DOCSLIB.ORG

26 February 2003 3987

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
26 February 2003 3987 LEGISLATIVE COUNCIL ─ 26 February 2003 3987 OFFICIAL RECORD OF PROCEEDINGS Wednesday, 26 February 2003 The Council met at half-past Two o'clock MEMBERS PRESENT: THE PRESIDENT THE HONOURABLE MRS RITA FAN HSU LAI-TAI, G.B.S., J.P. THE HONOURABLE KENNETH TING WOO-SHOU, J.P. THE HONOURABLE JAMES TIEN PEI-CHUN, G.B.S., J.P. DR THE HONOURABLE DAVID CHU YU-LIN, J.P. THE HONOURABLE CYD HO SAU-LAN THE HONOURABLE ALBERT HO CHUN-YAN IR DR THE HONOURABLE RAYMOND HO CHUNG-TAI, J.P. THE HONOURABLE LEE CHEUK-YAN THE HONOURABLE MARTIN LEE CHU-MING, S.C., J.P. THE HONOURABLE ERIC LI KA-CHEUNG, J.P. DR THE HONOURABLE DAVID LI KWOK-PO, G.B.S., J.P. THE HONOURABLE FRED LI WAH-MING, J.P. DR THE HONOURABLE LUI MING-WAH, J.P. 3988 LEGISLATIVE COUNCIL ─ 26 February 2003 THE HONOURABLE NG LEUNG-SING, J.P. THE HONOURABLE MARGARET NG THE HONOURABLE MRS SELINA CHOW LIANG SHUK-YEE, G.B.S., J.P. THE HONOURABLE JAMES TO KUN-SUN THE HONOURABLE CHEUNG MAN-KWONG THE HONOURABLE HUI CHEUNG-CHING, J.P. THE HONOURABLE CHAN KWOK-KEUNG THE HONOURABLE BERNARD CHAN, J.P. THE HONOURABLE CHAN KAM-LAM, J.P. THE HONOURABLE MRS SOPHIE LEUNG LAU YAU-FUN, S.B.S., J.P. THE HONOURABLE LEUNG YIU-CHUNG THE HONOURABLE SIN CHUNG-KAI THE HONOURABLE ANDREW WONG WANG-FAT, J.P. DR THE HONOURABLE PHILIP WONG YU-HONG THE HONOURABLE WONG YUNG-KAN THE HONOURABLE JASPER TSANG YOK-SING, G.B.S., J.P. THE HONOURABLE HOWARD YOUNG, J.P. DR THE HONOURABLE YEUNG SUM THE HONOURABLE YEUNG YIU-CHUNG, B.B.S. THE HONOURABLE LAU CHIN-SHEK, J.P. LEGISLATIVE COUNCIL ─ 26 February 2003 3989 THE HONOURABLE LAU KONG-WAH THE HONOURABLE LAU WONG-FAT, G.B.S., J.P. THE HONOURABLE MIRIAM LAU KIN-YEE, J.P. THE HONOURABLE AMBROSE LAU HON-CHUEN, G.B.S., J.P. THE HONOURABLE EMILY LAU WAI-HING, J.P. THE HONOURABLE CHOY SO-YUK THE HONOURABLE ANDREW CHENG KAR-FOO THE HONOURABLE SZETO WAH THE HONOURABLE TIMOTHY FOK TSUN-TING, S.B.S., J.P. DR THE HONOURABLE LAW CHI-KWONG, J.P. THE HONOURABLE TAM YIU-CHUNG, G.B.S., J.P. DR THE HONOURABLE TANG SIU-TONG, J.P. THE HONOURABLE ABRAHAM SHEK LAI-HIM, J.P. THE HONOURABLE LI FUNG-YING, J.P. THE HONOURABLE HENRY WU KING-CHEONG, B.B.S., J.P. THE HONOURABLE TOMMY CHEUNG YU-YAN, J.P. THE HONOURABLE MICHAEL MAK KWOK-FUNG THE HONOURABLE ALBERT CHAN WAI-YIP THE HONOURABLE LEUNG FU-WAH, M.H., J.P. DR THE HONOURABLE LO WING-LOK 3990 LEGISLATIVE COUNCIL ─ 26 February 2003 THE HONOURABLE WONG SING-CHI THE HONOURABLE FREDERICK FUNG KIN-KEE THE HONOURABLE IP KWOK-HIM, J.P. THE HONOURABLE LAU PING-CHEUNG THE HONOURABLE AUDREY EU YUET-MEE, S.C., J.P. THE HONOURABLE MA FUNG-KWOK, J.P. MEMBER ABSENT: THE HONOURABLE CHAN YUEN-HAN, J.P. PUBLIC OFFICERS ATTENDING: THE HONOURABLE DONALD TSANG YAM-KUEN, G.B.M., J.P. THE CHIEF SECRETARY FOR ADMINISTRATION THE HONOURABLE ANTONY LEUNG KAM-CHUNG, G.B.S., J.P. THE FINANCIAL SECRETARY THE HONOURABLE ELSIE LEUNG OI-SIE, G.B.M., J.P. THE SECRETARY FOR JUSTICE DR THE HONOURABLE YEOH ENG-KIONG, J.P. SECRETARY FOR HEALTH, WELFARE AND FOOD THE HONOURABLE MRS REGINA IP LAU SUK-YEE, G.B.S., J.P. SECRETARY FOR SECURITY DR THE HONOURABLE SARAH LIAO SAU-TUNG, J.P. SECRETARY FOR THE ENVIRONMENT, TRANSPORT AND WORKS LEGISLATIVE COUNCIL ─ 26 February 2003 3991 THE HONOURABLE FREDERICK