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4 Lehman Brothers' entities in Hong Kong restricted
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Hong Kong Securities and Futures Commission (SFC), the local stock market's watchdog, issued restriction notices Tuesday on four entities of Lehman Brothers in Hong Kong, while the Hong Kong's benchmark Hang Seng Index nosedived over 1,000 points in Tuesday's morning session.

Amid worries of a global financial turmoil after investment bank Lehman Brothers collapsed, Hong Kong's Hang Seng Index plunged 1,027.25 points, or 5.31 percent, to open at 18,325.65 Tuesday. The benchmark Index once fell to the low of 18019.20 and bounded to the high of 18342.76 of the early morning session.

The SFC approved the issue of restriction notices on four entities of Lehman Brothers in Hong Kong to preserve the assets ofthe companies and their clients, and to protect the interests of these clients and the investing public.

The four entities include Lehman Brothers Asia Limited, Lehman Brothers Securities Asia Limited, Lehman Brothers Futures Asia Limited and Lehman Brothers Asset Management Asia Limited.

Hong Kong Exchanges and Clearing Limited, the sole market operator, announced earlier Tuesday all structured products issuedby Lehman Brothers will be suspended from trading in Hong Kong.

Lehman Brothers says it has stopped trading of its warrants on the Hong Kong stock exchange. The investment bank said in a statement to the Hong Kong stock exchange that it stopped trading because it had filed for bankruptcy in the United States.

The statement said trading in Lehman Brothers' warrants will besuspended until further notice and that "Lehman Brothers Asia Limited will suspend its obligations to provide liquidity for the issuer's warrants."

John Tsang, the Financial Secretary of Hong Kong government, has assured the public that Hong Kong has an adequate monitoring system.

Tsang said the Hong Kong government, the Monetary Authority, the Securities and Futures Commission and Hong Kong Exchanges and Clearing will closely monitor the developments of Lehman Brothers'which filed for bankruptcy in the United States. He said market regulators will ensure trading on the Hong Kong stock market will be conducted in an orderly manner and called on investors not to worry.

(Xinhua News Agency September 16, 2008)
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