據報GEM改革參考北交所 擬分AB兩層
港交所(00388.HK)早前預告今年檢討GEM。據本地傳媒消息指,港交所對GEM的新一輪改革已有初步構思,有意在GEM內進行分層設計,類似於北京證券交易所和全國中小企業股份轉讓系統,即俗稱「新三板」的分層制度。不過,相關方案只屬初步框架,最終推出市場的諮詢方案,不排除有大幅度修改。
據悉,港交所初步提出把GEM作分層設計,分成「A」和「B」兩層。「A」層的公司規模較大,並計劃參考北交所的上市要求,而「B」層公司上市要求則料與現時GEM相類近。「A」和「B」兩層之間參考「新三板」的升降層機制,當「B」公司的業務和市值有一定發展之後,可獲晉升至「A」層。至於在「A」層的公司如果不符合特定要求,亦有可能被降回「B」層。
爲了解決GEM流動性不足的問題,據悉,港交所其中一個較長遠的想法是希望GEM的「A」層公司日後有望能獲納入至「互聯互通」制度,讓內地投資者有機會買賣部分較具規模的GEM股份,故在設計上希望「A」層公司與北交所的上市要求作對標。
港交所發言人指,目前正檢討GEM定位的工作,研究如何藉此支持香港、大灣區及其他地區中小型企業的集資需要。上市委員會已設立小組委員會負責相關事宜。發言人續表示,今次檢討是全面提升市場質素、保障投資者及爲不同發展階段的發行人提供具流動性的市場工作之一,將適時公佈最新進展。
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