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HK Second Board Market Raises HK$10 billon
The Growth Enterprise Market (GEM) of Hong Kong has raised 10.5 billion HK dollars (1.3 billion US dollars) in new capital since its launch on November 15 last year, Kwong Ki-chi, chief executive of Hong Kong Exchanges and Clearing Limited, said in Beijing Monday.
"The lowering of barriers to listing has been well received in the market, and GEM has made a good and promising start," Kwong said in a speech.
The market capitalization of the 25 listed GEM companies currently stands at around 65 billion HK dollars (US$8.3 billion). Average daily trading turnover is around 400 million HK dollars (US$51.3 million).
GEM, Hong Kong's equivalent of US tech-heavy Nasdaq market, is more than a local market as is shown by the origins of its listing applicants, according to Kwong.
"Listing applications have been received from China, Macao, Taiwan and even the Silicon Valley," he said.
"The business target of overseas applicants is almost certainly China and it is encouraging to see this reaffirmation of Hong Kong's role as the gateway to China," he continued.
He pointed out that e-transformation has created huge business potential and that the Internet is to stay and grow, despite the current stock market volatility.
"GEM is our exchange's response to the challenge and needs of the emerging new economy and its participants," he said.
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