Business: HKC appoints Mr. CHAU Wing Hing and Mr. SHI Jihua as Executive Directors

Extensive Experience Contributes to Strengthening Property Development Business in the PRC

Hong Kong, (ANTARA News/Xinhua-PRNewswire-FirstCall) - HKC (Holdings) Limited ("HKC (HOLDINGS)" or the "Group") (SEHK: 190) has appointed Mr. CHAU Wing Hing ("Mr. CHAU") and Mr. SHI Jihua ("Mr. SHI") as Executive Directors of the Group, effective from 15 June 2008.

Mr. CHAU joined the Group since 2005 and has over 26 years of solid experience in property development and construction. He is mainly responsible for property development and management in the PRC. He graduated from the department of infrastructure of Dongbei University of Finance and Economics (formerly named Liaoning University of Finance and Economics) and holds a Bachelor's Degree in Economics.

Mr. SHI joined the Group since 1998 and possesses over 15 years of solid experience in commercial and investment banking. He is mainly responsible for business development and investment management in the PRC. Mr. Shi graduated from Shanghai University of Finance and Economics, specializing in Finance. He also holds a Master's Degree in Business Administration from China-Euro International Business School.

Mr. Eric OEI, Executive Chairman of HKC (HOLDINGS), said, "On behalf of the Board, I would like to extend my warmest welcome to Mr. Chau and Mr. Shi. Seeing the great potential in the PRC property market, the Group has paid strenuous effort to transform into a property developer in the PRC. By the first quarter of 2008, the Group had already enlarged its landbank to over 1.8 million sq. m. with land in the PRC. Mr. Chau and Mr. Shi's expertise and extensive experience in relation to the property market in the PRC add confidence in developing our leadership as a major property developer in the PRC."

About HKC (Holdings) Limited (stock code: 190)

HKC (Holdings) Limited is principally engaged in property development and investment activities with a primary focus in the PRC. It is also one of the leading providers of alternative energy in the PRC. In October 2007, Cerberus Asia Capital Management, LLC has become the Group's second largest shareholder. In March 2008, the Group acquired 74.99% interest in J.I.C. Technology Company Limited (SEHK: 987), all new investment in the alternative energy business will be conducted through JIC.

For more information, please visit the Group's website: http://www.hkcholdings.com .

For media enquiries:
Strategic Financial Relations Limited
Esther Chan
Tel: +852-2864-4825
Email: esther.chan@sprg.com.hk
Vicky Lee
Tel: +852-2864-4834
Email: vicky.lee@sprg.com.hk
Shirley Lo
Tel: +852-2864-4847
Email: shirley.lo@sprg.com.hk
Doris Chan
Tel: +852-2114-4950
Email: doris.chan@sprg.com.hk
SOURCE HKC (Holdings) Limited

Business: HKC (HOLDINGS) announces FY2007 annual results

Hong Kong (ANTARA News/PRNewswire-AsiaNet) - Net Profit Up 44.0% to HK$834.6 Million
Ends Year with Net Cash of HK$3,214.7 Million Promising Prospects for Alternative Energy Business Results Highlights:
-- Turnover recorded at HK$706.1 million (2006: $395.7 million), up by 78.4%, while gross profit at HK$102.7 million (2006: HK$79.3 million), an increase of 29.5%
-- Profit attributable to equity holders increased 44.0% to HK$834.6 million (2006: HK$579.4 million)
-- Total cash and cash equivalents at 31 December 2007 was HK$5,924.9 million (2006: HK$1,356.7 million), cash per share was HK72.1 cents (2006: HK$37.2 cents)
-- Final and special dividends totaling HK3.5 cents per share were proposed (2006: HK6.0 cents)
-- Net asset value per share increased 52.3% to HK163.1 cents (2006: HK107.1 cents)
-- Net cash position of HK$3,214.7 million as at 31 December 2007 compared to gearing ratio of 22.9% in 2006

HKC (Holdings) Limited ("HKC (HOLDINGS)" or "the Group") (HKEx: 190) announced today its annual results for the year ended 31 December, 2007.

During the year, the Group's turnover amounted to HK$706.1 million (2006: HK$395.7 million), representing an increase of 78.4%. At the same time, gross profit increased 29.5% to HK$102.7 million (2006: HK$79.3 million). Profit attributable to equity holders of the Group increased 44.0% to HK$834.6 million (2006: HK$579.4 million), primarily due to the revaluation of the Group's properties in the PRC, and to the
negative goodwill related to the Group's acquisition of additional share interests in property companies in Shanghai and Tianjin.

In view of the encouraging results, and to reward shareholders, the Board of Directors recommended the payment of a final and special dividend of HK3.5 cents per share, together with the interim dividend of HK10 cents per share already paid, the total dividend for the year will be HK13.5 cents per share.

