CHINA ASSETS (HOLDINGS) LIMITED

The establishment of CAHL was initiated by a group of experienced fund managers who, having witnessed the economic development in China since 1978, suggested putting together some equity money to tap the China market. The principal investment objective of CAHL is to achieve long-term capital appreciation through investments primarily in equity and equity-related investments in small to medium-sized companies (listed or non-listed) operating in China. CAHL was awarded by Lipper as the Best China/Hong Kong Equity Fund in 1998.