Hong Kong Exchanges and Clearing (HKEx) Chief Executive Kwong Ki-chi supported the new organisation when it was launched at a press conference yesterday, saying: "The exchange will treasure the opportunity to get the view of the listed companies. The HKEx will consult with the chamber on any proposed changes to the listing rules."

Another director of HKEx, Yue Wai-keung, who is an adviser to the new Chamber, said a sub-committee would review the exchange's proposed rule changes. "The delisting proposals would affect a lot of listed companies in the local stock market. It would be important for them to express their concerns to the exchange when it reissues its delisting proposals in October," Mr Yue said.

When HKEx issued its consultation paper last month, investors rushed to dump low-priced stocks threatened by the proposals. The government has set up a 2-man committee to investigate the fiasco, and a number of senior figures in HKEx, the Securities and Futures Commission, and the government itself may find themselves sharing the blame.

The proposed de-listing criteria are likely to be extensively revised as a result of the affair.