MA SI-HANG SECRETARY FOR FINANCIAL SERVICES AND THE TREASURY THE HONOURABLE STEPHEN LAM SUI-LUNG, J.P. SECRETARY FOR CONSTITUTIONAL AFFAIRS CLERKS IN ATTENDANCE: MR RICKY FUNG CHOI-CHEUNG, J.P., SECRETARY GENERAL MR LAW KAM-SANG, J.P., DEPUTY SECRETARY GENERAL MR RAY CHAN YUM-MOU, ASSISTANT SECRETARY GENERAL 3992 LEGISLATIVE COUNCIL ─ 26 February 2003 TABLING OF PAPERS The following papers were laid on the table pursuant to Rule 21(2) of the Rules of Procedure: Subsidiary Legislation/Instruments L.N. No. Security and Guarding Services Ordinance (Amendment of Schedule 2) Notice 2003 ........................... 48/2003 Village Representative Election (Registration of Electors) (Appeals) Regulation................................... 49/2003 Telecommunications (Telecommunications Apparatus) (Exemption from Licensing) Order (L.N. 4 of 2003) (Commencement) Notice 2003 ....................... 50/2003 Other Papers No. 63 ─ Audited Statement of Accounts together with the Director of Audit's Report and Trustee's Report on the Administration of the Education Scholarships Fund for the year ending 31 August 2002 No. 64 ─ Hong Kong Council for Academic Accreditation Annual Report 2001-2002 No. 65 ─ Li Po Chun Charitable Trust Fund Annual Report for the period from 1 September 2001 to 31 August 2002 No. 66 ─ Audited Financial Statements and Programme of Activities of the Hong Kong Examinations and Assessment Authority for the year ending 31 August 2002 Report of the Bills Committee on Dutiable Commodities (Amendment) Bill 2002 Report of the Bills Committee on Inland Revenue (Amendment) (No. 2) Bill 2001 LEGISLATIVE COUNCIL ─ 26 February 2003 3993 ORAL ANSWERS TO QUESTIONS PRESIDENT (in Cantonese): Questions. First question. Regulation of Listed Companies 1. MR MARTIN LEE (in Cantonese): Madam President, early this month, at the request of the Stock Exchange of Hong Kong Limited (SEHK) and the regulatory authority in the United Kingdom, the Pacific Century CyberWorks Limited (PCCW) responded to press reports about its plan to make a takeover offer for the Cable and Wireless plc in the United Kingdom by issuing two public announcements with different contents one after another. However, the first announcement submitted to the SEHK did not make full disclosure of the matter. In this connection, will the Government inform this Council : (a) whether it has assessed if the regulatory standards and requirements of the local regulatory bodies for listed companies are lower than those of the United Kingdom, and if this is the reason for the PCCW's failure to make timely and full disclosure of the matter in Hong Kong; (b) whether it knows if the local regulatory bodies have investigated this incident to ascertain whether the PCCW has violated the provisions of the Listing Rules and the relevant legislation; and (c) how the Government and relevant regulatory bodies will follow up this incident? SECRETARY FOR FINANCIAL SERVICES AND THE TREASURY (in Cantonese): Madam President, the Government does not comment on individual cases, especially those which are being dealt with by regulators. The PCCW is a company listed in Hong Kong. Listed companies are under the independent regulation of the SEHK and the Securities and Futures Commission (SFC), and the Government plays no