Monday, September 12, 2005

Brilliance China Automotive Holdings Limited Announcement

The Company has obtained a 3-year conditional Waiver from the StockExchange from strict compliance with Rule 3.24 of the Listing Rules inrelation to the requirement for the appointment of a qualified accountant. Reference is made to the announcement made by Brilliance China AutomotiveHoldings Limited (the "Company", together with its subsidiaries, the "Group")dated 21st April, 2005 in respect of the 3-year conditional waiver (the "OldWaiver") granted by The Stock Exchange of Hong Kong Limited (the "StockExchange") from strict compliance with Rule 3.24 of the Rules Governing theListing of Securities on the Stock Exchange (the "Listing Rules") relating tothe requirement to appoint a qualified accountant by the Company, on thecondition that during the period covered by the Old Waiver (i.e. the three-year period from 15th April, 2005), the Company shall engage a person whoshall meet all the requirements of Rule 3.24 of the Listing Rules (other thanfor the fact that he/she is not a fellow or an associate member of the HongKong Society of Accountants (now known as the Hong Kong Institute of CertifiedPublic Accountants ("HKICPA")) or a similar body of accountants recognized bythe HKICPA for the purpose of granting exemptions from the examinationrequirement for membership of the HKICPA) and the Company shall have in placean arrangement whereby such person shall have continual access to theassistance of other person(s) possessing the professional qualificationsspecified under the Rule 3.24 of the Listing Rules. On 15th August, 2005, Mr.Patrick Leung ("Mr. Leung"), a certified public accountant and one of thepersons designated by RSM Nelson Wheeler, the external adviser engaged by theCompany to provide assistance to the qualified accountant of the Company,resigned from his position with RSM Nelson Wheeler. Under the terms of the OldWaiver, the Old Waiver ceased with immediate effect upon the resignation of Mr.Leung. Ms. Catherine Law, a member of the HKICPA, has been designated by RSMNelson Wheeler to replace Mr. Leung upon his resignation. The Company has dulyinformed the Stock Exchange of the change and applied to the Stock Exchangefor a waiver from strict compliance with Rule 3.24 of the Listing Rules. On 7th September, 2005, the Company was granted a 3-year conditionalwaiver (the "Waiver") commencing from 15th April, 2005, being the date theCompany obtained the Old Waiver, from the Stock Exchange. The Companycontinues to engage Madam Zhang Ruiping ("Madam Zhang"), the head of thefinancial department of the Group, as the qualified accountant of the Company.Madam Zhang is able to meet all the requirements set out in Rule 3.24 of theListing Rules (other than for the fact that she is not a fellow or anassociate member of the HKICPA or a similar body of accountants recognized bythe HKICPA for the purpose of granting exemptions from the examinationrequirement for membership of the HKICPA), and the Company has engaged RSMNelson Wheeler as the external adviser. During the period covered by theWaiver, Madam Zhang will have continual access to the assistance of Mr. EugeneLiu and Ms. Catherine Law, a partner and a manager of RSM Nelson Wheeler, bothof whom are members of the HKICPA and are designated by RSM Nelson Wheeler toassist Madam Zhang. Should there be any changes to the aforementionedarrangements, the Waiver will cease with immediate effect and the Company willduly inform the Stock Exchange and take remedial steps to comply with theListing Rules. As at the date of this announcement, the board of directors of the Companycomprises three executive directors, Mr. Wu Xiao An (also known as Mr. Ng SiuOn), Mr. Lin Xiaogang and Mr. Lei Xiaoyang; a non-executive director, Mr. WuYong Cun; and three independent non-executive directors, Mr. Xu Bingjin, Mr.Song Jian and Mr. Jiang Bo.

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