09:36     <04891>, <04892>, <04893> & <04895> - Announcement (3)              

    Warrant 2:                                                                
    Index:  Hang Seng Index                                                   
    Type:   Call                                                              
    Launch Date:    27 April, 2005                                            
    Issue Size:     313,000,000                                               
    Issue Price:    HK$0.32                                                   
    Issue Date:     3 May, 2005                                               
    Expiry Date:    29 December, 2005                                         
    Closing Level:  Final settlement price for settling the Hang Seng Index   
    December 2005 Futures Contracts                                           
    Strike Level:   13,000.00                                                 
    Board Lot:      10,000 Warrants                                           
    Entitlement Ratio:      4,500 Warrants for one Index                      
    Premium:        4.19%                                                     
    Gearing:        9.62x                                                     
    Effective Gearing:      6.25x                                             
    Implied Volatility:     23.50%                                            
    Listing Date:   5 May, 2005                                               
    Liquidity Provider Broker ID Number:    9509                              
                                                                              
    Warrant 3:                                                                
    Index:  Hang Seng Index                                                   
    Type:   Call                                                              
    Launch Date:    27 April, 2005                                            
    Issue Size:     400,000,000                                               
    Issue Price:    HK$0.25                                                   
    Issue Date:     3 May, 2005                                               
    Expiry Date:    29 December, 2005                                         
    Closing Level:  Final settlement price for settling the Hang Seng Index   
    December 2005 Futures Contracts                                           
    Strike Level:   13,800.00                                                 
    Board Lot:      10,000 Warrants                                           
    Entitlement Ratio:      4,100 Warrants for one Index                      
    Premium:        6.97%                                                     
    Gearing:        13.52x                                                    
    Effective Gearing:      7.17x                                             
    Implied Volatility:     23.50%                                            
    Listing Date:   5 May, 2005                                               
    Liquidity Provider Broker ID Number:    9509                              
                                                                              
    Warrant 4:                                                                
    Index:  Hang Seng Index                                                   
    Type:   Put                                                               
    Launch Date:    27 April, 2005                                            
    Issue Size:     370,000,000                                               
    Issue Price:    HK$0.27                                                   
    Issue Date:     3 May, 2005                                               
    Expiry Date:    29 December, 2005                                         
    Closing Level:  Final settlement price for settling the Hang Seng Index   
    December 2005 Futures Contracts                                           
    Strike Level:   14,000.00                                                 
    Board Lot:      10,000 Warrants                                           
    Entitlement Ratio:      4,500 Warrants for one Index                      
    Premium:        7.75%                                                     
    Gearing:        11.41x                                                    
    Effective Gearing:      5.71x                                             
    Implied Volatility:     23.50%                                            
    Listing Date:   5 May, 2005                                               
    Liquidity Provider Broker ID Number:    9559