09:13     BUILD KING HOLD<00240> - Announcement (3)                           

    The Investments were fully funded by the internal cash                    
    resources of the Group. As part of the Group's treasury                   
    management activities, the Group has, from time to time,                  
    made investments and divestments of listed securities                     
    in order to enhance the returns of spare cash on hand                     
    by the Group before its deployment for new projects.                      
    Taking into account the track records of Road King and                    
    Zhejiang Glass, the Company considered that the                           
    Investments have potential. In addition, as the                           
    Investments were purchased at market prices, the Board                    
    believes that the Investments are fair and reasonable                     
    and in the interests of the Shareholders as a whole.                      
    The Investments have been booked as short term                            
    investments by the Group.                                                 
                                                                              
    INFORMATION ON ROAD KING                                                  
    Road King is a company incorporated in Bermuda with                       
    limited liability and the shares of which are listed                      
    on the Main Board of the Stock Exchange. According to                     
    the website of the Stock Exchange, the principal                          
    business activities of Road King are the investment in                    
    and development, operation and management of toll roads                   
    and expressways in the PRC. Further information on Road                   
    King could be found on the Stock Exchange's website.                      
    According to the annual results announcement of Road                      
    King for the year ended 31 December 2004, the net                         
    profits from ordinary activities before and after                         
    taxation for the two years ended 31 December 2004 were                    
    HK$370,534,000 and HK$322,665,000, and HK$407,078,000                     
    and HK$368,803,000, respectively.                                         
                                                                              
    INFORMATION ON ZHEJIANG GLASS                                             
    Zhejiang Glass is a joint stock limited company                           
    incorporated in the PRC and the H shares of which are                     
    listed on the Main Board of the Stock Exchange.                           
    According to the website of the Stock Exchange, the                       
    principal business activities of Zhejiang Glass are the                   
    manufacture of various grades of clear float glass                        
    products and tinted float glass primarily used in the                     
    construction industry in the PRC. Further information                     
    on Zhejiang Glass could be found on the Stock Exchange's                  
    website. According to the annual results announcement                     
    of Zhejiang Glass for the year ended 31 December 2004,                    
    the net profits from ordinary activities before and                       
    after taxation for the two years ended 31 December 2004                   
    were RMB245,213,000 and RMB182,175,000, and                               
    RMB334,393,000 and RMB205,044,000, respectively.                          
                                                                              
    INTERPRETATION OF THE LISTING RULES                                       
    As at 11 April, 2005, there were 781,408,494 Shares in                    
    issue. Based on the average closing price of the                          
    Company's shares of HK$0.2168 as stated in the Stock                      
    Exchange's daily quotation sheets from 1 April 2005 to                    
    8 April 2005 (both dates inclusive), being the five                       
    business days immediately preceding 11 April 2005, the                    
    total market capitalisation of the Company was                            
    approximately HK$169.41 million as at 11 April 2005.                      
    Accordingly, each of the Investments constitutes a                        
    discloseable transaction for the Company under Chapter                    
    14 of the Listing Rules as each of the total                              
    consideration for the acquisitions falls within 5% and                    
    25% of the average market capitalisation of the Company                   
    for the five business days immediately preceding 11                       
    April 2005.