VP GREENCHIP<01186> - Results Announcement

Value Partners China Greenchip Fund Limited announced on 20/04/2006:
(stock code: 01186 )
Year end date: 31/12/2005
Currency: HKD
Auditors' Report: Unqualified

                                                        (Audited   )
                                     (Audited   )       Last
                                     Current            Corresponding
                                     Period             Period
                                     from 01/01/2005    from 01/01/2004
                                     to 31/12/2005      to 31/12/2004
                               Note  ('000      )       ('000      )
Turnover                           : 25,269             14,726            
Profit/(Loss) from Operations      : 47,892             11,983            
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       : 99,034             11,971            
% Change over Last Period          : +727.3    %
EPS/(LPS)-Basic (in dollars)       : 3.23               0.39              
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : 0                  0                 
Profit/(Loss) after ETD Items      : 99,034             11,971            
Final Dividend                     : NIL                NIL
  per Share                                              
(Specify if with other             : N/A                N/A
  options)                                               
                                                         
B/C Dates for 
  Final 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 financial statements have been prepared in accordance with 
International Financial Reporting Standards ("IFRS").  They have been 
prepared under the historical cost convention as modified by the 
revaluation of financial assets and liabilities held at fair value through 
profit or loss.

The preparation of financial statements in conformity with IFRS requires 
the use of accounting estimates.  It also requires the exercise of 
judgement in the process of applying the Fund's accounting policies.  

Adoption of new/revised IFRS

In 2005, the Fund 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: disclosure 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 Fund'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 
Fund's accounting policies.
-       IAS 21 (revised 2003) had no material effect on the Fund's 
accounting policies.  The functional currency of the Fund 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 classification and 
disclosures of financial instruments.
-       IAS 39 (revised 2003) affected the categories of financial assets 
and liabilities for recognition and measurement purposes.  The Fund 
redesignated its available-for-sale financial instruments as financial 
assets at fair value through profit or loss on adoption of IAS 39 (revised 
2003).  Fair value gains and losses on available-for-sale instruments were 
previously recognised in the income statement.

All changes in the accounting policies have been made in accordance with 
the transition provisions in the respective standards.  There was no 
impact on opening net assets at 1st January 2004 from the adoption of any 
of the above-mentioned standards.  All references to net assets throughout 
this document refer to net assets attributable to shareholders unless 
otherwise stated.

2.      Turnover

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

3.      The turnover and profit from operating activities of HK$25,268,927 
(2004: HK$14,726,356) and HK$47,892,459 (2004: HK$11,983,266) 
respectively, were all generated from continuing operations.  An income 
tax income of HK$51,161,390 (2004: nil) was included in profit after 
taxation.

4.      Basic earnings per share

The basic earnings per share is calculated by dividing the profit for the 
year of HK$99,033,656 (2004: HK$11,970,615) by the weighted average number 
of shares in issue during the year, being 30,675,534 (2004: 30,700,000).