09:21     CHINA UNITED<00273>-Announcement & Resumption of Trading(10)        

    Radford   270,861,8 19.72%    270,861,8 12.46%    270,861,8 12.46%        
    Developme 92                  92                  92                      
    nts                                                                       
    Limited                                                                   
    (Notes 1                                                                  
    and                                                                       
    2)                                                                        
    Found     Nil       Nil       Nil       Nil       400,000,0 18.405%       
    Macau                                             00                      
    (Note                                                                     
    4)                                                                        
                                                                              
    PUBLIC                                                                    
    SHAREHOLD                                                                 
    ERS                                                                       
                                                                              
    Heritage  134,750,1 9.81%     134,750,1 6.20%     134,750,1 6.20%         
    Internati 63                  63                  63                      
    onal                                                                      
    Holdings                                                                  
    Limited                                                                   
    (Notes 1                                                                  
    and                                                                       
    3)                                                                        
    Radford   105,983,3 7.72%     105,983,3 4.88%     105,983,3 4.88%         
    Capital   63                  63                  63                      
    Investmen                                                                 
    t                                                                         
    Limited                                                                   
    (Notes 1                                                                  
    and                                                                       
    3)                                                                        
    Chau Tuk  72,822,00 5.30%     72,822,00 3.35%     72,822,00 3.35%         
    Shun      0                   0                   0                       
    (Note                                                                     
    3)                                                                        
    Holders   Nil       Nil       800,000,0 36.81%    400,000,0 18.405%       
    of the                        00                  00                      
    New                                                                       
    Convertib                                                                 
    le                                                                        
    Notes                                                                     
    Others    789,166,3 57.45%    789,166,3 36.30%    789,166,3 36.30%        
    (Note     28                  28                  28                      
    3)                                                                        
    Total     1,373,583 100%      2,173,583 100%      2,173,583 100%          
              ,746                ,746                ,746                    
                                                                              
                                                                              
                                                                              
    Note 1:                                                                   
    Based on the register maintained by the Company pursuant to Section       
    352 of the Securities and Futures Ordinance as at the date of this        
    announcement.                                                             
                                                                              
    Note 2:                                                                   
    These shares were held by Radford Developments Limited which is           
    controlled by a trust with the son of Mr. Chuang Yueheng, Henry, the      
    Chairman of the Company, currently named as the beneficiary.              
                                                                              
    Note 3:                                                                   
    Heritage International Holdings Limited (Stock Code: 412), Radford        
    Capital Investment Limited (Stock Code: 901) and Chau Tuk Shun are        
    public shareholders, with the meaning of the Listing Rules.               
                                                                              
    Note 4:                                                                   
    Found Macau's shareholding in the Company will depend on the              
    principal amount of the FM Convertible Note issued to it. If Found        
    Macau's shareholding in the Company is more than 10% upon the issue       
    of the FM Convertible Note it will not be considered as a `public         
    shareholder'.                                                             
                                                                              
                                                                              
    REASONS FOR THE PLACING                                                   
    The Board considers that (i) the Placing is an appropriate means of       
    raising capital for the Company to redeem the Existing Convertible        
    Note (with accrued interest) and to fund the New Found Macau Loan;        
    (ii) the Placing will not have an immediate dilution effect on the        
    shareholding of the existing Shareholders; and (iii) the recent           
    improvement in the market sentiments provides a good opportunity for      
    the Company to raise funds.                                               
                                                                              
    The Board (including the independent non-executive directors)             
    considers that the terms of the Placing Agreement, which were arrived     
    at after arm's length negotiations between the Placing Agent and the      
    Company, are fair and reasonable and are in the interests of the          
    Shareholders and the Company as a whole.                                  
                                                                              
    USE OF PROCEEDS                                                           
    If the New Convertible Notes are fully placed, the net proceeds of        
    the Placing will be approximately HK$194 million, which is to be used     
    as to approximately HK$55 million to redeem the Existing Convertible      
    Notes (with accrued interest) and the balance of up to approximately      
    HK$139 million to fund the New Found Macau Loan. If the New