part in specific cases. In fact, the SEHK has earlier on issued a press release stating that it is seeking clarifications and further details from the PCCW on the matter. The SFC will monitor the follow-up actions 3994 LEGISLATIVE COUNCIL ─ 26 February 2003 taken by the SEHK. The Government respects the independence of the regulatory bodies provided for under the law and believes that they will handle the case concerned with competence and impartiality. As to Mr LEE's specific points in his question, I shall reply as follows: (a) Since the case of disclosure of information by the PCCW in relation to its takeover offer for the Cable and Wireless plc is being followed up by the SEHK, we are, at this stage, unable to comment on "PCCW's failure to make timely and full disclosure of the matter in Hong Kong" as stated in the question. As to the regulatory requirements of our local regulatory bodies in respect of disclosure of listed companies, I have sought clarification from the SFC and the Commission confirmed that in this regard we are on a par with international standards, including those of the United Kingdom. In particular, the requirements for listed companies in both Hong Kong and the United Kingdom relating to disclosure of price-sensitive information, mergers and takeovers are closely similar. In fact, to maintain and enhance our competitiveness as a leading international financial centre, the Government, together with the SFC, the Exchange and other concerned parties, has all along been keeping our corporate governance and regulatory standards under review so as to ensure they are in line with international standards. (b) As the front-line regulator, the SEHK has earlier on issued a press release stating that it is seeking clarification and further details from the PCCW. The SFC will discharge its statutory functions and monitor the follow-up actions taken by the SEHK. (c) I just mentioned above that the SEHK is following up the case and that the SFC will monitor this. Under the three-tiered regulatory framework, the Government distances itself from the day-to-day work of the regulatory bodies, and does not interfere with individual cases. Only when there are cases which may have policy implications will the Government look into them from the policy angle, so that necessary follow-up actions could be taken. It is from this angle that I have enquired of the SFC whether there is any significant difference between the regulatory standards of Hong LEGISLATIVE COUNCIL ─ 26 February 2003 3995 Kong and the United Kingdom regarding corporate disclosure. The SFC has confirmed that Hong Kong's regulatory requirements in this regard are closely similar to those of the United Kingdom. MR MARTIN LEE (in Cantonese): Madam President, as we all know, before Secretary Frederick MA assumed office as the Secretary for Financial Services and the Treasury, he was employed in the PCCW. Hence, does it seem proper for him to answer this question today? Is there a need for him to avoid arousing suspicion in such a capacity? Anyhow, the Secretary has stated in part (a) of his main reply that the requirements for listed companies in both Hong Kong and the United Kingdom relating to disclosure of price-sensitive information, mergers and takeovers are closely similar.
