09:50     SHANGHAI GROWTH<00770> - 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.               
                                                                              
    Shanghai International Shanghai Growth Investment Limited                 
    (incorporated in the Cayman Islands with limited liability)               
    (Stock code: 00770)                                                       
                                                                              
    ANNOUNCEMENT                                                              
                                                                              
    Shanghai International Shanghai Growth Investment Limited (the            
    "Company") announces that Axia Capital Partners Limited resigned as       
    the Company's investment adviser effective April 1, 2005.                 
                                                                              
    The Board of Directors ("Board") of the Company wishes to announce        
    that it received notification on March 9, 2005 from the Company's         
    Investment Adviser, Axia Capital Partners Limited ("Axia"), of its        
    resignation as the Company's Investment Adviser with effect from April    
    1, 2005, due to the reason that it will not be in a position to fulfil    
    additional license requirements imposed by The Securities and Futures     
    Commission.                                                               
                                                                              
    Under the provisions of an Investment Advisory Agreement dated July       
    15, 1998 between the Company and Axia and as supplemented by a            
    Supplemental Agreement dated December 29, 2000 and a Second               
    Supplemental Agreement dated August 12, 2004 between the Company,         
    Axia and the Company's investment manager, Shanghai International         
    Asset Management (H.K.) Co., Ltd., the appointment of Axia as the         
    Company's Investment Adviser shall automatically terminate in the         
    circumstances described above.                                            
                                                                              
    The Company has yet to appoint a new investment adviser for the time      
    being but is in the process of seeking for an appropriate replacement.    
    The absence of an investment adviser will not affect the investment       
    activity of the Company. Further announcement(s) will be made as to       
    any appropriate arrangements to be made by the Board with regard to       
    this matter.                                                              
                                                                              
    By order of the Board                                                     
    Shanghai International                                                    
    Shanghai Growth Investment Limited                                        
    Andrew K. W. Liang                                                        
    Company Secretary                                                         
                                                                              
    As at the date of this announcement, the Board comprises Mr. Wu Choi      
    Sun, William and Dr. Xue Wanxiang as executive directors; Dr. Hua         
    Min, Mr. Ong Ka Thai and Mr. Yick Wing Fat, Simon as independent          
    non-executive directors; and Mr. Cai Nongrui, Mr. Chao Hsi- Hsiang,       
    Mr. Chen Chi-chuan, Mr. Chiang Ching-yee, Mr. Chiu Tak-chiang, Mr.        
    Hu Jinggang, Mr. Lee Tien-chieh, Mr. Tseng Ta-mon, Dr. Wang Changhong     
    and Mr. Zhou Youdao as non-executive directors.                           
                                                                              
    Hong Kong, March 31, 2005