09:54     EMPEROR (CHINA)<00296> & EMPEROR (CHINA)<02955> - Ann. (1)          

    The Stock Exchange of Hong Kong Limited 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.                                                     
                                                                              
    EMPEROR ENTERTAINMENT HOTEL LIMITED                                       
    (formerly known as EMPEROR (CHINA CONCEPT)                                
    INVESTMENTS LIMITED)                                                      
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code : 296)                                                        
                                                                              
    DESPATCH OF CIRCULAR IN RELATION TO                                       
    (1) VERY SUBSTANTIAL ACQUISITION AND CONNECTED                            
    TRANSACION,                                                               
    (2) SUBSCRIPTION OF NEW SHARES,                                           
    (3) REFRESHMENT OF GENERAL MANDATES,                                      
    AND                                                                       
    (4) WHITEWASH WAIVER                                                      
                                                                              
    Financial Adviser to the Company                                          
    Emperor Capital Limited                                                   
                                                                              
    The Circular was despatched on 18 January 2005.                           
                                                                              
    Reference is made to the Company's announcements dated                    
    29 November 2004, 20 December 2004, 6 January 2005,                       
    7 January 2005 and 14 January 2005 ("Announcements").                     
    Terms used in this announcement shall have the same                       
    meaning as those defined in the Announcements unless                      
    the context requires otherwise.                                           
                                                                              
    DESPATCH OF CIRCULAR                                                      
    The Directors are pleased to announce that the                            
    Company's circular ("Circular") in relation to the                        
    Vessel Acquisition, the Subscription and the                              
    refreshment of the General Mandates was despatched                        
    to the Shareholders on 18 January 2005. The Circular                      
    contains, inter alia, a letter from the joint                             
    independent financial advisers to the Independent                         
    Board Committee and the Independent Shareholders, a                       
    letter of advice from the Independent board Committee                     
    to the Independent Shareholders and a notice of the                       
    special general meeting to be held at 10:30 a.m. on                       
    Thursday, 3 February 2005. Shareholders should read                       
    the Circular carefully, in particular, the aforesaid                      
    letters of advice from the joint independent financial                    
    advisers and the Independent Board Committee before                       
    deciding to vote in favour of or against the                              
    resolutions to be proposed at the special general                         
    meeting. The Vessel Acquisition is subject to a number                    
    of conditions including, inter alia, the approval of                      
    the Vessel Whitewash Waiver. If the Vessel Whitewash                      
    Waiver is not approved by the Independent Shareholders,                   
    the Vessel Sale and Purchase Agreement will lapse.                        
                                                                              
    FINANCIAL INFORAMTION                                                     
    Set out below is the unaudited pro forma balance sheet                    
    and unaudited pro forma income statement of the Group                     
    immediately after the Vessel Acquisition.                                 
                                                                              
    Unaudited pro forma balance sheet as at 30th September,                   
    2004                                                                      
                                                                              
    The Group   Pro forma adjustments   Notes   Pro forma                     
    combined total                                                            
    HK$'000   HK$'000   HK$'000                                               
                                                                              
    Non-current assets Property, plant and equipment   86                     
    133,599   1   133,685                                                     
    Property under development   360,204   -    360,204                       
    Goodwill   18,301   -   18,301                                            
    Interests in unconsolidated subsidiaries   -   -   -                      
                                                                              
    378,591   133,599   512,190                                               
                                                                              
    Current assets                                                            
    Deposits, prepayments and other receivables   552   -                     
    552                                                                       
    Bank balances and cash   161   (161)   1   -                              
                                                                              
    713   (161)   552