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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. 13
18 February 2002
Dear Sirs,
Amendments to the GEM Listing Rules in relation to the distribution of summary financial reports
We enclose reprinted pages of the GEM Listing Rules incorporating amendments
to the GEM Listing Rules with regard to the distribution of summary financial reports, together with filing instructions.
Following the recent amendments to the Hong Kong Companies Ordinance, as set
out in the Companies (Amendment) Ordinance 2001 and the Companies (Summary Financial Reports of Listed Companies)
Regulation, the Exchange has amended the Exchange Listing Rules of the Main Board and the Growth Enterprise Market to
permit all issuers to distribute summary financial reports in place of a full annual report, provided that they
ascertain the wishes of shareholders and comply with the relevant legal requirements of their own jurisdictions and
provisions of their own memorandum and articles of association. Issuers, which are incorporated overseas and which wish
to distribute summary financial reports, should comply with provisions, which are no less onerous than those under Hong Kong
law for issuers incorporated in Hong Kong.
A summary financial report would be derived from an issuer's annual report. An
issuer would not send summary financial reports to its shareholders unless it has ascertained whether shareholders wish to
receive a full annual report or a summary financial report. An issuer would be considered to have sufficiently ascertained
the wishes of a shareholder, if it has sent a notice but does not receive a response within thirty days, in which case a
shareholder is considered to have agreed to receive a summary financial report. Shareholders of an issuer will still be
entitled to request a full annual report, if they wish to receive one.
The rule amendments are effective for annual reports in respect of accounting
periods ending on or after 31 October 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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