A company listed as a signatory to an advertisement condemning the stock exchange's delisting proposals said yesterday it had nothing to do with the open letter. Hudson Holdings said through its lawyer it had not participated in 'drafting, liaising or any other work' to do with the letter, published as a full-page advert in several Chinese-language newspapers on Monday. The letter claimed to represent 72 SAR-listed firms. It denounced the exchange's proposals as a reckless attempt to strangle the development of Hong Kong's market as a place for both small and large firms to list. Hudson's lawyer, David Ravenscroft, said 'the comments, positions and challenges made in and taken by the open letter do not represent our clients' prevailing stand, nor their company policy'. The lawyer said the company reserved the right to pursue losses arising from the publication of the letter. Tam Chouk-hong, a spokesman for the Hong Kong Securities and Futures Industry Staff Union, which was also named in the letter, said it was initiated by a union member, whom he refused to name. Other sources said the letter was sponsored by an owner of a local brokerage firm.