UBA INVESTMENTS LIMITED<0768> - Announcement

This advertisement is for information purposes only and does 
not constitute an invitation or offer to acquire, purchase or 
subscribe for securities. The Stock Exchange of Hong Kong Limited 
and Hong Kong Securities Clearing Company Limited take no 
responsibility for the contents of this advertisement, make no 
representation as to its accuracy or completeness and expressly 
disclaim any liability whatsoever for any loss howsoever arising 
from or in reliance upon the whole or any part of the contents 
of this advertisement. Unless otherwise defined in this 
announcement, terms defined in the Prospectus (as defined below) 
have the same meanings when used in this announcement.

UBA Investments Limited
 (Incorporated in the Cayman Islands with limited liability)

NEW ISSUE

Number of New Shares

Offered for Public Subscription:      50,000,000 Shares
New Issue Price:        HK$1.00 per New Share
Nominal value:  HK$0.01 each
Stock code:     768

Investment Manager

Harmony Asset Management Limited

Sponsor

  Yu Ming Investment Management Limited

Co-sponsors

  Upbest Securities Company Limited      Baron Capital Limited

Underwriters

  Wing Hang Bank, Limited                BOCI Securities Limited
  Upbest Securities Company Limited

Application has been made to the Listing Committee of The Stock 
Exchange of Hong Kong Limited (the "Stock Exchange") for the 
listing of, and permission to deal in, the shares of HK$0.01 
each (the "Shares") in the share capital of UBA Investments 
Limited (the "Company") in issue and to be issued as described 
in the prospectus of the company dated 4th January, 2000 (the 
"Prospectus") and any Shares which may fall to be issued pursuant 
to the general mandate as described in Appendix IV to the 
Prospectus. Dealings in the Shares on the Stock Exchange are 
expected to commence on 18th January, 2000. Subject to the 
granting of listing of, and permission to deal in, the Shares 
on the Stock Exchange as well as the compliance with the stock 
admission requirements of Hong Kong Securities Clearing Company 
Limited ("Hongkong Clearing"), the Shares will be accepted as 
eligible securities by Hongkong Clearing for deposit, clearance 
and settlement in the Central Clearing and Settlement System 
("CCASS") with effect from the commencement date of dealings 
in the Shares on the Stock Exchange or such other date as determined 
by Hongkong Clearing. All activities under CCASS are subject 
to General Rules of CCASS and CCASS Operational Procedures in 
effect from time to time.

The issue of the new Shares ("New Issue") is subject to the 
conditions as stated in the section headed "Conditions of the 
New Issue" in the Prospectus. If the New Issue does not become 
unconditional and will thereby lapse, all application money 
received from applicants under the New Issue will be refunded 
to the applicants, without interest, on the terms set out in 
the section headed "Refund of your money" on the relevant 
application forms.

The 50,000,000 new Shares ("New Shares") to be issued pursuant 
to the New Issue, represents approximately 50 per cent. of the 
enlarged issued share capital of the Company immediately upon 
completion of the New Issue. For allocation purposes only, the 
total number of the New Shares available for public subscription 
under the New Issue will be divided equally into two pools: pool 
A and pool B. The New Shares in pool A will be allocated on an 
equitable basis only to applicants who have applied for the New 
Shares with an aggregate subscription value of HK$5,000,000 or 
less (excluding brokerage and Stock Exchange transaction levy 
payable thereon). The New Shares in pool B will be allocated 
on an equitable basis only to applicants who have applied for 
the New Shares with an aggregate subscription value of more than 
HK$5,000,000 and up to the total value of pool B (excluding 
brokerage and Stock Exchange transaction levy payable thereon). 
Applicants should be aware that applications in pool A and 
applications in pool B, as well as applications in the same pool 
(depending on the number of the Shares applied for), may receive 
different allocation ratios. If either of the pools is 
under-subscribed, the remaining New Shares will be transferred 
to the other pool to satisfy demand in that pool and be allocated 
on an equitable basis accordingly. Applicants can only receive 
an allotment of New Shares from either pool A or pool B but not 
from both pools. Only one application on a WHITE or YELLOW 
application form may be made for the benefit of any person. 
Multiple applications, or suspected multiple applications, or 
any application for more than 25,000,000 New Shares, being 50% 
of the New Shares initially available for subscription, or 
applications where cheques are dishonourable upon first 
presentation, will be rejected.

Applications for the New Shares being offered will only be 
considered on the basis of the Prospectus and the application 
forms relating thereto. Applicants under the New Issue who would 
like to be allotted the New Shares of the Company in their names 
should complete and sign the WHITE application forms. Applicants 
under the New Issue who would like to have the New Shares issued 
in the name of HKSCC Nominees Limited and deposited directly 
into CCASS for credit to their investor participant stock accounts 
or their designated CCASS participants' stock accounts 
maintained in CCASS should complete and sign the YELLOW 
application forms, copies of which, together with copies of the 
Prospectus, may be obtained during normal business hours from 
9:00 a.m. on 4th January, 2000 until 12:00 noon on 7th January, 
2000 at the service counter of Hongkong Clearing at 2nd Floor, 
Vicwood Plaza, 199 Des Voeux Road Central, Hong Kong or its 
investor service centre at Room 1901, Chinachem Exchange Square, 
1 Hoi Wan Street, Quarry Bay, Hong Kong.

