| NEWS RELEASE | December 27, 1999 |
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The Stock Exchange of Hong Kong has amended Rule 8.08 of the Exchange Listing Rules. The rule change will come into effect on December 30, 1999. |
Rule 8.08 of the Exchange Listing Rules sets out the prescribed minimum percentage of securities which must be in public hands. The Exchange has introduced an additional provision to this rule to deal with circumstances where the shortfall in the prescribed percentage arises purely from an increased or newly acquired holding of a listed issuer's securities by a person who is, or after such acquisition becomes, a connected person only because he is a substantial shareholder of the issuer and/or any of its subsidiaries. In these circumstances, the Exchange may refrain from suspension of trading in the securities if the Exchange is satisfied that there remains an open market in the securities and the listed issuer is able to demonstrate the independence of such substantial shareholder under Rule 8.08. The Exchange will then monitor closely all trading in the securities to ensure that a false market does not develop and will suspend the securities promptly if there is any unusual price movement.
Reprinted pages of the Exchange Listing Rules will be distributed in due course.
Corporate Communications Department
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