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To: JDN who wrote (93911)	12/13/1999 3:19:00 PM
From: L. Adam Latham	Respond to of 186894

JDN: Re: Microsoft, Intel, to List on Hong Kong Exchange Here's the WSJ-Interactive article on the same topic. Adam interactive.wsj.com NASD to List Certain Companies On Hong Kong Stock Exchange By GASTON F. CERON Dow Jones Newswires NEW YORK -- The National Association of Securities Dealers, the parent of the Nasdaq Stock Market, agreed to a pilot program that will list seven well-known Nasdaq stocks on the Stock Exchange of Hong Kong. Initially, the program, which begins in February, will include Microsoft, Intel, Cisco Systems, Dell Computer, Amgen, Applied Materials and Starbucks. NASD Chairman Frank Zarb and his counterpart at the Stock Exchange of Hong Kong, H.C. Lee, said they expect the program would eventually expand to other Nasdaq companies. Eventually, Hong Kong stocks would be listed on Nasdaq as well, the executives said. The NASD said the American companies listing in Hong Kong will be exempt from the Stock Exchange of Hong Kong's listing rules, but will comply with all Nasdaq requirements. Trading will take place on the existing U.S. Automatic Order Matching and Execution System but will trade in Hong Kong currency. Alec Tsui, chief executive of the Stock Exchange of Hong Kong, said that market surveillance and supervision for the seven Nasdaq stocks will be carried out in the same way as for other Hong Kong stocks, and that the Stock Exchange of Hong Kong's trading rules would apply. The Hong Kong exchange will disseminate closing prices and trading volume in the U.S. as trading information and news. But he said the stocks would use the previous U.S. close as a reference for comparison. The program is part of Nasdaq's push to have a worldwide 24-hour trading platform. The NASD said the seven initial stocks were chosen to include well-known companies across a range of industries. While some, such as Microsoft, are probably well-known among Hong Kong investors, others such as Amgen may not be. But Mr. Zarb said this should change as Hong Kong investors became familiar with the companies and local securities firms begin tracking the stocks. Mr. Zarb didn't say how long the pilot program would last. However, if all goes well, he said he hopes to expand the program sometime next year to cover other Nasdaq stocks. Eventually, he said, all stocks in the Nasdaq 100 could trade in Hong Kong. The two markets, in a statement, also said they were launching a Web site to provide investors with information about their respective markets. In addition, they have established a working group to develop broader cooperation on the sharing of technology and dual listings of stock. Write to Gaston F. Ceron at gaston.ceron@dowjones.com.