09:48     CHINA WATER<00855> - Announcement (3)                               

    "Listing Rules"   The Rules Governing the Listing of                      
    Securities on the Stock Exchange                                          
                                                                              
    "PRC"   The People's Republic of China which for the purpose              
    of this announcement, excludes Hong Kong, the Macau Special               
    Administrative Region and Taiwan                                          
                                                                              
    "Stock Exchange"   The Stock Exchange of Hong Kong Limited                
                                                                              
    "HK$"   Hong Kong dollars, the lawful currency of Hong Kong               
                                                                              
    "RMB"   Renminbi yuan, the lawful currency of the PRC                     
                                                                              
    For the purpose of this announcement, unless the context                  
    otherwise requires, conversion of Reminbi into Hong Kong                  
    dollars is based on the approximate exchange rate of RMB1.06              
    to HK$1.00.                                                               
                                                                              
                                                                              
                                                                              
    By Order of the Board                                                     
    Duan Chuan Liang                                                          
    Chairman                                                                  
                                                                              
    Hong Kong, 21st April, 2005