10:25     CHINA UNITED<00273> - Announcement & Resumption (3)                 

                                                                              
    February 2005   1,110,000       47,649          11,007                    
                                                                              
                                                                              
                                                                              
    Based on the information provided to the Company, during the period       
    of October 2003 to February 2005 and for the month of February 2005,      
    the income after gaming tax attributable to Neptune Syndicate was         
    approximately HK$221,053,000 and HK$11,007,000 respectively.              
                                                                              
    Based on the following information provided to the Company (i) the        
    Neptune VIP Club has, since commencement of operations in September       
    2003, delivered a substantial income after gaming tax attributable to     
    the Neptune Syndicate; (ii) several key personnel of Neptune              
    Syndicate will continue to provide services to the syndicate in           
    relation to the operations of Neptune VIP Club after completion the       
    Transaction; and (iii) Neptune Syndicate holds approximately HK$200       
    million worth of gaming chips at Neptune VIP Club which can               
    immediately be converted cash upon presentation to the Casino             
    Operator; and taking into consideration that the issue of the             
    Convertible Notes will not create any immediate cash requirements for     
    the Company as well as immediate dilution of the Shareholders, the        
    Board considers that the terms of the Transaction are attractive and      
    will commence negotiations with Mr. Eugene Chuang with the view to        
    agreeing the Transaction as soon as practicable. Further                  
    announcements on the progress of the Transaction will be made, if and     
    when appropriate.                                                         
                                                                              
    The Cooperation Terms on the Neptune VIP Club and the financial           
    information on the Neptune Club set out above were provided by the        
    Neptune Syndicate to Mr. Eugene Chuang who, in turn, provided such        
    information to the Company. The Company has not independently             
    verified the accuracy of such information as at the date of this          
    announcement.                                                             
                                                                              
    General                                                                   
    The Group is principally engaged in investment holding. The               
    principal activities of the Group include property investments,           
    investment holding, investment in trading securities and provision of     
    brokerage and financial services. The Group has also focused its          
    investment opportunities in PRC and Macau and has completed its           
    investment in 30% of Found Macau Investments International Limited        
    and has provided a HK$150 million shareholder loan to Found Macau as      
    referred to the circular of the Company dated 4th February 2005.<ep>      
                                                                              
                                                                              
    THE TRANSACTION MAY OR MAY NOT PROCEED. SHAREHOLDERS ARE ADVISED TO       
    EXERCISE CAUTION IN DEALING IN THE SHARES OF THE COMPANY.                 
                                                                              
    Mr. Eugene Chuang is the brother of Mr. Henry Chuang, the chairman        
    of the Company treated as a connected person of the Company under         
    Rule 14A.11(4)(b). If the Transaction proceeds, it will constitute a      
    connected and notifiable transaction for the Company under Rule           
    14A.13 and Rule 14.06 of the Listing Rules and shall subject to           
    approval of independent shareholders. The size of the transaction         
    will depend on the terms of the agreement to be agreed, but it is         
    likely to be at least a major transaction.                                
                                                                              
    At the request of the Company, trading in the Shares on the Stock         
    Exchange was suspended with effect from 9:30 a.m. on 14th March, 2005     
    pending the release of this announcement. Application has been made       
    by the Company for the resumption of trading in the Shares on the         
    Stock Exchange with effect from 9:30 a.m. on 16th March, 2005.            
                                                                              
    DEFINITIONS                                                               
    The following terms are used in this announcement within the              
    meanings set opposite them:-                                              
                                                                              
    `Acquisition of 80% of the     acquisition of a contracted                
    Neptune                        right to 80% of the rights                 
    Syndicate'                     and obligations of the                     
                                   Neptune Syndicate which                    
                                   syndicate is entitled to                   
                                   share and be responsible for               
                                   30% of the profits and losses              
                                   after gaming tax of gaming                 
                                   activities conducted at the                
                                   Neptune VIP Club under the                 
                                   Cooperation Terms on Neptune               
                                   VIP Club. If the Transaction               
                                   proceeds, the Company will be              
                                   entitled to an effective                   
                                   interest of 24% of the                     
                                   profits and losses after                   
                                   gaming tax of gaming                       
                                   activities conducted at the                
                                   Neptune VIP Club under the                 
                                   Cooperation Terms on Neptune               
                                   VIP Club;                                  
    `Board'                        the board of directors of the              
                                   Company;                                   
    `Casino Operator'              the Lisboa Casino in Macau,                
                                   which is not a Connected                   
                                   Person of the Company;                     
    `Company'                      China United International