In January 2003, The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), published Consultation Conclusions on Proposed Amendments to the Listing Rules Relating to Corporate Governance Issues (the Corporate Governance Consultation Conclusion Report).   The Corporate Governance Consultation Conclusion Report summarised the results of the Consultation Paper on Proposed Amendments to the Listing Rules Relating to Corporate Governance Issues published by the Exchange in 2002. 

On 30 January 2004, the Exchange released the Consultation Conclusions on Proposed Amendments to the Listing Rules Relating to Initial Listing Criteria and Continuing Listing Obligations (the Conclusions on the July 2002 Consultation).  The Conclusions on the July 2002 Consultation summarise the results of the Consultation Paper on Proposed Amendments to the Listing Rules Relating to Initial Listing and Continuing Listing Eligibility and Cancellation of Listing Procedures (except for Part C of the July 2002 Consultation Paper on continuing listing eligibility criteria and Part E on cancellation of listing procedures).  

Amendments have been made to The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the Main Board Rules) and the Rules Governing the Listing of Securities on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited (the GEM Rules, together with the Main Board Listing Rules, the Listing Rules) based on the recommendations set out in the Corporate Governance Consultation Conclusion Report, with further amendments in accordance with the policy directions of the Listing Committee.  Changes have also been made to enhance transparency of listed issuers, codify the Exchange's existing practices in interpreting and applying the Listing Rules and make the Listing Rules clearer and more concise.  The Main Board Rules have been amended in accordance with the adopted consultation proposals set out in the Conclusions on the July 2002 Consultation. 

Subject to certain transitional arrangements, the amendments to the Listing Rules we have made will come into effect on 31 March 2004. 

Further details of the Listing Rule amendments relating to corporate governance issues and amendments to the Main Board Rules covered in the Conclusions on the July 2002 Consultation (including the transitional arrangements) are set out in the news release published by HKEx on 30 January 2004 which can be found on the HKEx's website at http://www.hkex.com.hk/eng/newsconsul/hkexnews/2004news.htm. 

The English version of the revised Main Board Rules are available for viewing on HKEx's website at http://www.hkex.com.hk/eng/rulesreg/listrules/mbrulesup/mb_ruleupdate.htm and the revised GEM Rules are available for viewing on the GEM website at http://www.hkgem.com/listingrules/amendments/e_main.htm. Amendments to the Listing Rules (except for the new Chapters 14 and Chapter 14A of the Main Board Rules which relate to notifiable transactions and connected transactions respectively) have been marked up for ease of reference.  Appendices 7A, 7B and 7I have been deleted.  Chapter 13 is marked up against Appendix 7A.

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