Hong Kong Regulations

SECURITIES AND FUTURES (STOCK MARKET LISTING) RULES - SECT 9

Powers of the Commission upon the suspension under this Part of dealings in any securities

(1) An issuer which is aggrieved by a direction given by the Commission under
section 8 may make representations in writing to the Commission and where an
issuer makes such representations, the Commission shall notify the recognized
exchange company.

(2) In respect of a direction given by the Commission under section  8 , the
recognized exchange company may make representations in writing to the
Commission irrespective of whether representations in respect of that
direction have been made by an issuer under subsection (1) and where the
recognized exchange company makes such representations, the Commission shall
notify the issuer.

(3) Where the Commission has-

   (a)  directed a recognized exchange company to suspend dealings in any
        securities under section 8(1); and

   (b)  considered any-

        (i)    representations made by the issuer under subsection (1);

        (ii)   representations made by the recognized exchange company under
               subsection (2); and

        (iii)  further representations made by the issuer or the recognized
               exchange company, the Commission may, by notice to the
               recognized exchange company-

   (c)  permit dealings in the securities to recommence subject to such
        conditions as the Commission may think fit to impose, being conditions
        of the nature specified in subsection (4); or

   (d)  direct the recognized exchange company to cancel the listing of the
        securities on a recognized stock market operated by it if the
        Commission-

        (i)    is satisfied that there has been a failure to comply with any
               requirement in respect of listing set out in these Rules or in
               any other rules made under section 36 of the Ordinance; or

        (ii)   considers that the cancellation of the listing is necessary to
               maintain an orderly market in Hong Kong, and the recognized
               exchange company shall comply with the direction without delay.

(4) The conditions which may be imposed under subsection (3)(c) are-

   (a)  where the Commission has given a direction under section  8 (1)(a) or
        (d), conditions imposed with the object of ensuring, so far as is
        reasonably practicable, that the issuer remedies the default by reason
        of which the suspension of dealings was directed;

   (b)  where the Commission has given a direction under section  8 (1)(b),
        such conditions as the Commission may consider necessary or expedient
        in the interest of maintaining an orderly and fair market in
        securities traded through the facilities of the recognized exchange
        company mentioned in that section;

   (c)  where the Commission has given a direction under section  8 (1)(c),
        such conditions as the Commission may consider to be in the interest
        of the investing public or in the public interest, or to be
        appropriate for the protection of investors generally or for the
        protection of the investors mentioned in that section.

(5) In subsection (3), "further representations" (進一步申述) means
representations either in writing or orally or both in writing and orally as
the issuer or the recognized exchange company may determine which are
submitted within such reasonable time as the Commission may determine.

(6) The powers of the Commission under this section may only be exercised by a
meeting of the Commission and are not delegable.

(7) A member of the Commission who made the decision in the exercise of the
Commission's powers under section 8 shall not participate in the deliberations
or voting of the Commission in the performance of its functions under this
section as regards that exercise of the Commission's powers.

(8) Notwithstanding subsection (7), the member of the Commission referred to
in that subsection may attend any meeting or proceeding of the Commission in
the performance of its functions under this section as regards the exercise of
the Commission's powers under section 8 and may make such explanations of his
decision as he thinks necessary.

"further representations" (進一步申述)