HONG KONG (AP) _ The government will disclose in late October the massive stock and futures holdings it accumulated in an unprecedented buying spree aimed at driving out market speculators, officials said Wednesday.

Its holdings will be disclosed by an independent company established by the government to manage securities it bought in late August, Acting Financial Secretary Rafael Hui told a news conference.

Exchange Fund Investment Ltd. will manage the estimated $15 billion of stocks and futures the government bought in its market foray, aimed at driving up share prices to levels at which speculators who bet the market would fall were stuck with huge losses.

Officials have not yet disclosed its holdings because existing regulations on disclosure do not apply to the government. They said any premature disclosure could wreak further havoc in the markets and that they would disclose the details only after speculators have left the Hong Kong markets.

Most analysts believe the government has spent at least 15 percent of its $96 billion in reserves. Reserves fell 4.6 percent to $92.1 billion at the end of August, but the drop may not reflect transactions made but not settled by that time.

Hui said the new company will be subject to all the regulations of private companies, but gave little further detail about the company's board members or finances.

After the government intervened in the markets, economists, analysts and politicians sharply criticized the move, saying it damaged Hong Kong's reputation as a free market and wasted taxpayers' money.