XN000022-1983-06-10 — Page 5

FRIDAY, JUNE 10, 1983,

UNIFIED EXCHANGE OPERATION DATE EXTENDED

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THE EXECUTIVE COUNCIL HAS APPROVED AN EXTENSION OF THE PERIOD FOR THE COMMENCEMENT OF OPERATION OF THE UNIFIED EXCHANGE TO DECEMBER 31, 1985, THE COMMISSIONER FOR SECURITIES ANNOUNCED TODAY.

THIS MEANS THAT THE LATEST DATE BY WHICH THE UNIFIED EXCHANGE IS TO COMMENCE TRADING WILL BE THE END OF 1985.

UNDER THE STOCK EXCHANGES UNIFICATION ORDINANCE, WHICH CAME INTO OPERATION ON FEBRUARY 1, 1981, THE FINANCIAL SECRETARY MUST APPOINT A DAY NOT LATER THAN THREE YEARS AFTER THE DATE OF COMMENCEMENT ON THE ORDINANCE, I.E. NOT LATER THAN JANUARY 31,

1984.

EXCHANGE SQUARE, WHICH WILL ACCOMMODATE THE UNIFIED EXCHANGE, IS BEING CONSTRUCTED ON A SITE TO THE WEST OF CONNAUGHT CENTRE. THE CONSTRUCTION IS LIKELY TO BE FINISHED BY THE END OF 1984, AND HAS THEN TO BE FOLLOWED BY WORK ON THE FITTING OUT OF THE TRADING HALL AND INSTALLATION OF THE COMPUTER SYSTEM. AN EXTENSION BEYOND JANUARY 31, 1984 WAS THEREFORE INEVITABLE.

MEANWHILE, THE COMMITTEE OF THE STOCK EXCHANGE OF HONG KONG LIMITED, IN CLOSE LIAISON WITH THE COMMISSIONER'S OFFICE, IS CONTINUING TO MAKE PROGRESS TOWARDS THE COMMENCEMENT OF TRADING OF THE UNIFIED EXCHANGE, HOPEFULLY IN EARLY 1985.

THE COMMITTEE IS ACTIVELY EXAMINING THE TENDERS FOR THE INSTALLATION OF A COMPUTER SYSTEM FOR TRADING ON THE UNIFIED EXCHANGE. IT IS ALSO CONSIDERING THE SETTING-UP OF A CLEARING CORPORATION, A QUARANTEE CORPORATION AND A CENTRAL SHARE DEPOSITORY CORPORATION TO REPLACE THE PRESENT SYSTEM OF PHYSICAL DELIVERY.

THE COMMITTEE AND THE COMMISSIONER'S OFFICE CONSIDERING NEW LISTING RULES, TOGETHER WITH ARRANGEMENTS FOR THE LISTING OF EXISTING PUBLIC COMPANIES.

A SPECIAL COMMITTEE HAS BEEN SET UP BY THE SECURITIES COMMISSION UNDER SECTION 16 OF THE SECURITIES ORDINANCE TO REVIEW THE WHOLE SUBJECT OF MEMBERSHIP OF THE UNIFIED EXCHANGE,

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