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HK$16.1B Raised in Hong Kong GEM
What has Hong Kong Growth Enterprise Market (GEM) experienced in the past year in a review on the eve of its upcoming first anniversary? Only around 50 firms actually got listed in GEM due to the unfavorable situation occurred to high-tech shares, revealed by Luo Jiarui, chairman of Hong Kong GEM Listing Committee, who once forecast around 100 firms to be included within the first year. With the successful landing of Tongrentang Technology on Oct 31, 49 firms managed to get listed and HK$16.1b have been raised in Hong Kong GEM with a deficit of HK$4.7b out of the original listing value, i.e. 25% loss of the original investment, Luo noted.
Source with Stock Exchange of Hong Kong (SEHK) said 8 approved firms remain unlisted, 31 firms are under the authorization while 18 firms are refused or void during the said period.
The market value of Hong Kong-based firms currently occupies 70% of the total and now more domestic non-governmental enterprises and high-tech enterprises from mainland will be encouraged into Hong Kong GEM. Therefore domestic listed companies will dominate the market value of Hong Kong GEM. In order to speed up the process of amendments of the listing rules, special team has been established by Hong Kong Securities Regulatory Commission for a research in the listing rules of the global secondary markets. The amendment work will be carried out within two months so as to perfect and consolidate Hong Kong GEM, Luo added. (Panorama)
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