Hong Kong Regulations

SECURITIES AND FUTURES (STOCK MARKET LISTING) RULES - SECT 4

Exemptions from sections 3 and 5

Sections 3 and 5 do not apply to the listing of any-

   (a)  securities issued or allotted-

        (i)    by a capitalization issue pro rata (apart from fractional
               entitlements) to existing shareholders, whether or not they are
               shareholders whose addresses registered in the books of the
               corporation are in a place outside Hong Kong and to whom the
               securities are not actually issued or allotted because of
               restrictions imposed by legislation of that place; or

        (ii)   pursuant to a scrip dividend scheme which has been approved by
               the corporation in general meeting;

   (b)  securities offered on a pre-emptive basis, pro rata (apart from
        fractional entitlements) to existing holdings, to holders of the
        relevant class of shares in the corporation, whether or not they are
        shareholders whose addresses registered in the books of the
        corporation are in a place outside Hong Kong and to whom the
        securities are not actually offered because of restrictions imposed by
        legislation of that place;

   (c)  shares issued in substitution for shares listed on a recognized stock
        market, if the issue of the shares does not involve any increase in
        the issued share capital of the corporation;

   (d)  shares issued or allotted pursuant to the exercise of options granted
        to existing employees as part of their remuneration under a scheme
        approved by the shareholders of the corporation in a general meeting.