08:56     CHINA ASSETS<00170> - Results Announcement (1)                      

    China Assets (Holdings) Limited announced on 18/04/2005:                  
    (stock code: 00170 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: USD                                                             
    Auditors' Report: Unqualified                                             
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/01/2004    from 01/01/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ($         )       ($         )      
    Turnover                           : 934,694            315,339           
    Profit/(Loss) from Operations   1  : 21,761,552         7,703,623         
    Finance cost                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Associates                       : 732,841            3,150,638         
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : 22,059,025         9,847,932         
    % Change over Last Period          : +124      %                          
    EPS/(LPS)-Basic (in dollars)       : 0.297              0.132             
             -Diluted (in dollars)     : 0.296              N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 22,059,025         9,847,932         
    Final Dividend                     : NIL                NIL               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : N/A                                  
    Payable Date                       : N/A                                  
    B/C Dates for Annual                                                      
      General Meeting                  : 26/05/2005         to 30/05/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
    (1)     Operating profit                                                  
                                                                              
    Operating profit is stated after crediting and charging the following:    
                                                                              
                                            2004            2003              
                                            US$             US$               
            Crediting                                                         
                                                                              
            Included in other operating income                                
            Net gain on disposal of investment in Zhongshan Dongfu Road and   
    Bridge Investment Co., Ltd.             -               3,316,904         
            Deemed profit on dilution of interests in an associated company   
                                                                              
                                            -               3,393,009         
            Net gain on disposal of interests in associated companies         
                                            -               2,822,412         
            Gain on disposal of listed other investments                      
                                            13,435          637,948           
            Gain on disposal of KongZhong Corporation                         
                                            3,236,806       -                 
            Unrealized gain on listed shares of KongZhong Corporation         
                                            29,025,274      -                 
            Unrealized gain on listed other investments                       
                                            57,877          31,038            
            Net exchange gain               63,281          10,177            
                                    ==============          =============