Load more

Recommended publications
  • Hansard (English)
    LEGISLATIVE COUNCIL ─ 13 October 2005 45 OFFICIAL RECORD OF PROCEEDINGS Thursday, 13 October 2005 The Council met at Three o'clock MEMBERS PRESENT: THE PRESIDENT THE HONOURABLE MRS RITA FAN HSU LAI-TAI, G.B.S., J.P. THE HONOURABLE JAMES TIEN PEI-CHUN, G.B.S., J.P. THE HONOURABLE ALBERT HO CHUN-YAN IR DR THE HONOURABLE RAYMOND HO CHUNG-TAI, S.B.ST.J., J.P. THE HONOURABLE LEE CHEUK-YAN THE HONOURABLE MARTIN LEE CHU-MING, S.C., J.P. DR THE HONOURABLE DAVID LI KWOK-PO, G.B.S., J.P. THE HONOURABLE FRED LI WAH-MING, J.P. DR THE HONOURABLE LUI MING-WAH, S.B.S., J.P. THE HONOURABLE MARGARET NG THE HONOURABLE MRS SELINA CHOW LIANG SHUK-YEE, G.B.S., J.P. THE HONOURABLE JAMES TO KUN-SUN THE HONOURABLE CHEUNG MAN-KWONG THE HONOURABLE CHAN YUEN-HAN, J.P. 46 LEGISLATIVE COUNCIL ─ 13 October 2005 THE HONOURABLE BERNARD CHAN, J.P. THE HONOURABLE CHAN KAM-LAM, S.B.S., J.P. THE HONOURABLE MRS SOPHIE LEUNG LAU YAU-FUN, S.B.S., J.P. THE HONOURABLE LEUNG YIU-CHUNG THE HONOURABLE SIN CHUNG-KAI, J.P. DR THE HONOURABLE PHILIP WONG YU-HONG, G.B.S. THE HONOURABLE WONG YUNG-KAN, J.P. THE HONOURABLE JASPER TSANG YOK-SING, G.B.S., J.P. THE HONOURABLE HOWARD YOUNG, S.B.S., J.P. DR THE HONOURABLE YEUNG SUM THE HONOURABLE LAU CHIN-SHEK, J.P. THE HONOURABLE LAU KONG-WAH, J.P. THE HONOURABLE LAU WONG-FAT, G.B.M., G.B.S., J.P.
    [Show full text]
  • Hong Kong SAR
    China Data Supplement November 2006 J People’s Republic of China J Hong Kong SAR J Macau SAR J Taiwan ISSN 0943-7533 China aktuell Data Supplement – PRC, Hong Kong SAR, Macau SAR, Taiwan 1 Contents The Main National Leadership of the PRC 2 LIU Jen-Kai The Main Provincial Leadership of the PRC 30 LIU Jen-Kai Data on Changes in PRC Main Leadership 37 LIU Jen-Kai PRC Agreements with Foreign Countries 47 LIU Jen-Kai PRC Laws and Regulations 50 LIU Jen-Kai Hong Kong SAR 54 Political, Social and Economic Data LIU Jen-Kai Macau SAR 61 Political, Social and Economic Data LIU Jen-Kai Taiwan 65 Political, Social and Economic Data LIU Jen-Kai ISSN 0943-7533 All information given here is derived from generally accessible sources. Publisher/Distributor: GIGA Institute of Asian Affairs Rothenbaumchaussee 32 20148 Hamburg Germany Phone: +49 (0 40) 42 88 74-0 Fax: +49 (040) 4107945 2 November 2006 The Main National Leadership of the PRC LIU Jen-Kai Abbreviations and Explanatory Notes CCP CC Chinese Communist Party Central Committee CCa Central Committee, alternate member CCm Central Committee, member CCSm Central Committee Secretariat, member PBa Politburo, alternate member PBm Politburo, member Cdr. Commander Chp. Chairperson CPPCC Chinese People’s Political Consultative Conference CYL Communist Youth League Dep. P.C. Deputy Political Commissar Dir. Director exec. executive f female Gen.Man. General Manager Gen.Sec. General Secretary Hon.Chp. Honorary Chairperson H.V.-Chp. Honorary Vice-Chairperson MPC Municipal People’s Congress NPC National People’s Congress PCC Political Consultative Conference PLA People’s Liberation Army Pol.Com.
