08:47     Closing Bid and Ask Quotes in London                                

                                                                              
    Closing bid and ask quotes on 25 May 2005 as quoted by SEAQ (London)      
    are as follows:                                                           
                                                                              
    (HK$)                BID      ASK    (HK$)                BID      ASK    
    BANK OF E ASIA   :    -      23.33   HSBC HOLDINGS    :    -        -     
    BOC HONG KONG    :  13.87      -     HUANENG POWER    :    -        -     
    CATHAY PAC AIR   :    -        -     HUTCHISON        :    -        -     
    CHEUNG KONG      :    -        -     HYSAN DEV        :    -      15.71   
    CHINA RESOURCES  :    -        -     JOHNSON ELEC H   :    -        -     
    CHINA MOBILE     :  25.90      -     LENOVO GROUP     :    -        -     
    CHINA TELECOM    :   2.55      -     LI & FUNG        :    -        -     
    CHINA UNICOM     :    -        -     MTR CORPORATION  :  12.66    13.44   
    CITIC PACIFIC    :    -        -     NEW WORLD DEV    :    -       8.24   
    CKI HOLDINGS     :    -        -     NEW WORLD TMT    :    -        -     
    CLP HOLDINGS     :    -        -     PCCW             :    -        -     
    CNOOC            :    -        -     SCMP GROUP       :   3.37      -     
    DATANG POWER     :    -        -     SHANGHAI IND H   :    -      15.04   
    ESPRIT HOLDINGS  :    -        -     SHANGHAI PECHEM  :   2.74      -     
    FIRST PACIFIC    :    -        -     SHANGRI-LA ASIA  :    -        -     
    GREAT EAGLE H    :  16.83      -     SMARTONE TELE    :    -        -     
    GUANGSHEN RAIL   :   2.45      -     SHK PPT          :    -        -     
    HANG LUNG GROUP  :  12.76      -     SINO LAND        :   7.23      -     
    HANG LUNG PPT    :    -      11.48   SWIRE PACIFIC A  :    -        -     
    HANG SENG BANK   :    -        -     TRACKER FUND     :    -        -     
    HENDERSON LAND   :    -        -     WHARF HOLDINGS   :    -        -     
    HK & CHINA GAS   :    -        -     WHEELOCK         :  10.67      -     
    HK ELECTRIC      :    -        -     ZHEJIANGEXPRESS  :    -        -     
    HOPEWELL HOLD    :    -      18.95