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 Salomon Brothers International Ltd., a British subsidiary of Salomon Inc., announced 
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it will issue warrants on shares of Hong Kong Telecommunications Ltd. 
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 The move closely follows a similar offer by Salomon of warrants for shares of Hongkong & Shanghai Banking Corp. 
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 Under the latest offer, HK$62.5 million 
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(US$8 million) 
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of three-year warrants will be issued in London, each 
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giving buyers the right 
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to buy one Hong Kong Telecommunications share at a price 
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to be determined Friday.
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 The 50 million warrants will be priced at HK$1.25 each 
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and are expected to carry a premium to the share price of about 26%. 
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In trading on the Stock Exchange of Hong Kong, the shares closed Wednesday at HK$4.80 each. 
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At this price, the shares would have to rise above HK$6.05 for subscribers to Salomon's issue 
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to profitably convert their warrants. 
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 While Hong Kong companies have in the past issued warrants on their own shares, 
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Salomon's warrants are the first here 
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to be issued by a third party. 
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Salomon will cover the warrants 
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by buying sufficient shares, or options 
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to purchase shares, 
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to cover its entire position. 
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 Bankers said 
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warrants for Hong Kong stocks are attractive 
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because they give foreign investors, wary of volatility in the colony's stock market, an opportunity 
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to buy shares 
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without taking too great a risk. 
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 The Hong Kong Telecommunications warrants should be attractive to buyers in Europe, 
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the bankers added,
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 because the group is one of a handful of blue-chip stocks on the Hong Kong market 
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that has international appeal. 
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