10:25     CHINA UNITED<00273> - Announcement & Resumption (4)                 

                                   Holdings Limited, a company                
                                   incorporated in Hong Kong the              
                                   shares of which are listed on              
                                   the Stock Exchange;                        
    `Convertible Notes'            the issue of HK$250 million                
                                   convertible notes of the                   
                                   Company as the consideration               
                                   of the Transaction;                        
    `Conversion Shares'            the issue of Shares upon                   
                                   conversion of the Convertible              
                                   Notes;                                     
    `Cooperation Terms on Neptune  the terms of cooperation                   
    VIP Club'                      between the Neptune Syndicate              
                                   and the Casino Operator in                 
                                   relation to the operation of               
                                   the Neptune VIP Club at the                
                                   Lisboa Casino in Macau as                  
                                   described in the section                   
                                   headed `Cooperation Terms on               
                                   Neptune VIP Club' as set out               
                                   in this Announcement;                      
    `Directors'                    the directors of the Company;              
    `Group'                        the Company and its                        
                                   subsidiaries;                              
    `Listing Rules'                the Rules Governing the                    
                                   Listing of Securities on the               
                                   Stock Exchange;                            
    `Mr. Eugene Chuang'            Mr. Chuang Yue-chien, Eugene,              
                                   brother of Mr. Henry Chuang;               
    `Mr. Henry Chuang'             Mr. Chuang Yueheng, Henry,                 
                                   the chairman of the Company;               
    `Neptune Syndicate'            an informal syndicate of                   
                                   persons and entities (not a                
                                   legal entity) which has                    
                                   entered into the Cooperation               
                                   Terms on the Neptune VIP Club              
                                   by oral contract;                          
    `Neptune VIP Club'             the gaming facilities at a                 
                                   venue known as the Neptune                 
                                   VIP Club located at the                    
                                   Lisboa Casino in Macau;                    
    `Shares'                       shares of a par value of                   
                                   HK$0.10 each in the Company;               
    `Shareholder(s)'               holder of (a) Share(s);                    
    `Stock Exchange'               The Stock Exchange of Hong                 
                                   Kong Limited; and                          
    `Transaction'                  the possible acquisition of                
                                   80% of the Neptune Syndicate               
                                   by the Company from Mr.                    
                                   Eugene                                     
                                   Chuang.                                    
                                                                              
                                                                              
                                                                              
    As at the date of this announcement, the Board comprises four             
    executive directors, namely, Mr. Chuang Yueheng, Henry, Mr. Chung         
    Wilson, Mr. Lo Kan Sun and Mr. Wong Ying Seung, Asiong and four           
    independent non-executive directors, namely Mr. Lam Ping Cheung, Mr.      
    Miu Frank H., Mr. Nakajima Toshiharu and Ms. Lin Wai Yi.                  
                                                                              
                                                                              
    By order of the board of directors of                                     
    China United International Holdings Limited                               
    Chuang Yueheng, Henry                                                     
    Chairman                                                                  
                                                                              
    Hong Kong, 15th March, 2005