Update No. 32

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. 32

October 2009

Dear Sirs,

Phase 2 of New Post-vetting Regime

We enclose reprinted pages of the GEM Listing Rules incorporating amendments to remove pre-vetting requirements for issuers' announcements for major transactions and connected transactions.

Phase 1 of the new post-vetting regime commenced on 1 January 2009 following market support in the consultation launched in January 2008. The consultation conclusion was published in November 2008.

The Exchange stated in the 2008 consultation conclusion that it would, subject to market readiness and the Securities and Futures Commission's approval, cease pre-vetting all announcements. Based on the proposed timetable, Phase 2 will be implemented on 1 January 2010 and will cover announcements for major transactions and connected transactions. It will take a further 12 months for the final phase to be implemented to cover all remaining categories of announcements.

In light of the market support and issuers' smooth transition to Phase 1, we will implement Phase 2 from 1 January 2010.

We also enclose the filing instructions.

Coming into effect

The amendments will come into effect on 1 January 2010.

Please click HEREHERE to see the amendments relating to Phase 2 of New Post-vetting Regime.

Yours faithfully,

For and on behalf of

The Stock Exchange of Hong Kong Limited

Mark Dickens

Head of Listing