Hong Kong Regulations

SECURITIES AND FUTURES (STOCK MARKET LISTING) RULES - SECT 15

Power to exempt

(1) The Commission may exempt all or any particular class of securities issued
by a corporation specified in a notice under subsection

(2) from all or any of the provisions of this Part.

(2) An exemption granted under subsection (1) shall be notified by the
Commission to the corporation specified in the notice and to the recognized
exchange company which operates the recognized stock market on which the
exempted class of securities is, or is proposed to be, listed.

(3) The Commission may withdraw any exemption granted under subsection (1),
and the withdrawal shall be notified in the same manner as an exemption is
required to be notified under subsection (2).

(4) Where an exemption in respect of any securities of a corporation has been
withdrawn under subsection (3), the recognized exchange company shall suspend
dealings in those securities unless-

   (a)  at the date of notification of the withdrawal, the corporation is an
        approved share registrar or employs an approved share registrar as its
        share registrar; or

   (b)  within 3 months after the date of notification of the withdrawal, the
        corporation becomes an approved share registrar or employs an
        approved share registrar as its share registrar.