Cinda International Securities Limited (“CISL”), a wholly owned subsidiary of Cinda International, has become a member of Hong Kong Exchanges and Clearing Limited since 1998. CISL plays an active role in the stockbroking market and other related business including the underwriting of new issues and shares placements. In order to better control the cost and risk, improve productivity, and provide professional services to clients, CISL has introduced an in-house electronic trading system (Broker Supplied System) for clients’ orders processing from 2001.