09:25     KC-HSBC@EC0604B<04885> - Announcement (2)                           

    different pricing models.                                                 
                                                                              
    The Warrants will constitute general unsecured contractual obligations    
    of the Issuer and the Guarantor and no other person. Investors are        
    relying upon the creditworthiness of the Issuer and the Guarantor and     
    have no rights under the Warrants against the Company.                    
                                                                              
    The Guarantor's long term credit ratings are A+ by Standard and Poor's    
    Ratings Group, AA- by Fitch IBCA Ltd, and Aa3 by Moody's Investors        
    Service.                                                                  
                                                                              
    The Issuer and Guarantor have undertaken until the Expiry Date to make    
    documents containing details of the Warrants and financial and other      
    information on the Issuer and Guarantor available for inspection by       
    holders of the Warrants. The documents available for inspection are a     
    copy of the Base Listing Document dated 29th April, 2005, together with   
    any addenda or successor document to the Base Listing Document (both      
    the English version and the Chinese translation) and the Supplemental     
    Listing Document to be dated 3rd May, 2005 (both the English version      
    and the Chinese translation). These documents will be available for       
    inspection at the office of KBC Financial Products Hong Kong Limited,     
    which is presently at Suite 806-814, 8/F, Two International Finance       
    Centre, 8 Finance Street, Central, Hong Kong. Information on the KBC      
    Financial Products Group and the Guarantor can also be found on website   
    www.kbcfp.com and www.kbc.be respectively.                                
                                                                              
    Before purchasing the Warrants you should ensure that you fully           
    understand its potential risks and rewards and independently determine    
    that it is appropriate for you given your objectives, experience,         
    financial and operational resources, and other relevant circumstances.    
    You should consult with such advisers as you deem necessary to assist     
    you in making these determinations.                                       
                                                                              
    Investors are warned that the price of the Warrants may fall in value     
    as rapidly as it may rise and holders may sustain a total loss of their   
    investment. Prospective purchasers should therefore ensure that they      
    understand the nature of the Warrants and carefully study the risk        
    factors set out in the Base Listing Document and the Supplemental         
    Listing Document and, where necessary, seek professional advice, before   
    they invest in the Warrants.                                              
                                                                              
    The Issuer and its appointed liquidity provider may be the only           
    purchasers of the Warrants and the secondary market for the Warrants      
    may be limited. The Issuer has appointed KBC Financial Products Trading   
    Hong Kong Limited as its liquidity provider for the Warrants (Broker ID   
    Number: 9595; Tel: 2238 6133; Address: Suite 806-814, 8/F, Two            
    International Finance Centre, 8 Finance Street, Central, Hong Kong).      
    The liquidity provider will provide liquidity by responding to requests   
    for bid and offer quotes. A quote may be obtained by calling its          
    telephone number.                                                         
                                                                              
    Neither the Issuer nor the Guarantor are the ultimate holding company     
    of the group to which the Issuer and the Guarantor belong and with        
    which the Issuer's and the Guarantor's names are identified. The          
    ultimate holding company of the group to which the Issuer and the         
    Guarantor belong is KBC Group NV.                                         
                                                                              
    In the primary market, the Issuer normally pays a selling commission to   
    the brokers who place the Warrants. In the secondary market, the Issuer   
    or any of its affiliates may from time to time implement commission       
    promotional programmes with a selected number of brokers, on a selected   
    list of Warrants within a selected period of time for a partial or        
    total commission rebate for investors in the Warrants.                    
                                                                              
    By Order of the Board                                                     
    KBC Financial Products International Ltd.                                 
    Hong Kong, 27th April, 2005