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NEW CAPITAL<01062> - Results Announcement

New Capital International Investment Limited announced on 20/09/2005:
(stock code: 01062 )
Year end date: 31/12/2005
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Both Audit Committee and Auditors
                                                        (Restated)
                                                        (Unaudited )
                                     (Unaudited )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 01/01/2005    from 01/01/2004
                                     to 30/06/2005      to 30/06/2004
                               Note  ($         )       ($         )
Turnover                           : 374,940            467,099           
Profit/(Loss) from Operations      : (1,535,830)        12,492,430        
Finance cost                       : N/A                N/A               
Share of Profit/(Loss) of 
  Associates                    3  : (4,360,818)        (5,486,061)       
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (5,896,648)        7,006,369         
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.00911)          0.01299           
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (5,896,648)        7,006,369         
Interim Dividend                   : Nil                Nil
  per Share                                              
(Specify if with other             : N/A                N/A
  options)                                               
                                                         
B/C Dates for 
  Interim Dividend                 : N/A   
Payable Date                       : N/A
B/C Dates for (-)            
  General Meeting                  : N/A   
Other Distribution for             : N/A
  Current Period                     
                                     
B/C Dates for Other 
  Distribution                     : N/A   

Remarks:

(1)   Reorganisation and basis of preparation

(a)   Reorganisation

The Company was incorporated in the Cayman Islands on August 1, 2003 as an 
exempted company with limited liability under the Companies Law, Cap. 22 
(Laws of 1961 as consolidated and revised) of the Cayman Islands.  
Pursuant to a reorganisation proposal whereby ING Beijing Investment 
Company Limited ("ING Beijing") would become a wholly  owned subsidiary of 
the Company to be implemented by way of a scheme of arrangement under 
section 166 of the Hong Kong Companies Ordinance, Chapter 32 of the Laws 
of Hong Kong ("the Scheme") as stated in a document dated January 13, 2005 
issued to the shareholders of ING Beijing, the Company became the holding 
company of the companies now comprising the group ("the Group") on April 
13, 2005, the effective date of the Scheme.  This was accomplished by the 
Company acquiring the entire issued share capital of ING Beijing, the then
holding company of other subsidiaries, as set out in note 10 on the proforma
financial information of the Company's 2004 annual report.

The listing of the shares of ING Beijing was withdrawn from The Stock 
Exchange of Hong Kong Limited ("HKSE") and the Company's shares were 
listed on the HKSE by way of introduction on April 13, 2005.

(b)   Basis of preparation

The interim financial report has been prepared in accordance with the 
applicable disclosure provisions of the Rules Governing the 
Listing of Securities on The Stock Exchange of Hong Kong Limited, 
including compliance with Hong Kong Accounting Standard
("HKAS") 34, "Interim financial reporting", issued by the Hong Kong 
Institute of Certified Public Accountants ("HKICPA").

The interim financial report has been prepared in accordance with the same 
accounting policies adopted in the 2004 annual financial statements, 
except for the accounting policy changes that are expected to be reflected 
in the 2005 annual financial statements. 

In accordance with Statement of Standard Accounting Practice 27 "
Accounting for group reconstructions", the consolidated income statement 
for the period ended June 30, 2005 includes the financial results of the 
companies which now comprise the Group for the period from January 1, 2005 
(or the date of incorporation if later) to June 30, 2005 as if the current 
group structure had been in existence and remained unchanged throughout 
the period presented.  The comparative figures for the period ended 
June 30, 2004 have been presented on the same basis.

(2)   Basic EPS and diluted EPS

(a)   Basic EPS

The calculation of basic (loss)/earnings per share is based on loss 
attributable to equity holders of the company of $5,896,648 (June 30, 
2004: profit attributable to equity holders of the company of $7,006,369) 
and the 647,114,000 ordinary shares (June 30, 2004: 539,514,000 ordinary 
shares) in issue during the period, being the shares that would have been 
in issue throughout the period if the Scheme as set out above had become 
effective on January 1, 2004.

=(HK$5,896,648) / 647,114,000 x 100

=(0.911) cents

(b)   Diluted EPS

There were no potential ordinary shares during the period ended June 30, 
2005.

Diluted earnings per share was not shown for the period ended June 30, 
2004 as the potential ordinary shares were anti-dilutive.

(3)   Changes in accounting policies - HKAS 31, "Interests in joint 
ventures"

With effect from January 1, 2005, in accordance with HKAS 31, 
joint control exists only when the strategic financial and operating 
decisions of the joint venture require the venturers' unanimous consent.  
As a result of this, management reviewed the nature of an investment 
previously accounted for as an interest in a jointly controlled entity and 
concluded that this investment should be reclassified as an investment in 
an associate.  The reclassification has been applied retrospectively.  
Such reclassification has no effect on the current and prior accounting 
periods except for the change in presentation.