    [Show full text]
  • MTR CORPORATION LIMITED 香港鐵路有限公司 (The ‘Company’) (Incorporated in Hong Kong with Limited Liability) (Stock Code: 66)
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. MTR CORPORATION LIMITED 香港鐵路有限公司 (the ‘Company’) (Incorporated in Hong Kong with limited liability) (Stock Code: 66) APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTORS The Company announces the following appointments: (1) with effect from 4 July 2013, Professor Ma Si Hang, Frederick has been appointed as an independent non-executive Director (‘INED’) of the Company; (2) with effect from 4 July 2013, Ms. Wong Shui (also known as Mrs. Chan Wong Shui, Pamela) has been appointed as an INED of the Company; and (3) with effect from 4 July 2013, Dr. Yuen Tak Fai, Dorothy (also known as Dr. Chan Yuen Tak Fai, Dorothy) has been appointed as an INED of the Company. Professor Ma Si Hang, Frederick The Company announces that with effect from 4 July 2013, Professor Ma Si Hang, Frederick has been appointed as an INED of the Company. Professor Ma, aged 61, has extensive experience in banking and financial sector. He is currently an independent non-executive director and the chairman of the audit committee of Agricultural Bank of China Limited and Aluminum Corporation of China Limited, and an independent non-executive director of China Resources Land Limited and Hutchison Port Holdings Management Pte. Limited. Professor Ma is also a director of Husky Energy Inc., a non-executive director of COFCO Corporation and China Mobile Communications Corporation.
    [Show full text]
  • Citations for the Honorary Doctorates in 2018
    Citation for Professor Edward Chen Kwan-yiu Doctor of Education, honoris causa Mr Chairman, It is my honour to present Professor Edward Chen Kwan-yiu for the award of the degree of Doctor of Education, honoris causa. A well-loved university educator and administrator, Professor Chen has enjoyed an illustrious career in teaching and is widely credited as a pioneer in adopting the liberal arts model in Hong Kong and with leading Lingnan College’s smooth transition to university status. Aside from the education sector, he has helped drive social progress and advance Hong Kong’s economy through various capacities in decision-making bodies of the government including the Executive Council. Internationally, he is an esteemed economist who has generously contributed his valuable expertise to academia and multilateral organisations. Born to a grass-roots family, he was raised by a single parent since the age of 12. Aware that education is a vehicle for social mobility, he channelled his energies into his schooling and education. Through dedication and hard work, he gained admission to the elite schools, Queen’s College for secondary education, and later to The University of Hong Kong (HKU) where he received his bachelor’s and master’s degrees. Later, Professor Chen earned a Doctor of Philosophy in Economics at Oxford University. It was there that he demonstrated his extraordinary foresight and intellectual acuity through his thesis which correctly predicted and explained the spectacular growth of the four Asian Dragons. Since then, his scholarly interest has focused on Asian economic development, in particular the positive effect of foreign investment and technological change.
    [Show full text]
  • Professor Frederick Ma Si-Hang, Chairman of MTR Corporation Limited, Received an Honorary Doctor of Social Science
    City University of Hong Kong Biographies of the 2016 Honorary Doctorates Professor Frederick Ma Si-hang, Chairman of MTR Corporation Limited, received an Honorary Doctor of Social Science. Professor Ma has an outstanding record of professional achievements. Since graduating from the University of Hong Kong in 1973, he has taken up major positions in various local and overseas banks, other financial institutions and major companies, including Chase Manhattan Bank, Royal Bank of Canada Dominion Securities, JP Morgan Chase Co., Kumagai Gumi (HK) Limited and Pacific Century Cyberworks Limited. In 2002 he joined the Hong Kong SAR Government as the Secretary for Financial Services and the Treasury, and in 2007 he assumed the post of Secretary for Commerce and Economic Development. In 2009, he was appointed a Member of the International Advisory Council of China Investment Corporation, in 2013, he was made a Member of the Global Advisory Council of the Bank of America, and currently, he holds the positions of Independent Non-Executive of the FWD Group, Director of Husky Energy Inc., and Non-Executive Director of China National Cereals, Oils and Foodstuffs Corporation (COFCO). With his extensive experience in the financial sector, Professor Ma was appointed an Honorary Professor of the School of Economics and Finance at the University of Hong Kong in 2008, a Professor of Practice (Finance) at the Institute of Advanced Executive Education at the Hong Kong Polytechnic University in 2012, and an Honorary Professor of the Faculty of Business Administration at The Chinese University of Hong Kong in 2013. In 2014, he was conferred an Honorary Doctorate in Social Sciences by Lingnan University.
