Hong Kong Exchanges and Clearing said it considered the rules of the London Stock Exchange in determining the waiver granted to Pacific Century CyberWorks for notifiable transactions below HK$2 billion. The equivalent threshold for Hong Kong disclosable transactions in London is 5 per cent of gross assets, which in CyberWorks' case - after subtracting from gross assets current liabilities and certain cash balances for debt repayment - worked out at HK$2 billion as of August 31 last year. The stock exchange, in response to questions raised by the Democratic Party as to whether CyberWorks had received special treatment, said it had balanced regulatory requirements and investor protection without restricting the issuer's business activities.