Hong Kong Regulations

SECURITIES AND FUTURES (LEVY) ORDER - SECT 5

Stock options

For the purposes of section 394(1)(a) of the Ordinance, the levy payable for a
sale and purchase of a stock option-

   (a)  is payable by the seller and purchaser; and

   (b)  is-

        (i)    in the case of the seller, 0% of the consideration for the
               sale; or

        (ii)   in the case of the purchaser, 0% of the consideration for the
               purchase.