09:39     CN ENT INV FUND<02324>-Announcement&Resumption of Trading(2)        

    of the Company and its connected persons and are not                      
    connected persons of the Company.                                         
                                                                              
    Placees                                                                   
    The Placing Shares will be placed to not less than                        
    six placees. The Placees and their respective                             
    ultimate beneficial owners will be third parties                          
    independent of each other, the Company and its                            
    connected persons and will not be connected persons                       
    or become substantial shareholders (as defined in the                     
    Listing Rules) of the Company.                                            
                                                                              
    Placing Shares                                                            
    A maximum of 10,600,000 Placing Shares, representing                      
    approximately 16.7% of the existing issued share                          
    capital of the Company and approximately 14.3% of the                     
    issued share capital of the Company as enlarged by                        
    the Placing, will be placed. The Placing Shares will                      
    rank pari passu in all respects with the issued Shares                    
    on the date of allotment and issue of the Placing                         
    Shares.                                                                   
                                                                              
    The Placing Shares will be issued under the general                       
    mandate granted to the Directors pursuant to the                          
    resolution passed by the shareholders of the Company                      
    at the Company's annual general meeting held on 2                         
    December, 2004. Under the general mandate, a maximum                      
    number of 10,600,000 Shares can be issued. The general                    
    mandate has not been utilised since it was granted.                       
                                                                              
    Placing Price                                                             
    The Placing Price of HK$0.56 per Placing Share was                        
    agreed between the Company and the Placing Agent                          
    immediately before entering into the Placing                              
    Agreement and represents:                                                 
                                                                              
    (i)     a premium of approximately 7.7% to the closing                    
    price of HK$0.52 per Share as quoted on the Stock                         
    Exchange on 17 February, 2005, being the last trading                     
    date of the Shares on the Stock Exchange prior to the                     
    date of the Placing Agreement;                                            
                                                                              
    (ii)    a premium of 12.0% to the average closing price                   
    of HK$0.50 per Share for the five consecutive trading                     
    days up to and including 17 February, 2005; and                           
                                                                              
    (iii)   a premium of approximately 3.7% to the unaudited                  
    consolidated net asset value per Share of                                 
    approximately HK$0.54 per Share as at 31 January,                         
    2005.                                                                     
                                                                              
    The Placing Price and the terms of the Placing                            
    Agreement were arrived at after arm's length                              
    negotiation between the Company and the Placing Agent.                    
    The Directors consider that the terms of the Placing                      
    Agreement are fair and reasonable and the Placing                         
    Agreement (including the Placing Price) is in the                         
    interest of the Company and its shareholders as a                         
    whole.                                                                    
                                                                              
    Condition and completion of the Placing Agreement                         
    Completion of the Placing Agreement is conditional                        
    upon the Listing Committee of the Stock Exchange                          
    granting the listing of, and permission to deal in,                       
    the Placing Shares. In the event that this condition                      
    is not fulfilled on or before 2 March, 2005, or such                      
    later date as may be agreed between the Company and                       
    the Placing Agent, the Placing Agreement will                             
    terminate.                                                                
                                                                              
    Completion of the Placing will take place on the                          
    second Business Day after the condition of the Placing                    
    has been fulfilled.