Hong Kong Futures Exchange Limited
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)

HKFE suspends Phoenix Capital Futures Limited as Exchange Participant

Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited, has suspended all Phoenix Capital Futures Limited's rights as an Exchange Participant pursuant to HKFE Rule 706(b) for two weeks from 25 March 2003 to 7 April 2003 inclusive.

HKFE's decision came after the decision of the Securities and Futures Commission to suspend the registration of Phoenix Capital Futures Limited under the Commodities Trading Ordinance for the same period after finding it was guilty of misconduct.