Proposal on Full Acquisition of WLB Approved

On 27 Oct 2008 at 4:00 pm, a proposal on the full acquisition of Wing Lung Bank Limited (WLB) was accepted by the company without any revision or delay. During the previous month, the company had acquired 103,331,615 shares of WLB, equal to a 44.5% stake in WLB.

As the company has cumulatively acquired more than a 90% stake in WLB within four months after the full acquisition proposal was put forth, pursuant to relevant regulations, the company will compulsorily purchase the remaining stake in WLB.

The company will send a compulsory acquisition notice to the existing shareholders of WLB stating that the company shall purchase the remaining stake no later than 13 Nov 2008. The company will assume its obligation to acquire the remaining stake unless those shareholders demur and submit an application to the Supreme Court of Hong Kong within two months after the notice is sent out and the court approves the application.

Following the compulsory acquisition, WLB will be a wholly-owned subsidiary of the company. And the company will apply for the delisting of WLB from the Hong Kong Exchanges and Clearing Limited.

Pursuant to relevant regulations, the company has applied with the Hong Kong Exchanges and Clearing Limited as of 9:30 am on 28 Oct 2008, for trade in WLB's shares to be suspended until WLB is delisted from the Hong Kong Exchanges and Clearing Limited.

Board of Directors
27 Oct 2008


Source: Shanghai Stock Exchange

Date: 28 Oct 2008

CN01/IS/RL/LZ/JE/KM