Basic Principles 基本原则

1.This code (both the basic principles and the rules) was adopted by the resolutions of the board of directors of the Company on 30 December 2005 and prepared in accordance with The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “GEM Listing Rules”) for the purpose of setting a required standard against which directors of the Company (the “Directors”) must measure their conduct regarding transactions in securities of the Company. Any breach of this code will be regarded as a breach of the GEM Listing Rules. A Director must seek to secure that all dealings in which he is or is deemed to be interested be conducted in accordance with the required standard of dealings. (“Ch5.48 to 5.67 of GEM Listing Rules”)
本守则（基本原则及规则）已于二零零五年十二月三十日之公司董事会决议中被采纳及根据香港联合交易所有限公司(「联交所」)证券上市规则(「上市规则」)中，已列载公司董事(「董事」)于买卖公司的证券时用以衡量其本身操守的所需标准。违反这些标准将被视作违反《创业板上市规则》。董事须尽量保证，其拥有或被视为拥有权益的所有交易均按「交易必守标准」进行。
(《创业板上市规则》第5.48至5.67条)

2.Directors wishing to deal in any securities in the Company must first have regard to the provisions of Part XIII and Part XIV of the Securities and Futures Ordinance with respect to insider dealing and market misconduct. However, there are occasions where Directors should not be free to deal in the Company’s securities even though the statutory requirements will not be contravened.
欲买卖公司证券的董事应先注意《证券及期货条例》第XIII及XIV部所载有关内幕交易及市场不当行为的条文。然而，在若干情况下，即使有关董事并无触犯法定条文，该董事仍不可随意买卖其所属公司的证券。

3.The single most important thrust of the required standard of dealings is that Directors who are aware of or privy to any negotiations or agreements related to intended acquisitions or disposals which are notifiable transactions under Chapter 19 or connected transactions under Chapter 20 of the GEM Listing Rules or any price-sensitive information must refrain from dealing in the Company’s securities as soon as they become aware of them or privy to them until proper disclosure of the information in accordance with the requirements of Chapter 16. Directors who are privy to relevant negotiations or agreements or any price–sensitive information should caution those Directors who are not so privy that there may be unpublished price-sensitive information and that they must not deal in the Company’s securities for a similar period.
「交易必守标准」最重要的作用，在于规定：凡董事知悉、或参与建议收购或出售事项（交易所《创业板上市规则》第十九章界定为须予公布的交易、第二十章界定的关连交易，或涉及任何股价敏感资料者）的任何洽谈或协议，该董事必须自其开始知悉或参与该等事项起，直至有关资料已根据《创业板上市规则》第十六章作出适当披露为止，禁止买卖公司的证券。参与该等洽谈或协议、又或知悉任何股价敏感资料的董事应提醒并无参与该等事项的其它董事，倘有未公布的股价敏感资料，而他们亦不得在同一期间买卖公司的证券。

4.In addition, a Director must not make any unauthorized disclosure of confidential information, whether to co-trustees or to any other person (even those to whom he owes a fiduciary duty) whether to or make any use of such information for the advantage of himself or others.
此外，如未经许可，董事不得向共同受托人或任何其它人士（即使是该等董事须向其履行受信责任的人士）披露机密数据、或利用该等数据为其本人或其它人士谋取利益。

