With effect from 7 March 2007 and until further notice, new non-transferable trading rights on The Stock Exchange of Hong Kong Limited and Hong Kong Futures Exchange Limited may be obtained by applying to the respective Exchanges.  Upon acceptance of an application, a tender will be conducted by the Exchange for the relinquishment of a transferable trading right from the existing holders.  The lowest tendered price will be the issuance fee paid by the applicant for the issuance of a new trading right from the Exchange.  If no valid tender is submitted, the Exchange will issue a new trading right at the then prevailing issuance fee set by the Exchange (currently at HKD500,000).  It should be noted that (1) the lowest tendered price will not be more than the then prevailing issuance fee, (2) there is an administration fee payable by the applicant to the Exchange for conducting the tender (HKD50,000) and (3) all new trading rights issued by the Exchange are non-transferable.  (Note: Applicants and tenderers do not contract with one another nor are their names disclosed to one another; they each interact directly with the Exchange.)

After a valid and complete application is received by the Exchange, an invitation to tender will be issued and open to existing holders, in general, for five trading days.  The tender result will be posted on the HKEx website as soon as a successful tenderer is selected and confirmed.

Applicants for the issuance of new trading rights and tenderers responding to invitations to tender for the relinquishment of trading rights are advised to consider carefully the terms and conditions in the respective application and tender forms and the related rules before submitting their applications/tenders.  Interested parties may refer to previous invitations to tender and tender results as well as frequently asked questions on this webpage. For enquiries, please contact:

Participant Services, Cash Market

Telephone No.:  2840-3657

Facsimile No.:   2509-0789

Email address:   TradingRight@hkex.com.hk

It should be noted that in addition to applying for a new trading right issued by the Exchange, interested parties may also purchase trading rights directly from existing holders of transferable trading rights and then effect the transfer of trading rights when their applications for the transfer of trading right and Exchange Participantship are approved by the Exchange.