    [Show full text]
  • 132491 Eng.Indd
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. AGRICULTURAL BANK OF CHINA LIMITED 中國農業銀行股份有限公司 (a joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 1288) Announcement of the Resolutions of the Board of Directors A meeting of the board of directors (the “Board”) of Agricultural Bank of China Limited (the “Bank”) was held at the Bank’s head offi ce on 5 January 2011 and was attended by members of the Board in person. 12 directors were entitled to attend and all of them were present at the meeting. The meeting was conducted in compliance with the applicable laws, administrative rules, regulations, articles of association of the Bank and the procedural rules of the Board. Mr. Xiang Junbo, the chairman of the Bank, presided over the meeting. The following resolutions were considered and passed at the meeting: 1. Resolution on the fi xed assets investment budget for 2011 Voting result: 12 valid votes, including 12 votes in favour of and 0 vote against this resolution and 0 abstained vote. This resolution will be proposed for consideration and approval at the Bank’s annual general meeting for 2010. 2. Resolution on matters in relation to the issue of subordinated bonds by the Bank Voting result: 12 valid votes, including 12 votes in favour of and 0 voted against this resolution and 0 abstained vote.
    [Show full text]
  • Investcorp Adds Professor Frederick Ma Si-Hang to International Advisory Board Following Asian Expansion
    Investcorp adds Professor Frederick Ma Si-Hang to International Advisory Board following Asian expansion Bahrain, July 24, 2019 – Investcorp, a leading global provider and manager of alternative investment products, today announced that Professor Frederick Ma Si-Hang, the former Chairman of MTR Corporation, has been appointed to its International Advisory Board. Professor Ma – who is based in Hong Kong - has a wealth of experience in the banking and financial services sectors. He previously held senior positions at various global banks including JP Morgan Chase and the Royal Bank of Canada, as well as roles in public institutions including the Hong Kong Government Secretary for Financial Services and the Treasury and assumed the post of Secretary for Commerce and Economic Development in 2007. Professor Ma has also contributed to higher education with his appointment to Honorary Professor of the School of Economics and Finance at the University of Hong Kong as well as being made Permanent Honorable President of Hong Kong Special Schools Council in 2011. Most recently he was appointed as the Council Chairman of The Education University of Hong Kong in 2017. Currently, Professor Ma is an Independent Non-Executive Director of FWD Group, a director of Husky Energy Inc. and a director of New Frontier Corporation. Mohammed Alardhi, Executive Chairman of Investcorp, said: “We are always looking to the future, and seeking relevant counsel to bring innovative ideas to our business is essential. Professor Ma joins at an important time for the firm as it continues to become more diversified by geography, asset class and investor type, particularly in Asia where we see tremendous growth opportunities.
