09:27     NEW CAPITAL<01062> - Announcement                                   

    The Stock Exchange of Hong Kong Limited and Hong Kong Securities          
    Clearing Company Limited take no responsibility for the contents of this  
    announcement, make no representation as to its accuracy or completeness   
    and expressly disclaim any liability whatsoever for any loss howsoever    
    arising from or in reliance upon the whole or any part of the contents    
    of this announcement.                                                     
                                                                              
    ING BEIJING INVESTMENT COMPANY LIMITED                                    
    (Incorporated in Hong Kong with limited liability)                        
    (Stock Code: 1062)                                                        
                                                                              
    to become a wholly-owned subsidiary of                                    
                                                                              
    NEW CAPITAL INTERNATIONAL INVESTMENT LIMITED                              
    (a new holding company incorporated in the Cayman Islands with limited    
    liability and the shares of which are proposed to be listed on The Stock  
    Exchange of Hong Kong Limited by                                          
    way of introduction)                                                      
                                                                              
    by way of a scheme of arrangement under section 166 of the Companies      
    Ordinance, Chapter 32 of the Laws of Hong Kong                            
                                                                              
    RESULTS OF THE COURT HEARING                                              
                                                                              
    Financial adviser and sponsor                                             
    Quam Capital Lmited                                                       
                                                                              
    The Board is pleased to announce that the Scheme was sanctioned by the    
    Court on 12 April 2005. Accordingly, listing of the Shares on the Stock   
    Exchange was withdrawn at the close of business on 12 April 2005 and      
    dealings in the Newco Shares are expected to commence on 13 April 2005.   
                                                                              
    Reference is made to the announcements of the Company dated 9 October     
    2003, 13 January 2005, 7 February 2005, 16 February 2005 and 15 March     
    2005, the formal notice of Newco dated 8 April 2005 and the scheme        
    document (the "Scheme Document") dated 13 January 2005 containing, among  
    others, details of the Scheme. Unless the context requires otherwise,     
    terms used herein shall have the same meanings as defined in the Scheme   
    Document.                                                                 
                                                                              
    The Board is pleased to announce that the Scheme was sanctioned by the    
    Court at the hearing of petition held on 12 April 2005 and an office      
    copy of the order of the Court was delivered to the Registrar of          
    Companies in Hong Kong for registration on even date.                     
                                                                              
    All conditions to which the Scheme is subject have been fulfilled as at   
    the date of this announcement. Listing of the Shares on the Stock         
    Exchange was withdrawn at close of the business on 12 April 2005 and      
    dealings in the Newco Shares are expected to commence at 9:30 a.m. on 13  
    April 2005.                                                               
                                                                              
    As at the date of this announcement, the Board comprises four executive   
    directors, namely, Messrs. Liu Xiao Guang, Cheng Bing Ren, Lawrence H.    
    Wood and Yu Sek Kee, Stephen, three non-executive directors, namely, Dr.  
    Poon Kai Leung, James, Mr. Tong Ng Siu Yee, and Mr. Liu Xue Min, and      
    three independent non-executive directors, namely, Mr. To Chun Kei, Dr.   
    Kwong Chun Wai, and Mr. Fung Tze Wa.                                      
                                                                              
            By order of the Board                                             
            ING Beijing Investment Company Limited                            
            Lawrence H. Wood                                                  
            Director                                                          
                                                                              
    Hong Kong, 12 April 2005