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EARNEST INVESTMENTS HOLDINGS LIMITED

(Continued into Bermuda with limited liability)
(Stock Code: 339)
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2007

The Board of Directors (the “Board”) of Earnest Investments Holdings Limited (the
“Company”) is pleased to present the unaudited interim fi nancial results of the Company
for the six months ended 30 June 2007 together with comparative fi gures for the
corresponding period.
CONDENSED INCOME STATEMENT

For the six months ended 30 June 2007
Six months
ended 30 June
2007 2006

(unaudited) (unaudited)
Notes HK$ HK$
Turnover 4 20,248,883 101,560
Cost of sales (4,205,100) (73,000)
16,043,783 28,560

Net unrealized holding gain/(loss) from
fi nancial assets at fair value
through profi t or loss 23,178,680 (1,539,045)
Administrative and other operating expenses (943,921) (1,404,321)
Profi t/(loss) before taxation 5 38,278,542 (2,914,806)
Income tax expense 6 (2,010,500) –
Profi t/(loss) for the period attributable
to equity holders of the Company 36,268,042 (2,914,806)
Earnings/(loss) per share
Basic 7 0.4478 (0.0542)

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CONDENSED BALANCE SHEET

As at 30 June 2007
30 June 31 December
2007 2006

(unaudited) (audited)
Notes HK$ HK$
Non-current assets
Available-for-sale fi nancial assets 14,500,000 14,500,000
14,500,000 14,500,000

Current assets
Financial assets at fair value through
profi t or loss 28,885,400 9,911,820
Prepayments, deposits and other
receivables 9,895,929 203,630
Bank and cash balances 16,518,716 7,046,738
55,300,045 17,162,188

Current liabilities
Accruals and other payables 2,052,536 182,721
Net current assets 53,247,509 16,979,467
Total assets less current liabilities 67,747,509 31,479,467
Capital and reserves attributable to equity
holders of the Company
Share capital 1,620,000 1,620,000
Reserves 66,127,509 29,859,467
TOTAL EQUITY 67,747,509 31,479,467

Net asset value per share 8 0.84 0.39

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NOTES

1. Corporate Information
The Company was continued into Bermuda as an exempted company under the
laws of Bermuda. The registered offi ce of the Company is located at Canon’s Court, 22
Victoria Street, Hamilton HM 12, Bermuda. The address of its principal place of business
is Units 801-802, 8/F. Ginza Square, 565-567 Nathan Road, Kowloon, Hong Kong. The
Company’s shares are listed on the Main Board of
The principal activity of the Company is investment in and trading of listed and
unlisted companies.
2. Basis of Preparation
The condensed interim fi nancial statements have been prepared in accordance with
the applicable disclosure requirements of Appendix 16 of the Rules Governing the
Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”)
and The Hong Kong Accounting Standard (the “HKAS”) 34 “Interim Financial Reporting”
issued by the Hong Kong Institute of Certifi ed Public Accountants (the “HKICPA”).
3. Principal Accounting Policies
The condensed interim fi nancial statements have been prepared under the historical
cost basis, as modifi ed by the revaluation of certain fi nancial assets at fair value
through profi t or loss.
The accounting policies adopted in the condensed interim fi nancial statements are
consistent with those followed in the preparation of the Company’s annual fi nancial
statements for the year ended 31 December 2006 except as described below.
In the current interim period, the Company has applied, for the fi rst time, the following
new standard, amendment and interpretations (the “new HKFRSs”) issued by the
HKICPA, which are effective for the Company’s fi nancial year beginning 1 January 2007.

