UBA INVESTMENTS LIMITED<0768> - Announcement

This announcement 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 (the "Stock Exchange") and 
Hong Kong Securities Clearing Company Limited ("Hongkong 
Clearing") take no responsibility for the contents of this 
announcement, 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 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

Unless otherwise defined herein, terms used in this announcement 
shall have the same meanings as those defined in the prospectus 
(the "Prospectus") dated 4th January, 2000 issued by UBA 
Investments Limited (the "Company").

Summary
* A total of 236 valid applications have been received for a total 
of 54,018,000 New Shares which is equivalent to approximately 1.08 
times the total number of 50,000,000 New Shares available for 
application under the New Issue.

* Share certificates and refund cheques (if any, which are either 
not available for personal collection or which are so available 
but are not collected in person) will be despatched by ordinary 
post to those entitled at their own risk on or before Wednesday, 
12th January, 2000.

* Share certificates for the New Shares allotted to applicants 
using YELLOW application forms will be deposited into CCASS for 
credit to the applicants' designated CCASS participants' stock 
accounts at the close of business on Wednesday, 12th January, 2000 
or any other date as shall be determined by Hongkong Clearing or 
HKSCC Nominees Limited.

* Dealings in the Shares on the Stock Exchange are expected to 
commence at 10:00 a.m. on 18th January, 2000.

Applications received and allocation of shares
The Directors announce that at the close of the application lists 
at 12:00 noon on Friday, 7th January, 2000, a total of 236 valid 
applications have been received pursuant to the New Issue on WHITE 
and YELLOW application forms for a total of 54,018,000 New Shares, 
equivalent to approximately 1.08 times the total number of 
50,000,000 New Shares ("Offer Shares") available for application 
on WHITE and YELLOW application forms.

Of the applications received on WHITE and YELLOW application forms, 
a total of 233 applications in respect of a total of 33,918,000 
Offer Shares were made for the Offer Shares in the value 
(excluding brokerage and Stock Exchange transaction levy) of HK$5 
million or less (equivalent to approximately 1.36 times the total 
number of 25,000,000 Offer Shares available for allocation in pool 
A), and a total of 3 applications in respect of a total of 
20,100,000 Offer Shares were made for Offer Shares in the value 
(excluding brokerage and Stock Exchange transaction levy) of more 
than HK$5 million and up to the total value of pool B (equivalent 
to approximately 80.4 per cent. of the total number of 25,000,000 
Offer Shares available for allocation in pool B). No multiple 
applications or suspected multiple applications have been 
identified and rejected. The surplus Offer Shares initially 
available for allocation in pool B have been transferred to pool A 
to satisfy demand in that pool and have been allocated 
accordingly. No application for more than 50 per cent. of the 
Offer Shares being offered to the public for subscription in 
either pool A or pool B has been identified.

The Underwriters have not applied for any Offer Shares for their 
own accounts or for the account of their subsidiaries, associates 
(as defined in the Listing Rules) or funds managed by them. No 
Offer Shares are allotted to the Directors or chief executive of 
the Company or existing beneficial owners of the Shares, or 
associates (as defined in the Listing Rules) or any of them.

basis of allocation
Subject to satisfaction of the conditions set out in the section 
headed "Conditions of the New Issue" in the Prospectus, the 
50,000,000 Offer Shares available for application on WHITE and 
YELLOW application forms will be allocated as follows:

                                Approximate percentage
                                of the Offer Shares to
        Number of       Number of               be allotted based on the
        New Shares      valid           total number of the Offer Shares
      applied for     applications    Basis of allocation     applied for
                                (%)

Pool A:
        2,000   62      2,000   New Shares      100%
        4,000   12      4,000   New Shares      100%
        6,000   2       6,000   New Shares      100%
        8,000   7       8,000   New Shares      100%
        10,000  44      10,000  New Shares      100%
        12,000  2       12,000  New Shares      100%
        16,000  4       16,000  New Shares      100%
        20,000  29      20,000  New Shares      100%
        30,000  14      30,000  New Shares      100%
        40,000  6       40,000  New Shares      100%
        50,000  15      50,000  New Shares      100%
        60,000  2       54,000  New Shares      90%
        80,000  3       72,000  New Shares      90%
        100,000 10      88,000  New Shares      88%
        150,000 1       132,000 New Shares      88%
        200,000 6       176,000 New Shares      88%
        250,000 1       220,000 New Shares      88%
        300,000 2       262,000 New Shares      87.33%
        600,000 1       524,000 New Shares      87.33%
      1,000,000 3       870,000 New Shares      87%
      2,000,000 2       1,740,000 New Shares    87%
      3,000,000 2       2,610,000 New Shares    87%
      4,000,000 1       3,480,000 New Shares    87%
      5,000,000 2       4,346,000 New Shares    86.92%
                        
        Total   233     29,900,000 New Shares
                        
Pool B:
        5,100,000       1       5,100,000       New Shares      100%
        6,000,000       1       6,000,000       New Shares      100%
        9,000,000       1       9,000,000       New Shares      100%
                        
        Total           3       20,100,000      New Shares

collection/despatch of share certificates and refund cheques
Share certificates for wholly or partially successful applications 
on WHITE application forms and refund cheques for wholly or 
partially unsuccessful applications on WHITE and YELLOW 
application forms are expected to be despatched by ordinary post 
to those entitled at their own risk on or before Wednesday 12th 
January, 2000. Applicants who have applied for 1,000,000 New 
Shares or more on WHITE application forms and have indicated on 
their application forms they wish to collect their share 
certificates and/or refund cheques in person may collect their 
share certificates and/or refund cheques from Standard Registrars 
Limited at 5th Floor, Wing On Centre, 111 Connaught Road Central, 
Hong Kong. The time of collection is between 9:00 a.m. and 1:00 
p.m. on Wednesday 12th January, 2000. Identification and 
authorisation documents satisfactory to Standard Registrars 
Limited must be produced at the time of collection. If applicants 
are applying as individual investors, the applicants' I.D. should 
be presented to collect their share certificates or refund 
cheques. If applicants are applying as corporate investors, the 
authorisation letter of the company bearing the company's chop 
must be presented to collect their share certificates or refund 
cheques. Uncollected share certificates and/or refund cheques will 
be despatched by ordinary post at the applicants' own risk after 
2:00 p.m. on Wednesday 12th January, 2000. For applicants who have 
applied for 1,000,000 New Shares or more on YELLOW application 
forms and have indicated on their application forms they wish to 
collect their refund cheques in person, the same procedures as set 
out above for WHITE application forms will also apply.

deposit of share certificates into ccass
For wholly or partially successful applicants using the YELLOW 
application forms who are allocated Offer Shares in the name of 
HKSCC Nominees Limited the allocated Offer Shares will be 
deposited directly into CCASS for credit to the applicants' 
designated CCASS participants' stock accounts as instructed by the 
applicants at the close of business on Wednesday, 12th January, 
2000, or any other date as shall be determined by Hongkong 
Clearing or HKSCC Nominees Limited. Applicants applying through 
designated CCASS participants can check the number of the New 
Shares allocated to them with their designated CCASS participants. 
No application for subscription of the New Shares has been made by 
CCASS investor participants.

commencement of dealings
Dealings in the Shares on the Stock Exchange are expected to 
commence at 10:00 a.m. on Tuesday, 18th January, 2000.

By order of the Board
UBA Investments Limited
Li Kwok Cheung, George
Executive Director

Hong Kong, 10th January, 2000