09:39     <02146>, <02148>, <02149> & <02151> - Announcement (1)              

    The Stock Exchange of Hong Kong Limited (the "Stock Exchange") takes no   
    responsibility for the contents of this announcement, makes no            
    representation as to its accuracy or completeness and expressly           
    disclaims any liability whatsoever for any loss howsoever arising from    
    or in reliance upon the whole or any part of the contents of this         
    announcement.                                                             
                                                                              
    Notice of Expiry relating to certain European Style (Cash Settlement)     
    Warrants 2004/2005 issued by SGA Societe Generale Acceptance N.V.         
    (incorporated in the Netherlands Antilles with limited liability)         
    and unconditionally and irrevocably guaranteed by Societe Generale        
    (incorporated in France)                                                  
                                                                              
    Notice of Expiry relating to the following warrants (together,            
    the "Warrants"):                                                          
                                                                              
    Stock Code      2146                                                      
    Company         HSBC Holdings plc                                         
    Shares  Existing issued ordinary shares of US$0.50 each of the Company    
    Type    Call                                                              
    Issue Size      154,000,000                                               
    Expiry Date     31 January 2005                                           
    Exercise Price  HK$119.00 per 10 warrants                                 
    Board Lot       4,000                                                     
    Exercise Amount 10 Warrants                                               
    Entitlement     1 Share                                                   
    Last Trading Date       25 January 2005                                   
    Closing Price of the Warrants on 14 January 2005        HK$0.88           
    Closing Price of the Shares on 14 January 2005  HK$127.50                 
    In/Out of the Money on 14 January 2005 (based on the Strike Price )       
    7.14% in the money                                                        
                                                                              
    Stock Code      2148                                                      
    Company         Hutchison Whampoa Limited                                 
    Shares  Existing issued ordinary shares of HK$0.25 each of the Company    
    Type    Call                                                              
    Issue Size      228,000,000                                               
    Expiry Date     31 January 2005                                           
    Exercise Price  HK$56.00 per 10 warrants                                  
    Board Lot       10,000                                                    
    Exercise Amount 10 Warrants                                               
    Entitlement     1 Share                                                   
    Last Trading Date       25 January 2005                                   
    Closing Price of the Warrants on 14 January 2005        HK$1.39           
    Closing Price of the Shares on 14 January 2005  HK$70.00                  
    In/Out of the Money on 14 January 2005 (based on the Strike Price )       
    25.00% in the money                                                       
                                                                              
    Stock Code      2149                                                      
    Company         China Telecom Corporation Limited                         
    SharesExisting issued ordinary H shares of RMB1.00 each of the            
    Company                                                                   
    Type    Call                                                              
    Issue Size      228,000,000                                               
    Expiry Date     31 January 2005                                           
    Exercise Price  HK$2.75 per warrant                                       
    Board Lot       2,000                                                     
    Exercise Amount 1Warrant                                                  
    Entitlement     1 Share                                                   
    Last Trading Date       25 January 2005                                   
    Closing Price of the Warrants on 14 January 2005        HK$0.052          
    Closing Price of the Shares on 14 January 2005  HK$2.725                  
    In/Out of the Money on 14 January 2005 (based on the Strike Price )       
    0.91% out of the money                                                    
                                                                              
    Stock Code      2151                                                      
    Company         Sun Hung Kai Properties Limited                           
    Shares  Existing issued ordinary shares of HK$0.50 each of the Company    
    Type    Call                                                              
    Issue Size      204,000,000                                               
    Expiry Date     31 January 2005                                           
    Exercise Price  HK$69.00 per 10 warrants                                  
    Board Lot       10,000                                                    
    Exercise Amount 10 Warrants                                               
    Entitlement     1 Share                                                   
    Last Trading Date       25 January 2005                                   
    Closing Price of the Warrants on 14 January 2005        HK$0.239          
    Closing Price of the Shares on 14 January 2005  HK$70.50                  
    In/Out of the Money on 14 January 2005 (based on the Strike Price )       
    2.17% in the money