ASIA ALLIANCE<00616> - Exceptional Price Movement

The Stock Exchange has received a message from Asia Alliance Holdings 
Limited which is reproduced as follows:-

"This statement is made at the request of The Stock Exchange of Hong Kong 
Limited.

We have noted the recent decreases in the price of the shares of the 
Company and wish to state that we are not aware of any reasons for such 
decreases.

We also confirm that save for the announcement dated 12 January 2004 in 
respect of the proposals on reduction of issued share capital and 
subdivision of unissued share capital, increase in authorised share 
capital, rights issue on the basis of five rights shares for every one 
share held and general mandate to issue new shares and repurchase shares, 
there are no negotiations or agreements relating to intended acquisitions 
or realisations which are discloseable under paragraph 3 of the Listing 
Agreement, neither is the Board aware of any matter discloseable under the 
general obligation imposed by paragraph 2 of the Listing Agreement, which 
is or may be of a price-sensitive nature.

Made by the order of the Board of Asia Alliance Holdings Limited the 
directors of which individually and jointly accept responsibility for the 
accuracy of this statement.


For and on behalf of
Asia Alliance Holdings Limited

Tsang Yiu Kai
Executive Director

14 January 2004"