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HKAS 1 (Amendment) Capital Disclosures
1
HKFRS 7 Financial Instruments: Disclosures
1
HK(IFRIC)-Int 7 Applying the Restatement Approach under HKAS 29
Financial Reporting in Hyperinfl ationary Economies
2
HK(IFRIC)-Int 8 Scope of HKFRS 2
3
HK(IFRIC)-Int 9 Reassessment of Embedded Derivatives
4
HK(IFRIC)-Int 10 Interim Financial Reporting and Impairment
5
1
Effective for annual periods beginning on or after 1 January 2007
2
Effective for annual periods beginning on or after 1 March 2006
3
Effective for annual periods beginning on or after 1 May 2006
4
Effective for annual periods beginning on or after 1 June 2006
5
Effective for annual periods beginning on or after 1 November 2006
The adoption of these new HKFRSs had no material effect on the results of operations
and fi nancial position of the Company for the current or prior accounting periods.
Accordingly, no prior period adjustment has been recognised. The Company has not
early applied the following new standards or interpretations that have been issued but
are not yet effective.
HKAS 23 (Revised) Borrowing Costs
1
HKFRS 8 Operating Segments
1
HK(IFRIC) – Int 11 HKFRS 2: Group and Treasury Share Transactions
2
HK(IFRIC) – Int 12 Service Concession Arrangements
3
1
Effective for annual periods beginning on or after 1 January 2009
2
Effective for annual periods beginning on or after 1 March 2007
3
Effective for annual periods beginning on or after 1 January 2008
The Company is in the process of assessing the potential impact of these standards
or interpretations but not yet in a position to determine whether these standards
or interpretations will have a signifi cant impact on how its results of operations and
fi nancial position are prepared and presented. These standards or interpretations may
result in changes in the future as to how the results and fi nancial position are prepared
and presented.

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4. Turnover and Revenue
Six months
ended 30 June
2007 2006

HK$ HK$
Turnover
Dividend income from trading securities
listed in Hong Kong 26,234 8,160
Bank Interest Income 88,839 –
Proceeds from sales of fi nancial assets
at fair value through profi t or loss 20,133,810 93,400
Total Revenue 20,248,883 101,560
No segment information is presented as all of the turnover and contribution to
operating results of the Company are attributed to investment activities which are
carried out or originated principally in Hong Kong.
5. Profi t/(Loss) before Taxation
Profi t/(loss) before taxation is stated after charging:
Six months
ended 30 June
2007 2006

HK$ HK$
Investment management fee 180,000 180,000
Staff costs 172,800 172,800
6. Income Tax Expense
Six months
ended 30 June
2007 2006

HK$ HK$
The charge comprises:
Current tax:
Hong Kong Profi ts Tax 2,010,500 –
2,010,500 –
Hong Kong Profi ts Tax is calculated at 17.5% on the estimated assessable profi ts. No
provision for deferred tax has been made as the Company did not have any signifi cant
unprovided deferred taxation as at 30 June 2007 and 31 December 2006.

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7. Earnings/(Loss) Per Share
The calculation of the basic earnings/(loss) per share attributable to equity holders
of the Company is based on the profi t for the period attributable to equity holders of
HK$36,268,042 (2006: loss HK$2,914,806) and on the 81,000,000 shares in issue (2006:
on the weighted average number of ordinary shares of 53,772,025 shares).
No diluted earnings per share is presented for the current and prior period as the
Company had no dilutive potential ordinary shares in issue.
8. Net Asset Value Per Share
The calculation of the net asset value per share is based on the net assets as at 30 June
2007 of HK$67,747,509 (31 December 2006: HK$31,479,467) and on the number of
81,000,000 ordinary shares in issue (31 December 2006: 81,000,000 shares).
INTERIM DIVIDEND

The Board does not recommend to pay any interim dividend for the six months ended 30
June 2007 (2006: Nil).
MANAGEMENT DISCUSSION AND ANALYSIS

