09:38     CHI CHEUNG<00112> - Announcement (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.                                
                                                                              
    CHI CHEUNG INVESTMENT COMPANY, LIMITED                                    
    *                                                                         
    (Incorporated in Hong Kong with limited liability)                        
    (Stock Code: 112)                                                         
                                                                              
    PLACING OF NEW SHARES UNDER GENERAL MANDATE                               
                                                                              
    Financial Adviser                                                         
    *                                                                         
    GET NICE CAPITAL LIMITED                                                  
                                                                              
    Placing Agent                                                             
    *                                                                         
    GET NICE INVESTMENT LTD.                                                  
                                                                              
    The Company has on 24 January 2005 entered into the Placing               
    Agreement with the Placing Agent to procure subscribers,                  
    on a fully underwritten basis, to subscribe for 56,460,000                
    new Shares at a price of HK$0.95 per Share.  The Placing                  
    Shares represent approximately 20% of the Company's                       
    existing issued share capital and approximately 16.67% of                 
    its issued share capital as enlarged by the Placing.                      
                                                                              
    The Placing Price represents (i) a discount of                            
    approximately 12.84% to the closing price of the Shares of                
    HK$1.09 quoted on the Stock Exchange on 24 January 2005,                  
    being the date of the Placing Agreement; (ii) a discount                  
    of approximately 8.65% to the average closing price of the                
    Shares of HK$1.04 quoted on the Stock Exchange for the five               
    consecutive trading days immediately prior to 24 January                  
    2005; and (iii) a discount of approximately 9.52% to the                  
    average closing price of the Shares of HK$1.05 quoted on                  
    the Stock Exchange for the ten consecutive trading days                   
    immediately prior to 24 January 2005.                                     
                                                                              
    The gross proceeds from the Placing will be approximately                 
    HK$53.64 million and net proceeds from the Placing of                     
    approximately HK$52.8 million will be used as general                     
    working capital of the Group.                                             
                                                                              
    The Placing is conditional upon the Stock Exchange granting               
    listing of and permission to deal in the Placing Shares.                  
                                                                              
    PLACING AGREEMENT DATED 24 January 2005                                   
                                                                              
    The Placing                                                               
                                                                              
    Issuer:                                                                   
                                                                              
    Chi Cheung Investment Company, Limited, a company                         
    incorporated in Hong Kong whose Shares are listed on the                  
    Stock Exchange.                                                           
                                                                              
    Placing Agent and Placees:                                                
                                                                              
    Get Nice Investment Limited is the Placing Agent, who and                 
    whose ultimate beneficial owners are not connected persons                
    of the Company and are independent third parties not                      
    connected with the directors, chief executive or                          
    substantial shareholder of the Company or any of its                      
    subsidiaries or associates of any of them.                                
                                                                              
    The Placing Shares will be placed to not less than six                    
    Placees, being individuals, institutional or other                        
    professional investors, and who and whose ultimate                        
    beneficial owners will be independent third parties not                   
    connected with the directors, chief executive or                          
    substantial shareholder of the Company or any of its                      
    subsidiaries or associates of any of them.  It is expected                
    that none of the Placees will become substantial                          
    shareholder of the Company immediately after the Placing.                 
                                                                              
    Number of Placing Shares:                                                 
                                                                              
    56,460,000 new Shares representing approximately 20% of the               
    Company's existing issued share capital and approximately                 
    16.67% of its issued share capital as enlarged by the                     
    Placing.