08:36     Closing Bid and Ask Quotes in London                                

                                                                              
    Closing bid and ask quotes on 12 May 2005 as quoted by SEAQ (London)      
    are as follows:                                                           
                                                                              
    (HK$)                BID      ASK    (HK$)                BID      ASK    
    BANK OF E ASIA   :  22.12      -     HSBC HOLDINGS    :    -        -     
    BOC HONG KONG    :  14.40      -     HUANENG POWER    :    -        -     
    CATHAY PAC AIR   :    -        -     HUTCHISON        :    -        -     
    CHEUNG KONG      :    -        -     HYSAN DEV        :    -      16.89   
    CHINA RESOURCES  :    -        -     JOHNSON ELEC H   :    -        -     
    CHINA MOBILE     :    -      28.17   LENOVO GROUP     :    -        -     
    CHINA TELECOM    :   2.52      -     LI & FUNG        :    -        -     
    CHINA UNICOM     :    -        -     MTR CORPORATION  :  13.00    13.80   
    CITIC PACIFIC    :    -        -     NEW WORLD DEV    :    -       8.65   
    CKI HOLDINGS     :    -        -     NEW WORLD TMT    :    -        -     
    CLP HOLDINGS     :    -        -     PCCW             :    -        -     
    CNOOC            :    -        -     SCMP GROUP       :    -       3.71   
    DATANG POWER     :    -        -     SHANGHAI IND H   :    -      16.17   
    ESPRIT HOLDINGS  :    -        -     SHANGHAI PECHEM  :   2.86      -     
    FIRST PACIFIC    :    -        -     SHANGRI-LA ASIA  :    -        -     
    GREAT EAGLE H    :    -      18.44   SMARTONE TELE    :    -        -     
    GUANGSHEN RAIL   :   2.62      -     SHK PPT          :    -        -     
    HANG LUNG GROUP  :  13.53      -     SINO LAND        :    -       7.83   
    HANG LUNG PPT    :    -      12.00   SWIRE PACIFIC A  :    -        -     
    HANG SENG BANK   :    -        -     TRACKER FUND     :    -        -     
    HENDERSON LAND   :    -        -     WHARF HOLDINGS   :    -        -     
    HK & CHINA GAS   :    -        -     WHEELOCK         :  11.54      -     
    HK ELECTRIC      :    -        -     ZHEJIANGEXPRESS  :    -        -     
    HOPEWELL HOLD    :    -      19.57