Xinao Gas Holdings Limited

(Hong Kong, 10 May 2001) - The PRC's non state-owned piped gas distributor Xinao Gas Holdings Limited ("Xinao Gas" or "the Group") (Stock code: 8149) commenced dealings on the GEM Board of The Stock Exchange of Hong Kong Limited today.

The closing price was HK$1.35 per share, representing a gain of 17.4% over its placing price of HK$1.15, with a high of HK$1.8 per share recorded during the day. A total of approximately 82.452 million shares were traded, amounting to approximately HK$110.94 million.

Mr. Wang Yusuo, Chairman and Executive Director of Xinao Gas, said, "We are glad that Xinao Gas is the first non state-owned natural gas distributor successfully listed on the GEM Board and are pleased with the performance of the shares on the first day of trading. We would like to take this opportunity to express our heartfelt gratitude to investors and shareholders for their support and confidence in Xinao Gas. We are confident of the Group's prospects in the future."

Mr. Wang continued, "Xinao Gas has a clear business focus, visionary strategies and an experienced and capable management team. We also enjoy a diversified client base comprising residential, commercial and industrial users which enable us to have a balanced mix of revenues. As a leading piped natural gas distributor in the PRC, we have strong growth in business and profit. In the past three years, the compound annual growth rate of the Group's turnover was over 70% and net profit was 100%. With the active promotion and support of the use of natural gas by the PRC Government and the construction of "West to East Pipelines", Xinao Gas's business will grow even faster in the future. We are committed to further develop the existing operational areas and expand our business across the regions of operations to bring better returns to the investors."

Xinao Gas was founded by Mr. Wang Yusuo, Chairman and Executive Director of the Group and his wife, Ms. Zhao Baoju in 1993. Business operations began when Mr. Wang and Ms. Zhao formed Langfang Xinao in Langfang, Hebei Province to engage in the investment in, and the operation and management of, gas pipeline infrastructure and the sale and distribution of piped gas. The Group's other business activities include the sale of gas appliances and equipment, as well as the provision of repair and maintenance services. Currently, the Group's business has expanded from Langfang City in Hebei Province to Liaochang, Miyun and Huludao, located in Shandong Province, Beijing Municipality, and Liaoning Province respectively. Subsequent to the listing, the Group's business will further expand through the acquisition of companies in Changping in Beijing Municipality, Huangdao in Qingdao City, Shandong Province and Pinggu in Beijing Municipality and the establishment of new companies in Jingzhou in Hubei Province, Chengyang in Qingdao City, Shandong Province and Zhucheng in Shandong Province resulting in the Company having interests in a total of 10 gas projects in the PRC.

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