The introduction of a pre-opening session will allow the input of orders into the trading system before continuous auto-matching begins at the commencement of the morning trading session. Upon the introduction of a pre-opening session, we will need to ensure that there is sufficient information in the market before the commencement of the pre-opening session.

There are numerous references in the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Main Board Listing Rules") and the Rules Governing the Listing of Securities on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited (the "GEM Listing Rules", together with the Main Board Listing Rules, the "Listing Rules") to "9:30 a.m." on the basis that it represents the time that is 30 minutes before the commencement of trading. This is to allow sufficient time for us to release information onto the market before the commencement of trading.

In view of the introduction of a pre-opening session, we have amended the Listing Rules to ensure that all relevant information is received by us or published, as the case may be (depending on the Listing Rule), at least "30 minutes before the earlier of the commencement of the morning trading session or any pre-opening session".

The amendments to the Listing Rules will come into effect on 25 March 2002. The Main Board Listing Rules (as amended) will be available for viewing on the website of the Hong Kong Exchanges and Clearing Limited at http://www.hkex.com.hk and the GEM Listing Rules (as amended) will be available for viewing on the GEM website at http://www.hkgem.com from that date.

Re-printed pages of the Listing Rules will be distributed in due course.