Update No.14

25 March 2002

Dear Sirs,

Amendments to the Listing Rules in light of the introduction of a pre-opening session

We enclose reprinted pages of the GEM Listing Rules incorporating amendments to Chapters 9, 13, 16, 17, 19, 20 and 29, and Part A of Appendix 2, together with the filing instructions.

The introduction of a pre-opening session will allow the input of orders into the trading system before continuous auto-matching begins at the commencement of the morning trading session. Upon the introduction of a pre-opening session, we will need to ensure that there is sufficient information in the market before the commencement of the pre-opening session.

There are numerous references in the GEM Listing Rules to "9.30 a.m." on the basis that it represents the time that is 30 minutes before the commencement of trading. This is to allow sufficient time for us to release information onto the market before the commencement of trading.

In view of the introduction of a pre-opening session, we have amended the GEM Listing Rules to ensure that all relevant information is received by us or published, as the case may be (depending on the rule), at least "30 minutes before the earlier of the commencement of the morning trading session or any pre-opening session".

The rule changes come into effect on 25 March 2002.

Yours faithfully,
For and on behalf of
The Stock Exchange of Hong Kong Limited

Karen Lee
Head of Listing, Regulation and Risk Management