I
They asked as to the dates of the next visit of the Keswicks and whether or not a final decision would be made at that time. said that they will be here in Maren and that discussions were continuing with the authorities and we hoped that a solution could be found, although it was not looking very easy,
They said the problem was that Jardines was always looked up at as "big brother" and anything that Jardines did could be followed by others and this was unsettling for Hong Kong. Anything unsettling was always of concern to the NCNA.
They asked what were the differences between Jardines and the Hong Kong Government. I said that there was now a much better understanding of Jardines' viewpoint, but there were still philosophical differences, which, in reality, were a result of the regulatory enthusiasm of the SFC. I said there were some differences, although London itself was obviously a very fully regulated exchange.
They asked all dealings would be done in London if Jardines delisted. explained that Jardines was listed elsewhere including Singapore and Hong Kong shareholders could trade through those markets, which was clearly to the detriment of Hong Kong itself.
I re-emphasized that it was not, however, our wish to delist and that it really ought to be possible for the regulators here to come to the party with a sensible solution.
I pointed out that the Hong Kong Bank's announcement had been handled in a sensible manner. They said that the NCNA had deliberately kept a low profile as they did not want to cause any confusion. They hoped that Jardines and the Government would be able Co reach an agreement to continue Jardines listing.
ey Hopea Coac Loe NUNA WOULD be kept informed of developments and I promised that we would maintain a close dialogue.
Conclusion
Clearly the NCNA are following matters closely and it is Important that the position is explained further in both Hong Kong and Beijing.
The overall discussion was friendly but the NCNA obviously recognise the importance of confidence and Jardines' approach and attitude seem to be very key.
we covered a number of other topics, including the new airport. I emphasized how important this was to the future of Hong Kong.