM Transactions at the EGM, the FM Convertible Note will      
    not be issued.                                                            
                                                                              
    SHAREHOLDING STRUCTURE                                                    
    Name of             As at               After               After         
    Sharehold           the date            the                 the           
    ers                 of this             Placing             Placing       
                        announcem           of the              of the        
                        ent                 New                 New           
                                            Convertib           Convertib     
                                            le Notes            le Notes      
                                            in the              by the        
                                            principal           Placing       
                                             amount             Agent up      
                                            of                  to the        
                                            HK$200              principal     
                                            million              amount       
                                            and                 of            
                                            assuming            HK$100        
                                            full                million       
                                            conversio           and           
                                            n of the            assuming      
                                            New                 the FM        
                                            Convertib           Convertib     
                                            le Notes            le Note       
                                            and no              is            
                                            further             issued        
                                            shares              to Found      
                                            are                 Macau in      
                                            issued              the           
                                            from the            principal     
                                            date of              amount       
                                            this                of            
                                            announcem           HK$100        
                                            ent till            million       
                                            the date                          
                                            of                                
                                            conversio                         
                                            n                                 
              Shares    % of      Shares    % of      Shares    % of          
                        sharehold           sharehold           sharehold     
                        ing                 ing                 ing