09:28     NIPPON ASIA INV<00603>-Announcement&Resumption of Trading(15        

    and                                                                       
      new share certificates) commences     9:30 a.m. on Monday, 18           
    April                                                                     
                                                                              
    Parallel trading of the New Shares (in the form of existing and           
      new share certificates) ends  4:00 p.m. on Tuesday, 10 May              
                                                                              
    Temporary counter for trading in the New Shares in board lots             
    of 200 New Shares                                                         
      (in the form of existing share certificates) closes   4:00              
    p.m. on Tuesday, 10 May                                                   
                                                                              
    Free exchange of new share certificates from 9:30 a.m. on                 
    Friday, 1 April                                                           
      for the New Shares    to 4:00 p.m. on Friday, 13 May                    
                                                                              
    Service for the sale and purchase of odd        from 9:30 a.m. on         
    Friday, 1 April                                                           
      lots of the New Shares        to 4:00 p.m. on Tuesday, 10 May           
                                                                              
    GENERAL                                                                   
                                                                              
    A circular containing further details of the Capital                      
    Reorganisation, free exchange of share certificates following             
    the Capital Reorganisation, the change in board lot size, the             
    trading arrangement and matching service, the Subscription                
    Agreement, the Placing Agreement, the issue of the Convertible            
    Notes and the issue of the Conversion Shares upon exercise of             
    the conversion rights attaching to the Convertible Notes                  
    together with a notice to convene the SGM will be sent to the             
    Shareholders as soon as practicable.                                      
                                                                              
    Relevant resolutions will be proposed at the SGM to consider,             
    among other things, if thought fit, to be passed by the                   
    Shareholders to approve (i) the Capital Reduction, Unissued               
    Share Subdivision and the Share Consolidation; (ii) the                   
    Subscription Agreement, the creation and issue of the GC                  
    Convertible Note in the principal amount of JPY290,000,000 (i.e.          
    equivalent to approximately HK$21,750,000) and the issue of the           
    Conversion Shares; (iii) the Placing Agreement, the creation              
    and issue of the Underwritten Convertible Notes in the principal          
    amount of HK$40,000,000 and the issue of the Conversion Shares.           
    To the best of knowledge of the Directors, no Shareholders and            
    their associates have any interests in the Capital                        
    Reorganisation, the Subscription Agreement and the Placing                
    Agreement which are different from other Shareholders, hence,             
    no Shareholders are required to abstain from voting in respect            
    of the resolutions to be proposed at the SGM.                             
                                                                              
    Shareholders should note that completion of the Subscription              
    Agreement and the Placing Agreement are conditional.                      
    Shareholders and potential investors should exercise caution              
    when dealing in the Shares.                                               
                                                                              
    SUSPENSION AND RESUMPTION OF TRADING                                      
                                                                              
    At the request of the Company, trading in the Shares on the Stock         
    Exchange was suspended from 9:30 a.m. on 27 January 2005 pending          
    the release of this announcement. Application has been made by            
    the Company to the Stock Exchange for the resumption of trading           
    in the Shares on the Stock Exchange with effect from 9:30 a.m.            
    on 18 February 2005.                                                      
                                                                              
    DEFINITIONS                                                               
                                                                              
    "associate(s)"  has the meaning ascribed thereto under the                
    Listing Rules                                                             
                                                                              
    "Board" the board of Directors