08:53     CHI FIN IND INV<01227> - Results Announcement (1)                   

    China Financial Industry Investment Fund Limited announced on 20/05/2005: 
    (stock code: 01227 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: HKD                                                             
    Auditors' Report: Modified                                                
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/01/2004    from 01/01/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ('000      )       ('000      )      
    Turnover                           : N/A                100               
    Profit/(Loss) from Operations      : (7,442)            (12,580)          
    Finance cost                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Associates                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : (7,442)            (12,096)          
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)       : (0.149)            (0.242)           
             -Diluted (in dollars)     : N/A                N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : (7,442)            (12,096)          
    Final Dividend                     : NIL                NIL               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : N/A                                  
    Payable Date                       : N/A                                  
    B/C Dates for (-)                                                         
      General Meeting                  : N/A                                  
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
    1.      The auditors of the Company have modified their report on the     
    Company's financial statements as follows:                                
                                                                              
            "Fundamental Uncertainties                                        
                                                                              
    In forming our opinion, we have considered the adequacy of disclosures    
    made in the financial statements concerning the adoption of the going     
    concern basis for the preparation of the financial statements. As set out 
    in Note 2 (b) to the financial statements, the financial statements have  
    been prepared on a going concern basis, the validity of which is dependent
    on the continuing financial support from the executive directors of the   
    Company.  The financial statements do not include any adjustments that    
    would result from a failure of the Company to operate as a going concern. 
    If the going concern basis is not used, adjustments would have to be made 
    to the financial statements to reduce the value of the Company's assets to
    their recoverable amounts and to provide for any further liabilities which
    might arise.                                                              
                                                                              
    In forming our opinion, we have also considered the adequacy of           
    disclosures made in the financial statements concerning the carrying value
    of the Company's interests in Hong Xiang Petroleum International Holdings 
    Limited ("Hong Xiang").  As set out in Note 2 (b) to the financial        
    statements, the Company's interests in Hong Xiang were disposed of after  
    the year end date in exchange for four new investments.  As at the date of
    approval of these financial statements, the disposal and the four exchange
    transactions have not yet been completed.  The realisable value of Hong   
    Xiang as at 31 December 2004 is dependent upon successful completion of   
    the four transactions, the continuing financial support from the directors
    of the Company to facilitate the completions, and the fair values of the  
    four new investments which the Company is to acquire. Should those        
    transactions be failed to complete, appropriate adjustment against the    
    carrying value of the Company's investment securities might be required.  
    Details of these transactions are set out in Note 12 and 21 to the        
    financial statements.