09:33     SNP LEEFUNG<00623> - Announcement (5)                               

    thereto) and the delivery and filing with the Registrar of Companies in   
    Bermuda in accordance with the requirements of the Companies Act of the   
    Rights Issue Documents and otherwise complying with the requirements of   
    the Companies Ordinance, the Companies Act and the Listing Rules;         
                                                                              
    (b)  the posting on the Posting Date of copies of the Rights Issue        
    Documents to the Qualifying Holders;                                      
                                                                              
    (c)  the provisional allotment of the Rights Shares to the Qualifying     
    Shareholders by posting the Rights Issue Documents to such holders no     
    later than the Posting Date as well as the provisional allotment of the   
    Rights Shares, which would be provisionally allotted to the Excluded      
    Shareholders had they been Qualifying Shareholders, to a person           
    nominated by the Company in nil-paid form by no later than the close of   
    business on the Posting Date;                                             
                                                                              
    (d)  the Listing Committee of the Stock Exchange granting approval for    
    listing of, and permission to deal in, the Rights Shares in their         
    nil-paid and fully-paid forms either unconditionally or subject to such   
    conditions which the Company accepts and the satisfaction of such         
    conditions (if any and where relevant) by no later than the dates         
    specified in such approval and not having withdrawn or revoked such       
    listings and permission on or before 4:00 p.m. on the Settlement Date;    
                                                                              
    (e)  the Shares remaining listed on the Stock Exchange at all times       
    prior to the Settlement Date and the current listing of the Shares not    
    having been withdrawn or the trading of the Shares not having been        
    suspended for a consecutive period of more than 5 trading days (other     
    than any suspension pending clearance of this announcement) and no        
    indication being received before 4:00 p.m. on the Settlement Date from    
    the Stock Exchange to the effect that such listing may be withdrawn or    
    objected to (or conditions will or may be attached thereto) including     
    but not limited to as a result of the Rights Issue or in connection       
    with the terms of the Underwriting Agreement or for any other reason;     
                                                                              
    (f)  the obligations of the Underwriter under the Underwriting            
    Agreement not being terminated by the Underwriter in accordance with      
    the terms thereof;                                                        
                                                                              
    (g)  if required, the consent or permission from the Bermuda Monetary     
    Authority in respect of the issue of the Rights Shares;                   
                                                                              
    (h)   the Capital Reorganisation becoming effective; and                  
                                                                              
    (i)  SNP having executed and honoured its obligations to take up its      
    proportion of Rights Shares pursuant to its undertaking (see              
    sub-section headed "Undertaking of SNP" above).                           
                                                                              
    In the event that the above conditions (other than conditions (d) which   
    cannot be waived) have not been satisfied and/or waived in whole or in    
    part by the Underwriter on or before the Posting Date or in the event     
    that the conditions (d), (f) and (i) have not been satisfied on or        
    before 4.00 p.m. on the Settlement Date (or in each case, such later      
    date as the Underwriter and the Company may agree), all liabilities of    
    the parties to the Underwriting Agreement shall cease and determine and   
    none of the parties shall have any claim against the other save that      
    all such reasonable costs, fees and other out-of-pocket expenses          
    (excluding sub-underwriting fees and related expenses) as have been       
    properly incurred by the Underwriter in connection with the               
    underwriting of the Underwritten Shares by the Underwriter shall to the   
    extent agreed by the Company be borne by the Company.                     
                                                                              
    The Underwriting Agreement                                                
                                                                              
    Date:  25 May 2005                                                        
                                                                              
    Underwriter:  Tai Fook Securities Company Limited                         
                                                                              
      Tai Fook Securities Company Limited and its holding company, Tai Fook   
    Securities Group Limited, which, to the best of the Directors'            
    knowledge and information and having made all reasonable enquiries, are   
    third parties independent of the Group and connected persons (as          
    defined in the Listing Rules) of the Group                                
                                                                              
    Number of existing Shares in issue:  402,726,918 Shares as at the date    
    of this announcement                                                      
                                                                              
    Number of the Rights Shares:  not less than 100,681,729 Rights Shares     
    and not more than 100,767,979 Rights Shares                               
                                                                              
    SNP's entitlement:  70,585,997 Rights Shares                              
                                                                              
    Number of Underwritten Shares:  not less than 30,095,732 Underwritten     
    Shares and not more than 30,181,982 Underwritten Shares