Hong Kong Exchanges and Clearing Limited (HKEx) announces today (Friday) that Dr Lo Ka-shui has notified HKEx of his wish to step down as the chairman of the GEM (Growth Enterprise Market) Listing Committee.

The Board of The Stock Exchange of Hong Kong Limited, a wholly-owned subsidiary of HKEx, regrets the resignation of Dr Lo from the GEM Listing Committee, and expresses its gratitude for his substantial contribution to the establishment and development of GEM. Under the able leadership of Dr Lo, GEM has become a leading market for growth enterprises in Asia.

Dr Lo has also notified HKEx of his wish to withdraw his offer to stand for reappointment as a non-executive director of HKEx at the forthcoming annual general meeting (AGM). Dr Lo and all other current public interest directors were appointed by the Financial Secretary and their terms of office will expire after the AGM to be held on 15 April 2003.

In response to media enquiries, HKEx wishes to clarify that it has not received any notification from its chairman, Charles Lee, that he will resign from the board of HKEx. As a public interest director, Mr Lee's term of office will also expire at the conclusion of the AGM in April 2003.