Interpretation 释义

5.For the purpose of the required standard of dealing:
就「交易必守标准」而言：

(a)“dealing” includes, subject to paragraph (d) below, any acquisition, disposal or transfer of, or offer to acquire, dispose of or transfer, or creation of pledge, charge or any other security interest in, any securities of the Company or any entity whose assets solely or substantially comprise securities of the Company, and the grant, acceptance, acquisition, disposal, transfer, exercise or discharge of any option (whether call, put or both) or other right or obligation, present or future, conditional or unconditional, to acquire, dispose of or transfer securities, or any interest in securities, of the Company or any such entity, in each case whether or not for consideration and any agreements to do any of the foregoing, and “deal” shall be construed accordingly;
除下列(d)段所载的情况外，「交易」或「买卖」包括：不论是否涉及代价，任何购入、出售或转让公司的证券或任何实体（其唯一或大部分资产均是该公司证券）的证券、或提供或同意购入、出售或转让该等证券、或以该等证券作出抵押或押记、或就该等证券产生任何其它证券权益，以及有条件或无条件授予、接受、收购、出售、转让、行使或履行现在或将来的任何期权（不论是认购或认沽或两者兼备的期权）或其它权利或责任，以收购、出售或转让公司或上述实体的证券或该等证券的任何证券权益；而动词「交易」或「买卖」亦应作相应解释；

(b)“beneficiary” includes any discretionary object of a discretionary trust (where the Director is aware of the arrangement) and any beneficiary of a non-discretionary trust;
「受益人」包括任何全权信托的全权对象（而董事是知悉有关安排），以及任何非全权信托的受益人；

(c)“securities” means listed securities and any unlisted securities that are convertible or exchangeable into listed securities and structured products (including derivative warrants), such as those described in Chapter 15A of the Main Board Listing Rules, issued in respect of the listed securities of an Company;
「证券」指上市证券、可转换或交换成上市证券的非上市证券，以及如主板《上市规则》第15A章所述，以公司的上市证券为基础所发行的结构性产品（包括衍生权证）；

(d)notwithstanding the definition of “dealing” under paragraph (a) above, the following dealings are not subject to the required standard of dealings:
尽管上述(a)段对「交易」或「买卖」已有所界定，下列「交易」或「买卖」并不受本守则所规限：

(i)taking up of entitlements under a rights issue, bonus issue, capitalisation issue or other offer made by the Company to holders of its securities (including an offer of shares in lieu of a cash dividend) but, for the avoidance of doubt, applying for excess shares in a rights issue or applying for shares in excess of an assured allotment in an open offer is a “dealing”;
在供股、红股发行、资本化发行或公司向其证券持有人提供的要约（包括以股份取代现金派息的要约）中认购或接受有关的权利；但为免产生疑问，申请供股中的超额股份或在公开发售股份申请超额配发的股份则被视作为「交易」或「买卖」；

(ii)allowing entitlements to lapse under a rights issue or other offer made by the Company to holders of its securities (including an offer of shares in lieu of a cash dividend);
在供股或公司向其证券持有人提供的其它要约（包括以股份取代现金派息的要约）中放弃认购或放弃接受有关的权利；

(iii)undertakings to accept, or the acceptance of, a general offer for shares in the Company made to shareholders other than those that are concert parties (as defined under the Takeovers Code) of the offeror;
接受或承诺接受收购要约人向股东（与收购者「被视为一致行动」人士（定义见《收购守则》）的股东除外）提出全面收购公司的股份；

(iv)exercise of share options or warrants or acceptance of an offer for shares pursuant to an agreement entered into by the Director and Company before a period during which the Director is prohibited from dealing under the required standard of dealings at the predetermined exercise price, being a fixed monetary amount determined at the time of grant of the share option or warrant or acceptance of an offer for shares; and
以预定价行使股份期权或权证，或根据董事与公司订定的协议去接纳有关出售股份要约，而该协议的订定日期，是在「交易必守标准」禁止董事进行买卖期之前所签订的；而预定价是在授予股份期权或权证或接纳股份要约时所订的固定金额；及

(v)an acquisition of qualification shares by a Director where, under the Company’s constitutional documents, the final date for acquiring such shares falls within a period during which the Director is prohibited from dealing under the required standard of dealings and the Director cannot acquire such shares at another time.
董事购入资格股，而又符合以下条件：根据公司的组织章程文件，购入该等资格股的最后日期是在「交易必守标准」所载的禁止董事进行买卖期之内，而有关董事又不能在另一时间购入该等股份。

