09:47     ORIENT POWER<00615> - 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.                            
                                                                              
    ORIENT POWER HOLDINGS LIMITED                                             
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 615)                                                         
    (the "Company")                                                           
                                                                              
    SUBSCRIPTION OF EQUITY CAPITAL IN JOINT VENTURE COMPANY                   
    DISCLOSEABLE TRANSACTION                                                  
                                                                              
    On 10th March, 2005, the Subscriber agreed to invest US$5                 
    million (about HK$39 million) in JV Co to increase its                    
    equity interest from 55% to 77.5% of the enlarged equity                  
    capital of JV Co.                                                         
                                                                              
    The subscription constitutes a discloseable transaction                   
    of the Company under the Listing Rules.                                   
                                                                              
    A circular giving details of the subscription will be sent                
    to shareholders within 21 days after publication of this                  
    announcement.                                                             
                                                                              
    SUBSCRIPTION MADE ON 10TH MARCH, 2005                                     
    Parties:                                                                  
    Issuer :   Orient Power (Wuxi) Digital Technology Co., Ltd.               
    ("JV Co"), a jointly-controlled entity of the Company                     
                                                                              
    Subscriber :   Orient Power (Jiangsu) Electronics Limited                 
    (the "Subscriber"), a wholly owned subsidiary of the                      
    Company                                                                   
                                                                              
    Assets acquired:                                                          
    On 10th March, 2005, the Subscriber agreed to invest US$5                 
    million (about HK$39 million) in JV Co to increase its                    
    equity interest from 55% to 77.5% of the enlarged equity                  
    capital of JV Co after the subscription. The balance of                   
    the equity capital of JV Co is owned by                                   
     (Wuxi Xinzhongya Investment & Development Corp.)                         
    (the "JV Partner"). According to the JV Partner, it is                    
    wholly owned by  (Wuxi Guo Luen                                           
    Investment and Development (Holdings) Ltd.), a state owned                
    enterprise in the Peoples' Republic of China (the "PRC").                 
                                                                              
    JV Co is an equity joint venture company established in                   
    the PRC on 31st January, 2000 for an authorised term of                   
    operation up to 30th January, 2020, with total investment                 
    of US$15 million (approximately HK$117 million) and paid                  
    up registered capital of US$5 million (approximately HK$39                
    million). It is principally engaged in the manufacture and                
    sale of audio and video products.                                         
                                                                              
    Set out below is certain financial information of JV Co                   
    for the two years ended 31st December, 2003 and the six                   
    months ended 30th June, 2004:-                                            
                                                                              
    For the year ended/as at 31st December, 2002                              
    (Audited)                                                                 
                                                                              
    For the year ended/as at 31st December, 2003                              
    (Audited)                                                                 
                                                                              
    For the six months ended/as at 30th June, 2004                            
    (Unaudited)                                                               
                                                                              
    Turnover                                                                  
    RMB327,628,929 (approximately HK$309,083,895)                             
                                                                              
    RMB351,777,064 (approximately HK$331,865,155)                             
                                                                              
    RMB107,210,398 (approximately HK$101,141,885)                             
                                                                              
    Profit/(Loss) before taxation or after taxation                           
    RMB1,241,880 (approximately HK$1,171,585)                                 
                                                                              
    RMB201,102 (approximately HK$189,719)                                     
                                                                              
    (RMB3,238,933) (approximately (HK$3,055,597))