08:55     ASIA ALLIANCE<00616> - Unusual volume movement                      

    The Stock Exchange has received a message from Asia Alliance Holdings     
    Limited which is reproduced as follows:-                                  
                                                                              
    "This statement is made at the request of The Stock Exchange of Hong Kong 
    Limited.                                                                  
                                                                              
    We have noted the recent increases in trading volume of the shares of the 
    Company and wish to state that we are not aware of any reasons for such   
    increases.                                                                
                                                                              
    We also confirm that there are no negotiations or agreements relating to  
    intended acquisitions or realisations which are discloseable under rule   
    13.23 of the Listing Rules, neither is the Board aware of any matter      
    discloseable under the general obligation imposed by rule 13.09 of the    
    Listing Rules, which is or may be of a price-sensitive nature.            
                                                                              
    Made by the order of the Board of Asia Alliance Holdings Limited the      
    directors of which individually and jointly accept responsibility for the 
    accuracy of this statement.                                               
                                                                              
    As at the date of this announcement, the Board comprises Mr. Koon         
    Wing Yee, Mr. Tsang Yiu Kai and Ms. Lui Yuk Chu as executive directors and
    Mr. Kan Ka Hon, Mr. Kwong Jimmy Cheung Tim and Mr. Lau Sin Ming as        
    independent non-executive directors.                                      
                                                                              
                                                                              
    For and on behalf of                                                      
    Asia Alliance Holdings Limited                                            
                                                                              
    Tsang Yiu Kai                                                             
    Executive Director                                                        
                                                                              
    24 March 2005"