6.For the purpose of the required standard of dealings, the grant to a Director of an option to subscribe or purchase The Company’s securities shall be regarded as a dealing by him, if the price at which such option may be exercised is fixed at the time of such grant. If, however, an option is granted to a Director on terms whereby the price at which such option may be exercised is to be fixed at the time of exercise, the dealing is to be regarded as taking place at the time of exercise.
就「交易必守标准」而言，如果董事获授予期权/选择权去认购或购买公司的证券，而于授予期权/选择权之时已订下有关期权/选择权的行使价格，则授予董事有关期权/选择权将被视为该董事进行交易。然而，若按授予董事期权/选择权的有关条款，在行使该期权/选择权时方决定行使价格，则于行使有关期权/选择权时方被视为进行交易。

RULES 规则
A. Absolute prohibitions 绝对禁止

1.A Director must not deal in any of the securities of the Company at any time when he is in possession of unpublished price-sensitive information in relation to those securities, or where clearance to deal is not otherwise conferred upon him under rules B.8 of this code.
无论何时，董事如拥有与公司证券有关的未经公布的股价敏感资料，或尚未办妥本守则B.8项所载进行交易的所需手续，均不得买卖公司的任何证券。

2.A Director must not deal in the securities of the Company when by virtue of his position as a director of another issuer, he is in possession of unpublished price-sensitive information in relation to those securities.
如董事以其作为另一上市发行人董事的身份拥有与公司证券有关的未经公布的股价敏感资料，均不得买卖任何该等证券。

3.During the period commencing one month immediately preceding the earlier of:
禁止董事在以下较早日期之前一个月内进行有关证券买卖：

(a)the date of the board meeting (as such date is first notified to the Stock Exchange in accordance with rule 17.48) for the approval of the Company’s results for any year, half-year or quarter-year period or any other interim period (whether or not required under the GEM Listing Rules); and
董事会为通过公司任何年度、半年度、季度或任何其它中期（不论是否《创业板上市规则》所规定者）业绩举行的会议日期（即公司根据《创业板上市规则》第17.48条最先通知交易所将举行的董事会会议日期）；及

(b)the deadline for the Company to publish an announcement of its results for any year, half-year or quarter-year period under rules 18.49, 18.78 or 18.79 or any other interim period (whether or not required under the GEM Listing Rules),
公司根据《创业板上市规则》第18.49、18.78或18.79条规定公布年度、半年度、季度或任何其它中期业绩（不论是否《创业板上市规则》所规定者）的限期。

and ending on the date of the results announcement, a Director must not deal in any securities of the Company unless the circumstances are exceptional, for example, where a pressing financial commitment has to be met as described in section C. In any event, he must comply with the procedure in rules B.8 and B.9 of this code.
有关限制在业绩公布尔日结束。除非情况特殊（如应付下述C部所指的紧急财务承担），董事不得于上述的限制期内买卖公司的任何证券。在任何情况下，董事均须遵守本守则B.8及B.9项所规定的程序。

Note: Directors should note that the period during which they are not allowed to deal under rule A.3 of this code will cover any period of delay in the publication of a results announcement.
注： 董事须注意，根据本守则A.3 项所规定禁止董事买卖公司证券的期间，将包括公司延迟公布业绩的期间。

4.Where a Director is a sole trustee, the required standard of dealings will apply to all dealings of the trust as if he were dealing on his own account (unless the Director is a bare trustee and neither he nor any of his associates is a beneficiary of the trust, in which case the required standard of dealings will not apply.)
若董事是唯一受托人，「交易必守标准」将适用于有关信托进行的所有交易，如同该董事是为其本人进行交易（但若有关董事是「被动受托人」(bare trustee)，而其或其联系人均不是有关信托的受益人，则「交易必守标准」并不适用）。

