09:27     CHINA UNITED<00273> - Announcement (4)                              

    the provision of the corporate finance advisory services. The Placing     
    Agent and the Financial Adviser have been appointed by the Company to     
    place the Old Convertible Notes and have received HK$825,000 and          
    HK$400,000 as the placing commission and the documentation fee            
    respectively. The aggregate amount of the placing commission and the      
    documentation fee paid to the Placing Agent and the Financial Adviser     
    for the placing of the Old Convertible Notes and this Placing will be     
    approximately HK$1,955,000 if the Placing Shares are fully placed.        
    Both transactions are on normal commercial terms.                         
                                                                              
    The Board (including the independent non-executive directors)             
    considers that the terms of the Placing Agreement as well as the          
    aggregate placing commission and the documentation fee pay to the         
    Placing Agent and the Financial Adviser respectively in relation to       
    the placing of the Old Convertible Notes and this Placing were            
    entered after arm's length negotiation between the Company, the           
    Placing Agent and the Financial Adviser which was in the ordinary         
    course of business of the Company, on normal commercial terms and on      
    terms no less favourable to the Company than terms available from         
    independent third parties, and the terms of that are fair and             
    reasonable and in the interest of the Shareholders and the Company as     
    a whole.                                                                  
                                                                              
    Definitions                                                               
    `Alpha Aim'                    Alpha Aim International                    
                                   Limited, a company                         
                                   incorporated in the British                
                                   Virgin Islands and a wholly                
                                   owned subsidiary of the                    
                                   Company                                    
    `Board'                        the board of directors of the              
                                   Company                                    
    `Circular'                     the circular of the Company                
                                   dated 4th February 2005                    
    `Company'                      China United International                 
                                   Holdings Limited, a company                
                                   incorporated in Hong Kong                  
                                   with limited liability and                 
                                   the Shares of which are                    
                                   traded on the Stock Exchange               
    `Convertible Notes'            a series of non-interest                   
                                   bearing convertible                        
                                   redeemable notes issued by                 
                                   the Company in an aggregate                
                                   principal amount of HK$100                 
                                   million to independent                     
                                   investors due on the fifth                 
                                   anniversary from the date of               
                                   issue as mentioned in the                  
                                   Circular                                   
    `Financial Adviser'            CU Corporate Finance Limited,              
                                   a company incorporated in                  
                                   Hong Kong with limited                     
                                   liability and a licensed                   
                                   corporation registered under               
                                   the Securities and Futures                 
                                   Ordinance (Chapter 571 of the              
                                   Laws of Hong Kong)                         
    `FM Convertible Notes'         a series of non-interest                   
                                   bearing convertible                        
                                   redeemable notes in an                     
                                   aggregate principal amount of              
                                   HK$100 million of the same                 
                                   terms of the Convertible                   
                                   Notes issued by the Company                
                                   to Found Macau as mentioned                
                                   in the Circular                            
    `Found Macau'                  Found Macau Investments                    
                                   International Limited, a                   
                                   company incorporated in the                
                                   British Virgin Islands                     
    `General Mandate'              the general mandate granted                
                                   to the Board to issue Shares               
                                   of the Company at the                      
                                   extraordinary general meeting              
                                   of the Company held on 17th                
                                   January 2005                               
    `Group'                        the Company and its                        
                                   subsidiaries and associated                
                                   companies                                  
    `HMI'                          Hennabun Management                        
                                   International Limited, a                   
                                   company incorporated in the                
                                   British Virgin Islands and an              
                                   associated company of the                  
                                   Company for which the Company              
                                   is holding approximately 42%               
                                   interest in HMI and the                    
                                   remaining shareholders of HMI              
                                   are not connected persons of               
                                   the Company                                
    `HK$'                          Hong Kong dollars                          
    `Listing Rules'                the Rules Governing the                    
                                   Listing of Securities on the