08:56     SHENYIN WANGUO<00218> - Results Announcement (2)                    

                                                                              
    4.      PROFIT/(LOSS) FROM OPERATIONS                                     
                                                                              
            The Group's profit/(loss) from operations is arrived at after     
    charging/(crediting):                                                     
                                                                              
                                            2004            2003              
                                            HK$             HK$               
    Interest expenses for financial services operations                       
    on bank loans and overdrafts            1,680,833       4,893,127         
    Net realised losses/(gains) on trading of listed equity                   
    investments and futures contracts       7,041,622       (30,595,398)      
    Net realised gains on disposal of long term investments                   
                                            (9,505,773)     -                 
    Net unrealised losses on listed equity investments                        
                                            10,958,401      17,825,590        
    Provision for bad and doubtful debts and bad debt written off             
                                            8,689,753       -                 
    Write-back of impairment provisions for long term investments             
                                            -               (5,382,802)       
    Provision for claims                    -               4,000,000         
                                            ==========================        
                                                                              
    5.      EARNINGS PER SHARE                                                
                                                                              
            (a)     Basic earnings per share                                  
                                                                              
                    The calculation of basic earnings per share is based on   
    the net profit from ordinary activities attributable to shareholders for  
    the year of HK$9,055,610 (2003 restated: HK$27,922,436) and 530,759,126 ( 
    2003: 530,759,126) ordinary shares in issue during the year.              
                                                                              
            (b)     Diluted earnings per share                                
                                                                              
    No diluted earnings per share has been presented for the current and prior
    year because there was no dilutive potential ordinary share in existence  
    during the years ended 31 December 2004 and 2003.                         
                                                                              
    6.      COMPARATIVE AMOUNTS                                               
                                                                              
    The comparative amounts have been restated due to the adoption of SSAP    
    Interpretation 22.  As a consequence, the net profit attributable to      
    shareholders for last year has been decreased by HK$7,703,403.            
                                                                              
    For more details, please refer to the press announcement today.