Greg Manning Auctions, Inc.'s GMAI-Asia

          And China Unicom Open Co-Branded Cell Phone Store  
GMAI-Asia's Stores to Participate in the Launch of China Unicom's CDMA Network  
  WEST CALDWELL, N.J., Dec. 17 /PRNewswire/ -- 
Greg Manning Auctions, Inc. (Nasdaq: GMAI) announced today that subsidiaries 
of its 45% owned investee, GMAI-Asia, have entered into cooperation agreements 
with China Unicom Limited's (NYSE: CHU) Shanghai and Suzhou Branches.  Under 
these agreements, GMAI-Asia and China Unicom will jointly open additional 
co-branded stores/service centers in the East China cities of Shanghai and 
Suzhou.  These centers will include in a single facility a GMAI-Asia owned 
store at which customers may purchase cell phones and accessories, and a China 
Unicom service center at which China Unicom customers may pay their cellular 
telephone bills and manage their China Unicom cellular telephone, internet 
service and other China Unicom accounts.  The first such facility opened in 
Suzhou on December 8, 2001 and the first Shanghai center is scheduled to open 
before New Years.  
In October, 2001, GMAI-Asia entered into an agreement with the Shanghai 
Branch of China Mobile (NYSE: CHL), China's other leading cellular telephone 
service provider, to open co-branded - China Mobile stores in 
Shanghai.  The first of five planned - China Mobile stores 
opened in November, 2001 on Wu Ning Road in the Putuo District of Shanghai. 
Present at the grand opening and official ribbon cutting ceremony were several 
officials of China Mobile, including the deputy general manager of China 
Mobile's Shanghai branch Cai Gui Bao, and several members of GMAI-Asia's board 
of directors, including Greg Manning from the United States and Juan Antonio 
Cano and Esteban Perez from Spain.  GMAI-Asia is the only company to have 
co-branded sales facilities with both China Unicom and China Mobile.  
Under the agreements with China Unicom announced today, GMAI-Asia 
subsidiaries and China Unicom will open additional co-branded stores in Suzhou 
and Shanghai and pursue multiple joint marketing initiatives.  Additionally, 
GMAI's stores will participate in the roll-out and marketing of China Unicom's 
new CDMA cellular service network, scheduled to launch in January, 2002.  This 
participation will include selling CDMA network accounts and SIM cards, 
selling CDMA cellular telephones, and joint marketing initiatives.  
In an unrelated announcement, GMAI-Asia disclosed today that its Board of 
Directors has directed the company's management to vigorously pursue mobile 
virtual network operator ("MVNO") opportunities in China.  The Board believes 
that the company's market position as the largest retail distributor of cell 
phones in China's largest and most affluent population Center, Shanghai, 
combined with the company's strong relationships with both of China's leading 
cellular service providers, China Mobile and China Unicom, and its network of 
owned stores that is more than twice the size of its nearest competitor 
provide GMAI-Asia with a strong foundation to execute a successful MVNO either 
on its own or in partnership with another company.  Management has been 
directed to study the market, identify potential partners, and develop a plan 
of action.  A preliminary investigation has been completed with positive 
Additionally, GMAI-Asia announced today that in order to meet working 
capital and other cash requirements of the company during 2001 and the first 
half of 2002, Afinsa Bienes Tangibles S.A. ("Afinsa") loaned the company US$ 
4.4 million pursuant to two convertible promissory notes.  Afinsa currently 
owns 19% of GMAI-Asia and its officers hold two of GMAI-Asia's 6 board 
  About GMAI-Asia, Inc. is a Delaware corporation 45% owned by Greg Manning 
Auctions, Inc.  The company owns 65% of, and exclusively manages, the chain of cell phone stores headquartered in Shanghai, People's 
Republic of China (PRC).  The remaining 35% of is owned by 
Everbright Technology Limited, a publicly listed company (SEHK:  256), an 
affiliate of the Everbright Group, LLC. is the largest 
merchant of cell phone handsets in the entire PRC, and the 42nd largest chain 
store in the PRC (all products).  GMAI-Asia also owns, one of the 
PRC's leading electronic commerce companies and a leading cyber-merchant of 
cell phones and other communications products, and holds a mandate from the 
PRC' Bureau of Internal Trade to build and operate a B2B exchange and website 
for China's automotive industry.  
  About Greg Manning Auctions, Inc.  
Greg Manning Auctions, Inc. (GMAI) is a global collectibles auctioneer and 
merchant, with both Internet and live auctions and operations in North America 
and Asia.  In North America, GMAI is a leading traditional and electronic -- 
Internet, interactive telephone, and Internet and live simulcast -- auctioneer 
and merchant/dealer of collectibles.  Coins, stamps, sports cards, Rock 'n 
Roll and Hollywood memorabilia, and affordable fine art are offered at and  Greg Manning Direct, 
a wholly owned subsidiary, creates and mass-markets high interest 
collectibles, targeting beginning collectors.  
  Statements in this press release that relate to future plans, objectives, 
expectations, performance, events and the like are "forward-looking 
statements" within the meaning of the Private Securities Litigation Reform Act 
of 1995 and the Securities Exchange Act of 1934.  Future events, risks and 
uncertainties, individually or in the aggregate, could cause actual results to 
differ materially from those expressed or implied in these statements.  Those 
factors include the parties' abilities to develop, implement, integrate, and 
launch the services and offerings described herein, and other factors 
discussed in the "forward-looking information" or "risk factors" sections 
included in the companies' prospectuses, quarterly reports on Form 10-Q, and 
annual reports on Form 10-K.  
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SOURCE  Greg Manning Auctions, Inc.  

    -0-                             12/17/2001 
    /CONTACT:  James Reiman of Greg Manning Auctions, Inc., +1-973-882-0004/ 
    /Web site: 

CO:  Greg Manning Auctions, Inc.; GMAI-Asia; China Unicom Limited; China  
ST:  New Jersey, China 
-0- Dec/17/2001 17:18 GMT
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