CONFIDENTIAL
CONFIDENTIAL
FM HONG KONG
TO PRIORITY FCO
TELNO 525
OF 211118Z FEBRUARY 92
HKD 026/3
07 MA: 1992
INFO ROUTINE HKGO LONDON
176
137213
MDLIAN 6079
TOP COPY
Q DIST?
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026/3
HKGO PERSONAL FOR YAXLEY
REPLY TO YRTELNO 181: JARDINES: VISIT OF LORD CAITHNESS TO HONG KONG
1. FOLLOWS IS THE LATEST POSITION ON JARDINE'S DELISTING ISSUE FOR YOUR BRIEF FOR LORD CAITHNESS' VISIT.
SECONDARY LISTING
2. ON JANUARY 30, THE STOCK EXCHANGE OF HONG KONG (SEHK) SUBMITTED TO SFC ITS PROPOSED CHANGES TO THE LISTING RULES AND LISTING AGREEMENT TO FACILITATE SECONDARY LISTINGS FOR COMPANIES WHICH, LIKE JARDINE, HAVE THE MAJORITY OF THEIR TRADING ON THE SEHK. SFC CONSIDERED THE PROPOSAL ON FEBRUARY 17 AND AGREED THAT THE PROPOSED CHANGES TO LISTING RULES AND THE LISTING AGREEMENT SHOULD BE ACCEPTED SUBJECT TO CERTAIN AMENDMENTS IN FOUR AREAS
(A) ADEQUATE ENTRY CRITERIA: THE CRITERIA FOR A COMPANY TO BE ADMITTED FOR SECONDARY LISTING MUST BE CLEARLY SPELT OUT TO THE FOLLOWING EFFECT:
(I) THE OVERSEAS LISTING MUST BE A GENUINE LISTING AND THE OVERSEAS EXCHANGE WILL HAVE A GENUINE STAKE IN THE PROPER REGULATION OF THE LISTING COMPANY CONCERNED: AND
(II) THE COMPANY SHOULD HAVE TO HAVE A SIGNIFICANT AMOUNT OF THE TRADING OF ITS SHARES TAKING PLACE IN THE OVERSEAS EXCHANGE OF PRIMARY LISTING, EITHER IN TERMS OF VOLUME OR A MINIMUM MONETARY AMOUNT:
(B) ADEQUATE WITHDRAWAL OF LISTING CRITERIA: SFC IS PREPARED TO
ACCEPT THE PROPOSED TERMINATION OF LISTING ON 90 DAYS NOTICE WITHOUT THE REQUIREMENT OF SHAREHOLDER'S APPROVAL WITH TWO
EXCEPTIONS
(I) WHEN THE COMPANY HAS BEEN DELISTED OR INDEFINITELY SUSPENDED
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CONFIDENTIAL
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