5 -
WEDNESDAY, SEPTEMBER 14, 1988
SIR Q.W. LEE AGREES TO NOMINATION
*
THE FINANCIAL SECRETARY, MR PIERS JACOBS, TODAY (WEDNESDAY) ANNOUNCED THAT SIR Q.W. LEE HAD AGREED TO BE NOMINATED AS AN INDEPENDENT MEMBER OF THE NEW COUNCIL OF THE STOCK EXCHANGE KONG TO BE FORMED IN OCTOBER AND TO STAND FOR ELECTION AS CHAIRMAN THE COUNCIL.
OF HONG OF
MR JACOBS SAID THAT UNDER ARTICLE 87A(B) (III) OF THE ARTICLES OF ASSOCIATION OF THE STOCK EXCHANGE, ALL CANDIDATES FOR ELECTION OR APPOINTMENT TO THE FIRST COUNCIL HAVE TO BE APPROVED IN ADVANCE BY THE GOVERNOR. THE GOVERNOR HAS GIVEN HIS APPROVAL FOR SIR Q.W. TO STAND.
IN WELCOMING SIR Q.W.'S WILLINGNESS TO STAND FOR ELECTION, MR JACOBS SAID: "SIR Q.W. WOULD BE THE IDEAL PERSON FOR THE DEMANDING JOB OF CHAIRMAN OF THE NEW COUNCIL.
IN FINANCIAL MATTERS, AND THE WOULD GIVE BOTH STATUS AND
"HIS INTEGRITY AND KNOWLEDGE RESPECT HE COMMANDS FROM THE COMMUNITY WEIGHT TO THE COUNCIL.
WOULD
"I AM SURE THAT UNDER SIR Q.W.'S LEADERSHIP, THE COUNCIL SERVE THE COMMUNITY WELL AND MAINTAIN HONG KONG'S POSITION AS AN INTERNATIONAL FINANCIAL CENTRE."
JOINT ANNOUNCEMENT BY THE STOCK EXCHANGE OF HONG KONG LIMITED
AND THE SECURITIES COMMISSION
IN THE LIGHT OF A RECONSIDERATION OF VARIOUS MATTERS CONCERNING LISTINGS, AND ALSO TAKING INTO ACCOUNT SOME OF THE RECOMMENDATIONS AND SUGGESTIONS MADE BY THE SECURITIES REVIEW COMMITTEE IN THEIR REPORT HEADED "THE OPERATION AND REGULATION OF THE HONG KONG SECURITIES INDUSTRY" DATED MAY 1988, THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "EXCHANGE") AND THE SECURITIES COMMISSION (THE "COMMISSION") HAVE AGREED AS FOLLOWS; -
1. B SHARES
AS A GENERAL RULE, THE EXCHANGE WILL NOT LIST ANY NEW B SHARES (1.E. SHARES OF WHICH THE PROPOSED VOTING POWER DOES NOT BEAR A REASONABLE RELATIONSHIP TO THE EQUITY INTEREST OF SUCK SHARES WHEN FULLY PAID) AND WILL NOT PERMIT LISTED COMPANIES TO ISSUE ANY NEW B SHARES, WHETHER OR NOT IT IS INTENDED ΤΟ SEEK A LISTING FOR SUCH SHARES IN HONG KONG OR OVERSEAS.
/ТТ НАБ