Pursuant to Condition 14.3 (Substitution) of the Bonds and Clause 15.2 (Substitution) of theTrust Deed, with effect from 17 December 2012, HKEx has substituted in its place HKEx International as the issuer and principal obligor under the Bonds and the Bonds will be unconditionally and irrevocably guaranteed by HKEx.
The Substitution is being effected to better manage funding across the HKEx group from astructuring and currency matching perspective.
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