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1999年成立的香港创业板在初期发展很快,吸引了大批企业上市,但从2002年起陷入困境,每年新上市公司和企业融资额持续减少,上市公司质量普遍较差,近半数亏损,财务丑闻不断,交易不活跃。造成香港创业板发展困境的原因包括:一是本地上市资源严重不足,受到多种外部因素制约;二是企业上市标准设计不合理,质量差、运作极不规范的企业混杂其中;三是与主板转板过早,劣质公司在创业板内沉淀;四是板块设立初期的上市公司集中于单个行业,个别行业不景气对市场整体冲击很大。香港证监会和港交所2006年1月开始谋划创业板改革,并公布了三套方案。尽管业内人士多倾向于另立一个类似于AIM的新市场,但监管部门认为,未来的改革方向是:提高创业板公司上市门槛,确保创业板上市素质,减少创业板公司的上市成本,不会采取英国另类投资市场(AIM)把审批上市权利交给保荐人的监管模式。
Hong Kong GEM, which was established in 1999, developed rapidly in the initial period and attracted a large number of enterprises to go public. However, from 2002 onwards, the amount of financing of new listed companies and enterprises continued to decrease. The quality of listed companies was generally poor with nearly half of losses. The financial Scandals continue, the transaction is not active. The reasons for the development of Hong Kong’s Growth Enterprise Market include: First, the local listing of resources is seriously inadequate and subject to various external constraints; Second, the standard listing of enterprises is not reasonably designed, poor quality and extremely irregular operation of enterprises are mixed; Third, Transfer plate too early, poor companies in the GEM precipitation; Fourth, the plate set up early listed companies focused on a single industry, individual industry downturn on the overall market a great impact. Hong Kong Securities Regulatory Commission and Hong Kong Stock Exchange in January 2006 began planning GEM reform, and announced three sets of programs. Although the industry tend to be more independent of a new market similar to AIM, but regulators believe that the future direction of reform is: to raise the threshold of GEM companies to ensure that the GEM listing quality, reduce the GEM listing costs will not Adopt the British Alternative Investment Market (AIM) to the approval of the listing rights to the sponsor’s regulatory model.