CHINA UNITED<0273> - Announcement

The Stock Exchange of Hong Kong Limited takes no responsibility for the 
contents of this announcement, makes no representation 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 United Holdings Limited
(the "Company")
(Incorporated in Bermuda with limited liability)

COMPLETION OF ACQUISITION TRANSACTIONS

Summary

The directors are pleased to announce that the acquisition of 4,400,000 
shares in TCM-Online Incorporated at the total consideration of 
US$6,600,000.00 which was equivalent of HK$51,348,000.00 was completed on 
25th February, 2000.

The Transaction

As announced in the press on 18th February, 2000, the Company entered into 
two conditional sale and purchase agreements on 1st February, 2000 (the 
"Agreements") with Mr. Jim Wang and Lucky Delight Investments Limited 
(collectively the "Vendors") to acquire from the Vendors up to an 
aggregate of 4,400,000 shares ("Sale Shares") representing approximately 
17.086% of the issued share capital of TCM-Online Incorporated ("TCM") 
(the "Acquisition") of par value of USD0.01 each at the total 
consideration of USD6,600,000.00 which was equivalent to HK$51,348,000.00 
(the "Aggregate Consideration"). The Aggregate Consideration was 
determined based on arms length negotiations between the Vendors and the 
Company.

TCM was incorporated under the laws of British Virgin Islands on 9th 
March, 1999 and does not have its profit and loss nor net asset value 
ascertained as at 25th February, 2000.

Lucky Delight Investments Limited which was incorporated under the laws of 
British Virgin Islands on 8th June, 1999 and is owned by a company and 
three individuals all of whom and Mr. Jim Wang are independent third 
parties not connected with any of the directors, chief executive or 
substantial shareholders of the Company and its subsidiaries or associates 
(as defined in the Rules Governing the Listing on the Stock Exchange of 
Hong Kong Limited) or any of them.

Completion of the Acquisition was conditional upon other shareholders of 
TCM not having exercised their first rights of refusal to acquire the Sale 
Shares; and the Company having completed a due diligence review in 
accordance with the Agreements.
All conditions precedent were satisfactorily completed and the Acquisition 
of 4,400,000 Sale Shares took place on 25th February, 2000. A total 
deposit of US$660,000.00 which was equivalent of HK$5,134,800.00 was paid 
on the execution date of the Agreements. Approximately HK$47 million of 
the funding for the Acquisition was originated from the proceeds of the 
placement of new shares in the Company as announced on 18th February, 
2000.

Information relating to TCM:

TCM will provide through its own websites on the internet traditional 
Chinese medicine and health care content; consultation with medical 
professionals; a conduit for interaction between communities; and also a 
forum for exchange of information and for trading of products like 
hospital administration software; rehabilitation courses; health products 
and related equipment. One of the websites of TCM in the name of 
"CINTCM.AC.CN" has been in operation since January this year; and the 
second website is targeted to be launched around April 2000 and the third 
website is also targeted to be launched at the end of this year.

Reason for the Acquisition:

The Acquisition is a strategic investment of the Company which, in the 
directors' belief, will be of long term benefit to the Company. The fast 
growing international recognition of traditional Chinese medicine provides 
a very good platform for serious investment in the proper development and 
promotion of services relating to Chinese medicinal methods. The directors 
are of the opinion that promotion of Chinese medicine and related 
activities through the internet will provide the basis for the advancement 
and development of the Chinese medicinal profession which will bring 
extensive business opportunities. Through the Acquisition, the Company 
will have the opportunity also of working with good partners in Hong Kong 
and elsewhere in the People's Republic of China ("PRC"). The directors 
also believe that the Acquisition will set a good initial path for the 
Company to diversify from its existing business of property investments in 
Hong Kong and the PRC.

By Order of the Board of Directors of
China United Holdings Limited
Chung Wilson
Managing Director

Hong Kong, 3rd March, 2000