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GEM Raises US$1.1 billion
Lo Ka-shui, chairman of the Growth Enterprise Market (GEM) listing committee revealed Thursday that in the first quarter, GEM raised more than US$1.1 billion, more than similar stock markets around Asia.
GEM was set up in Hong Kong last November provide a stock market for high tech startups to raise funding. There are currently 36 companies listed on GEM, many of which are Internet companies. Recently, GEM has been affected by the downward trend of tech stock prices around the world and some initial public offerings have ended up lower than their initial price. Still, going public on GEM remains the goal for many startups. There are currently 20 companies who have been approved but yet to list on GEM or in the process of receiving approval.
Lo Ka-shui says that he hopes there will be 100 companies listed on GEM by the end of the year, raising a total of US$2 billion.
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