10:18     CHINA SP FIBRE<00285> - Announcement                                

    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.                   
                                                                              
    CHINA SPECIALISED FIBRE HOLDINGS LIMITED                                  
    (Incorporated in Bermuda with limited liability)                          
    (Stock code: 285)                                                         
                                                                              
    Winding-up by the Court                                                   
                                                                              
    The Joint and Several Liquidators of China Specialised Fibre Holdings     
    Limited (In Liquidation) (the "Company") announce that at the hearing on  
    11 October 2004, the Company was ordered to be wound up pursuant to an    
    Order by the court dated 11 October 2004.                                 
                                                                              
    Shareholders of the Company who have any queries about the implications   
    of the winding-up of the Company should obtain appropriate professional   
    advice.                                                                   
                                                                              
    Trading in the securities of the Company has been suspended since 26      
    November 2002 and will remain suspended pending further clarification     
    announcement, if any.                                                     
                                                                              
    The Joint and Several Liquidators of the Company announce that at the     
    hearing on 11 October 2004, the Company was ordered to be wound up        
    pursuant to an Order of the court dated 11 October 2004. The petition     
    was made to the court on 20 May 2004. On 11 October 2004, a winding-up    
    order was made by the court against the Company and the Official          
    Receiver was appointed to act as Provisional Liquidator of the Company.   
                                                                              
    The first meeting of creditors and contributories of the Company was      
    held on 17 November 2004. It was resolved that Mr Kennic Lai Hang Lui     
    and Ms Ruby Mun Yee Leung of Messrs. Kennic L.H. Lui & Co. should be      
    appointed Joint and Several Liquidators of the Company and a Committee    
    of Inspection should be appointed. By an Order of the court made on 23    
    December 2004, the appointment of Joint and Several Liquidators and       
    Committee of Inspection was confirmed.                                    
                                                                              
    Shareholders of the Company who have any queries about the implications   
    of the winding-up of the Company should obtain appropriate professional   
    advice.                                                                   
                                                                              
    Trading in the securities of the Company has been suspended since 26      
    November 2002 and will remain suspended pending further clarification     
    announcement, if any.                                                     
                                                                              
    Based on the information obtained from the Company Registry on 22 March   
    2005 and previous announcements made by the Company, Mr. Cai Chao, Mr.    
    Chen Shun Li, Mr. Lin Xinghe, Mr. Chen Guo Li, Mr. Fan Li and Mr. He      
    Hongzhang are the executive directors and Mr. Weng Wen Yuan, Mr. Nan      
    Min, Mr. Tang Hongsheng, Mr. Zhang Renfu are the non-executive directors  
    of the Company.                                                           
                                                                              
    As limited financial resources are available to the Company, this         
    announcement is only published on the Stock Exchange's website.           
                                                                              
    For and on behalf of                                                      
    China Specialised Fibre Holdings Limited                                  
    (In Liquidation)                                                          
                                                                              
    Kennic Lai Hang Lui Ruby Mun Yee Leung                                    
    Joint and Several Liquidators                                             
                                                                              
    Hong Kong, 23 March 2005