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Note to subscribers for
the amendments to the rules governing the listing of securities on the Growth Enterprise Market
("GEM Listing Rules")
Update No. 7
20th July, 2001
Dear Sirs,
Amendments to the GEM Listing Rules
to reflect that the Exchange will no longer receive a portion of the transaction
levy and has introduced a trading fee in its place
We enclose reprinted pages of Chapter 2
and Appendix 9 of the GEM Listing Rules incorporating amendments to the GEM Listing
Rules to reflect that the Exchange will no longer receive a portion of the transaction
levy and has introduced a trading fee in its place, together with the filing
instructions.
The Exchange will cease to be entitled to its portion of the transaction levy
and will introduce a trading fee of an equivalent amount. The trading fee will
be calculated at the rate of 0.005% per side of the consideration of the transaction,
payable by each of the buyer and the seller, or 0.01% of the total consideration of
the transaction or other rate determined by the Exchange from time to time.
At the same time, the transaction levy payable to the SFC will increase from 0.005% to 0.007%
per side of the consideration of the transaction, payable by each of the buyer and the seller,
or 0.014% of the total consideration of the transaction. The income which reflects the increase
in the levy will be used to fund a new Investor Compensation Fund.
The rule amendments will be come into effect on 1 September 2001.
Yours faithfully,
For and on behalf of
The Stock Exchange of Hong Kong Limited
Karen Lee
Head of Listing, Regulation and Risk Management
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