Interim Results

JP Morgan Flem Chinese Inv Tst PLC
03 June 2005


               JPMORGAN FLEMING CHINESE INVESTMENT TRUST PLC

                          STOCK EXCHANGE ANNOUNCEMENT

       UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31ST MARCH 2005


The Board today release the unaudited interim results of the Company for the six
months to 31st March 2005.

The following are comments from the Chairman:

Performance

I am pleased to report that the Company's total return to shareholders for the
six months to 31st March 2005 was +12.4%. This return comprises the 10.4% rise
in the Company's share price from 54.8p to 60.5p, and a net dividend of 1.00p
per share that was paid to shareholders on 23rd December 2004.

Over the same period, the Company's total return on net assets, which comprises
the percentage change in net asset value with this net dividend reinvested, was
+5.7%. This compares favourably with a total return for the Company's benchmark,
the MSCI Golden Dragon Index (in sterling terms), of +2.9%.

New Directors

I am delighted to confirm the appointment of two new members of the Board, Mr
Irving Koo and Madam Yujiang Zhao, both appointed on 1st February 2005. Mr
Irving Koo is founder and managing director of Trion Pacific Limited, a Hong
Kong-based consultancy specialising in marketing and communication solutions. He
was formerly a director of Jardine Pacific Limited with specific responsibility
for the group's trading and distribution activities, and more recently Group
Marketing & Corporate Relations director of CLP Holdings.

Madam Yujiang Zhao is currently a director and senior adviser of Mahon China, a
foreign private equity management firm in China. Prior to this she was an
economist at the PRC's State Commission for Restructuring the Economic Systems,
helping to shape China's financial reform policies.

Both Directors bring considerable knowledge of China and its surrounding
economies to the Board. Shareholders will have an opportunity to meet them later
in the year at the Annual General Meeting.

Share Issues and Share Buybacks

At the Annual General Meeting in December 2004, shareholders gave the Board the
authority to issue up to an additional 6,608,700 new ordinary shares. At the
time of writing, one million shares have been issued at an average premium to
net asset value of 3.7%.

In addition, the authority to repurchase up to 14.99% of the Company's issued
share capital was renewed at the Annual General Meeting. As previously stated,
repurchases will only be made in the market at prices below the prevailing net
asset value per share. Since the end of the period, the Company's shares have in
the main moved to trade at a small discount to their net asset value. At the
time of writing, no shares have been repurchased under this authority, but the
Board is prepared to repurchase shares for cancellation if the discount
increases significantly and any repurchases would result in an increase to the
net asset value per share.

Outlook

As highlighted in the Investment Manager's Report, the strength of the global
economy will dominate market direction in the coming months. The focal points
for the Greater China region will be the possibility of the Chinese central bank
further raising interest rates and the impact of a possible slowdown of the U.S.
economy. Your Board, however, remains positive about the longer-term outlook for
the Chinese economy and the region's prospects in general.


Nigel Melville
3rd June 2005


JPMorgan Fleming Chinese Investment Trust plc
Unaudited figures for the six months ended 31st March 2005

Statement of Total Return (Unaudited)


                               Six months to 31 March 2005    Six months to 31 March 2004   Year ended 30 September 2004
                               Revenue   Capital     Total    Revenue    Capital      Total  Revenue   Capital     Total
                                 £'000     £'000     £'000      £'000      £'000      £'000    £'000     £'000     £'000


Realised gains on investments        -       646       646          -        957        957        -       998       998
Unrealised gains/(losses) on         -     1,253     1,253          -      3,674      3,674        -     (503)     (503)
investments
Transfer of warrant reserve on lapse -         -         -          -          -          -        -     4,556     4,556
of warrants
Currency gains/(losses) on cash and
short-term deposits held during the                        
period                               -        10        10          -      (138)      (138)        -     (156)     (156)
                
Other capital charges                -      (24)      (24)          -       (22)       (22)        -      (37)      (37)
Income from investments            104         -       104        299          -        299    1,277         -     1,277
Other income                        40         -        40         31          -         31      107         -       107
                               _______  ________   _______    _______   ________    _______  _______  ________   _______

Gross return                       144     1,885     2,029        330      4,471      4,801    1,384     4,858     6,242

Management fee                   (200)         -     (200)      (200)          -      (200)    (395)         -     (395)

Other administrative expenses    (143)         -     (143)      (181)          -      (181)    (260)         -     (260)

Performance fee                      -     (175)     (175)          -      (442)      (442)        -         -         -
                               _______  ________   _______    _______   ________    _______  _______  ________   _______

(Loss)/return before taxation    (199)     1,710     1,511       (51)      4,029      3,978      729     4,858     5,587

Taxation                           (7)         -       (7)          1          -          1     (65)         -      (65)

                               _______  ________   _______    _______   ________    _______  _______  ________   _______

(Loss)/return attributable to    (206)     1,710     1,504       (50)      4,029      3,979      664     4,858     5,522
shareholders

(Loss)/return per 
ordinary share                 (0.31)p     2.58p     2.27p    (0.08)p      6.40p      6.32p    1.03p     7.53p     8.56p

Dividend per ordinary share        Nil                            Nil                          1.00p


JPMorgan Fleming Chinese Investment Trust plc
Unaudited figures for the year ended 31st March 2005


BALANCE SHEET                                                         31 March        31 March         30 Sept
                                                                          2005            2004            2004
                                                                         £'000           £'000           £'000

Investments at valuation                                                38,186          39,671          36,507


Net current assets                                                       2,876           2,952           2,537
                                                                       _______         _______         _______
Total assets less current liabilities                                   41,062          42,623          39,044

Deferred taxation                                                         (35)               -            (35)
                                                                       _______         _______         _______
Total net assets                                                        41,027          42,623          39,009
                                                                       =======         =======         =======
Net asset value per ordinary share                                       61.3p           64.6p           59.0p



CASH FLOW STATEMENT
                                                                          2005            2004            2004
                                                                         £'000           £'000           £'000

Net cash (outflow)/inflow from operating activities                       (81)             (1)             488

Total tax recovered                                                          -              11               -

Net cash inflow/(outflow) from capital expenditure and                     582         (2,481)         (3,802)
financial investment

Total equity dividends paid                                              (661)           (369)           (369)

Net cash inflow from financing                                             514           4,757           4,817
                                                                       _______         _______         _______
Increase in cash for the period                                            354           1,917           1,134
                                                                       =======         =======         =======


The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 30th September
2004. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.


JPMORGAN ASSET MANAGEMENT (UK) LIMITED

3rd June 2005


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