Copies of the Prospectus, together with the WHITE application 
forms, may be obtained during normal business hours from 9:00 
a.m. on 4th January, 2000 until 12:00 noon on 7th January, 2000 
from:

1.      Any member of the Stock Exchange
2.      Yu Ming Investment Management Limited, Suite 51, 5th Floor, 
        New Henry House, 10 Ice House Street, Central, Hong Kong
3.      Upbest Securities Company Limited, 2nd Floor, Wah Kit 
        Commercial Centre, 302 Des Voeux Road Central, Hong Kong
4.      Baron Capital Limited, 8B Wah Kit Commercial Centre, 302 Des 
        Voeux Road Central, Hong Kong
5.      BOCI Securities Limited, 21st Floor, Central Tower, 28 Queen's 
        Road Central, Hong Kong
6.      Any of the following branches of Wing Hang Bank, Limited

Hong Kong Island:       Main Branch     161 Queen's Road Central
                Causeway Bay Branch     82 Percival Street
                Central Branch          B2 New Henry House, 
                                        10 Ice House Street
                Western Branch          139-141 Des Voeux Road West
                North Point Branch      431 King's Road

Kowloon:        Kwun Tong Branch        22-24 Fu Yan Street
                Mongkok Road Branch     16 Mong Kok Road
                Tsim Sha Tsui Branch    71 Granville Road

New Territories:        Tai Wai Branch    32-34 Tai Wai Road
                        Tsuen Wan Branch  35 Chung On Street

Both WHITE and YELLOW application forms, completed in all respects 
(to which cheques or banker's cashier orders should be securely 
stapled), should be deposited in the special collection boxes 
provided at any one of the branches of Wing Hang Bank, Limited 
referred to above during the following times:

        Tuesday, 4th January, 2000      -       9:00 a.m. to 4:00p.m.
        Wednesday, 5th January, 2000    -       9:00 a.m. to 4:00p.m
        Thursday, 6th January, 2000     -       9:00 a.m. to 4:00p.m
        Friday, 7th January, 2000       -       9:00 a.m. to 12:00 noon

Subject to the terms and conditions set out in the Prospectus 
and the application forms relating thereto, applications made 
on WHITE and YELLOW application forms must be received by no 
later than 12:00 noon on 7th January, 2000 (or such later date 
as may apply in the case of a tropical cyclone warning signal 
No. 8 or above or a "black" rainstorm warning signal being in 
force as described under the section headed "How to apply for 
New Shares" set out in the Prospectus).

Results of the New Issue and the basis of allotment of the New 
Shares will be announced in Hong Kong Standard (in English) and 
Hong Kong Economic Times (in Chinese) on or before 11th January, 
2000.

If you have applied for 1,000,000 New Shares or more under WHITE 
application form and have indicated on your application form 
that you will collect your share certificate(s) and/or refund 
cheque in person, you may collect it/them in person from Standard 
Registrars Limited at 5th Floor, Wing On Centre, 111 Connaught 
Road Central, Hong Kong between 9:00 a.m. and 1:00 p.m. on the 
date notified by the Company in the newspapers as the date of 
despatch of share certificate(s) and/or refund cheque. This is 
expected to be on 12th January, 2000. Applicants must show their 
identification documents which must correspond with the 
information contained in the application forms to collect their 
share certificates or refund cheque. If applicants are applying 
as individual investor, the applicants' I.D. should be presented 
to collect their share certificates or refund cheque. If 
applicants are applying as corporate investor the authorisation 
letter of the company bearing the company's chop must be presented 
to collect their share certificates or refund cheque.

If you have applied for 1,000,000 New Shares or more under YELLOW 
application form and have indicated on your application form 
that you will collect your refund cheque in person, the procedures 
set out under the WHITE application form above will also apply. 
If you are applying as an investor participant or through a 
designated CCASS participant under YELLOW application form, your 
share certificate(s) will be deposited into CCASS for credit 
to your investor participant stock account or the stock account 
of your designated CCASS participant as instructed by you at 
the close of business on 12th January, 2000, or any other date 
as shall be determined by Hongkong Clearing or HKSCC Nominees 
Limited. You should check the number of New Issue Shares allotted 
to you with your designated CCASS participant if you are applying 
through a designated CCASS participant or via the CCASS Phone 
System if you are applying as an investor participant. For 
investor participants, Hongkong Clearing will also mail to you 
an activity statement showing the number of the New Shares 
credited to your investor participant stock account.

Hong Kong, 4th January, 2000