09:34     <03948>,<03949>,<03952> & <03953> - Announcement (3)                

                                                                              
    Warrant 2:                                                                
    Index:  Hang Seng China Enterprises Index                                 
    Type:   Call                                                              
    Launch Date:    1 March, 2005                                             
    Issue Size:     400,000,000                                               
    Issue Price:    HK$0.25                                                   
    Issue Date:     4 March, 2005                                             
    Expiry Date:    29 November, 2005                                         
    Closing Level:  Final settlement price for settling the H-Shares          
    Index November 2005 Futures Contracts                                     
    Strike Level:   5,000                                                     
    Board Lot:      10,000 Warrants                                           
    Entitlement Ratio:      1,900 Warrants for one Index                      
    Premium:        6.26%                                                     
    Gearing:        10.85x                                                    
    Effective Gearing:      6.40x                                             
    Implied Volatility:     24.00%                                            
    Listing Date:   8 March, 2005                                             
    Liquidity Provider Broker ID Number:    9559                              
                                                                              
    Warrant 3:                                                                
    Index:  Hang Seng China Enterprises Index                                 
    Type:   Put                                                               
    Launch Date:    1 March, 2005                                             
    Issue Size:     400,000,000                                               
    Issue Price:    HK$0.25                                                   
    Issue Date:     4 March, 2005                                             
    Expiry Date:    29 November, 2005                                         
    Closing Level:  Final settlement price for settling the H-Shares          
    Index November 2005 Futures Contracts                                     
    Strike Level:   5,200                                                     
    Board Lot:      10,000 Warrants                                           
    Entitlement Ratio:      1,900 Warrants for one Index                      
    Premium:        8.29%                                                     
    Gearing:        10.85x                                                    
    Effective Gearing:      5.32x                                             
    Implied Volatility:     24.00%                                            
    Listing Date:   8 March, 2005                                             
    Liquidity Provider Broker ID Number:    9559                              
                                                                              
    Warrant 4:                                                                
    Index:  Hang Seng China Enterprises Index                                 
    Type:   Put                                                               
    Launch Date:    1 March, 2005                                             
    Issue Size:     400,000,000                                               
    Issue Price:    HK$0.25                                                   
    Issue Date:     4 March, 2005                                             
    Expiry Date:    29 September, 2005                                        
    Closing Level:  Final settlement price for settling the H-Shares          
    Index September 2005 Futures Contracts                                    
    Strike Level:   5,300                                                     
    Board Lot:      10,000 Warrants                                           
    Entitlement Ratio:      1,950 Warrants for one Index                      
    Premium:        6.60%                                                     
    Gearing:        10.57x                                                    
    Effective Gearing:      5.71x                                             
    Implied Volatility:     24.00%                                            
    Listing Date:   8 March, 2005                                             
    Liquidity Provider Broker ID Number:    9559