Update No. 39

Entire section

Note to subscribers for the amendments to the rules governing the listing of securities on the Growth Enterprise Market (the "GEM Listing Rules")

Update No. 39

28 January 2011

Dear Sirs,

Amendments to the GEM Listing Rules relating to changes in trading hours

We enclose reprinted pages of the GEM Listing Rules and the filing instructions.

From 7 March 2011, HKEx will extend trading hours by starting its securities and derivatives markets earlier and shortening the lunch break in two phases. The reprinted pages incorporate Rule amendments to align the following listing matters with the extended trading hours:

• the publication windows for issuers' announcements on the GEM website;

• the deadline for publishing an issuers' monthly return;

• the cut-off time for exercising structured products with an early exercise feature; and

• the cut-off time for emergency share registration and book closure arrangements during a black rainstorm warning.

Coming into effect

The amendments will come into effect on 7 March 2011.

Please click HERE HERE to see the amended Rules.

Yours faithfully,

For and on behalf of
The Stock Exchange of Hong Kong Limited

Mark Dickens JP
Head of Listing