Mr. Eric Oei, Executive Chairman of HKC (HOLDINGS), said, "Marking the twentieth anniversary of the Group's listing on the Stock Exchange of Hong Kong, HKC (HOLDINGS) made some of its biggest steps forward in the Group's corporate history. Our strategy to raise funds has positioned the Group as a cash-rich company, enabling us to make some important acquisitions of well-placed and reasonably priced land in China to add to our quality landbank for development. At the same time, the Group's market capitalization continued to grow, passing the HK$20 billion mark at one point in 2007. That growth in turn attracted large scale institutional investors whose input has helped the Group to build further momentum."

Gaining Strategic Partners

During the period under review, the Group gained major strategic investors Cerberus Asia Capital Management, LLC ("Cerberus") and Penta Investment Advisers Ltd ("Penta") who have not only injected cash; but have also provided valuable input and advice at the management level, improved internal management systems; and boosted the Group's international reputation. In addition, at the project level, CB Richard Ellis
Strategic Partners Asia II, LP ("CBRE") agreed to partner with the Group to co-develop properties in China.

Strong cash position puts the Group in a strong position to acquire land at reasonable prices

The launch of a strategic fund-raising programme began in late 2006 and included further significant capital injections by major international investors in 2007. Since November 2006, the Group has raised a total of HK$8.58 billion from the
capital markets. As the property market begins to cool, and property prices are reined in, the Group's strong net cash position becomes a major strength. As a result, the Group may be in a good position to acquire land at reasonable prices from
both public tenders and from the private sector.

Property Investment, Development and Management

Mr. Eric Oei commented on the Group's property business, "I am pleased to see the Group made significant steps forward in acquiring quality land and launching projects that, over next few years, will transform its existing property investment portfolio as well as generating revenue from sales of residential property. With our strong cash position, we will look for selective opportunities to acquire land at prices that will result in a significant return for shareholders."

During the year, the Group has enlarged its landbank significantly with property development projects in high-potential cities such as Shanghai, Tianjin, Huzhou, and Shenyang. As of now, HKC (HOLDINGS) has landbank of over 1.8 million sq.m. In the Nanxun Economic Development District in Huzhou, construction of the complex for furniture suppliers has begun. In Tianjin, the Group is currently developing a site along the eastern shore of Tuanbo Lake into residential villas and apartments for sale. In Shenyang, a new subway station is currently under construction near the site acquired by the Group. Other development projects are expected to commence construction shortly, and should generate significant income to the Group over the long run.

Alternative Energy

"With demand increasing for alternative energy, and China seeking to develop a strong alternative energy industry by requiring 15% of the energy supply to be from alternative sources by 2020, the Group has been pursuing strategic investments in alternative energy projects. During 2007, the Group made major progress on its three major investments in wind farms." Mr. Eric Oei commented.

During the year, the Group completed construction of its two 30MW wind power stations in Heilongjiang, which have now begun generating electricity and are contributing revenue to the Group. In Hebei, the first phase of the proposed 200MW capacity wind power plant is well underway. As for the joint venture 24MW waste-to-energy plant in Shandong, trial operations began in August. The Group also acquired preferential rights to develop a wind power plant in the Siziwang Qi area in Inner Mongolia, with a generating capacity of 50MW being approved by relevant authorities in 2007.

Outlook

The PRC government's moves to implement cooling measures are certain to squeeze lesser developers, and will therefore work in favor of the Group. On top of acquiring a prime site in Sichuan Road in Shanghai and bringing CBRE as a partner for its Nankai site in Tianjin, the Group is also looking at opportunities in Qingdao, Hangzhou, Tianjin, and other areas in China, taking advantage of a tighter property market. Since January 2008 to date, the Group has increased its landbank by 53,700 sq.m. and plans to continue increasing its landbank in 2008, at the same time aiming to set aside 70% of its land for commercial investment projects.

The Group's Shandong waste-to-energy plant can be expanded into Phase II as the city expands; the first Phase of the Group's Hebei wind farm is expected to begin generating electricity later in 2008 and the Group and China Energy Conservation Investment Corporation plan to establish a joint venture to invest in a 200 MW wind power plant in Gansu Province. The completion of the joint venture wind farm in Hebei and the Group's involvement in acquiring a majority stake in an ethanol plant in Chongqing represent strategic moves to further extend its alternative energy arm.

