10:09     CHINA CREDIT<00185> - Announcement (1)                              

    The Stock Exchange of Hong Kong Limited takes no                          
    responsibility for the contents of this announcement,                     
    makes no representation as to its accuracy or                             
    completeness and expressly disclaims any liability                        
    whatsoever for any loss howsoever arising from or in                      
    reliance upon the whole or any part of the contents                       
    of this announcement.                                                     
                                                                              
    CHINA CREDIT HOLDINGS LIMITED                                             
                                                                              
    (Incorporated in Hong Kong with limited liability)                        
    (Stock Code: 185)                                                         
                                                                              
    EXPIRY OF SUBSCRIPTION RIGHTS UNDER                                       
    OUTSTANDING WARRANTS                                                      
                                                                              
    The subscription rights under the Warrants will                           
    expire after the close of business on Tuesday, 31 May                     
    2005.                                                                     
                                                                              
    The last trading date of Warrants on the Stock                            
    Exchange is Thursday, 26 May 2005. The latest time                        
    to exercise the subscription rights under the                             
    Warrants is 4:00 p.m. on Tuesday, 31 May 2005.                            
                                                                              
    The board of directors of China Credit Holdings                           
    Limited (the "Company") would like to remind holders                      
    of existing 2005 warrants of the Company (Stock Code:                     
    596) ("Warrants") that in accordance with the terms                       
    and conditions of the Warrants, the subscription                          
    rights under the Warrants will expire after the close                     
    of business on Tuesday, 31 May 2005. Any subscription                     
    rights under the Warrants which have not been                             
    exercised on such date will lapse and the Warrants                        
    will cease to be valid for any purpose.                                   
                                                                              
    Each Warrant entitles its holder to subscribe HK$0.20                     
    in cash for new shares of the Company at the current                      
    subscription price of HK$0.20 per share of HK$0.01                        
    each ("Share"), subject to adjustment, from 26 April                      
    2004 to 31 May 2005 (both days inclusive).                                
                                                                              
    The Company has made the following arrangements                           
    regarding dealings and transfers of the Warrants:-                        
                                                                              
    1.      the last trading day of the Warrants on The Stock                 
    Exchange of Hong Kong Limited (the "Stock Exchange")                      
    is Thursday, 26 May 2005;                                                 
                                                                              
    2.      the registered holders of the Warrants who wish                   
    to exercise the subscription rights under the                             
    Warrants must lodge with the Company's Share                              
    Registrar, Friendly Registrars Limited (the "Share                        
    Registrar") at Ground Floor, Bank of East Asia Harbour                    
    View Centre, 56 Gloucester Road, Hong Kong the                            
    followings on or before 4:00 p.m. on Tuesday, 31 May                      
    2005:-                                                                    
                                                                              
    (i)     the relevant certificates of Warrant;                             
                                                                              
    (ii)    the duly completed and signed subscription                        
    forms; and                                                                
                                                                              
    (iii)   remittances for the relevant subscription                         
    moneys;                                                                   
                                                                              
    3.      holders of the Warrants who have not registered                   
    such Warrants in their names and wish to exercise the                     
    subscription rights thereunder must lodge with the                        
    Share Registrar at the abovementioned address the                         
    followings on or before 4:00 p.m. on Tuesday, 31 May                      
    2005:-                                                                    
                                                                              
    (i)     the relevant duly executed and stamped