09:18     NIPPON ASIA INV<00603> - Announcement (1)                           

    The Stock Exchange of Hong Kong Limited takes no responsibility           
    for the contents of this announcement, makes no representation            
    as to its accuracy or completeness and expressly disclaims any            
    liability whatsoever for any loss howsoever arising from or in            
    reliance upon the whole or any part of the contents of this               
    announcement.                                                             
                                                                              
    Nippon Asia Investments Holdings Limited                                  
    (Incorporated in Bermuda with limited liability)                          
    (Stock code: 603)                                                         
                                                                              
    POSTPONEMENT OF DESPATCH OF CIRCULAR                                      
                                                                              
    The Board announces that the despatch of the Circular will be             
    postponed pending compilation of information regarding the                
    Capital Reorganisation to be set out in the Circular. It is               
    expected that the Circular will be despatched to the Shareholders         
    on or about 11 March 2005.                                                
                                                                              
    Due to the delay in despatch of the Circular, the date of SGM             
    will be postponed to Monday, 4 April 2005. The expected timetable         
    for the Capital Reorganisation has been revised and set out               
    herein.                                                                   
                                                                              
    Reference is made to the Company's announcement dated 17 February         
    2005 (the "Announcement"). Terms used herein shall have the same          
    meanings as those defined in the Announcement unless the context          
    requires otherwise.                                                       
                                                                              
    A circular (the "Circular") containing details of the proposed            
    Capital Reorganisation, change in board lot size and the proposed         
    issue of the Convertible Notes together with a notice convening           
    the SGM was expected to be despatched to the Shareholders on              
    7 March 2005. Due to further compilation of information regarding         
    the Capital Reorganisation, the Circular will be postponed to             
    be despatched to the Shareholders on or about 11 March 2005.              
                                                                              
    Due to the delay in despatch of the Circular, the date of SGM             
    will be postponed to Monday, 4 April 2005. The expected timetable         
    for the Capital Reorganisation has been revised and set out               
    below:                                                                    
                                                                              
    2005                                                                      
    Despatch of Circular    on or about Friday, 11 March                      
                                                                              
    Latest time for lodging the form of proxy for the SGM                     
            10:00 a.m. on Saturday, 2 April                                   
                                                                              
    Date of SGM     10:00 a.m. on Monday, 4 April                             
                                                                              
    Effective date of the Capital Reorganisation and Share                    
    Consolidation   9:00 a.m. on Wednesday, 6 April                           
                                                                              
    Existing counter for trading in the Shares in board lots                  
      of 2,000 Shares temporarily closes    9:30 a.m. on Wednesday, 6         
    April                                                                     
                                                                              
    Temporary counter for trading in New Shares in board lots of              
      200 New Shares (in the form of existing share certificates)             
    opens   9:30 a.m. on Wednesday, 6 April                                   
                                                                              
    Existing counter for trading in the New Shares in board lots              
    of                                                                        
      20,000 New Shares (in the form of new share certificates)               
    re-opens        9:30 a.m. on Wednesday, 20 April                          
                                                                              
    Parallel trading of New Shares (in the form of existing and new           
    share certificates) commences   9:30 a.m. on Wednesday, 20 April          
                                                                              
    Parallel trading of New Shares (in the form of existing