香港创业板市场研究外文翻译.doc

外文翻译 Hong Kong Growth Enterprise Market Research Material Source: .hk Author:Hong Kong Stock Exchange The difficulties that Hong Kong has experienced in its attempts to establish a successful growth market are similar to those encountered in the United Kingdom. It was only after the failures of the Unlisted Securities Market and the so-called Rule 4.2 trading system that the London Stock Exchange (the LSE”) came up with the concept of a lightly regulated, disclosure-based, caveat emptor market as the model for its Alternative Investment Market (“AIM”). As detailed in the Discussion Paper, AIM is now by most measures the leading growth enterprise market in the world. Indeed, the view has been expressed that AIM is today more likely to be the first port of call of any substantial company seeking a listing, to the exclusion of the LSE’s main market. While ostensibly a growth company market, it has attracted a number of substantial companies: the top 50 companies all have a market capitalization of more than ￡100 million, while Sporting bet, the largest company, and has a market capitalization of over ￡1.5 billion. In addition, deterred by the increasing burden of regulation on the LSE’s main market, the numbers of companies that have moved from the main market to AIM vastly outnumber those transferring in the opposite direction. In 2005, 40 companies transferred to AIM from the main market while only 2 transferred from AIM to the main market. In the first three months of 2006, there were 8 transfers to AIM from the main market and none in the opposite direction. AIM has also gained acceptance among institutional investors and is today regarded as an established market which is unlikely now to fail. In contrast, Hong Kong’s Growth Enterprise Market (“GEM”), described as “A ‘Buyers Beware’ Market for Informed Investors” on the Stock Exchange website, had only 10 new listings in 2005. As outlined in the Discussion Paper, the original initiatives for GEM,