Dida Inc. — Capital/Financing Update 2005

Dec 28, 2005

The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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CHINA SHIPPING DEVELOPMENT COMPANY LIMITED

(a joint stock limited company incorporated in The People’s Republic of China with limited liability)

(Stock Code: 1138)

APPROVAL OF THE CHANGE IN SHARE CAPITAL BY THE MINISTRY OF COMMERCE

Upon the request and authorization of the controlling shareholder of the Company, CSC, the Board is pleased to announce that on 23 December 2005 the Company received from the Ministry of Commerce its approval of the change in share capital of the Company in connection with the Revised State Share Reform Proposal.

Reference is made to the announcements of China Shipping Development Company Limited (the “ Company ”) dated 7 November 2005, 18 November 2005 and 8 December 2005, respectively. Unless otherwise defined, terms used in this announcement shall have the same meanings as defined in the announcement issued by the Company on 18 November 2005.

Upon the request and authorization of the controlling shareholder of the Company, CSC, the Board is pleased to announce that on 23 December 2005 the Company received from the Ministry of Commerce its approval of the change in share capital of the Company in connection with the Revised State Share Reform Proposal. All the conditions for the implementation of the Revised State Share Reform Proposal have been fulfilled.

The Board also wishes to announce the expected timetable in relation to the implementation of the Revised State Share Reform Proposal as follows:

28 December 2005 Record date for ascertaining the entitlement to receive the State-owned Shares (the “ Shares ”) offered by CSC to the A Shareholders under the Revised State Share Reform Proposal 30 December 2005 Resumption of trading in the A Shares on the Shanghai Stock Exchange Listing of the Shares on the Shanghai Stock Exchange

Details of the implementation of the Revised State Share Reform Proposal will be set out in a separate overseas regulatory announcement issued by the Company on 27 December 2005 which will be posted on the website of The Stock Exchange of Hong Kong Limited at www.hkex.com.hk and SSE at www.sse.com.cn.

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By order of the Board China Shipping Development Company Limited Yao Qiaohong Company Secretary

26 December 2005 Shanghai, the PRC

• As at the date of this announcement, the board of directors of the Company comprises of Mr. Li Shaode, Mr. Wang Daxiong, Mr. Mao Shijia, Mr. Wang Kunhe and Mr. Yao Zuozhi as executive directors, Mr. Xie Rong, Mr. Hu Honggao and Mr. Zhou Zhanqun as independent non-executive directors.

Please also refer to the published version of this announcement in The Standard.

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