UBA INVESTMENTS<0768> - Announcement

The Stock Exchange of Hong Kong Limited takes no 
responsibility for the contents of this announcement, 
makes no representation as 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.

UBA INVESTMENTS LIMITED
(Incorporated in the Cayman Islands with limited 
liability)

CONNECTED TRANSACTION

The Directors of the Company announces that the Group has 
entered into the Agreement with the Vendor whereby the 
Group has agreed to purchase from the Vendor the entire 
interest of Luen Wing, representing 1 share at a 
consideration of HK$9,900,000.

The major asset of Luen Wing is the Bond with a principal 
amount of HK$9,900,000 issued by IT Star, a wholly-owned 
subsidiary of Harmony which holds a portfolio of 
technology driven business. The terms of the Bond is set 
out below.

The Investment constitutes a connected transaction for 
the Company by virtue of the fact that the two executive 
directors of the Investment Manager together hold 33.32 
per cent. beneficial interests in Harmony. The directors 
of the Investment Manager are regarded as connected 
persons of the Company under Chapter 21 of the Listing 
Rules. Dr. Chow, a director of the Company and Harmony 
and one of the directors of the Investment Manager, is 
also a director of IT Star. Pursuant to Rule 14.25(1) of 
the Listing Rules, the Investment is not subject to the 
Company's independent shareholders' approval.

The Directors consider that the terms of the Agreement 
are fair and reasonable so far as the shareholders of the 
Company are concerned and that the Investment is in the 
interests of the Company. The Company will include 
details of the Investment in its next published annual 
report and accounts.

THE AGREEMENT (Dated 3rd March, 2000)

PARTIES

PURCHASER:      UBA Technologies Holdings Limited, a 
private company incorporated in the British Virgin 
Islands with limited liability and a wholly owned 
subsidiary of the Company

VENDOR: Mr. Chin Kee Siong, an independent third party 
not connected with any directors, chief executives, 
substantial shareholders of the Company and Harmony or 
any of their subsidiaries or any of their respective 
associates (as defined in the Listing Rules)

CONSIDERATION:  HK$9,900,000 paid upon signing of the 
Agreement

INTEREST TO BE ACQUIRED:        1 share of Luen Wing

MAJOR ASSET OF LUEN WING:

The major asset of Luen Wing is the Bond with a principal 
amount of HK$9,900,000 issued by IT Star, a wholly-owned 
subsidiary of Harmony.

MAJOR TERMS OF THE BOND:

Issuer: IT Star, a company incorporated in the British 
Virgin Islands with limited liability and a wholly-owned 
subsidiary of Harmony

Subscriber:     Luen Wing, a wholly-owned subsidiary of the 
Company upon completion of the Agreement

Issue Date:     12th January, 2000

Principal amount:       HK$9,900,000

Interest:       fixed at 6 per cent per annum payable by IT Star 
on the first anniversary of the date of the issue of the 
Bond provided that the conversion rights are not 
exercised by the holder of the Bond

Maturity:       first anniversary of the date of the issue of 
the Bond

Conversion period:      the holder of the Bond may convert the 
whole of the principal amount into the shares of IT Star 
in accordance with the conversion terms (as set out below) 
at any time during the period from the date of the issue 
of the Bond and up to the first anniversary of the date 
of the issue of the Bond

Conversion terms:       the holder of the Bond shall upon 
conversion be allotted equivalent to 6.6 per cent. of the 
enlarged issued share capital of IT Star upon conversion 
and no additional amount of capital is required upon 
conversion

INFORMATION ON IT STAR

IT Star is a wholly-owned subsidiary of Harmony. Harmony 
is an investment company listed under the requirements 
of Chapter 21 of the Listing Rules. IT Star is an 
investment holding company which holds a portfolio of 
technology-driven businesses including application of 
technology in areas of financial services, educational 
content and software, ISP and web hosting, e-commerce 
solutions and network integration.

REASONS FOR THE INVESTMENT

The Directors consider that the Investment provides an 
opportunity for the Company to invest into a portfolio 
of technology-driven businesses with earnings potential. 
The Directors consider the terms of the Agreement are fair 
and reasonable so far as the shareholders of the Company 
are concerned and the Investment is in the interests of 
the Company. The Company is an investment company listed 
under the requirements of Chapter 21 of the Listing Rules. 
The Group is principally engaged in investment in listed 
securities and unlisted investments with potentials in 
earnings growth and capital appreciation.

GENERAL

The Investment constitutes a connected transaction for 
the Company by virtue of the fact that the two executive 
directors of the Investment Manager together hold 33.32 
per cent. beneficial interests in Harmony. The directors 
of the Investment Manager are regarded as connected 
persons under Chapter 21 of the Listing Rules. Dr. Chow, 
a director of the Company and Harmony and one of the 
directors of the Investment Manager, is also a director 
of IT Star. Pursuant to Rule 14.25(1) of the Listing Rules, 
the Investment is not subject to the Company's 
independent shareholders' approval.

The consideration of HK$9,900,000 has been determined 
after arm's length negotiation between the parties 
involved with reference to the principal amount of the 
Bond. The Investment Manager has identified and analysed 
the Investment. After studying the investment analysis 
and consulting with the Investment Manager, the Directors 
have approved the Investment. The Directors consider that 
the terms of the Agreement are fair and reasonable so far 
as the shareholders of the Company are concerned and the 
Investment is in the interests of the Company. The Company 
will include details of the Investment in its next 
published annual report and accounts.

DEFINITIONS

"Agreement"     the sale and purchase agreement entered into 
between the Company and the Vendor on 3rd March, 2000

"Bond"  the convertible bond with a principal amount of 
HK$9,900,000 issued by IT Star

"Company"       UBA Investments Limited, a company 
incorporated in the Cayman Islands with limited liability, 
the shares of which are listed on the Stock Exchange

"Directors"     board of directors of the Company

"Dr Chow"       Dr. Chow Pok Yu, Augustine

"Harmony"       Harmony Asset Limited, an investment company 
listed on the Stock Exchange

"Investment"    the purchase of the entire interest of Luen 
Wing by the Company

"Investment Manager"    Harmony Asset Management Limited, 
the investment manger of the Company and Harmony

"IT Star"       IT Star Limited, a wholly-owned subsidiary of Harmony

"Listing Rules" Rules Governing the Listing of Securities on
the Stock Exchange

"Luen Wing"     Luen Wing Group Limited, a private company 
incorporated in the British Virgin Islands with limited liability

"Stock Exchange"        The Stock Exchange of Hong Kong Limited

"Vendor"        Mr. Chin Kee Siong

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

Hong Kong, 3rd March, 2000