10:41     JINHUI HOLDINGS<00137> - Announcement (2)                           

    the view that given the healthy outlook in the shipping industry, it is   
    a good opportunity to acquire the additional Vessel. The Group currently  
    owns nine dry bulk vessels. After the Acquisition, the Group will have    
    three additional second hand vessels and five additional newly built dry  
    bulk vessels for delivery going forward, where five of which will be      
    delivered in 2005, one in 2006 and another two in 2007. The Group         
    believes the freight rates will remain robust and decides to acquire      
    another motor vessel to expand its fleet of owned vessels instead of      
    charter-in vessels in order to generate more operating income and to      
    maximize the returns for the Group in the future.                         
                                                                              
    The ultimate owner of the Vendor is Allied Maritime Inc., a bulk          
    shipping company founded in 1994 and is domiciled in Athens, Greece. The  
    Group has previously entered into two Memoranda on 22 February 2005 with  
    Progreso Dos Navigation Ltd. and Futuro Dos Navigation Ltd. for the       
    purchase of two vessels which will be delivered on or before 2 May 2005   
    and 30 June 2005 respectively. The ultimate owner of Progreso Dos         
    Navigation Ltd. and Futuro Dos Navigation Ltd. is also Allied Maritime    
    Inc. Each of the aforementioned Memoranda is separate and not             
    inter-conditional of each other.                                          
                                                                              
    The negotiations for the Acquisition between the Group and the Vendor     
    was conducted through shipbrokers which commenced in late March 2005.     
    The terms and conditions of the Memorandum have been agreed on normal     
    commercial terms following arm's length negotiations. The Board           
    considers the terms of the Acquisition to be fair and reasonable and in   
    the best interests of the Company and its shareholders as a whole.        
                                                                              
    GENERAL                                                                   
    Under the Listing Rules, the Acquisition constitutes a discloseable       
    transaction for the Company. A circular containing, amongst other         
    things, further information relating to the Acquisition will be           
    despatched to the shareholders of the Company as soon as reasonably       
    practicable.                                                              
                                                                              
    DEFINITIONS                                                               
    In this announcement, unless the context requires otherwise, the          
    following expressions of the following meanings were used:                
                                                                              
    "Acquisition"        the acquisition of the Vessel under the Memorandum;  
                                                                              
    "Board"        the board of Directors;                                    
                                                                              
    "Company"        Jinhui Holdings Company Limited;                         
                                                                              
    "Directors"        the directors of the Company;                          
                                                                              
    "Group"        the Company and its subsidiaries;                          
                                                                              
    "HK$"        Hong Kong dollars, the lawful currency of Hong Kong;         
                                                                              
    "Hong Kong"        Hong Kong Special Administrative Region of the         
    People's Republic of China;                                               
                                                                              
    "Jinhui Shipping"        Jinhui Shipping and Transportation Limited, a    
    company incorporated in Bermuda and an approximately 59.61 per cent.      
    owned subsidiary of the Company whose shares are listed on the Oslo       
    Stock Exchange, Norway;                                                   
                                                                              
    "Jinrong Marine"         Jinrong Marine Inc., a wholly owned subsidiary   
    of Jinhui Shipping;                                                       
                                                                              
    "Listing Rules"        the Rules Governing the Listing of Securities on   
    the Stock Exchange;                                                       
                                                                              
    "Memorandum"        the memorandum of agreement dated 31 March 2005       
    between Jinrong Marine and the Vendor in respect of the acquisition of    
    the Vessel;                                                               
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited;          
                                                                              
    "US$"        United States dollars, the lawful currency of the United     
    States of America, and for the purpose of illustration only, translated   
    into HK$ at the rate of US$1.00 = HK$7.80;                                
                                                                              
    "Vendor"        Destino Dos Navigation Ltd., a ship owning company        
    incorporated in Malta; and                                                
                                                                              
    "Vessel"        a deadweight 28,200 metric tons bulk carrier named        
    "Destino Dos" built in 2002 by Kanda Shipbuilding Company Limited.        
                                                                              
    As at date of this announcement, the executive directors of the Company   
    are Ng Siu Fai, Ng Kam Wah Thomas, Ng Ki Hung Frankie and Ho Suk Lin;     
    the non-executive director of the Company is Ho Kin Lung; and the         
    independent non-executive directors of the Company are Cui Jianhua, Tsui  
    Che Yin Frank and William Yau.                                            
                                                                              
    By Order of the Board                                                     
    Ng Siu Fai                                                                
    Chairman                                                                  
                                                                              
    Hong Kong, 1 April 2005