NEWS RELEASE
May 26, 1999
The Exchange is reviewing certain chapters of the Exchange Listing Rules
The Stock Exchange of Hong Kong has published a consultation paper on proposed amendments to certain chapters of the Exchange Listing Rules.
Lawrence Fok, Senior Executive Director, Regulatory Affairs Group, said a principal goal of its 1998/99 review of the rules was to implement changes to take account of market development and practice.
"The Exchange seeks to accomplish this by codifying as far as possible its practice in interpreting and applying the rules. In addition, it has proposed rule changes to ensure that the rules are clear and readily understandable," Mr Fok said.
One proposed rule requires disclosure in the prospectus of the interests of any controlling shareholder or director of a listing applicant in a business that competes or is likely to compete with the applicant for listing. This would replace the current rule on competing business.
The chapter covering notifiable transactions is one of the most complicated chapters in the Exchange Listing Rules. It has been re-written to eliminate ambiguities, and to codify interpretations that are not expressly stated in the rules.
Other significant changes relate to share schemes and include treatment of cancelled options, re-pricing of options, length of schemes, pricing of options on grant, disclosure of information in the annual report, and schemes of subsidiaries.
Mr Fok said any rule changes arising from the 1998/99 review would be subject to approval by the Exchange Council and the Securities and Futures Commission.
Copies of the consultation paper are available from the Exchange at 36/F, Jardine House, Connaught Place, Central; or can be viewed on the Exchange's website, http://www.sehk.com.hk. Comments on the proposed changes should be sent to the Exchange in writing by July 31, 1999.
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Corporate Communications Department
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