The board of directors (the "Board") of China Travel International Investment Hong Kong Limited (the "Company") has noted the recent increase in the share price and trading volume of the Company. The Board confirms that the Company is in negotiation with an independent third party for a possible investment in a tour-related internet company.

This statement is made at the request of The Stock Exchange of Hong Kong Limited.

The Board has noted the recent increase in the share price and trading volume of the Company and wishes to state that the Board is not aware of any reasons for such increase save as below.

The Board confirms that the Company is in negotiation with an independent third party for a possible investment in a tour-related internet company. The Board wishes to state that at present, no specific terms (including price) as regards the possible investment have yet been finalised. It is the Board's belief that an agreement will likely be reached in the near future. Further announcement will be made by the Company when the terms of possible investment are finalised.

In response to certain press articles appearing in the newspaper reportings, the Board wishes to state that the Company is aware that its parent company, China Travel Services (Holdings) Hong Kong Limited, is engaged in similar complementary tour-related business in which the Company may consider to invest in future. The Company is not currently in negotiation with the parent company regarding such a possible investment.

Save as disclosed above, the Board confirms that there are no other negotiations or agreements relating to intended acquisitions or realisations which are discloseable under paragraph 3 of the Listing Agreement, neither is the Board aware of any matter discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which is or may be of a price-sensitive nature.

In the meantime, investors are advised to exercise caution when dealing in the shares of the Company.

Made by the order of the Board of the Company, the directors of which individually and jointly accept responsibility for the accuracy of this statement.

By Order of the Board
Chen Wangtao
Director

Hong Kong, 15th January, 2000

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