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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: pennywise who started this subject	7/28/2001 11:26:40 PM
From: ms.smartest.person	of 2248

Hong Kong Exchange, Regulators To Amend GEM Listing Rules Dow Jones Newswires HONG KONG -- The Stock Exchange of Hong Kong Ltd. and the Securities and Futures Commission said Friday they have agreed in principle to make several amendments to the listing rules for the Growth Enterprise Market. The changes include a new listing category for larger companies that will allow them to list even if they have only been in operation for 12 months and a reduction of the lock-up period during which management shareholders are not allowed to sell their shares. The amendments, which followed a public-consultation period will be implemented in stages, effective immediately, the stock exchange and the securities regulators said in a joint press release. The release said the current rule stating that a listing candidate for the GEM board must have had business operations for a minimum of 24 months will remain in place. However, a new set of entry requirements will be introduced to help listing candidates of a substantial size to list even if than have only been in operation for 12 months. Companies listing under this new category will have to comply with additional requirements, the most important of which will ensure that it is large enough. The company concerned will have to have had total revenue, total assets and a total market capitalization of no less than 500 million Hong Kong dollars (US$64.1 million) in the last 12-month period, and will also have to have a minimum market capitalization of HK$150 million held by public shareholders, according to the release. In addition, their initial public offering price must be no less than HK$1. The changes to the listing rules will also reduce the lockup period for initial management shareholders to one year, from two years at present. For management shareholders who hold less than 1% of the issued share capital this period will be further reduced to six months. Copyright © 2001 Dow Jones & Company, Inc. All Rights Reserved. interactive.wsj.com Used with permission of wsj.com

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