    [Show full text]
  • Minutes Have Been Seen by the Administration)
    立法會 Legislative Council LC Paper No. CB(1)2092/02-03 (These minutes have been seen by the Administration) Ref : CB1/PL/FA/1 Panel on Financial Affairs Minutes of special meeting held on Wednesday, 23 April 2003 at 2:30 pm in the Chamber of Legislative Council Building Members present : Hon Ambrose LAU Hon-chuen, GBS, JP (Chairman) Hon Henry WU King-cheong, BBS, JP (Deputy Chairman) Hon Kenneth TING Woo-shou, JP Hon James TIEN Pei-chun, GBS, JP Hon Albert HO Chun-yan Hon LEE Cheuk-yan Hon Eric LI Ka-cheung, JP Hon NG Leung-sing, JP Hon James TO Kun-sun Hon CHAN Kam-lam, JP Hon SIN Chung-kai Hon Jasper TSANG Yok-sing, GBS, JP Hon Abraham SHEK Lai-him, JP Hon MA Fung-kwok, JP Non-Panel Members : Dr Hon David CHU Yu-lin, JP attending Ir Dr Hon Raymond HO Chung-tai, JP Hon Martin LEE Chu-ming, SC, JP Dr Hon LUI Ming-wah, JP Hon Margaret NG Hon HUI Cheung-ching, JP Hon CHAN Kwok-keung Hon Mrs Sophie LEUNG LAU Yau-fun, SBS, JP Hon Howard YOUNG, JP Hon YEUNG Yiu-chung, BBS Hon Miriam LAU Kin-yee, JP Hon CHOY So-yuk Hon Timothy FOK Tsun-ting, SBS, JP - 2 - Dr Hon LAW Chi-kwong, JP Hon TAM Yiu-chung, GBS, JP Hon Tommy CHEUNG Yu-yan, JP Hon WONG Sing-chi Hon Frederick FUNG Kin-kee Hon IP Kwok-him, JP Members absent : Dr Hon David LI Kwok-po, GBS, JP Hon Bernard CHAN, JP Dr Hon Philip WONG Yu-hong Hon Emily LAU Wai-hing, JP Public officers : Mr Antony LEUNG attending Financial Secretary Mr Frederick MA Secretary for Financial Services and the Treasury Mr Stephen IP Secretary for Economic Development and Labour Mr Henry TANG Secretary for Commerce,
    [Show full text]
  • CIC 2017 Annual Report
    ANNUAL REPORT ANNUAL REPORT 2017 CHINA INVESTMENT CORPORATION Contents 01 MESSAGE 05 CORPORATE REVIEW Overview........................................................... 07 Corporate Governance..................................... 08 Corporate Culture and Core Values ................. 21 Global Outreach ............................................... 24 Landmarks........................................................ 27 29 63 OVERSEAS INVESTMENT 2017 FINANCIALS AND MANAGEMENT Investment Strategy and Management ........... 31 Risk Management ........................................... 47 Human Resources .......................................... 51 55 DOMESTIC EQUITY MANAGEMENT History of Development ................................... 57 Governance and Structure .............................. 58 The Huijin Model ............................................. 59 Performance in 2017 ....................................... 60 MESSAGE CIC is committed to its role as a prudent, professional, and responsible investor operating globally with a good reputation. CHINA INVESTMENT CORPORATION INVESTMENT CORPORATION CHINA Message ANNUAL REPORT 2017 REPORT ANNUAL 2017 marked the 10th anniversary of the China Investment improved procedures for investment decisions, developed Corporation (CIC). Over the past decade, we have new mechanisms for managing private equity fund remained true to our original aspirations, pursued them accounts, and established deep working relationships with a with zeal, and achieved satisfactory results. Entering our select
    [Show full text]
  • Congratulations!
