Harmony Asset Announces Unaudited Second Quarter Financial Results

HONG KONG, CHINA and TORONTO, ONTARIO–(EMWNews – Aug. 25, 2008) – Harmony Asset Limited (TSX:HAR)(HKEX:0428) has published its financial results for its second quarter ended June 30, 2008.

In brief:

– Turnover (interest and dividend income) for the six months ended 30th June, 2008, was HK$7,711,737, as compared to HK$2,624,708 in the same period last year, representing a 193.81% increase. Increases in loans receivable and return from unlisted securities accounted for the better part of this increase.

– Profit attributable to equity holders of the Company for the six months ended 30th June, 2008, was HK$14,995,620, as compared to HK$20,165,602 in the same period last year, representing a 25.64% decrease. Lower gains from sales and higher employee benefit expenses accounted for most of this decrease.

– Earnings per share of the Group were HK cents 38.45 for the six months ended 30th June, 2008, as compared to HK cents 67.48 in the same period of the previous year, representing a 43.02% decrease. The decrease was attributable to the factors noted above plus an increase in shares outstanding.

Subsequent to the end of the quarter, Harmony’s NAV for the month of July was HK$7.34, still outpacing share price, as per the chart below.

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                                 July 31, 2008    June 30, 2008    % change
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NAV per share (HK$)                       7.34             7.57       -3.04
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0428 on HKEX (HK$)                        5.13             5.38       -4.65
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HAR on TSX (C$)                           0.79             0.80       -1.25
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Dr. Gus Chow, CEO of Harmony Asset, said, “While the second quarter was another solid quarter for Harmony, the softness in the Chinese stock markets means that management anticipates some volatility in valuations and profits. That being said, we continue to look for high-quality, undervalued assets which can benefit from our value proposition, where we can add management, process, or financial strength in the technology, resources, and food/retail sectors.”

To access the complete quarterly information, including a report, MD&A, the financial statements, and notes to the financial statements, please go to this page on Harmony Asset’s website at www.harmonyasset.net/section.asp?section_id=314.

You may also access the information on SEDAR, at www.sedar.com.

You may receive Harmony Asset news directly by subscribing to our email alerts at www.harmonyasset.net/section.asp?section_id=357.

ABOUT HARMONY

Harmony Asset Limited is a Hong Kong-based investment company focused primarily on unlocking the value in overlooked, privately and publicly held, emerging Chinese companies. Harmony focuses on the private industry that is shifting to process technology and value-added services. It positions itself in sound emerging private companies, with the emphasis on those focusing on high growth from the domestic market in the following sectors: resources and materials, manufacturing/technology, and food and retail.

Disclaimer

Every attempt has been made to ensure the information contained herein is valid at the time of publication. Any statements involving matters of opinion or estimates, whether or not so expressly stated, are set forth as such and not as representations of fact, and no representation is made that such opinions or estimates will be realized.