ASIA ALLIANCE<00616> - Unusual price & volume movements

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 increases in the price and the increases in 
trading volume of the shares of the Company and wish to state that we are 
not aware of any reasons for such increases.

We also confirm that there are no negotiations or agreements relating to 
intended acquisitions or realisations which are discloseable under 
rule 13.23 of the Listing Rules, neither is the Board aware of any 
matter discloseable under the general obligation imposed by rule 13.09 of 
the Listing Rules, 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.

As at the date of this announcement, the Board comprises Mr. Koon 
Wing Yee, Mr. Tsang Yiu Kai and Ms. Lui Yuk Chu as executive directors and 
Mr. Kan Ka Hon, Mr. Kwong Jimmy Cheung Tim and Mr. Lau Sin Ming as 
independent non-executive directors.


For and on behalf of
Asia Alliance Holdings Limited

Tsang Yiu Kai
Executive Director

22 November 2004"