Results
For the six months ended 30 June 2007, the Company has recorded a turnover of
approximately HK$20 million (2006: approximately HK$0.1 million) and a profi t attributable
to equity holders of approximately HK$36 million (2006: loss of approximately HK$2.9
million). The increase in turnover and the profi t during the period were mainly due to the
increase in trading volume and realized gain on trading securities.
Business Review
During the period under review, the Company had not made any new investment
other than trading of Hong Kong listed securities. The Board will be cautious in making
investment decision and hold cash in bank for the time being.
The Company’s portfolio of Hong Kong listed securities as at 30 June 2007 consisted of
China Elegance (Holdings) Limited, Shougang Concord International Enterprises Company
Limited and Shougang Concord Century Holdings Limited. The Company’s investments in
unlisted companies had not generated any signifi cant investment returns for the period
ended 30 June 2007. The Board will closely monitor such investments in unlisted companies
and will take appropriate action if necessary.
As at 30 June 2007, approximately HK$29 million (31 December 2006: HK$10 million) of the
Company’s investment was in a portfolio of Hong Kong listed securities, HK$14.5 million
(31 December 2006: HK$14.5 million) in the equity interests of unlisted companies, and
HK$16.5 million (31 December 2006: HK$7 million) in cash which was deposited with a bank
in Hong Kong.

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Liquidity, Financial Resources and Funding
For the period under review, the Company fi nanced its operations and investment activities
through its internal resources. As at 30 June 2007, the net asset value of the Company
was HK$67,747,509 (31 December 2006: HK$31,479,467) with net asset value per share of
HK$0.84 (31 December 2006: HK$0.39). The Company continued to maintain a low gearing
ratio, calculated on the basis of the Company’s total liabilities over total shareholders’ funds,
of 0.03 as at 30 June 2007 (31 December 2006: 0.006).
All the Company’s cash and cash equivalents were denominated in Hong Kong dollars as
at the balance sheet date. The Board believe that the Company has minimal exposure to
foreign exchange risk.
Employees
During the period, the Company did not employ any employees other than the directors
of the Company. Total staff cost for the period was HK$172,800 (2006: HK$172,800). The
Company’s remuneration policies are in line with the prevailing market practice.
Charges on the Company’s Assets and Contingent Liabilities
As at 30 June 2007, there were no charges on the Company’s assets and the Company did
not have any signifi cant contingent liabilities.
Prospects
The Company will continue to identify and pursue investment opportunities and manage
the existing investments in accordance with the Company’s investment objectives. The
Board believes that the Company is able to further its investment objectives and to make
timely investment as well as to capture opportunities when they arise.
PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY

During the period, the Company neither purchased, sold nor redeemed any of its own listed
securities.

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CORPORATE GOVERNANCE

None of the directors of the Company is aware of any information that would reasonably
indicate that the Company is not or was not in compliance with the Code on Corporate
Governance Practices (the “Corporate Governance Code”) as set out in Appendix 14 of the
Listing Rules throughout the period.
MODEL CODE

The Company has adopted the Model Code as the code of conduct regarding directors’
securities transactions. All directors confi rmed that they have complied with the required
standards as set out in the Model Code.
AUDIT COMMITTEE

The audit committee, with its terms of reference established in accordance with the
Corporate Governance Code, comprises three independent non-executive directors, Mr.
Benny LUI, Mr. Oliver Yeung Kam LAI, and Mr. CHAN Francis Ping Kuen. The committee had
reviewed the Company’s unaudited interim fi nancial statements for the six months ended
30 June 2007.
PUBLICATION OF DETAILED RESULTS ANNOUNCEMENT ON THE STOCK
EXCHANGE WEBSITE

The 2007 interim report containing all the information required by Appendix 16 of the
Listing Rules will be published on the website of the Stock Exchange in due course.
By Order of the Board
Chan Chak Paul
Chairman
Hong Kong, 14 September 2007
As at the date of this announcement, the board of directors of the Company consists of three
executive directors, Mr. CHAN Chak Paul, Mr. WANG Daming and Mr. NGAI Wah Sang and three
independent non-executive directors, Mr. Benny LUI, Mr. Oliver Yeung Kam LAI and Mr. CHAN
Francis Ping Kuen.
for identifi cation purpose only