09:36     <09336><09338><09340><09346><09347> - Announcement (2)              

    in respect of such Periodic Fixing Date multiplied by the arithmetic      
    mean of the closing price of the shares (as derived from the Daily        
    Quotation Sheet of the Stock Exchange, subject to any adjustments for     
    each Valuation Date (being each of the five Business Days (as defined     
    in the terms and conditions of the Warrants)) immediately preceding       
    such Periodic Fixing Date).                                               
                                                                              
    `Entitlement' means, in respect of Series A, Series B, Series C and       
    Series D, one share for every ten warrants, and in respect of Series      
    E, one share for each warrant.                                            
                                                                              
    If on the Expiry Date the Cash Settlement Amount is greater than          
    zero then the Warrants will be deemed automatically exercised by each     
    Warrantholder. If the Cash Settlement Amount is less than zero on the     
    Expiry Date, the Warrant will not be exercised and the Warrantholder      
    will lose the value of his investment.                                    
                                                                              
    The Cash Settlement Amount shall be despatched no later than three        
    Business Days following the Expiry Date.                                  
                                                                              
    The Issuer has made the following arrangements regarding dealings in      
    and transfers and exercise of the Warrants:-                              
                                                                              
    1.                                                                        
    The last trading day of the Warrants on the Stock Exchange is             
    expected to be March 4, 2005.                                             
                                                                              
    2.                                                                        
    Application will be made for the listing of the Warrants on the           
    Stock Exchange to be withdrawn with effect from the close of business     
    on the Expiry Date.                                                       
                                                                              
    The closing price of each series of Warrants on February 17, 2005         
    and the closing prices of the shares to which Series A, Series B,         
    Series C, Series D and Series E relate on February 17, 2005 are set       
    out below. The Exercise Price of each series is also set out below.       
                                                                              
                                                                              
    Series of       Closing price   Closing Price   Exercise Price            
    Warrants        of              of the related                            
                    Warrant         share                                     
                                                                              
    A               HK$0.29         HK$25.15        HK$21.88 per              
                                                    ten Warrants              
    B               HK$0.146        HK$25.15        HK$23.28 per              
                                                    ten Warrants              
    C               HK$0.01         HK$25.15        HK$20.88 per              
                                                    ten Warrants              
    D               HK$0.103        HK$14.65        HK$13.38 per              
                                                    ten                       
                                                    Warrants                  
    E               HK$0.182        HK$6.45         HK$8.88 per               
                                                    Warrant                   
                                                                              
    Hong Kong, February 18, 2005