09:35     HUALING<00382> - Announcement (4)                                   

    "Hong Kong"     :       the Hong Kong Special Administrative Region of    
    the PRC                                                                   
                                                                              
    "Independent    :       shareholders of the Company, other                
      Shareholders"         than Midea International and its associates       
                                                                              
    "Listing Rules" :       Rules Governing the Listing of Securities on      
    the Stock Exchange                                                        
                                                                              
    "Master Agreement"      :       the master sale and purchase agreement    
    dated 22 April 2005 entered into between the Company and Midea            
    Electric                                                                  
                                                                              
    "Midea Electric"        :       GD Midea Electric Appliances Co., Ltd.    
                                                                              
    "Midea Electric Group"  :       Midea Electric and its                    
    subsidiaries                                                              
                                                                              
    "Midea International"   :       Midea International Corporation           
    Company Limited, a company incorporated in Hong Kong with limited         
    liability                                                                 
                                                                              
    "Midea Ltd."    :       Midea Group Co., Ltd., a company established in   
    the PRC with limited liability                                            
                                                                              
    "PRC"   :       the People's Republic of China which, for the purpose     
    of this announcement, excludes Hong Kong, Taiwan and the Macau            
    Special Administrative Region                                             
                                                                              
    "RMB"   :       Renminbi, the lawful currency of the PRC                  
                                                                              
    "Stock Exchange"        :       The Stock Exchange of Hong Kong Limited   
                                                                              
    By order of the board of Directors                                        
    Hualing Holdings Limited                                                  
    Zhang Quan                                                                
    Director                                                                  
                                                                              
    Hong Kong, 27 April 2005                                                  
                                                                              
    As at the date of this announcement, the executive Directors              
    are Mr. Fang Hongbo, Mr. Liu Liang and Mr. Zhang Quan; the                
    non-executive Directors are Mr. Li Jianwei, Ms. Yuan Liqun, Mr.           
    Zhang Xin Hua and Mr. Chen Yu Hang; the independent non-executive         
    Directors are Mr. Chan Wai Dune, Mr. Lam Ming Yung and Ms. Chen           
    Chunhua.                                                                  
                                                                              
    For the purpose of this announcement, unless otherwise stated,            
    conversion of Renminbi into Hong Kong dollars or vice versa have          
    been calculated by using an exchange rate of HK$1.00 = RMB1.06.