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2002-10-31 12:22:00 p.m. HKT, XFNA
HKEx to issue consultative paper in Q1 on underwriter/auditor roles - UPDATE
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(Updating with comment about delisting regulations)
HONG KONG (AFX-ASIA) - The Hong Kong Exchanges and Clearing Ltd (388.HK)
said it will issue a consultative paper on the role of underwriters and
auditors in the first quarter, following the difficulties currently being
experienced by Euro-Asia Agricultural (Holdings) Co Ltd (932.HK).
""We are going to issue a consultation paper in the first quarter
regarding the role of underwriters and auditors during the listing exercise,""
chief executive Kwong Ki-chi told reporters.
Euro-Asia is facing financial and management problems after not being
able to access the accounts of major operating unit Shenyang Euro-Asia
Agriculture Development Co Ltd.
The company announced that its auditors, PricewaterhouseCoopers, and
financial adviser and acting chairman, Jacob Lekkerkerk, have resigned.
The company's former chairman Yang Bin is reported to be under
""surveillance residence"" or house arrest.
Kwong said the body is finalising its review on delisting regulations.
""We will announce the details in November... We haven't fixed the date of
announcement yet as there are some discrepancies among market participants
over the issue,"" he added.
The first consultation paper released on July 25 had proposed delisting
companies with shares trading below 50 cents for 30 continuous days unless
they consolidated their shares.
The proposal was however withdrawn after penny stock share prices fell in
panic selling.
At 12.12 pm, HKEx was down 0.10 hkd at 10.50.
susanna.tai@afxnews.com
st/tr
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