NEWS RELEASE
February 9, 1999
Response to the Court judgement related to Pearl Securities Limited
The Stock Exchange of Hong Kong noted today's (Tuesday) Court of First Instance judgement had not ruled that the Exchange's operation of a ballot for determining applications for corporate membership was unlawful.
In his decision, Mr Justice Keith said that if Council members were thinking of voting against a membership application, Council members' concerns should be given to the applicant for it to address those concerns and the Exchange should give reasons for rejecting applications.
The Exchange's current membership procedures have been endorsed by the regulators. The Exchange believes that they serve and protect the public interest as well as ensure investor confidence in the integrity of its markets.
The Exchange is naturally disappointed by the Court's decision and is urgently considering its position including the prospects of appeal.
Corporate Communications Department
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