VP GREENCHIP<01186> - Results Announcement

Value Partners China Greenchip Fund Limited announced on 13/09/2005:
(stock code: 01186 )
Year end date: 31/12/2005
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee

                                                        (Unaudited )
                                     (Unaudited )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 01/01/2005    from 01/01/2004
                                     to 30/06/2005      to 30/06/2004
                               Note  ('000      )       ('000      )
Turnover                           : 9,388              5,046             
Profit/(Loss) from Operations      : 12,806             (42,491)          
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       : 10,678             (42,491)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : 0.3478             (1.3841)          
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : 0                  0                 
Profit/(Loss) after ETD Items      : 10,678             (42,491)          
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 have been prepared in 
accordance with International Accounting Standard ("IAS") 34 "Interim 
financial reporting" as issued by the International Accounting Standards 
Committee.

2.      Changes in accounting policies 

In 2005, the Company adopted the new/revised standards of IFRS below, 
which are relevant to its operations.  The 2004 comparatives have been 
amended as required, in accordance with the relevant requirements.

IAS 1 (revised 2003)    Presentation of financial statements
IAS 8 (revised 2003)    Accounting policies, changes in accounting 
estimates and errors
IAS 10 (revised 2003)   Events after the balance sheet date
IAS 21 (revised 2003)   The effects of changes in foreign exchange rates
IAS 24 (revised 2003)   Related party disclosures
IAS 32 (revised 2003)   Financial instruments: disclosures and 
presentation
IAS 33 (revised 2003)   Earnings per share
IAS 39 (revised 2003)   Financial instruments: recognition and measurement

The adoption of IAS 1, 8, 10, 21, 24, 32, 33 and 39 (all revised 2003) 
resulted in some changes to the Company's accounting policies.  In 
summary:

-       IAS 1 (revised 2003) has affected disclosures.
-       IAS 8, 10 and 33 (all revised 2003) had no material effect on the 
Company's policies.
-       IAS 21 (revised 2003) had no material effect on the Company's 
policy.  The functional currency of the Company has been re-evaluated 
based on the guidance to the revised standard and is still considered 
appropriate.
-       IAS 24 (revised 2003) has affected the identification of related 
parties and some other related-party disclosures.
-       IAS 32 (revised 2003) has affected the presentation and 
disclosures of financial instruments.
-       IAS 39 (revised 2003) affected the categories of financial assets 
for recognition and measurement purposes.  The Company redesignated its 
available-for-sale financial instruments as financial assets at fair value 
through profit or loss on adoption of IAS 39 (revised 2003).

All changes in the accounting policies have been made in accordance with 
the transition provisions in the respective standards.  All standards 
adopted by the Company that are relevant to its operations were applied 
retrospectively other than IAS 39 (revised 2003) - the derecognition of 
financial assets is applied prospectively.  This standard requires 
simultaneous adoption with IAS 32 (revised 2003).  There was no impact on 
opening net assets at 1st January 2004 from the adoption of any of the 
above-mentioned standards.

3.      Turnover

        Turnover includes dividends, interest on financial assets at fair 
value through profit and loss, interest on bank deposits and other income.

4.      The turnover and profit/(loss) from operating activities of HK$9,
388,074 (2004: HK$5,045,849) and HK$12,806,019 (2004: loss from operating 
activities of HK$42,491,087) respectively, were all generated from 
continuing operations.

5.      Basic earnings per share

The basic earnings per share is calculated by dividing the net income for 
the period of HK$10,677,759 (2004: net loss of HK$42,491,087) by the 
weighted average number of ordinary shares in issue during the period, 
being 30,699,834 (2004: 30,700,000).