UNITED POWER<0674> - Announcement

The Stock Exchange of Hong Kong Limited takes no responsibility for the 
contents of this announcement, makes no representation as to its accuracy 
or completeness and expressly disclaims any liability whatsoever for any 
loss howsoever arising from or in reliance upon the whole or any part of 
the contents of this announcement.

WORLD POSSESSION ASSETS LIMITED
(a company incorporated in the British Virgin Islands with limited 
liability)

UNITED POWER INVESTMENT LIMITED
(a company incorporated in Bermuda with limited liability)

ANNOUNCEMENT
Despatch of the Offer Document

- The Offer Document will be despatched on 7th January, 2000.

- New directors will be appointed to the board of UPIL upon despatch of 
the Offeree Document.

Reference is made to the joint announcement dated 20th December, 1999 (the 
"Announcement") in relation to the Acquisition and the Offer.  Unless 
otherwise stated, terms used herein shall have the same meanings as 
defined in the Announcement.

Despatch of the Offer Document

The offer document (the "Offer Document") containing, among other things, 
further details of the Acquisition and the Offer will be despatched to 
independent shareholders of the Company (the "Independent Shareholders") 
on 7th January, 2000.  The Offer will be opened on 7th January, 2000 and 
the first closing date of the Offer is expected to be 28th January, 2000 
(subject to the posting of the offeree document (the "Offeree Document") 
to be issued by UPIL within 14 days from the date of the posting of the 
Offer Document.)

Appointment of new directors

All the existing directors of UPIL will resign upon the first closing date 
of the Offer or the date when the Offer becomes unconditional, whichever 
is the later.  It is expected that four new executive directors and two 
new independent non-executive directors will be appointed to the board of 
UPIL upon despatch of the Offeree Document.

The Offeree Document is expected to be despatched to the Independent 
Shareholders within 14 days from the date of the posting of the Offer 
Document in accordance with the Code.  Independent Shareholders are 
strongly advised to read the Offeree Document in particular the 
recommendation of the independent board committe (the "IBC") of UPIL and 
the advice of the independent financial adviser to the IBC before deciding 
whether to accept the Offer or not.

By Order of the Board
WORLD POSSESSION ASSETS LIMITED
Cheng Kai Sum
Director

By Order of the Board
UNITED POWER INVESTMENT LIMITED
Cheung Kam Wong
Chairman

Hong Kong, 6th January, 2000

The directors of WPAL jointly and severally accept full responsibility for 
the accuracy of the information contained in this announcement (other than 
information relating to UPIL) and confirm, having made all reasonable 
enquiries, that to the best of their knowledge and belief, their opinions 
expressed in this announcement have been arrived at after due and careful 
consideration and there are no other facts not contained in this 
announcement the omission of which would make any of their statements 
misleading.

The directors of UPIL jointly and severally accept full responsibility for 
the accuracy of the information contained in this announcement (other than 
information relating to WPAL) and confirm, having made all reasonable 
enquiries, that to the best of their knowledge and belief, their opinions 
expressed in this announcement have been arrived at after due and careful 
consideration and there are no other facts not contained in this 
announcement the omission of which would make any of their statements 
misleading.