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                                                                    Exhibit 99.3

            SIGNIFICANT DIFFERENCES IN CORPORATE GOVERNANCE PRACTICES

      APT Satellite Holdings Limited (the "Company") has adopted various
corporate governance practices that are generally consistent with the corporate
governance practices applicable to U.S. domestic issuers listed on the New York
Stock Exchange, Inc. (the "NYSE"). However, some of the Company's corporate
governance practices differ from those required of U.S. domestic issuers
pursuant to the listing standards of the NYSE (the "NYSE Rules"). The following
is a discussion as of June 20, 2005 of the significant differences between the
Company's corporate governance practices and those followed by U.S. domestic
issuers under the NYSE Rules:

(1)   Pursuant to NYSE Rules applicable to U.S. domestic issuers, such issuer's
      board of directors is required to be comprised of a majority of
      independent directors. Only three members of the Company's board of
      directors (the "Board") out of a total of eleven members are independent
      directors. In determining the "independence" of these three members, the
      Company has adopted standards for "independence" similar to the standards
      applicable to U.S. domestic issuers under NYSE Rules.

(2)   Pursuant to NYSE Rules applicable to U.S. domestic issuers, non-management
      directors are required to meet on a regular basis without management
      present and independent directors must meet separately at least once a
      year. In accordance with the newly implemented domestic code on corporate
      governance practice ("Corporate Governance Code") adopted in 2005, the
      Company's board of directors meets regularly, at least four times a year,
      both management and non-management directors meeting together. The
      Chairman of the Company holds a meeting at least once a year with the
      Company's non-management directors, including its independent
      non-executive directors, without the presence of management directors.

(3)   Pursuant to NYSE Rules applicable to U.S. domestic issuers, such issuers
      are

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      required to have nominating/corporate governance and compensation
      committees of the board of directors, both of which must be consist
      entirely of independent directors. The Company established a nomination
      committee and a remuneration committee of the board of directors on April
      11, 2005, each consisting of a majority of members who are independent
      directors. The nomination committee is responsible, among other things,
      for identifying director nominees and proposing such nominees to the whole
      board of directors. The remuneration committee is responsible, among other
      things, for reviewing executive compensation and recommending changes in
      executive compensation to the whole board of directors. The corporate
      governance of the Company continues to be led by the whole Board.

(4)   Pursuant to NYSE Rules applicable to U.S. domestic issuers, such issuers
      are required to have audit committees consisting of at least three
      directors, all of whom must be independent. In addition, the NYSE Rules
      applicable to U.S. domestic issuers require that each member of the audit
      committee be financially literate, as such qualification is interpreted by
      the issuer's board of directors, or must become financially literate
      within a reasonable period of time after his or her appointment to the
      audit committee, and at least one member of the audit committee must have
      accounting or related financial management expertise, as determined by the
      issuer's board of directors. Upon the appointment of Dr. Lui King Man as a
      director and member of the audit committee of the Company on August 18,
      2004, the Company's audit committee (the "Audit Committee") consists of
      three directors. Each Audit Committee member qualifies as an "independent"
      director under the NYSE Rules. Dr. Lui qualifies as an "audit committee
      financial expert" under the rules of the U.S. Securities and Exchange
      Commission (the "SEC").

(5)   Pursuant to NYSE Rules applicable to U.S. domestic issuers, such issuers
      are required to adopt and disclose corporate governance guidelines.
      Pursuant to the new Rules Governing the Listing of Securities on The Stock
      Exchange of Hong Kong Limited (the "New HK Listing Rules") commencing on
      or after January 1, 2005, listed companies are required to report on
      compliance with the Corporate Governance Code in the form of a Corporate
      Governance Report that is required to

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      be included in each annual report and an update noting any changes to the
      Corporate Governance Report that is required to be included in each
      interim report. The Corporate Governance Code is divided into two levels
      of recommendations: (a) code provisions; and (b) recommended best
      practices. If a listed company chooses to deviate from the code
      provisions, the reasons for such deviation are required to be disclosed in
      its annual report and interim report. However, given that the recommended
      best practices are for guidance only, listed companies are encouraged, but
      not required, to state whether they have complied with them and give
      considered reasons for any deviation. The Company has complied fully with
      the code provisions of the Corporate Governance Code, except that the
      non-executive directors of the Company are not appointed for a specific
      term; and that the Chairman of the Board and the President are not subject
      to retirement by rotation. The new Listing Rules do not currently require
      the Company to disclose the full range of corporate governance guidelines
      with which it complies and does not cover all the subjects that must be
      addressed in the corporate governance guidelines applicable to U.S.
      domestic issuers under the NYSE Rules.

(8)   Pursuant to NYSE Rules applicable to U.S. domestic issuers, chief
      executive officers of U.S. domestic issuers must annually certify that he
      or she is not aware of any violation by such issuer of the corporate
      governance standards applicable to U.S. domestic issuers under the NYSE
      Rules. In accordance with NYSE Rules applicable to foreign private
      issuers, the Company's principal executive officer is not required to
      provide the NYSE with this annual compliance certification. However, in
      accordance with rules applicable to both U.S. domestic issuers and foreign
      private issuers, the Company's principal executive officer is required to
      promptly notify the NYSE in writing after any executive officer becomes
      aware of any material non-compliance with the NYSE corporate governance
      standards applicable to the Company.