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Challenger poses threat to favourites in constituency C

Hong Kong's 500 stockbrokers go to the polls today to elect four out of nine candidates to represent them on the 31-member ruling stock exchange council.

Interest will focus on the battle for constituency C, representing more than 400 small brokers, where seven candidates are contesting two seats.

Sitting council members Syed Bokhary and Choi Chen Po-sum are the favourites.

However, Irene So Wai-yin appears to have strong support and could pose a threat to the two.

The two candidates for constituency A, representing the top 14 brokerages, are certain to be elected.

Patrick Sun of Jardine Fleming and David Roberts of ABN Amro Asia Securities (Hong Kong) are the only candidates for two vacancies following the withdrawal of Fung Chi-kin.

Mr Fung withdrew from the race after he was elected as legislator representing the financial services constituency, due to fear over a heavy Legco workload.

Under exchange rules, all brokers must vote for Mr Sun and Mr Roberts or their voting slips will be void.

The two are therefore certain to get the highest number of votes in the election.

There are no vacancies in constituency B, representing the 51 medium-sized brokers.

The successful candidates will serve a term of three years until 2001.

If the four sitting council members are successful, the 18 members drawn from the broking community will be unchanged from last year.

The council also includes 13 independent members.

On Saturday, the 18 broker members will elect six independent members from a list of candidates provided by the Government to replace retiring members.

The six retiring independent members are Thaddeus Beczak, Moses Cheng Mo-chi, Tim Lewis, Fong Hup, Andrew Lo Tak-shing, and Yeh V-nee. It is possible for them to be re-elected.

The 31 council members will meet on Monday to elect the chairman and two vice-chairmen.

Exchange council members expect existing chairman Lee Hon-chiu, together with vice-chairmen John Seto Gin-chung and Stephen Hui Chiu-chung, to be re-elected.

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