09:35     SNP LEEFUNG<00623> - Announcement (9)                               

    Under the terms of the Share Option Scheme, adjustments to the exercise   
    price or number of the options granted is required upon the completion    
    of the Rights Issue. Such adjustment(s) will be set out in the            
    Company's announcement of results of acceptance of the Rights Issue.      
                                                                              
    THE CAPITAL REORGANISATION                                                
                                                                              
    As at the date of this announcement, the authorized share capital of      
    the Company is HK$50,000,000, divided into 500,000,000 Shares, of which   
    402,726,918 Shares are issued and 97,273,082 Shares remain unissued and   
    available for further allotment and issue by the Company.                 
                                                                              
    In order that a sufficient number of unissued Shares are available for    
    the Rights Issue, the Directors propose to increase the authorised        
    share capital of the Company from HK$50,000,000 to HK$100,000,000 by      
    the creation of an additional 500,000,000 Shares. An ordinary             
    resolution to this effect will be proposed at the Special General         
    Meeting.                                                                  
                                                                              
    GENERAL                                                                   
                                                                              
    A circular containing, amongst others, details of the Capital             
    Reorganisation and the notice convening the Special General Meeting for   
    approving the Capital Reorganisation will be despatched to the            
    Shareholders as soon as practicable. If the Shareholders approve the      
    Capital Reorganisation at the Special General Meeting, the Company will   
    then send the Prospectus containing details of the Rights Issue to the    
    Qualifying Shareholders, and for information only, to the Excluded        
    Shareholders. PALs and EAFs will also be sent to the Qualifying           
    Shareholders.                                                             
                                                                              
    DEFINITIONS                                                               
                                                                              
    "Acceptance Date"  4:00 p.m. on Friday, 8 July 2005 (or such other time   
    or date as the Underwriter may agree in writing with the Company as the   
    date for acceptance of, and payment for, the Rights Shares)               
                                                                              
    "associates"  has the same meaning as ascribed to it under the Listing    
    Rules                                                                     
                                                                              
    "Board"  the board of Directors                                           
                                                                              
    "Capital Reorganisation"  the proposed increase in the authorized share   
    capital of the Company from HK$50,000,000 to HK$100,000,000 comprising    
    1,000,000,000 Shares of HK$0.10 each                                      
                                                                              
    "Company"  SNP Leefung Holdings Limited (stock code: 623), a company      
    incorporated in Bermuda with limited liability, the shares of which are   
    listed on the Stock Exchange                                              
                                                                              
    "Companies Ordinance"  Companies Ordinance (Chapter 32 of the Laws of     
    Hong Kong)                                                                
                                                                              
    "Director(s)"  director(s) of the Company                                 
                                                                              
    "EAF(s)"  the forms of application for excess Rights Shares               
                                                                              
    "Excluded Shareholders"  Shareholders whose names appear on the           
    register of members of the Company as at the close of business on the     
    Record Date and whose addresses as shown on such register are outside     
    Hong Kong where the Directors, based on legal opinions provided by        
    legal advisers, consider it necessary or expedient not to offer the       
    Rights Shares to such Shareholders on account either of legal             
    restrictions under the laws of the relevant place or the requirements     
    of the relevant regulatory body or stock exchange in that place           
                                                                              
    "Exercisable Share Options"  outstanding Share Options that are           
    exercisable on or before the Record Date in accordance with the terms     
    of the Share Option Scheme                                                
                                                                              
    "Group"  the Company and its subsidiaries                                 
                                                                              
    "Hong Kong"  the Hong Kong Special Administrative Region of the           
    People's Republic of China                                                
                                                                              
    "Listing Rules"  the Rules Governing the Listing of Securities on the     
    Stock Exchange                                                            
                                                                              
    "PAL(s)"  the provisional allotment letters                               
                                                                              
    "Posting Date"  Thursday, 23 June 2005 or such other date as the          
    Underwriter may agree in writing with the Company for the despatch of     
    the Right Issue Documents