Financial Secretary's speech at MTRCL Listing Ceremony (Not for distribution outside Hong Kong)

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Following is the full text of the speech by the Financial Secretary, Mr Donald Tsang, at Listing Ceremony of Mass Transit Railway Corporation Limited (MTRCL) today (October 5):

Mr So, Mr Cheng, Ladies and Gentlemen,

It is my great honour to be able to attend this morning's listing ceremony of the Mass Transit Railway Company.

The initial public offering has been extraordinarily successful. It has broken all records and achieved an important breakthrough in electronic applications. All that remains now is for public trading of MTR shares to begin in a few minutes' time.

The trading of MTR shares today concludes the initial stage of the government's first ever privatisation.

The overwhelming public support for this IPO has sent a strong signal to the Administration. Our people want the Administration to privatize the commercial assets remaining in public hands. What we have done today establishes a good precedent. It paves the way for other possible government privatisations in the future.

The listing of the MTR also adds a valuable new stock to our exchange. At the same time it provides an opportunity for the company to access a new private investor base - an investor base made up in nearly equal proportions of the people of Hong Kong and professional institutions both here and overseas.

In Hong Kong, the MTR now has over 600,000 new shareholders - a compelling realisation of our dream to allow the public to participate in ownership of this successful company. It is a dream started by our Chief Executive following the devastating events of the Asian financial crisis. We must now reap this first fruit and replant its seeds for a much larger harvest.

When I noticed the stock reference number for the MTR was sixty-six, an old Chinese saying came to mind - "Three and three are eternal: six and six are endless". May I express every good wish for the MTR's business to continue to develop and expand; to bring first-class transport facilities to the people of Hong Kong; and excellent returns to its new shareholders.

Thank you.

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This document is not an offer of securities for sale, or an invitation to purchase securities in Hong Kong, the United States or elsewhere. Securities of MTR Corporation Limited may not be offered or sold in the United States absent registration or an exemption from registration, and any offering of securities to be made in the United States will be by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements.

End/Thursday, October 5, 2000

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