To further grow its alternative energy business, the Group entered into a share purchase agreement with Nam Tai Electronics, Inc, to acquire approximately 74.99% of Hong Kong listed company J.I.C. Technology Company Ltd ("JIC" or the "Company"; to be renamed as Hong Kong Energy (Holdings) Limited)(HKEx: 987). The Group intends to use JIC as a principle vehicle through which to channel any new investment in the alternative energy businesses. The Group considers it strategically appropriate to continue to develop the alternative energy business through a separate listed entity, and through which to secure long-term expansion funding. As a new strategic platform, JIC will help strengthen the Group's competitiveness in the alternative energy sector in the PRC.

Mr. Eric Oei concluded, "In recent years, HKC (HOLDINGS) has been vigorously and successfully transforming itself from a construction company into a major property developer and alternative energy player in mainland China. In light of all the above, our outlook for the future remains robust and we expect both our property and alternative energy business to grow satisfactorily. With such a strong net cash position, reputable international strategic partners, and a promising new diversification of the alternative energy business, we are confident of continuing to deliver a stellar performance in the year to come."

About HKC (Holdings) Limited (stock code: 190)

HKC (Holdings) Limited is principally engaged in property development and investment activities with a primary focus in the PRC. It is also one of the leading providers of alternative energy in the PRC. In October 2007, Cerberus Asia Capital Management, LLC has become the Group's second largest shareholder. In March 2008, the Group acquired 74.99% interest in J.I.C. Technology Company Limited (SEHK: 987), all new investment in the alternative energy business will be conducted through JIC.

For more information, please visit the Group's website:
http://www.hkcholdings.com
For media enquiries:
Strategic Financial Relations Limited
Esther Chan
Tel: +852-2864-4825
Email: esther.chan@sprg.com.hk
Vicky Lee
Tel: +852-2864-4834
Email: vicky.lee@sprg.com.hk
Doris Chan
Tel: +852-2114-4950
Email: doris.chan@sprg.com.hk
Germain Lam
Tel: +852-2864-4861
Email: germain.lam@sprg.com.hk
SOURCE: HKC (Holdings) Limited

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Technology: JIC invests in three new alternative energy projects

Hong Kong, (ANTARA News/Xinhua-PRNewswire-AsiaNet) - J.I.C. Technology Company Ltd ("JIC" or "the Company") to be renamed as Hong Kong Energy Holdings Limited ("HKE") (HKEx: 987), a wholly-owned subsidiary of HKC (Holdings) Limited ("HKC (HOLDINGS) or the "Group") (HKEx: 190), has initiated to invest in three alternative energy projects at the Lunaobao Wind Farm in Hebei, the Siziwang Qi Wind Farm in Inner Mongolia, and a pilot cellulosic ethanol project.

On behalf of HKC (HOLDINGS), the single largest shareholder of JIC, Mr. Eric Oei, Chairman of the Steering Committee said, "As the principal vehicle of the Group's alternative energy businesses, the new projects signify an important first step for the Company. The PRC Government has been actively encouraging investment in renewable energy. The Renewal Energy Law of the country requires state-owned power grids to give priority and pay premium rates for power generated by privately-owned companies using 'clean' generating methods.

"Given such a favourable market environment, we see strong potential in the three projects and are confident that they will give JIC a strong foundation for tapping the growing alternative energy market in the PRC in years to come."

Lunaobao Wind Farm

The framework agreement to invest and develop a 100 MW wind power project at the Lunaobao in Zhangbei County, Hebei Province was signed between JIC, through a wholly-owned subsidiary, HKE (Da He) Holdings Limited with China Energy Conservation Investment Corporation ("CECIC") on 18 April 2008. The planned total investment for the project is approximately RMB950,780,000 (about HK$1,052,900,000) and JIC and CECIC will contribute 30 per cent and 70 per cent of the registered capital respectively. Preliminary approval from the Development and Reform Commission ("DRC") of Hebei Province was already secured by the project parties to invest and develop sixty-seven 1,500-kilowatt wind turbines totaling 100.5 MW.

The windfarm, to be built under this project, is strategically located on Bashang plateau of Zhangjiakou City with abundant wind resources available. Construction of the wind turbines will commence in the second half of 2008 and the project is expected to be fully operational in 2010.

Wind Power Project at Siziwang Qi Region, Inner Mongolia

JIC, through a wholly-owned subsidiary has applied to the Siziwang Qi DRC for the rights to build and operate a 50 MW wind power project in the region. It intends to invest a total of approximately RMB480,550,000 (about HK$532,100,000) to build 33 1,500-kilowatt wind turbines with an aggregate generation capacity of approximately 49.5 MW. JIC targets to begin construction in the second half of 2008 and achieve full operation of the wind farm by the end of 2009.

Cellulosic Ethanol Project

On 17 April 2008, the Group through its wholly-owned subsidiary HKE (Biomass) Holdings Limited signed a technology transfer and co-operation agreement in respect to investment in a pilot cellulosic ethanol project using the Cellulosic Ethanol Technology ("the Technology") developed by GeneHarbor (Hong Kong) Technologies Limited ("GeneHarbor").

