Revise suspension rules for securities trading on HKEX.

On May 26th, HKEX issued a notice announcing revisions to the rules regarding continuous public shareholding requirements in the "Listing Rules of The Stock Exchange of Hong Kong Limited" and "GEM Listing Rules" approved by the Securities and Futures Commission of Hong Kong. These revisions will take effect immediately. The notice stated that, except as provided in these rules, Exchange Participants are not allowed to trade in suspended securities. Exchange Participants who do not comply with this rule will face disciplinary action from the board of directors. However, the following trading activities in suspended securities are not considered a violation of the rules: (1) Trading in suspended securities to help the securities reach the specified minimum public shareholding requirement under the main board or GEM rules, provided that the Exchange Participants declare all such trades according to the procedures set by the Exchange. (2) Returning borrowed securities that have been suspended from trading (without creating new borrowing positions) or settling the return with payment. (3) Trading in applicable dealer securities that have been suspended from trading on behalf of the dealer using their own account, any linked accounts, or any authorized broker accounts to either borrow the dealer securities or issue instructions to issue additional dealer securities as stipulated by the issuer of the dealer securities to complete short-selling transactions agreed upon before the suspension. (3A) Trading in applicable dual-listed securities that have been suspended from trading on behalf of the dual-listed dealer using their own account, any linked accounts, or any authorized broker accounts to borrow the dual-listed securities with the purpose of completing short-selling transactions agreed upon before the suspension. (4) Trading in securities that have been temporarily suspended from trading for any of the following activities (and not for other reasons): (a) Issuers or their representatives making "placements" of the securities or existing shareholders "placements" of the securities as per the main board or GEM rules, with Exchange Participants allowed to trade in these placement securities during the first 5 trading days of the suspension. (b) Conducting "offer for subscription", "offer for sale of existing securities", "rights issue", and "public offering" for the securities as per the main board or GEM rules, with Exchange Participants reaching subscription agreements or underwriting agreements with the issuer, existing shareholders, or underwriters during the first 5 trading days of the suspension. Exchange Participants must comply with the rules set by the Exchange. Additionally, Exchange Participants can apply to the Exchange for an extension of the period during which they can trade in the suspended securities without breaching Rule 539 in relation to any of the aforementioned "placements", "offer for subscription", "offer for sale of existing securities", "rights issue", and/or "public offering", and the Exchange may approve such extension if deemed appropriate. (5) Trading in suspended securities to settle the borrowing and lending of securities resulting from the exercise and assignment of stock options under the "Options Trading Rules" and "Clearing Rules".