13:09     SHANGHAI MER H<01104> - Results Announcement (1)                    

    Shanghai Merchants Holdings Limited announced on 26/04/2005:              
    (stock code: 01104 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: HKD                                                             
    Auditors' Report: Qualified                                               
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/01/2004    from 01/01/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ('000      )       ('000      )      
    Turnover                           : 2,305              62,198            
    Profit/(Loss) from Operations      : (22,751)           (54,817)          
    Finance cost                       : (335)              (118)             
    Share of Profit/(Loss) of                                                 
      Associates                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : (36,299)           (54,935)          
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)       : (0.0879)           (0.1405)          
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : (36,299)           (54,935)          
    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 (-)                                                         
      General Meeting                  : N/A                                  
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
    1.      Turnover                                                          
                                                                              
    Turnover for the year ended 31 December 2004 and 31 December 2003 are from
    continuing operations.                                                    
                                                                              
    2.      Profit/(Loss) from operations                                     
                                                                              
    Profit/(Loss) from operations has been arrived at after crediting         
    (charging) the following:                                                 
                                                                              
                                                    2004    2003              
                                                    HK$'000 HK$'000           
    Auditors' remuneration                          (430)   (350)             
    Depreciation and amortisation                   (17)    (77)              
    Loss on disposal of property, plant and                                   
    equipment                                       (112)   -                 
                                                                              
    3.      Profit/(Loss) after taxation and minority interests               
                                                                              
    Profit/(Loss) after taxation and minority interests is presented after    
    crediting (charging) the following:                                       
                                                                              
                                                    2004      2003            
                                                    HK$'000   HK$'000         
    Allowance for advance to an investee company    (24,806)  -               
    Gain on de-consolidation of a subsidiary        11,624    -               
                                                                              
    4.      Earnings per share                                                
                                                                              
    The calculation of the basic loss per share is based on the loss for the  
    year of HK$36,299,000 (2003: HK$54,935,000) and on 413,000,000 (2003: a   
    weighted average number of 391,082,192) shares in issue during the year.  
                                                                              
    Diluted loss per share has not been presented for the year ended 31       
    December 2004 as there were no potential dilutive shares outstanding      
    during the year.                                                          
                                                                              
    Diluted loss per share had not been presented for the year ended 31       
    December 2003 as the share options outstanding during that year had an    
    anti-dilutive effect on the basic loss per share.                         
                                                                              
    5.      Summary of auditors' qualified report                             
                                                                              
    The auditors' report on the Group's financial statements for the year     
    ended 31 December 2004 contained a qualified opinion arising from         
    limitation of audit scope.  The followings are extracts from auditors'    
    report.