10:23     CHINA UNITED<00273> - Announcement (2)                              

    and are hereby authorised to implement all the transactions referred      
    to in the Verbal Agreement including but not limited to completing        
    the FM Acquisition, advancing the New Found Macau Loan, entering into     
    the Shareholders Agreement and to do all such acts and things and         
    sign all such documents as they shall in their absolute discretion        
    consider necessary or desirable to give effect to the Verbal              
    Agreement and the arrangements contemplated thereunder.'                  
                                                                              
    2.                                                                        
    `THAT:                                                                    
    (A)                                                                       
    the entering into of a placing agreement (the `Placing Agreement')        
    dated 12th January, 2005 between the Company, Get Nice Investments        
    Limited (`Get Nice') pursuant to which Get Nice acting as placing         
    agent agreed to procure placees for non interest bearing convertible      
    redeemable notes, on a fully underwritten basis at an aggregate           
    principal amount of HK$100,000,000 and on a best efforts basis at an      
    additional aggregate principal amount of up to HK$100,000,000 (the        
    `New Convertible Notes') (a copy of which has been produced to this       
    meeting marked `C' and initialled by the chairman of the meeting for      
    identification purpose) be and is hereby approved, ratified and           
    confirmed;                                                                
                                                                              
    (B)                                                                       
    the terms and conditions of the New Convertible Notes (a copy of          
    which has been produced to this meeting marked `D' and initialled by      
    the chairman of the meeting for identification purpose) be and are        
    hereby approved;                                                          
                                                                              
    (C)                                                                       
    the terms and conditions of the convertible notes (`FM Convertible        
    Note') to be issued to Found Macau in partial satisfaction of Alpha       
    Aim's obligation to fund the shareholders loan to be made to Found        
    Macau of HK$150,000,000 as referred to in the resolution numbered (1)     
    in the notice convening the meeting of the Company dated 4th              
    February, 2005 (a copy of which has been produced to the meeting          
    marked `E' and initialled by the chairman of the meeting for              
    identification purpose) be and is hereby approved;                        
                                                                              
    (D)                                                                       
    the issue of the New Convertible Notes to placees under the Placing       
    Agreement be and is hereby approved;                                      
                                                                              
    (E)                                                                       
    the issue of the FM Convertible Note to Found Macau be and is hereby      
    approved;                                                                 
                                                                              
    (F)                                                                       
    the issue and allotment of new shares of the Company (`Conversion         
    Shares') to holders of the New Convertible Notes upon exercise of         
    conversion rights of the New Convertible Notes and to the holder(s)       
    of the FM Convertible Note upon exercise of conversion rights under       
    the FM Convertible Notes in accordance with the respective terms and      
    conditions of the New Convertible Notes and the FM Convertible Notes      
    be and is hereby approved; and                                            
                                                                              
    (G)                                                                       
    the Directors be and are hereby authorised to decide whether or not       
    the FM Convertible Note will be issued and the principal amount           
    thereof and to do all such acts and things and sign all such              
    documents as they shall in their absolute direction consider              
    necessary and desirable to give effect to the Placing Agreement, the      
    issue of the New Convertible Notes and the FM Convertible Note and        
    the issue and allotment of the Conversion Shares and transactions         
    contemplated thereunder.'                                                 
                                                                              
                                   By Order of the Board China                
                                   United International Holdings              
                                   Limited Chuang Yueheng, Henry              
                                   Chairman                                   
                                                                              
    Dated 4th February, 2005                                                  
                                                                              
    Registered Office:                                                        
    32nd Floor, China United Centre                                           
    No. 28 Marble Road                                                        
    North Point                                                               
    Hong Kong                                                                 
                                                                              
    Notes:                                                                    
                                                                              
    1.                                                                        
    A form of proxy to be used for the meeting is enclosed.                   
                                                                              
    2.                                                                        
    Any member of the Company entitled to attend and vote at the meeting      
    is entitled to appoint another person as his proxy to attend and vote     
    instead of him. On a poll votes may be given either personally or by      
    proxy. A proxy need not be a member of the Company. A member may          
    appoint more than one proxy to attend on the same occasion.               
                                                                              
    3.                                                                        
    The instrument appointing a proxy must be in writing under the hand       
    of the appointor or of his attorney duly authorised in writing, or if     
    the appointor is a corporation, either under seal or under the hand