<PAGE>
 
                                                                      EXHIBIT 11
                                                                      ----------

                      SUNBASE ASIA, INC. AND SUBSIDIARIES
                    COMPUTATION OF EARNINGS PER COMMON SHARE
                   THREE MONTHS ENDED MARCH 31, 1996 AND 1997
                      (Amounts in thousands, except number
                         of shares and per share data)
<TABLE>
<CAPTION>
 
                                                           Three Months Ended March 31,
                                                           ----------------------------
                                                          1996         1997         1997       
                                                           RMB          RMB          US$       
                                                           ---          ---          --- 
<S>                                                 <C>          <C>          <C>
PRIMARY                                                                                        

Net income, as reported                                 16,065       16,918        2,038       
                                                    ==========   ==========   ==========       
                                                                                               
Weighted average number of shares                                                              
    of common stock outstanding:                                                               
                                                                                               
Shares of common stock outstanding                  11,700,063   12,700,109   12,700,109       
                                                                                               
Shares of common stock                                                                         
    issuable assuming conversion of                                                            
    the Convertible Preferred Stock                                                            
                                                                                               
    - Series A                                       3,600,000    3,600,000    3,600,000       
    - Series B                                         680,000      680,000      680,000       
                                                                                               
Shares of common stock issuable                                                                
    assuming exercise of stock options,                                                        
    reduced by the number of shares                                                            
    which could have been purchased                                                            
    with the proceeds from exercise of                                                         
    such stock options                                       -            -            -       
                                                    ----------   ----------   ----------       
Total weighted average number of                                                               
    shares of common stock and                                                                 
    common stock equivalents                                                                   
    outstanding                                     15,980,063   16,980,109   16,980,109       
                                                    ==========   ==========   ==========       
Earnings per common share                                                                      
    - Primary                                             1.00         1.00         0.12       
                                                    ==========   ==========   ==========        
</TABLE>

                                      20
<PAGE>
 
                      SUNBASE ASIA, INC. AND SUBSIDIARIES
                    COMPUTATION OF EARNINGS PER COMMON SHARE
                   THREE MONTHS ENDED MARCH 31, 1996 AND 1997
                      (Amounts in thousands, except number
                         of shares and per share data)
<TABLE>
<CAPTION>
 
                                                           Three Months Ended March 31,
                                                           ----------------------------
                                                          1996         1997         1997  
                                                           RMB          RMB          US$  
                                                           ---          ---          ---
<S>                                                 <C>          <C>           <C> 
FULLY DILUTED                                                                             

Net income, as reported                                 16,065       16,918        2,038  
                                                                                          
Add after tax interest expense applicable                                                 
    to Convertible Debentures                                -        2,839          342  
                                                    ----------   ----------   ----------  
Net income, as adjusted                                 16,065       19,757        2,380  
                                                    ==========   ==========   ==========  
                                                                                          
Weighted average number of shares of                                                      
    common stock outstanding:                                                             
                                                                                          
Shares of common stock outstanding                  11,700,063   12,700,109   12,700,109  
                                                                                          
Shares of common stock issuable                                                           
    assuming conversion of the                                                            
    Convertible Preferred Stock                                                           
                                                                                          
    - Series A                                       3,600,000    3,600,000    3,600,000  
    - Series B                                         680,000      680,000      680,000  
                                                                                          
Shares of common stock issuable                                                           
    assuming conversion of the                                                            
    Convertible Debentures on                                                             
    August 23, 1996                                          -    2,300,000    2,300,000  
                                                                                          
Shares of common stock issuable                                                           
    assuming exercise of stock options,                                                   
    reduced by the number of shares                                                       
    which could have been purchased                                                       
    with the proceeds from exercise of                                                    
    such stock options                                       -            -            -  
                                                    ----------   ----------   ----------  
Total weighted average number of                                                          
    shares of common stock and                                                            
    common stock equivalents                                                              
    outstanding                                     15,980,063   19,280,109   19,280,109  
                                                    ==========   ==========   ==========  
Earnings per common share                                                                 
    - Fully diluted                                       1.00         1.02         0.12  
                                                    ==========   ==========   ==========   
</TABLE>

                                      21