5.When a Director deals in the securities of the Company in his capacity as a co-trustee and he has not participated in or influenced the decision to deal in the securities and is not, and none of his associates is, a beneficiary of the trust, dealings by the trust will not be regarded as his dealings.
若董事以共同受托人的身份买卖公司的证券，但没有参与或影响进行该项证券交易的决策过程，而该董事本身及其所有联系人亦非有关信托的受益人，则有关信托进行的交易，将不会被视作该董事的交易。

6.The required standard of dealings will be regarded as equally applicable to any dealings by the Director’s spouse or by or on behalf of any minor child (natural or adopted) and any other dealings in which for the purposes of Part XV of the Securities and Futures Ordinance he is or is to be treated as interested. It is the duty of the Director, therefore, to seek to avoid any such dealing at a time when he himself is not free to deal.
「交易必守标准」对董事进行买卖的限制，同样适用于董事的配偶或任何未成年子女（亲生或收养）、或代该等子女所进行的交易，以及任何其它就《证券及期货条例》第XV部而言，该董事在其中拥有或被视为拥有权益的交易。因此，董事有责任于其本身未能随意买卖时，尽量设法避免上述人士进行任何上述买卖。

7.When a Director places investment funds comprising securities of the Company under professional management, discretionary or otherwise, the managers must nonetheless be made subject to the same restrictions and procedures as the Director himself in respect of any proposed dealings in the Company’s securities.
倘董事将包含公司证券的投资基金交予专业管理机构管理，不论基金经理是否已授予全权决定权，该基金经理于买卖该董事所属公司的证券时，必须受与董事同等的限制及遵循同等的程序。

B. Notification 通知

8.A Director must not deal in any securities of the Company without first notifying in writing the chairman or a Director (other than himself) designated by the board for the specific purpose and receiving a dated written acknowledgement. In his own case, the chairman must first notify the board at a board meeting, or alternatively notify a Director (other than himself) designated by the board for the purpose and receive a dated written acknowledgement before any such dealing. The designated Director must not deal in any securities of the Company without first notifying the chairman and receiving a dated written acknowledgement.
董事于未书面通知主席（或董事会为此而指定的另一名董事（该董事本人以外的董事））及接获注明日期的确认书之前，均不得买卖公司的任何证券。主席若拟买卖公司的证券，必须在交易之前先在董事会会议上通知各董事，或通知董事会为此而指定的另一名董事（其本人以外的董事），并须接获注明日期的确认书后才能进行有关的买卖。前述所指定的董事在未通知主席及接获注明日期的确认书之前，也不得买卖公司的任何证券。

9. The procedure established within the Company must, as a minimum, provide for there to be a written record maintained by the Company that the appropriate notification was given and acknowledged pursuant to rule B.8 of this code, and for the Director concerned to have received written confirmation to that effect.
公司内部制订的程序，最低限度须规定公司需保存书面记录，证明已根据本守则B.8项规定发出适当的通知并已获确认，而有关董事亦已就该事宜收到书面确认。

10.Any Director who acts as trustee of a trust must ensure that his co-trustees are aware of the identity of the Company of which he is a Director so as to enable them to anticipate possible difficulties. A Director having funds under management must likewise advise the investment manager.
公司的任何董事如担任一项信托的信托人，必须确保其共同受托人知悉其担任董事的任何公司，以使共同受托人可预计可能出现的困难。投资受托管理基金的董事，亦同样须向投资经理说明情况。

11.Any Director who is a beneficiary, but not a trustee, of a trust which deals in securities of the Company must endeavour to ensure that the trustees notify him after they have dealt in such securities on behalf of the trust, in order that he in turn may notify the Company. For this purpose, he must ensure that the trustees are aware of the Company of which he is a Director.
任何董事，如为一项买卖公司证券的信托之受益人（而非信托人），必须尽量确保其于有关信托人代表该项信托买卖该等证券之后接获通知，以使该董事可随即通知公司。就此而言，该董事须确保信托人知悉其担任董事的公司。

