09:10     SINOLINK HOLD<01168> - Results Announcement (4)                     

                                                                              
    The computation of diluted earnings per share in 2003 did not assume the  
    exercise of the Company's outstanding share warrants as the exercise price
    of those warrants is higher than the average market price for the         
    Company's shares of 2003.                                                 
                                                                              
    The computation of diluted earnings per share in 2003 did not assume the  
    conversion of the outstanding convertible bonds issued by Panva Gas as the
    conversion of those convertible bonds is anti-dilutive.                   
                                                                              
    4. Prior Period Adjustments                                               
                                                                              
    Pursuant to the agreement dated 4 December 2003 in relation to the placing
    of certain shares in a subsidiary, Panva Gas Holdings Limited ("Panva Gas 
    "), a gain on partial disposal has been recognised in the consolidated    
    income statement for the year ended 31 December 2003. The entire sale     
    proceeds of the placing of shares was then applied for the subscription of
    the same amount of shares which was approved on 5 January 2004.           
    Subsequently, the board of directors considered that these transactions   
    should be accounted for as one transaction in a view of their nature.     
    Accordingly, it resulted in an adjustment to reduce net profit for the    
    year ended 31 December 2003 amounted to approximately HK$148,115,000 with 
    a corresponding reduction of the opening balance of the accumulated       
    profits as at 1 January 2004.  In addition, the Group's other reserves and
    minority interests as at 31 December 2003 were increased by approximately 
    HK$1,178,000 and HK$169,952,000 respectively while the trade and other    
    payables as at 31 December 2003 was decreased by approximately            
    HK$23,015,000.  The effect of such change had no impact on the net profit 
    for the year ended 31 December 2004.                                      
                                                                              
    In addition, an adjustment has been made to reduce goodwill arised on the 
    conversion of convertible note into the shares of Panva Gas and other     
    payables of approximately HK$63,108,000 as at 31 December 2003.           
                                                                              
    For more details, please refer to the press announcement today.