VP GREENCHIP<01186> - Results Announcement

Value Partners China Greenchip Fund Limited announced on  26/8/2004:
(stock code: 01186 )
Year end date: 31/12/2004
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee

                                                        (Unaudited )
                                     (Unaudited )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 1/1/2004      from 1/1/2003  
                                     to 30/6/2004       to 30/6/2003  
                               Note  ('000      )       ('000      )
Turnover                           : 5,046              6,351             
Profit/(Loss) from Operations      : (42,491)           103,199           
Finance cost                       : 0                  0                 
Share of Profit/(Loss) of 
  Associates                       : 0                  0                 
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 0                  0                 
Profit/(Loss) after Tax & MI       : (42,491)           85,139            
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (1.3841)           2.7733            
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : 0                  0                 
Profit/(Loss) after ETD Items      : (42,491)           85,139            
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.      Basis of preparation of the financial statements

The unaudited condensed financial statements are prepared in accordance 
with International Accounting Standard 34 "Interim financial reporting" as 
issued by the International Accounting Standards Committee.  The condensed 
financial statements are prepared under the historical cost convention as 
modified by the fair valuation of available-for-sale securities and 
derivative financial instruments.

2.      The basic earnings per share is calculated based on the net loss 
for the period of HK$42,491,087 (2003: net income for the period of 
HK$85,139,228) and the weighted average number of ordinary shares in issue 
during the period, being 30,700,000 (2003: 30,700,000).

3.      Turnover
Turnover includes interest income from bank deposits, interest and 
dividend on investments and other income.