    Congratulations! The following alumni and HKU Foundation members were awarded Bauhinia medals on July 1, 2002 by the Government of the Hong Kong Special Administrative Region: Grand Bauhinia Medal Bronze Bauhinia Star The Hon Leung Oi-sie Elsie, JP (LLM 1988) Mr Chiu Chung-tong (HKU Foundation Honorary Advisor) Gold Bauhinia Star Mr Liang Tin (HKU Foundation Senior Member) Mr Chau Tak-hay, JP (BA 1967) Dr Ng Tat-lun, JP Mrs Yam Kwan Pui-ying Lily, JP (BA 1969) (MScEng 1978) Mrs Ip Lau Suk-yee Regina, JP Dr Chow Po-wong Christina, JP (BA 1972, HKU Foundation Ordinary Member) (MBBS 1947) Mr Lee Shing-see, JP (BScEng 1964) Dr Chan Yuen Tak-fai Dorothy, JP The Hon Mrs Chow Liang Shuk-yee Selina, JP (BSocSc 1972, MSocSc 1981, PhD 1990) (BA 1965, HKU Foundation Founding Ordinary Member) Mr Lo Man-tuen, JP The Hon Tsang Yok-sing Jasper, JP (HKU Foundation Founding Voting Member) (BA 1968, CertEd 1981, AdvDipEd 1982, MEd 1983) Dr Saw Thian-aun Paul, JP Professor Poon Chung-kwong, JP (MBBS 1967) (BSc 1963, BSc[Sp] 1964) Mr So Hoi-pan Edinson, JP Professor Tam Sheung-wai, JP (HKU Foundation Senior Member) (BSc 1958, MSc 1961) Dr Li Chung-ki Patrick Mr Ng Wing-fui Nicholas, JP (BSocSc 1970) (MBBS 1978) Professor Young Tse-tse Rosie, JP Mr Cheung Pak-hong (MBBS 1953, MD 1959, HKU Foundation Founding Voting (BSc 1979, CertEd 1981, AdvDipEd 1986, Member) MSocSc 1991) Mr Pang Chung (BA 1965) Silver Bauhinia Star Professor Yeung Chap-yung (MBBS 1961, HKU Foundation Ordinary Member) Mr Ng Ching-kwok, JP (LLB 1973) Mr Shum Choi-sang, JP (HKU Foundation
    [Show full text]
  • 01E201033480importants 1..1
    THE CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt as to any aspect of this circular or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser. If you have sold or transferred all your shares in Convoy Global Holdings Limited, you should at once hand this circular, together with the enclosed proxy form, to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this circular. CONVOY GLOBAL HOLDINGS LIMITED 康宏環球控股有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1019) INFORMATION ACCOMPANYING NOTICE OF EXTRAORDINARY GENERAL MEETING Capitalised terms used in this cover page shall have the same meanings as those defined in this circular unless otherwise stated. A notice convening an extraordinary general meeting of Convoy Global Holdings Limited to be held at 1/F., Trust Tower, 68 Johnston Road, Wan Chai, Hong Kong on Thursday, 26 November 2020 at 6 p.m. has been dispatched to shareholders. This document provides certain information relating to the notice as required by the Listing Rules.
    [Show full text]
  • Chronology of Events
    Annex 7.1 Chronology of Events Date Serial No. Event 26.10.00 1 Regular Meeting between Financial Services Bureau (FSB) and the Hong Kong Stockbrokers Association. The Hong Kong Stockbrokers Association wrote to the Financial Services Bureau (FSB), suggesting as an agenda item for its regular meeting with the FSB problems of shares falling below one cent, the dilution of shares values at the expense of minority shareholders, and the proliferation of penny stocks. 27.12.00 2 FSB (Salina Yan, Principal Assistant Secretary for Financial Services (Securities)) wrote to the Securities and Futures Commission (SFC) (David Stannard, the then Executive Director (Corporate Finance)) to reflect the concerns of the Hong Kong Stockbrokers Association and sought his advice for the next meeting with the Association. late 2000 3 SFC had internal discussions about the prevalence of penny shares in the HK market. The discussion also covered a letter from FSB (see item 2 above). 28.12.00 4 First Suggestion to Address Problems Associated with Penny Stocks. SFC (David Stannard) advised FSB (Salina Yan) that SFC had been discussing related subjects with the Hong Kong Exchanges and Clearing Ltd (HKEx) for some years. SFC (David Stannard) also explained the mechanism of trading of shares below one cent in Hong Kong, the US system of treating shares trading below US$1 as “penny stocks”, and drew FSB’s attention to the large number of stocks in Hong Kong trading below $1 and the concern that “penny stocks” are prone to market manipulation. SFC (David Stannard), in explaining the thinking on mandatory share consolidation, said that - “One way forward may be a package of measures as follows:- A25 Date Serial No.
    [Show full text]