10:09     CHINA CREDIT<00185> - Announcement (2)                              

    instruments of transfer and/or other documents of                         
    title;                                                                    
                                                                              
    (ii)    the relevant certificates of Warrants;                            
                                                                              
    (iii)   the duly completed and signed subscription                        
    forms; and                                                                
                                                                              
    (iv)    remittances for the relevant subscription                         
    moneys.                                                                   
                                                                              
    Subscription forms lodged with the Share Registrar                        
    later than 4:00 p.m. on Tuesday 31 May 2005 will not                      
    be accepted. Shares will be issued within 10 business                     
    days after the due exercise of the subscription rights                    
    under the Warrants; and                                                   
                                                                              
    4.      trading of the Warrants on the Stock Exchange will                
    cease after close of business on Thursday, 26 May 2005.                   
    Application will be made for the withdrawal of listing                    
    of the Warrants on the Stock Exchange with effect from                    
    the close of business at 4:00 p.m. on Tuesday, 31 May                     
    2005.                                                                     
                                                                              
    The closing prices of Shares and Warrants on the Stock                    
    Exchange on 29 April 2005 (being the date of this                         
    announcement) were HK$0.16 per Share and HK$0.01 per                      
    Warrant respectively. A circular relating to the                          
    expiry of Warrants will be despatched to holders of                       
    Warrants as soon as practicable.                                          
                                                                              
    The new Shares falling to be issued upon exercise of                      
    the subscription rights attaching to the Warrants                         
    will rank pair passu in all respects with the then                        
    existing issued Shares.                                                   
                                                                              
    Holders of Warrants are recommended to consult their                      
    professional advisers in case of any doubt on the                         
    above arrangements.                                                       
                                                                              
    By Order of the Board                                                     
    Chan Tong Wan                                                             
    Managing Director                                                         
                                                                              
    Hong Kong SAR, 29 April 2005                                              
                                                                              
    As at the date of this announcement, the Board                            
    comprises of the executive directors Mr. Chan Heng                        
    Fai, Mr. Chan Tong Wan, Ms. Chan Yoke Keow, Ms. Chan                      
    Sook Jin, Mary-ann and non-executive director Mr.                         
    Fong Kwok Jen as well as independent non-executive                        
    directors Mr. Lee Ka Leung, Daniel, Mr. Wong Dor Luk,                     
    Peter and Mr. Joao Paulo Da Roza.