Glorious Sun Enterprises Limited — Earnings Release 1999

May 19, 2000

Listed Company Information

SHENYIN WANGUO<0218> - Results Announcement Shenyin Wanguo (H.K.) Limited announced on 19/5/2000: (stock code: 218) The accounts which contain the following results are modified by the Company's auditor. For more details, please refer to the press announcement to be issued by the Company on 22/5/2000. Year end date: 31/12/1999 Currency: HKD (Audited) (Audited) Last Current Corresponding Period Period from 1/1/1999 from 1/1/1998 to 31/12/1999 to 31/12/1998 Turnover - Continuing : 188,453,849 410,615,828 - Discontinued : N/A N/A Operating Profit/(Loss) - Continuing : 11,772,892 (148,756,184) - Discontinued : N/A N/A Total Operating Profit/(Loss) : 11,772,892 (148,756,184) Share of Profit/(Loss) of Associated Companies : N/A N/A Share of Profit/(Loss) of Jointly Controlled Entities : 13,843,841 N/A Profit/(Loss) after Tax & MI : 24,640,692 (147,017,493) % Change over Last Period : N/A EPS/(LPS)-Basic : 4.76 cents (28.48 cents) -Diluted : 4.76 cents N/A Extraordinary (ETD) Gain/(Loss) : NIL NIL Profit/(Loss) after ETD Items : 24,640,692 (147,017,493) Final Dividend per Share : NIL NIL (Specify if with other options) : N/A N/A B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for Annual General Meeting : 23/6/2000 to 29/6/2000 bdi. Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: (1) Operating profit/(loss) The operating profit/(loss) is arrived at after charging finance cost. The operating loss in the prior year was arrived at after provisions of 215,451,262 for advances to customers. (2) Earnings/(Loss) per share (a) Basic earnings/(loss) per share The calculation of basic earnings/(loss) per share is based on the net profit from ordinary activities attributable to shareholders for the year of HK$24,640,692 (1998: loss of HK$147,017,493) and the weighted average of 517,161,427 shares (1998: 516,194,843 shares) in issue. (b) Diluted earnings/(loss) per share The calculation of diluted earnings per share for the year ended 31 December 1999 is based on the net profit from ordinary activities attributable to shareholders for the year of HK$24,640,692. The weighted average number of ordinary shares used in the calculation comprises the 517,161,427 ordinary shares in issue during the year, as used in the basic earnings per share calculation, and the weighted average of 403,147 ordinary shares assumed to have been issued at no consideration on the deemed exercise of all options outstanding during the year. The diluted loss per share for the year ended 31 Decemeber, 1998 has not been shown as the options outstanding during that year had an anti-dilutive effect on the basic loss per share for the year. (3) Disclosure under Practice Note 19 As at 31 December 1999, there are advances to Century City International Holdings Limited and its subsidiaries (collectively "CC Group") in an aggregate amount of HK$307.7 million (1998: HK$391.6 million), representing approximately 51% (1998: 68%) of the Group's net assets. The aggregate balance comprises receivables arising from securities and options trading, a claim under indemnity in relation to the acquisition of the interests in jointly controlled entities and accrued interest income. The Group has participated the standstill arrangement with other lenders CC Group to recover accounts receivable owing to the Group of HK$286 million during the year. The remaining balance of HK$21.7 million comprises an amount of HK$2.4 million which is secured by marketable securities, and accrued interest income of HK$19.3 million which was settled subsequent to the balance sheet date. The advances bear interest ranging from prime rate plus 3.5 % to 4% p.a.