According to the Model Code for Securities Transactions by Directors of Listed Issuers in Hong Kong Listing Rules, can a director exercise share options during a blackout period?

ID : 1903

Long answer : Options with pre-set terms (granted before the blackout period) are exempt. (Source: https://en-rules.hkex.com.hk/sites/default/files/net_file_store/HKEX4476_3785_VER31169.pdf)

Short answer : Yes, if the option terms were fixed earlier.

answer 2 : Only with shareholder approval.

answer 3 : Never allowed.

answer 4 : Yes if the stock is less than 1%.