09:22     CHINA UNITED<00273>-Announcement & Resumption of Trading(12)        

                                   Transactions;                              
    `Existing Convertible Notes'   the convertible notes issued               
                                   by the Company on 19th                     
                                   August, 2004 in the aggregate              
                                   outstanding principal amount               
                                   of HK$53,000,000 to                        
                                   independent investors, the                 
                                   details of which are referred              
                                   to in the Company's                        
                                   announcement dated 11th June,              
                                   2004, 23rd July, 2004 and                  
                                   circular dated 2nd July,                   
                                   2004;                                      
    `Existing Found Macau Loan'    an unsecured shareholders'                 
                                   loan of HK$50,000,000 which                
                                   is interest free and                       
                                   repayable on demand after 8                
                                   years from the date of                     
                                   drawdown agreed to be made by              
                                   Alpha Aim to Found Macau and               
                                   which has been terminated by               
                                   the Termination Deed;                      
    `FM Business'                  gambling entertainment and                 
                                   related businesses in Macau.               
                                   For details, please refer to               
                                   the section headed `Found                  
                                   Macau' in this announcement;               
    `FM Convertible Note'          the convertible note to be                 
                                   issued by the Company to                   
                                   Found Macau to satisfy in                  
                                   part its obligation to                     
                                   contribute to the New Found                
                                   Macau Loan as described in                 
                                   the section headed `FM                     
                                   Convertible Note';                         
    `FM Group'                     Found Macau and its                        
                                   subsidiaries;                              
    `FM Investors'                 new investors in Found Macau;              
    `FM Shares'                    shares of a par value of                   
                                   US$1.00 each in the capital                
                                   of Found Macau;                            
    `FM Transactions'              the New FM Acquisition, New                
                                   Found Macau Loan, FM                       
                                   Convertible Note and New                   
                                   Shareholders Agreement;                    
    `Found Macau'                  Found Macau Investments                    
                                   International Limited, a                   
                                   company incorporated in the                
                                   British Virgin Islands;                    
    `Founders'                     Lao Hin Chun, Filipe Lau and               
                                   Lourenco Cheong;                           
    `Group'                        the Company and its                        
                                   subsidiaries;                              
    `Listing Rules'                the Rules Governing the                    
                                   Listing of Securities on the               
                                   Stock Exchange;                            
    `Mr. Lao'                      Mr. Lao Hin Chun, one of the               
                                   Founders;                                  
    `Mr. Ong'                      Mr. Ong Peter, an independent              
                                   non-executive director of the              
                                   Company;                                   
    `New Convertible Notes'        a series of non-interest                   
                                   bearing convertible                        
                                   redeemable notes in an                     
                                   aggregate principal amount of              
                                   up to HK$200 million due on                
                                   the fifth anniversary from                 
                                   the date of issue;                         
    `New FM Acquisition'           the proposed acquisition of                
                                   30 FM Shares by Alpha Aim;                 
    `New Found Macau Loan'         a shareholders loan of HK$150              
                                   million which is proposed to               
                                   be made by Alpha Aim to Found              
                                   Macau;                                     
    `New Shareholders Agreement'   the new shareholders                       
                                   agreement proposed to be                   
                                   entered into between Found                 
                                   Macau, the Founders and Alpha              
                                   Aim in relation to the Found               
                                   Macau;                                     
    `November Announcement'        the announcement by the                    
                                   Company dated 12th November,               
                                   2004;                                      
    `Placing'                      the conditional placing of                 
                                   the New Convertible Notes                  
                                   pursuant to the Placing                    
                                   Agreement;                                 
    `Placing Agent'                Get Nice Investment Limited,               
                                   a limited liability company                
                                   incorporated in Hong Kong and              
                                   a corporation deemed licensed              
                                   under the Securities and                   
                                   Futures Ordinance (Chapter                 
                                   571 of the Laws of Hong