Dida Inc. — Share Issue/Capital Change 2002

May 21, 2002

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.

CHINA SHIPPING DEVELOPMENT COMPANY LIMITED 中海發展股份有限公司
(a joint stock limitd company incorporated in the People’s Republic of China with limited liability)

ANNOUNCEMENT OF THE LISTING OF A SHARES

Reference is made to the Announcements of the Company dated 8 May 2002 and 15 May 2002 relating to the A Share Issue. Dealings in the A Shares on Shanghai Stock Exchange are expected to commence on 23 May 2002. In addition, China Shipping (Group) Company, the controlling shareholder of the Company, has undertaken with Shanghai Stock Exchange to lock up their shareholdings in the Company.

Reference is made to the announcements of China Shipping Development Company Limited (the “Company”) dated 8 May 2002 and 15 May 2002 relating to the A Share Issue (the “Announcements”). Terms used in the announcement shall have the same meanings as those used in the Announcements.

Dealings in the A Shares on Shanghai Stock Exchange are expected to commence on 23 May 2002.

In addition, China Shipping (Group) Company, the controlling shareholder of the Company, has undertaken with Shanghai Stock Exchange to lock up their shareholdings in the Company.

By order of the Board
China Shipping Development Company Limited
Ye YumangCompany SecretaryShanghai, PRC, 17 May 2002

Please also refer to the published version of this announcement in the Hong Kong iMail.