1) the company's shareholding, as per 2003 Dec 31st, is as follows:

a) 43.46% by Chinese Glory Investments Limited, which is held by David Yip Wai Sun and Wang Tingbao (to be explained later);

b) 4.51% by Wang Tingbao;

c) 50.89% by the public.


2) Chinese Glory Investments Limited is held 70% and 20% by David Yip and Wang Tingbao (directly or indirectly), which resulted in their deemed interest in United Food.

3) Therefore, United Food should not have a parent company (even it has, it should be controlled by David Yip and Wang Tingbao, i.e. de facto control).

4) Wang Tingjiang shall have nothing to do with the management of the company; however, he is a related party of Wang Tingbao; thus, his transactions with the company shall be disclosed in the annual report (none in 2003, for this year, amount not exceeding 54m RMB will not be disclosed so far).

5) Had the Company hidden any information about such transactions in 4), there will be a penalty on the management of the Company.

6) IF 5) is true, the Company's directors have not only failed to disclose material information, but will also face the investigation of insider trading due to this morning's heavy selling of shares.

Please note that this is the result of personal researches.