10:47     VP GREENCHIP<01186> - Announcement (1)                              

    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.                                                             
                                                                              
    VALUE PARTNERS CHINA GREENCHIP FUND LIMITED                               
    (Incorporated as an exempted company in the Cayman Islands with           
    limited liability)                                                        
    (Stock Code: 1186)                                                        
                                                                              
    ANNOUNCEMENT                                                              
                                                                              
    Continuing Connected Transaction with Value Partners Limited              
                                                                              
    The Board would like to announce that on 1 April 2005 the Company         
    entered into the Renewal Agreement to extend the Investment               
    Management Agreement for two years commencing on 4 April 2005.            
    The basis of the calculation of the management fee and                    
    performance fee payable by the Company to the Manager is on the           
    same basis as the one set out in the Investment Management                
    Agreement.                                                                
                                                                              
    The Directors (including the independent non-executive                    
    Directors) are of the view that the entering into of the Renewal          
    Agreement by the Company is in the interests of the Company and           
    the Shareholders as a whole and in the ordinary and usual course          
    of business of the Company and the terms of the Renewal                   
    Agreement are on normal commercial terms.                                 
                                                                              
                                                                              
    The Board would like to announce that on 1 April 2005 the Company         
    entered into the Renewal Agreement to extend the Investment               
    Management Agreement for two years commencing on 4 April 2005.            
                                                                              
    RENEWAL AGREEMENT                                                         
    On 1 April 2005, the Company and the Manager entered into the             
    Renewal Agreement.                                                        
                                                                              
    Parties                                                                   
    The Company and the Manager.                                              
                                                                              
    Terms                                                                     
    The Company and the Manager entered into the Renewal Agreement            
    to extend the term of the Investment Management Agreement for             
    two years commencing on 4 April 2005. The basis of the                    
    calculation of the management fee and performance fee payable             
    by the Company to the Manager is on the same basis as the one             
    set out in the Investment Management Agreement. Details of the            
    basis of the calculation of the management fee and performance            
    fee are set out below in the section headed "Consideration".              
                                                                              
    Pursuant to the Renewal Agreement, the Manager will manage and            
    supervise all of the Investments and provide various                      
    administrative services to the Company in accordance with the             
    Investment Management Agreement, as amended by the Renewal                
    Agreement.                                                                
                                                                              
    Consideration                                                             
    The Company will pay a management fee to the Manager of 1.5%              
    per annum (based on a 360-day year) of the Net Asset Value of             
    the Company, calculated and accrued daily and payable in                  
    arrears to the Manager at the end of the calendar month.                  
                                                                              
    The Manager will also be entitled to receive a performance fee            
    from the Company calculated by reference to the increase in the           
    Net Asset Value per Share as at the relevant Performance Fee              
    Valuation Day. The next Performance Fee Valuation Day will be             
    31 December 2005.                                                         
                                                                              
    A performance fee will be payable to the Manager if the Net Asset         
    Value per Share (as defined below), calculated on the relevant            
    Performance Fee Valuation Day, is greater than the Base Net               
    Asset Value per Share (as defined below). The fee payable shall           
    be 12% of the appreciation in the Net Asset Value per Share (as           
    defined below), calculated as at the Valuation Point on the               
    relevant Performance Fee Valuation Day over the Base Net Asset            
    Value per Share (as defined below) for each Share then in issue,          
    calculated as follows:                                                    
                                                                              
    (A-B) x C x D / E                                                         
                                                                              
    Where: