09:29     NIPPON ASIA INV<00603>-Announcement&Resumption of Trading(17        

    licensed corporation to carry on business in types 1,4,6 and              
    9 regulated activities (dealing in securities, advising on                
    securities and corporate finance and asset management) under              
    the Securities and Futures Ordinance (Chapter 571 of the Laws             
    of Hong Kong)                                                             
                                                                              
    "Placing Agreement"     the conditional placing agreement dated           
    28 January 2005 entered into between the Company and the Placing          
    Agent in respect of the placing of the Underwritten Convertible           
    Notes which was supplemented by a supplemental agreement dated            
    4 February 2005 between the parties                                       
                                                                              
    "SGM"   the special general meeting of the Company to be convened         
    to approve, among others, the proposed Capital Reorganisation             
    and the creation and issue of the Convertible Notes                       
                                                                              
    "Shares"        ordinary shares of HK$0.025 each in the share capital     
    of the Company prior to the Capital Reorganisation                        
                                                                              
    "Shareholder(s)"        holders of the Shares                             
                                                                              
    "Share Options" the options to subscribe for 384,000,000 Shares           
    granted under the share option scheme adopted by the Company              
    on 31 January 2002                                                        
                                                                              
    "Share Consolidation"   the consolidation of every 10 shares of           
    HK$0.001 each into 1 New Share of HK$0.01 each immediately upon           
    the Capital Reduction and the Unissued Share Subdivision                  
    becoming effective, such that the authorised share capital of             
    the Company will be changed from HK$1,250,000,000 comprising              
    50,000,000,000 Shares to HK$1,250,000,000 comprising                      
    125,000,000,000 New Shares                                                
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited           
                                                                              
    "Subscriber"    Global Capital Management Inc., a company                 
    incorporated in Japan                                                     
                                                                              
    "Subscription Agreement"        the conditional subscription              
    agreement dated 26 January 2005 entered into between the Company          
    and the Subscriber n respect of the subscription of the GC                
    Convertible Note which was supplemented by a supplemental                 
    agreement dated 4 February 2005 between the parties                       
                                                                              
    "Underwritten Convertible Notes"        the 1-year 1% convertible         
    loan notes to be issued by the Company to the Placees under the           
    Placing Agreement in the principal amount of HK$40,000,000                
                                                                              
    "Unissued Share Subdivision"    the subdivision of every                  
    unissued Share into 25 shares of HK$0.001 each immediately upon           
    the Capital Reduction becoming effective                                  
                                                                              
    "HK$"   Hong Kong dollars, the lawful currency of Hong Kong               
                                                                              
    "JPY"   Japanese Yen, the lawful currency of Japan                        
                                                                              
    "US$"   United States dollars, the lawful currency of United              
    States of America                                                         
                                                                              
    "%"     per cent.                                                         
                                                                              
    As at the date of this announcement, the Board comprises six              
    executive Directors, namely Mr Wong Kui Shing, Danny, Mr Masanori         
    Suzuki, Mr Eiji Sato, Mr Wong King Shiu, Daniel, Mr Kan Kwok              
    Shu and Mr Lin Che Chu, George; and three independent                     
    non-executive Directors, namely Mr Cheung Man Yau, Timothy, Mr            
    Chuk Che Shing and Mr Kim Kwi Nam,Takao.                                  
                                                                              
    By Order of the Board                                                     
    Nippon Asia Investments Holdings Limited                                  
    Wong Kui Shing, Danny                                                     
    Chairman                                                                  
                                                                              
    Hong Kong, 17 February 2005                                               
                                                                              
    *  for identification purposes only