09:33     NEW CENTURY GP<00234> - Announcement (7)                            

    GENERAL                                                                   
    A circular containing, among other things, (i)                            
    information on the Transactions and the New Caps; (ii)                    
    a letter of recommendation from the Independent Board                     
    Committee; (iii) a letter of advice from Dao Heng                         
    Securities; and (iv) the notice of the Special General                    
    Meeting, will be despatched to the Shareholders as                        
    soon as practicable.                                                      
                                                                              
    The Independent Board Committee comprising Mr. Wong                       
    Kwok Tai, Mr. Kwan Kai Kin, Kenneth and Mr. Ho Yau                        
    Ming has been constituted to advise the Independent                       
    Shareholders on the Transactions and the New Caps.                        
                                                                              
    Dao Heng Securities has been appointed to advise the                      
    Independent Board Committee and the Independent                           
    Shareholders on the Transactions and the New Caps.                        
                                                                              
    UNUSUAL MOVEMENT IN SHARE TRADING VOLUME                                  
    The following statement is made at the request of the                     
    Stock Exchange.                                                           
                                                                              
    The Board has noted the increase in the trading volume                    
    of the Shares today and wishes to state that save for                     
    the non-exempt continuing connected transactions as                       
    disclosed in this announcement and the two                                
    announcements of the Company dated 25th February, 2005,                   
    it is not aware of any reasons for such increase. The                     
    Board also confirms that there are no negotiations                        
    or agreements relating to intended acquisitions or                        
    realisations which are discloseable under Rule 13.23                      
    of the Listing Rules, neither is the Board aware of                       
    any matter discloseable under the general obligation                      
    imposed by Rule 13.09 of the Listing Rules, which is                      
    or may be of a price-sensitive nature.                                    
                                                                              
    Shareholders and public investors are advised to                          
    exercise caution when dealing in the Shares.                              
                                                                              
    This announcement is made by the order of the Company.                    
    The Directors individually and jointly accept                             
    responsibility for the accuracy of this announcement.                     
                                                                              
    DEFINITIONS                                                               
    "associates"   has the same meaning ascribed to it                        
    under the Listing Rules                                                   
                                                                              
    "Board"   the board of Directors                                          
                                                                              
    "BVI"   the British Virgin Islands                                        
                                                                              
    "Charterparty Novation Deeds"   the charterparty                          
    novation deeds dated 15th July, 2004 relating to                          
    the Vessels entered into between the Previous Owners,                     
    the Subsidiary, Queenston and Jackston whereby, among                     
    other things, the Vessels would continue to be chartered                  
    by Queenston and Jackston to the Subsidiary, details of                   
    which were set out in the announcement of the Company                     
    dated 1st April, 2004 and the circular of the Company                     
    dated 3rd May, 2004. The Charterparty Novation Deeds                      
    will be terminated upon all the conditions of New                         
    Charter Agreements have been fulfilled and the New                        
    Charter Agreements becoming effective on 1st April,                       
    2005                                                                      
                                                                              
    "Company"   New Century Group Hong Kong Limited, a                        
    company incorporated in Bermuda with limited                              
    liability and the shares of which are listed on the                       
    Main Board of the Stock Exchange                                          
                                                                              
    "connected person(s)"   has the same meaning ascribed                     
    to it under the Listing Rules                                             
                                                                              
    "Dao Heng Securities"   Dao Heng Securities Limited,                      
    independent financial adviser to the Independent                          
    Board Committee and the Independent Shareholders in                       
    connection with the Transactions and the New Caps,                        
    a corporation deemed licensed under the SFO to conduct                    
    type 1 (dealing in securities), 4 (advising on                            
    securities), 6 (advising on corporate finance), 7                         
    (providing automated trading services) and 9 (asset                       
    management) regulated activities                                          
                                                                              
    "Directors"   directors of the Company