09:29     ASIA ALLIANCE<00616> - Announcement                                 

    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.               
                                                                              
                                                                              
    Asia Alliance Holdings Limited                                            
    *                                                                         
    (Incorporated in Bermuda with limited liability)                          
    Stock Code: 616                                                           
                                                                              
    VERY SUBSTANTIAL ACQUISITION                                              
    DELAY IN DESPATCH OF CIRCULAR                                             
                                                                              
                                                                              
    Reference is made to the announcement of the Company published            
    on 4 January 2005 in connection with the acquisition of the Property,     
    construction of the Plant and the proposed development of                 
    manufacturing operations in PRC. The Circular will be despatched to       
    the shareholders of the Company on or before 8 February 2005.             
                                                                              
                                                                              
    Reference is made to the announcement of the Company published on 4       
    January 2005 (the `Announcement') in connection with the acquisition      
    of the Property, construction of the Plant and the proposed               
    development of manufacturing operations in PRC, which constitutes a       
    very substantial acquisition of the Company under the Listing Rules.      
    Unless otherwise defined herein, all capitalized terms used herein        
    shall have the same meanings as defined in the Announcement.              
                                                                              
    Pursuant to Rules 14.38 and 14.48 of the Listing Rules, a circular        
    (the `Circular') setting out the details of the Transaction is            
    required to be despatched to shareholders of the Company by 25            
    January 2005. As additional time is required for the Company to           
    compile certain financial information in relation to the pro forma        
    financial information on the enlarged group and update other              
    information including the property valuation report for inclusion in      
    the Circular, the Company has applied to the Stock Exchange for an        
    extension of time for despatch of the Circular to a date on or before     
    8 February 2005.                                                          
                                                                              
    As of the date of this announcement, the executive directors of the       
    Company are Mr. Koon Wing Yee, Mr. Tsang Yiu Kai and Ms. Lui Yuk Chu      
    and the independent non-executive directors are Mr. Kan Ka Hon, Mr.       
    Kwong Jimmy Cheung Tim and Mr. Lau Sin Ming.                              
                                                                              
                                                                              
    By order of the Board                                                     
    Asia Alliance Holdings Limited                                            
    Koon Wing Yee                                                             
    President and Chief Executive Officer                                     
                                                                              
    Hong Kong, 24 January 2005                                                
                                                                              
    * for identification only