12.The register maintained in accordance with section 352 of the Securities and Futures Ordinance should be made available for inspection at every meeting of the board.
根据《证券及期货条例》第352条须予存备的登记册，应在每次董事会会议上可供查阅。

13.The Directors must as a board and individually endeavour to ensure that any employee of the Company or director or employee of a subsidiary company who, because of his office or employment in the Company or a subsidiary, is likely to be in possession of unpublished price-sensitive information in relation to the securities of the Company does not deal in those securities at a time when he would be prohibited from dealing by the required standard of dealings if he were a Director.
公司的董事须以董事会及个人身份，尽量确保其公司的任何雇员、或附属公司的任何董事或雇员，不会利用他们因在该公司或该附属公司的职务或工作而可能拥有与任何公司证券有关的未经公布的股价敏感数据，在「交易必守标准」禁止董事买卖证券之期间买卖该等证券。

C. Exceptional circumstances 特殊情况

14.If a Director proposes to sell or otherwise dispose of securities of the Company under exceptional circumstances where the sale or disposal is otherwise prohibited under the required standard of dealings, the Director must, in addition to complying with the other provisions of the required standard of dealings, comply with rule B.8 of this code regarding prior written notice and acknowledgement. The Director must satisfy the chairman or the designated Director that the circumstances are exceptional and the proposed sale or disposal is the only reasonable course of action available to the Director before the Director can sell or dispose of the securities. The Company shall give written notice of such sale or disposal to the Stock Exchange as soon as practicable stating why it considered the circumstances to be exceptional. The Company shall publish an announcement immediately after any such sale or disposal and state that the chairman or the designated Director is satisfied that there were exceptional circumstances for such sale or disposal of securities by the Director. An example of the type of circumstances which may be considered exceptional for such purposes would be a pressing financial commitment on the part of the Director that cannot otherwise be satisfied.
若董事拟在特殊情况下出售或转让其所属公司的证券，而有关出售或转让属本守则所禁止者，有关董事除了必须符合本守则的其它条文外，亦需遵守本守则第B.8项有关书面通知及确认的条文。在出售或转让该等证券之前，有关董事必须让董事会主席（或董事会指定的董事）确信情况属特殊，而计划中的出售或转让是该董事唯一可选择的合理行动。此外，公司亦需在可行的情况下，尽快书面通知本交易所有关董事出售或转让证券的交易，并说明其认为情况特殊的理由。于该等出售或转让事项完成后，公司必须立即刊登公告披露有关交易，并在公告中说明主席（或指定董事）确信有关董事是在特殊情况下出售或转让公司的证券。董事藉此证券出售或转让去应付一项无法以其它方法解决的紧急财务承担，或会被视为特殊情况的其中一个例子。

D. Disclosure 披露

15.In relation to securities transactions by Directors, the Company shall disclose in its half-year reports (and summary half-year reports, if any) and the Corporate Governance report contained in its annual reports (and summary financial reports, if any):
就董事进行的证券交易而言，公司须在其半年度报告（及半年度摘要报告（如有））及载于年报（及财务摘要报告（如有））内的《企业管治报告》中披露：

(a)whether the Company has adopted a code of conduct regarding securities transactions by Directors on terms no less exacting than the required standard of dealings;
公司是否有采纳一套比「交易必守标准」更高的董事证券交易守则；

(b)having made specific enquiry of all Directors, whether the Directors have complied with, or whether there has been any non-compliance with, the required standard of dealings and this code of conduct regarding securities transactions by Directors; and
在向所有董事作出特定查询后，确定公司的董事有否遵守「交易必守标准」所订有关董事进行证券交易的标准及公司本身自订的守则；及

(c) in the event of any non-compliance with the required standard of dealings, details of such non-compliance and an explanation of the remedial steps taken by the Company to address such non-compliance.
如有不遵守「交易必守标准」所订标准的情况，说明有关不遵守的详情，并阐释公司就此采取的任何补救步骤。