The Stock Exchange of Hong Kong (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), announced today (Friday) amendments to its Listing Rules.

Appointment of additional Listing Committee deputy chairman

The Exchange has amended the Main Board Listing Rules and the Growth Enterprise Market (GEM) Listing Rules (together, the Rules) to provide flexibility for its Listing Nominating Committee to nominate and the Exchange Board to appoint more than one deputy chairman to the Exchange’s Listing Committee.

Pursuant to the Rule amendments, the Listing Nominating Committee has nominated and the Exchange Board has appointed an additional deputy chairman, who will perform the same role as the existing deputy chairman. With immediate effect, Teresa Ko, currently a Listing Committee member, will become a Deputy Chairman of the Listing Committee. Carlson Tong continues to serve as Chairman of the Listing Committee and Deputy Chairman Gage McAfee’s role is unchanged.

HKEx believes the additional deputy chairman will help the Listing Committee manage its workload.  

The Listing Committee is currently comprised of 28 members including the HKEx Chief Executive. Appointments to the Listing Committee are made by the Exchange Board, but the Board may only appoint individuals nominated by the Listing Nominating Committee. For information about the nomination and appointment process, a list of the current members of the Listing Committee and brief biographical information on Teresa Ko (Ko Yuk-yin, Teresa), please refer to the HKEx news release published on 19 May 2006. It is available on the HKEx website at http://www.hkex.com.hk/eng/newsconsul/hkexnews/2006/0605192news.htm.

Appointment of Secretary of SFC (HKEC Listing) Committee and/or SFC (HKEC Listing) Appeals Committee

At the request of the Securities and Futures Commission (SFC) the Exchange has also amended Main Board Listing Rule 38.08 to provide that the SFC Chief Executive Officer (CEO) rather than the SFC Chairman will appoint a person to act as the Secretary of the SFC (HKEC Listing) Committee and/or the SFC (HKEC Listing) Appeals Committee.

In June 2006 the Securities and Futures Ordinance (SFO) was amended to provide for the separation of the role of the chairman from the executive arm of the SFC and to create a CEO post. Under the new structure, the SFC Chairman will lead the SFC. He will be separated from the executive arm, which will be headed by the SFC CEO. Martin Wheatley is the SFC CEO. To date no Chairman has been appointed.

The Rule amendments are set out on the HKEx website under the Regulatory Framework and Rules section. They become effective today.