The Audit Committee of the Company has been established since 1999 to provide advice and recommendations to the Board on financial reporting and internal controls. The majority of the Committee members are Independent Non-Executive Directors and since March 2004, the chairman of the Committee is also an Independent Non-Executive Director. The Committee members possess appropriate business or financial expertise and experience to provide relevant advice and recommendations to the Company.

The written Terms of Reference which describe the authority and duties of the Audit Committee of the Company were prepared and adopted with reference to the Listing Rules and "A Guide for the Formation of an Audit Committee" published by Hong Kong Institute of Certified Public Accountants (formerly Hong Kong Society of Accountants).