NEWS RELEASE
March 6, 2000

The larger scale of resources and performance-driven orientation of Hong Kong Exchanges and Clearing Limited (HKEx) will increase the company's competitiveness and will give it greater leverage and appeal in the forming of strategic partnerships with leading international exchanges, to serve global investors and issuers.

Mr. Charles Lee, Chairman of HKEx, was speaking at a news conference today (Monday) announcing the completion of the merger of the stock and futures exchanges and clearing houses into HKEx. A listing of HKEx is due to take place in the third quarter of this year.

"The listing plan reflects HKEx's corporate aim of instituting a service-based and performance-driven culture which operates in the best interests of its shareholders," he said.

"But this profit motive will not override our commitment to perform our public duty of ensuring a fair, open and orderly market in Hong Kong.

"HKEx is committed to investing in technology to increase the speed and efficiency of transactions and expand the compatibility and linkage of its trading and settlement systems, enabling the early realisation of straight-through-processing.

"Our strategy and vision will focus on providing services that add real value for investors, market intermediaries and listed companies," he stressed.

Mr. Kwong Ki-chi, HKEx's newly appointed chief executive said globalisation of capital flows and rapid advances in technology were changing the business environment of exchanges.

"Mastery of technology will enable exchanges to compete more effectively in the new environment and enter into new business arenas," he said.

"Over time, Hong Kong Exchanges will function more as a financial market portal, providing easy and secure access to the full range of its services for all market users," Mr. Kwong said.

Mr. Lee said HKEx's global focus and orientation would reinforce Hong Kong's role as the major gateway for international investors into China.

"The market integration will place HKEx in a good position to meet the challenges ahead," Mr. Lee concluded.

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