The Company will first acquire from GeneHarbor a 55 per cent interest in the Technology utilizing HK$17,325,000 as its capital contribution. A new joint venture between the Company and GeneHarbor will be established and a pilot cellulosic ethanol plant will be built to demonstrate the feasibility of the technology and of the production process.

If successful, JIC will seek to commercialize the Technology throughout Asia. Another technology service company ("TechServices Co") 90 per cent-owned by JIC and 10 per cent by GeneHarbor will be set up. TechServices Co will be the sole and exclusive agent to use and commercially exploit the Technology and to sell and distribute related enzymes used in the production of cellulosic ethanol in the Greater China region and Southeast Asia.

GeneHarbor, founded in 2000, is a private biotechnology company in Hong Kong. The company focuses on the development of innovative biotech products, enzymes in particular, and medical products. GeneHarbor's technology platform, which integrates the current knowledge and techniques in genetic engineering, protein engineering, biochemistry, genetics, industrial fermentation, bio-informatics, organic chemistry, computer design, high-throughput-screening and industrial enzymology, is highly effective in generating novel products tailored for industrial, agricultural, pharmaceutical and environmental application. The company has conducted research on bioethanol since 2001.

Currently, there is a limit as to how much ethanol can be produced from sources such as corn and sugar. Given demand for these feedstocks are placing tremendous pressure on food prices, it is important that non-food feedstock be used. Cellulosic ethanol is a biofuel made from lignocellulosic biomass materials, such as wood residues and grass. Because cellulosic plant materials are so common, cellulosic ethanol has the potential to become a major non-food feedstock. It makes use of related cellulose-digesting enzymes sourced from GeneHarbor or its production factory. The Technology entails advanced technology and processes developed by GeneHarbor to produce ethanol at reasonable cost using cellulosic biomass.

HKC (HOLDINGS) has been working toward tapping the growing alternative energy sector over the past few years, with the latest move being the acquisition of a majority stake in an ethanol plant in Chongqing in March 2008. In addition to the ethanol plant and the three latest JIC projects, the Group has been investing in several other alternative energy projects, including investing in two 30MW wind power stations in Heilongjiang, which have already begun generating electricity and are contributing revenues; obtaining the preferential right to develop wind power project with generation capacity of approximately 49.5 MW in the Siziwang Qi area in Inner Mongolia with target operation date set in 2008; investing in a joint venture with CECIC to operate a 200MW wind power plant in Hebei Province; investing in a wind power plant in Gansu Province by establishing a joint venture with CECIC with generation capacity of 200MW and investing in a joint venture waste-to-energy plant with a 25 MW output capacity in Shandong which commenced operation in September 2007.

"As the Chinese economy continues to thrive and the Chinese government steps up effort to encourage clean energy consumption, demand for alternative energy is going to rise. Apart from strong potential demand for biofuel, the sector has high entry barriers which puts us in a prime position to capture the rising opportunities. The market trend and nature of the industry both work in favour of the Group's alternative energy business. We are confident of becoming a major alternative energy enterprise in Mainland China," Mr. Oei concluded.

About J.I.C. Technology Company Limited (stock code: 987)

In March 2008, 74.99 per cent interest of J.I.C. Technology Company Limited was acquired by HKC (Holdings) Limited. Following that, all HKC (HOLDINGS)'s new investment in the alternative energy business will be conducted through JIC. The Company is to be renamed as Hong Kong Energy (Holdings) Limited. For more information, please visit website: http://www.hkenergy.com.hk .

About HKC (Holdings) Limited (stock code: 190)

HKC (Holdings) Limited is principally engaged in property development and investment activities with a primary focus in the PRC. It is also one of the leading providers of alternative energy in the PRC. In October 2007, Cerberus Asia Capital Management, LLC has become the Group's second largest shareholder. In March 2008, the Group acquired 74.99 per cent interest in J.I.C. Technology Company Limited (SEHK: 987), all new investment in the alternative energy business will be conducted through JIC.

For more information, please visit the Group's website: http://www.hkcholdings.com .

For media enquiries:
Strategic Financial Relations Limited
Esther Chan
Tel: (852) 2864 4825
Email: esther.chan@sprg.com.hk
Vicky Lee
Tel: (852) 2864 4834
Email: vicky.lee@sprg.com.hk
Doris Chan
Tel: (852) 2114 4950
Email: doris.chan@sprg.com.hk
Germain Lam
Tel: (852) 2864 4861
Email: germain.lam@sprg.com.hk
SOURCE JIC - to be renamed as Hong Kong Energy (Holdings Limited)

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