09:42     CITIC 21CN<00241> - 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.                                                     
                                                                              
    CITIC 21CN COMPANY LIMITED                                                
    (incorporated in Bermuda with limited liability)                          
    (Stock code: 241)                                                         
                                                                              
    ANNOUNCEMENT                                                              
                                                                              
    The Board has noted the recent increases in the price                     
    and the trading volume of the Shares and wishes to                        
    state that, save for the matters disclosed in the                         
    Announcement and herein, it is not aware of the                           
    reasons for such increases.                                               
                                                                              
    Shareholders and potential investors of the Company                       
    are advised to exercise caution when dealing in the                       
    Shares.                                                                   
                                                                              
    This announcement is made at the request of The Stock                     
    Exchange of Hong Kong Limited (the "Stock Exchange")                      
    pursuant to rule 13.10 of the Rules Governing the                         
    Listing of Securities of the Stock Exchange (the                          
    "Listing Rules").                                                         
                                                                              
    The board of directors (the "Board") of CITIC 21CN                        
    COMPANY LIMITED (the "Company"), together with its                        
    subsidiaries (the "Group"), has noted the recent                          
    increases in the price and the trading volume of the                      
    shares of the Company ("Shares") and wishes to state                      
    that, save for the matters disclosed in the                               
    announcement of the Company dated 21st January, 2005                      
    regarding the formation of joint venture with AQSIQ                       
    and China Huaxin Telecom (the "Announcement") and                         
    herein, it is not aware of the reasons for such                           
    increases.                                                                
                                                                              
    The Board had met with some fund managers to present                      
    the businesses of the Group in light of the new joint                     
    venture with AQSIQ and China Huaxin Telecom and had                       
    met with certain fund managers at the beginning of                        
    the year to preliminarily discuss fund raising                            
    possibilities. No formal agreement has been entered                       
    into and no definitive fund raising exercises have                        
    been finalized and further announcement will be made                      
    when and as may be appropriate.                                           
                                                                              
    In addition, the Board has been informed by Dr. Liu                       
    Xiaoping, a director of the Company, that on 28th                         
    January, 2005, he had disposed 801,332 Shares,                            
    representing approximately 0.02% of the existing                          
    issued share capital of the Company at prices ranging                     
    from HK$2.175 to HK$2.600 per Share. All these Shares                     
    were disposed on the market.                                              
                                                                              
    Shareholders and potential investors of the Company                       
    are advised to exercise caution when dealing in the                       
    Shares.                                                                   
                                                                              
    The Board also confirms that save as disclosed above,                     
    there are no negotiations or agreements relating to                       
    intended acquisitions or realisations which are                           
    discloseable under rule 13.23 of the Listing Rules,                       
    neither is the Board aware of any matter discloseable                     
    under the general obligation imposed by rule 13.09                        
    of the Listing Rules, which is or may be of a                             
    price-sensitive nature.                                                   
                                                                              
    Made by the order of the Board, the directors of which                    
    individually and jointly accept