09:28     MUDAN AUTO<08188> - Quarterly Results Announcement (1)              

                                                                              
    Mudan Automobile Shares Company Limited announced on 30/04/2005:          
    (stock code: 08188 )                                                      
                                                                              
    Year end date                         :31/12/2005                         
    Currency                              :RMB                                
    Auditors' report                      :N/A                                
    1st Quarterly Report Reviewed by      :Audit Committee                    
                                                                              
    Important Note :                                                          
                                                                              
    This result announcement form only contains extracted information from    
    and should be read in conjunction with the detailed results announcement  
    of the issuer, which can be viewed on the GEM website at                  
    http://www.hkgem.com                                                      
                                                                              
                                           (* UnAudited)       (* UnAudited)  
                                                  Current Last Corresponding  
                                                   Period            Period   
                                           from 01/01/2005   from 01/01/2004  
                                             to 31/03/2005     to 31/03/2004  
                                                       RMB               RMB  
                                                                              
    Turnover                              :    114,216,049       170,034,987  
    Profit/(Loss) from Operations         :    (5,182,765)           574,932  
    Finance cost                          :    (1,344,631)       (2,654,258)  
    Share of Profit/(Loss) of Associates  :            N/A               N/A  
    Share of Profit/(Loss) of Jointly                                         
             Controlled Entites           :            N/A               N/A  
    Profit/(Loss) after Taxation & MI     :    (6,527,396)       (2,079,326)  
    % Change Over the Last Period         :            N/A                    
    EPS / (LPS)                                                               
              Basic (in dollar)           :    (RMB 0.023)      (RMB 0.0073)  
              Diluted (in dollar)         :            N/A               N/A  
    Extraordinary (ETD) Gain/(Loss)       :            N/A               N/A  
    Profit (Loss) after ETD Items         :    (6,527,396)       (2,079,326)  
    1st Quarter Dividends per Share       :            NIL               NIL  
    (specify if with other options)       :            N/A               N/A  
    B/C Dates for 1st Quarter Dividends   :            N/A                    
    Payable Date                          :            N/A                    
    B/C Dates for (-) General Meeting     :            N/A                    
    Other Distribution for Current Period :            NIL                    
    B/C Dates for Other Distribution      :            N/A                    
                                           (bdi: both days inclusive)         
                                                                              
    For and on behalf of                                                      
    Mudan Automobile Shares Company Limited                                   
                                                                              
    Signature :                                                               
    Name      : Hou Cheng Bao                                                 
    Title     : Director                                                      
                                                                              
    Responsibility statement                                                  
                                                                              
    The directors of the Company (the "Directors") as at the date hereof      
    hereby collectively and individually accept full responsibility for the   
    accuracy of the information contained in this results announcement form   
    (the "Information") and confirm, having made all reasonable inquiries,    
    that to the best of their knowledge and belief the Information are        
    accurate and complete in all material respects and not misleading and     
    that there are no other matters the omission of which would make the      
    Information herein inaccurate or misleading.The Directors acknowledge     
    that the Stock Exchange has no responsibility whatsoever with regard to   
    the Information and undertake to indemnify the Exchange against all       
    liability incurred and all losses suffered by the Exchange in connection  
    with or relating to the Information.                                      
                                                                              
    1. Basis of preparation and accounting policies                           
                                                                              
    The principal accounting policies adopted in preparing the                
    unaudited quarterly results conform with the International                
    Financial Reporting Standards issued by the International                 
    Accounting Standards Board and the disclosure requirements                
    of the Hong Kong Companies Ordinance.  These unaudited                    
    quarterly results for the three months ended 31 March 2005                
    also comply with the applicable disclosure provisions of                  
    the GEM Listing Rules.                                                    
                                                                              
    The measurement basis used in the preparation of the                      
    quarterly operating results is historical cost convention                 
    except for unit trust investment which was booked by marking              
    to the market.                                                            
                                                                              
    The accounting policies have been consistently applied by                 
    the Company and are consistent with those used in the 2004                
    annual financial statements.