China Enterprises Limited Announces Resignation of Independent Director

    NEW YORK--Nov. 13, 2002--China Enterprises Limited (NYSE Symbol: CSH) announces that due to other commitments, Mr. Michael A. Goldberg ("Mr. Goldberg") has regretfully resigned as independent director of the Company with effect from October 16, 2002.
    The board would like to take this opportunity to extend its appreciation to Mr. Goldberg for his past contribution to the Company.