Brilliance China Automotive Holdings Limited (NYSE: CBA) Issue of Zero Coupon Guaranteed Convertible Bonds Due 2008

Brilliance China Automotive Holdings Limited (NYSE: CBA) Issue of Zero Coupon
Guaranteed Convertible Bonds Due 2008
By Gainfair Finance Limited (Expected To Be Renamed As Brilliance China
Automotive Finance Limited) Convertible Into Ordinary Shares of Brilliance China
Automotive Holdings Limited 


HONG KONG, Oct. 30  /PRNewswire-FirstCall/ -- SUMMARY - Reference is made to the
Company's announcement dated 28 October 2003 in relation to a proposed issue by
the Issuer of US$170 million Convertible Bonds due 2008, convertible into the
ordinary Shares of, and guaranteed by, the Company in respect of which the
Over-allotment Option has now been fully exercised.

Completion of the Purchase Agreement is subject to the satisfaction of the
conditions precedent therein.  As the Purchase Agreement may or may not
complete, shareholders of the Company and prospective investors are advised to
exercise caution when dealing in the Shares of the Company.

The Directors refer to the announcement (the "Announcement") of Brilliance China
Automotive Holdings Limited (the "Company") dated 28 October 2003. Terms used in
this announcement shall have the same meanings as in the Announcement.

Pursuant to the terms and conditions of the  Purchase Agreement, on 29 October
2003, the Sole Bookrunner has given notice to the Issuer of the exercise of the
Over-allotment Option in full. Accordingly, the aggregate principal amount of
the Convertible Bonds shall be US$200 million.

The following table summarises the shareholding structure of the Company as at
the date of this announcement:

                                                          (Assuming that the
                                                       Convertible Bonds are
                                                        fully converted into
                                                          Shares (subject to
                         Existing (as at 30                   adjustment) at
                              October 2003)              Conversion Price of


HK$4.60 each)

                                                               % of enlarged
                                                                issued share
                                 % of issued                      capital of
  Name of          No. of Shares   share      No. of Shares      the Company
   Shareholder                     capital
                                   of the
                                   Company

  Huachen
   Automotive
  Group Holdings
   Co., Ltd.    1,446,121,500      39.42%      1,446,121,500        36.11%

  Directors        14,545,000       0.40%         14,545,000         0.36%
  Public
   Shareholders 2,207,724,400      60.18%      2,207,724,400         55.12%
  Bondholders               -          -%        336,956,522          8.41%
  Total         3,668,390,900     100.00%      4,005,347.422        100.00%



Note  Assuming that the Convertible Bonds are fully converted into Shares
(subject to adjustment) at the Conversion Price of HK$4.60 each and that all the
options granted by Huachen Automotive Group Holdings Co., Ltd. to certain
directors have been exercised in full (details of which have been disclosed in
the announcement made by the Company on 19 December 2002), the Directors will be
holding 360,850,630 Shares, representing 9.01% of the enlarged issued share
capital of the Company.

The sale of the Convertible Bonds will be made without registration of such
Convertible Bonds or the ordinary Shares issuable upon conversion thereof under
the United States Securities Act of 1933, as amended, in offshore transactions
in reliance upon Regulation S thereunder.

Completion of the Purchase Agreement is subject to the satisfaction of the
conditions precedent therein.  As the Purchase Agreement may or may not
complete, shareholders of the Company and prospective investors are advised to
exercise caution when dealing in the Shares of the Company.

   By Order of the Board
   Brilliance China Automotive Holdings Limited
   Wu Xiao An(also known as Ng Siu On)
   Chairman



The Stock Exchange of Hong Kong Limited takes no responsibility for the contents
of this announcement, makes no representation as to its accuracy or completeness
and expressly disclaims any liability whatsoever for any loss howsoever arising
from or in reliance upon the whole or any part of the contents of this
announcement.

This announcement is not an offer to sell or the solicitation of an offer to buy
any securities and neither this announcement nor anything herein forms the basis
for any contract or commitment whatsoever.  The securities described herein may
not be offered or sold in the United States absent registration or an exemption
from registration, and the securities described herein will be sold in
accordance with all applicable laws and regulations. 

DATASOURCE: Brilliance China Automotive Holdings Limited



CONTACT:  Mike Wong of Weber Shandwick Hong Kong, [phone],

, for Brilliance China Automotive Holdings Limited

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