09:28     CN ENT INV FUND<02324> - Unusual price & volume movements           

    The Stock Exchange has received a message from China Northern Enterprises 
    Investment Fund Ltd. which is reproduced as follows:-                     
                                                                              
    "This statement is made at the request of The Stock Exchange of Hong Kong 
    Limited.                                                                  
                                                                              
    We have noted today's increases in trading volume and price 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 realizations which are discloseable              
    under rule 13.23, neither is the Board aware of any matter discloseable   
    under the general obligation imposed by rule 13.09, which is or may be of 
    a price-sensitive nature.                                                 
                                                                              
    Made by the order of the Board of China Northern Enterprises Investment   
    Fund Ltd. 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 three executive  
    directors: Mr. Pong Po Lam, Mr Yau Chung Hong and Mr. Chui Tak Keung;     
    three non-executive directors: Mr. Ma Kwok Keung, Mr. Wang Zeng Jie and   
    Mr. Chow Ka Wo; and three independent non-executive directors: Mr. Lam    
    Kwan, Mr. Chan Ming Sun and Mr. Shiu Siu Tao.                             
                                                                              
                                                                              
    For and on behalf of                                                      
    China Northern Enterprises Investment Fund Limited                        
                                                                              
    Yau Chung Hong                                                            
    Company Secretary                                                         
                                                                              
    31st March 2005"